POLYMETALS RESOURCES LIMITED (POL)
Share Price Analysis and Chart

15/04/2026

1

Speculative Buy

$1.40

86.67%

Ord Minnett highlights Polymetals Resources reported a strong 3Q result, with silver production exceeding expectations on higher grades and costs below forecasts, driving a cash beat.

Near-term cash flow is viewed as being supported by an upcoming DSO (direct shipping ore) shipment and concentrate sales, with circa $38m expected to be added to the March quarter cash balances.

The Upper North Lode continues to outperform, underpinning expectations for strong production and free cash flow over the next 18 months.

The broker forecasts free cash flow around $190m which is anticipated to fund exploration, bond replacement and further development. 

Speculative Buy rating retained with a higher target price of $1.40 from $1.30.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -1.70 cents.
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of 32.80 cents.

26/06/2026

1

Buy

$1.15

53.33%

Shaw and Partners maintains a Buy rating for Polymetals Resources with its target price decreased to $1.15 following confirmation of high-grade silver-lead-zinc mineralisation within the upper Main Lode at the Endeavor Mine.

Initial underground drilling results indicate robust massive sulphide zones remain intact adjacent to historical collapse boundaries.

The project benefits significantly from its position within an established operational footprint, offering a low-capex pathway to expand active mining inventories.

The analyst notes continued exploration success presents a high-probability opportunity to convert these newly defined zones directly into production schedules.

Revised forward models incorporate recent pullbacks across global precious metal spot markets, driving the valuation adjustment despite strong site-level technical progress.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of 12.60 cents.
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 52.40 cents.