Polymetals Resources Ltd (ASX:POL): How Did October Throughput Change Endeavor’s Production Mix?

Aditi Sarkar

11 November 2026 08:26 PM AEDT

Polymetals Resources Ltd (ASX:POL): How Did October Throughput Change Endeavor’s Production Mix?

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Highlights

Endeavor processed 40,790 tonnes of ore in October 2026, up 79.1% against the September-quarter monthly average.
October production included 91,905 ounces of silver, 907 tonnes of zinc and 648 tonnes of lead.
Metal recoveries improved despite lower average feed grades.
December-quarter milling and silver production guidance remained unchanged.

Polymetals Resources Ltd (ASX:POL) operates the Endeavor silver, zinc and lead mine near Cobar in New South Wales. During its 2026 restart and ramp-up, the company has been increasing mine and processing activity while developing access to different ore sources. Its October operating update showed much higher throughput and metal output than the September-quarter monthly averages, alongside lower head grades and stronger recoveries.

Mine and Processing Throughput

In October 2026, Polymetals Resources Ltd (ASX:POL) mined 39,331 tonnes of ore and processed 40,790 tonnes. Those figures compare with September-quarter monthly averages of 21,915 tonnes mined and 22,778 tonnes processed. The processing increase was approximately 79.1%, marking a substantial month-on-month operating comparison against the previous quarter average.

The figures reflect a ramp-up in mine and plant activity rather than a full-quarter production result. Maintaining the higher throughput across later months will depend on underground development, equipment performance, workforce availability and the continuity of scheduled ore supply.

Silver, Zinc and Lead Output

Polymetals Resources Ltd (ASX:POL) reported October silver output of 91,905 ounces, compared with a September-quarter monthly average of 76,752 ounces. Zinc output increased to 907 tonnes from 571 tonnes, while lead rose to 648 tonnes from 382 tonnes. These comparisons represent increases of 19.7%, 58.8% and 69.6%, respectively.

Average silver head grade fell to 99.3 grams per tonne from 156.5 grams per tonne. Zinc grade declined from 3.2% to 2.7%, and lead from 2.3% to 2.0%. The October ore blend comprised approximately 70% Main Lode and 30% Upper North Lode material. Higher processed tonnage therefore contributed to greater production despite lower input grades.

Recoveries, Development and Funding

Processing recovery rates improved during October: silver rose to 71% from 67%, zinc to 82% from 73%, and lead to 80% from 79%. These reported recoveries helped offset the lower feed grades but cannot guarantee similar outcomes for every future ore blend.

Polymetals Resources Ltd (ASX:POL) commenced development of the Upper Main Lode on 9 October and completed 84.5 metres of lateral development during the month. Exploration drilling totalled 3,812 metres. The company also reported that its Ocean Partners financing Facility had been increased to US$20 million in October, with US$11.3 million drawn by month-end. Drawn funding increases financing obligations as well as available capacity.

December-Quarter Objectives and Risk

Polymetals Resources Ltd (ASX:POL) maintained December-quarter guidance of 105,000 to 115,000 tonnes milled and more than 350,000 ounces of silver. Management indicated that November Mining would focus predominantly on higher-grade Upper Lodes material, which is intended to improve the grade profile.

That expectation remains dependent on obtaining and processing the scheduled ore. Contract workforce transition, underground development, grade reconciliation and metallurgical performance remain material execution factors. October performance provides an operating benchmark, but the full quarter is needed to assess whether the planned production profile has been delivered.

Key Insights

Polymetals Resources Ltd (ASX:POL) increased October throughput and recovered metal output as processing recoveries improved, even though average ore grades declined. The December-quarter target depends on sustained throughput and the planned transition toward higher-grade Upper Lodes material. Funding utilisation and underground execution remain relevant.

FAQs

Q: How much ore was processed in October 2026?

A:40,790 tonnes.

Q: How much silver was produced in October?

A:91,905 ounces.

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