Our flagship Endeavor Mine is a major underground Silver Zinc Lead Mine, located 40km north of Cobar, in central-western New South Wales, Australia.
Polymetals acquired the Endeavor Mine in 2023 and restarted mining activities in June 2025. We shipped our first cargoes of silver-lead, and zinc concentrates late 2025.
The project is the second largest mine, behind the CSA Copper Mine 30km south, in Australia’s richest polymetallic region, the Cobar Basin.
Following its successful restart, Endeavor returned to production in 2025, delivering first ore through the mill in June, producing saleable silver-lead and zinc concentrates, generating maiden revenues, and completing its first concentrate shipments later in the year.
The mine previously operated continuously from 1982 to 2020, producing 32Mt @ 8.01% Zn, 5.04% Pb and 89.4 g/t Ag, equivalent to 92 million ounces of silver, 2.6 million tonnes of zinc and 1.6 million tonnes of lead metal.
Spot price – Life of Mine Revenue Split %
The project and portfolio assets include the Endeavor underground base metal mine:
- Fully equipped underground mine including a 7km decline, 300m shaft with associated headframe, winder, UG crusher and all pumping, safety and related equipment and extensive mine development.
- 1.2MTPA processing plant including a two-stage crushing plant, three ball mills, Pb/Zn flotation circuit, thickeners, filtration, chemical and concentrate storage.
- Sealed access road, active rail infrastructure, grid power & secure water.
- Offices, workshops, laboratory & stores inventory.
- Light vehicles, heavy machinery, and mobile equipment.
- 52 houses & real estate portfolio in Cobar.
- 5 Mining leases, 3 Exploration licences (1,107km2) and large Pastoral Lease.
Endeavor Mine has an initial 10-year mine life focused sharply on early cashflow.
400,000t
US$2,860/t | A$4,418/t
172,000t
US$2,160/t | A$3,224/t
21.4Moz
US$28/oz | A$41.9/oz
A$1.856b
A$609m
A$414m
A$98m
345%
14 months
Five million ounces of silver to be mined over the next two years.
- ~400kt UNL ore to be mined
- Maximising metal output and revenues.
- Production reconciliation indicates materially higher silver grades than modelled, supported by the presence of native silver.
- Exceptional value of UNL ore provides compelling opportunity to direct ship to smelter.
- High value inventory and planned UNL production underpins revenue growth.
670,000t
243g/t Ag | 7.0% Zn | 4.5% Pb
The Deep Zinc Lode will fill the mill.
- H1 CY2026 commencement of development to the DZL, located at the base of the existing Endeavor Mine. The DZL remains open along strike and down dip.
- Resource expansion drilling to be completed in parallel with the mining development.
- Mining from the DZL aims to ‘fill the mill’ to its nameplate treatment capacity of 100,000 tonnes per month during H1 CY2027.
Endeavor Mine was in continuous operation from 1982 to 2020 producing 32Mt @ 8.01% Zn, 5.04% Pb and 89.4 g/t Ag. (92 million ounces Silver, 2.6 million tonnes Zinc & 1.6 million tonnes Lead metal).
Elura deposit discovered (now Endeavor)
Pasminco starts production @1.2Mtpa
POL Chairman David Sproule acquires and processes Endeavor supergene tailings
Toro Zinc subsidiary CBH Resources acquires and operates mine
CBH enters 100% silver streaming royalty signposting gradual production decline
Mine put into care and maintenance as zinc and lead alone fail to make metrics work
POL negotiates new royalty ahead of securing the mine in 2023
