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Polymetals' Revenue from New South Wales Silver-Zinc Mine Increases Quarter-over-Quarter in June Quarter; Shares Fall 8%

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Polymetals Resources (ASX:POL) said its revenue from the Endeavor silver-zinc mine in New South Wales during the June quarter came in at AU$45.8 million, compared with AU$27.8 million in the prior quarter, according to a Tuesday Australian bourse filing.

The company mined 115,300 tonnes of ore during the June quarter and processed 114,036 tonnes, compared with 77,648 tonnes mined and 75,132 tonnes processed during the March quarter.

It produced 396,485 ounces of silver, 490 ounces of gold, 3.3 million tonnes of zinc, and 2.1 million tonnes of lead during the period.

Metallurgical recoveries continued to improve following ongoing plant optimization activities, while zinc concentrate grades increased to above 50%, the company noted. During the quarter, it completed three product shipments comprising one zinc concentrate shipment of 5,036 tonnes, and two direct shipping ore shipments of 5,573 tonnes and 5,501 tonnes.

Polymetals Resources' shares fell past 8% in recent trading on Tuesday.

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