POLYMETALS RESOURCES LIMITED (POL)
Share Price Analysis and Chart

15/07/2026

1

Speculative Buy

$1.15

51.32%

Ord Minnett retains its Speculative Buy rating on Polymetals Resources despite a softer-than-expected June quarter, reflecting lower silver production from the Upper North Lode (UNL).

The broker expects silver output and free cash flow (FCF) to improve as mining from the UNL ramps up following the curing of a stope void.

Commentary suggests repayment or refinancing of a $28m environmental bond could help narrow the stock's valuation discount.

Ord Minnett lowers its earnings forecasts by around -5% and reduces its target to $1.15 from $1.25, while continuing to see around 39% upside to the broker's assessment of fair value.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -6.10 cents.
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -9.40 cents.

20/07/2026

1

Buy

$1.10

44.74%

Shaw and Partners maintains a Buy rating for Polymetals Resources while reducing its target price to $1.10 from $1.15 due to modelling updates.

The Endeavour mine operation delivered a post-restart record for open pit extraction and mill throughput during the June quarter, driving zinc and lead production comfortably ahead of forecasts.

Free cash flow and revenue came in softer than expected because specific direct shipping ore volumes from the Upper Main Lode were deferred into the September quarter.

Operational unit costs are trending lower as the asset matures, de-risking the pathway towards intermediate cash flow breakeven and initial profitability milestones.

Near-term structural considerations centre on addressing the $27.96m vendor-held rehabilitation bond replacement before the August deadline.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -10.10 cents.
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 56.40 cents.