POLYMETALS RESOURCES LIMITED (POL)
Share Price Analysis and Chart

28/10/2026

1

Speculative Buy

$0.90

78.22%

Polymetals Resources announced a weaker-than-expected 1Q27 result, with silver and zinc production declining -42% and -48% q/q, respectively, following a 10-day shutdown for ventilation upgrades and a transition to underground contract labour, Ord Minnett highlights.

Higher costs increased balance sheet pressure, with unrestricted cash of $7.4m, supplemented by additional shareholder funding and an expanded working capital facility, the analyst explains.

December quarter guidance of around 110kt ore processed and over 350koz silver production, alongside an updated Endeavour Ore Reserve to support refinancing of approximately $28m in bonds are viewed as key catalysts.

Ord Minnett lowers FY27 earnings forecasts by -13%, while lifting FY28 onwards estimates by 17%. Speculative Buy retained, with the target price reduced to $0.90 from $1, reflecting increased balance sheet risk.

FORECAST
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -15.30 cents.
Ord Minnett forecasts a full year FY28 dividend of 0.00 cents and EPS of 13.90 cents.

15/10/2026

1

Buy

$0.75

48.51%

Shaw and Partners maintains its Buy rating for Polymetals Resources while lowering its target price to $0.75 from $1.10 following a September quarter operational update that fell well below expectations.

Lower volumes stemmed from a 10-day ventilation shutdown alongside operational disruptions during the transition to contract mining labour.

Operational adjustments drive a -42% reduction in FY27 payable silver forecasts to 1.71moz, leading to a -37% drop in FY27 revenue estimates to $252m and a -62% cut to FY27 EBITDA to $84m.

Mining cost reductions are pushed out by one year, driving a -6% reduction in FY28 EBITDA estimates to $124m.

The analyst notes the transition to underground contract mining serves as the primary operational lever to restore productivity and meet development targets at the Endeavour asset.

FORECAST
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 15.70 cents.
Shaw and Partners forecasts a full year FY28 dividend of 0.00 cents and EPS of 25.30 cents.