• Firm commitments received for a $34.4 million placement
• Placement price of $0.87 per share, 6.8% discount to 5-day VWAP
• Funds to accelerate exploration and strengthen balance sheet

Polymetals Resources Ltd (ASX: POL) has announced that it has received firm commitments for a $34.4 million placement through the issue of new shares at $0.87 per share. The placement price represents a 6.8% discount to the 5-day VWAP. The company says it has received exceptional demand from quality domestic and international institutional investors. The funds raised will be used to accelerate near-mine and regional exploration, including drilling of high-priority silver-zinc and copper targets within the mining leases, as well as to strengthen the company's balance sheet. Polymetals anticipates a strong period of news flow supported by rising production cashflow and ongoing exploration success. The placement is not underwritten and comprises a single tranche of shares which will be issued using the company's existing placement capacity.

Polymetals anticipates a strong period of news flow supported by rising production cashflow and ongoing exploration success from near-mine and regional targets. Across the March quarter of 2026, mining rates will increase materially from the high-grade silver Upper North Lode, with the company well placed to take advantage of strong silver pricing.