How Is Polymetals (ASX:POL) Lifting Ore Output at the Endeavor Mine?

Sonal Goyal

04 November 2026 11:37 AM AEDT

How Is Polymetals (ASX:POL) Lifting Ore Output at the Endeavor Mine?

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Key Highlights

October ore processed reached 40,790 tonnes, 79.1% above the September quarter monthly average of 22,778 tonnes.
Silver produced rose 19.7% to 91,905 oz, compared with the September quarter monthly average.
December quarter guidance of 105,000 to 115,000 tonnes milled for more than 350,000 ounces of silver is unchanged.
Working capital from offtake partner Ocean Partners was increased by US$10 million, taking the Facility to US$20 million.

Polymetals Resources Ltd (ASX:POL) has released its October 2026 operational update for the Endeavor Mine in the Cobar Basin of New South Wales, in an announcement dated 4 November 2026. The update covers ore processed, silver output, underground development, regional drilling and funding, and it confirms that December quarter guidance remains in place.

October Production Figures

Ore processed in October totalled 40,790 tonnes, which the company reports as 79.1% above the September quarter monthly average. Silver produced in the month was 91,905 ounces, up 19.7% on the September quarter monthly average of 76,752 ounces.

The company attributes the higher throughput to underground productivity gains following the introduction of contract labour through RND Resources. That labour transition will continue to the end of 2026, with contract personnel working alongside Polymetals staff.

Monthly tonnage is one of the main inputs to the operation's output profile, so the October figure gives an early indication of performance against the quarter's guidance. The figure covers a single month, and monthly results can vary as development headings advance and as ore is sourced from different parts of the mine.

Development and Exploration Activity

Development of production headings within the Upper Main Lode and Upper North Lode is continuing. The company describes the high-grade Upper Lodes as central to the December quarter output profile.

Regional drilling began on 1 October 2026, testing priority targets in the Northern Cobar Basin. Exploration both near the mine and across the region is also described as progressing, although the announcement does not report drilling results.

The Upper Lode development is described as well established, with production headings in the Upper Main Lode and Upper North Lode progressing. The company has linked that development to the expected December quarter outcome, which it describes as shaping up as forecast.

Funding and Guidance

An additional US$10 million of Working Capital secured with offtake partner Ocean Partners lifts the total facility to US$20 million. The announcement presents this as supporting the operation's working capital needs during the development phase.

Guidance for the December quarter is maintained at 105,000 to 115,000 tonnes milled, which the company expects to produce more than 350,000 ounces of silver. The update does not include cost, Margin or Earnings figures.

The working capital facility now totals US$20 million. The release does not disclose the terms beyond the increased amount, and it does not change the production guidance.

How the Figures Fit the Quarter

The October update is one month within a quarter, and the company has set guidance for the full December quarter. The release presents October ore processed and silver output against the September quarter monthly averages, which gives a consistent basis for comparison within the same operation. Those averages are not a full quarterly result, so the October figures do not on their own show whether the quarter will meet its guidance. Readers can follow the company's Quarterly Report for the completed outcome.

Final Word

The October figures show monthly throughput running above the September quarter average, while December quarter guidance is unchanged. The data covers a single month, so the quarter's final output will depend on whether the higher rate holds through the remaining weeks. The update does not provide cost, margin or Cash Flow figures, which limits how far the figures can be read beyond production volumes.

FAQs

Q: How much ore did Endeavor process in October?

A: The mine processed 40,790 tonnes of ore, which is 79.1% above the September quarter monthly average.

Q: What is the December quarter guidance?

A: Polymetals has maintained guidance of 105,000 to 115,000 tonnes milled for more than 350,000 ounces of silver.

Q: What changed in the funding arrangement?

A: An additional US$10 million from offtake partner Ocean Partners lifts the working capital facility to US$20 million.

Q: What exploration is under way outside the mine?

A: Regional drilling began on 1 October 2026 at priority targets in the Northern Cobar Basin.

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