Polymet Mining (AMEX:PLM)
Historical Stock Chart
1 Year : From Nov 2018 to Nov 2019
PolyMet Mining Corp. (“PolyMet” or the “company”) TSX: POM; NYSE
American: PLM – today reported that it has filed its financial results
for the year ended December 31, 2018. PolyMet is fully permitted to
construct and operate the NorthMet copper-nickel-precious metals mine
and processing plant located near Hoyt Lakes, Minnesota.
The financial statements have been filed at www.polymetmining.com
and on SEDAR and EDGAR and have been prepared in accordance with
International Financial Reporting Standards. All amounts are in U.S.
dollars. Copies can be obtained free of charge by contacting the
Corporate Secretary at First Canadian Place, 100 King Street West, Suite
5700, Toronto, Ontario M5X 1C7 or by e-mail at email@example.com.
Highlights and recent events for 2018 and 2019
In March 2019, the company received the federal Record of Decision and
wetlands permit from the U.S. Army Corps of Engineers, which is the
last key permit or approval needed to construct and operate the
In March 2019, the company and Glencore AG (“Glencore”) agreed to
extend the term of the outstanding debentures to provide the company
time to prepare for and complete a rights offering by June 30, 2019,
fully backstopped by Glencore, to raise sufficient funds to repay all
In December 2018, the company received all Minnesota Pollution Control
Agency permits for NorthMet for which the company had applied,
including air and water permits.
In November 2018, the company received all Minnesota Department of
Natural Resources permits for NorthMet for which the Company had
applied, including the Permit to Mine, dam safety and water
In June 2018, the company and U.S. Forest Service completed the
federal land exchange giving PolyMet title and control over both
surface and mineral rights in and around the NorthMet ore body.
In March 2018, the company issued an Updated Technical Report under NI
43-101 incorporating process improvements, project improvements and
environmental controls described in the Final Environmental Impact
Statement and draft permits. The update also included detailed capital
costs, operating costs, and economic valuations for the mine plan
being permitted, as well as a discussion of potential future
Goals and objectives for the next twelve monthsPolyMet’s
Maintain political, social and regulatory support for the project;
Complete project optimization plan;
Complete project implementation plan;
Strengthen balance sheet through restructuring or repaying outstanding
Execute construction finance, subject to typical conditions precedent.
Key Balance Sheet Statistics
(in ‘000 US dollars, except per share amounts)
December 31, 2018
December 31, 2017
Cash & equivalents
Working capital (see note)
Note: Maturity dates for the convertible and non-convertible
debentures were extended to provide time to complete a rights
offering to raise sufficient funds to repay all outstanding debt.
Glencore has agreed to fully backstop the rights offering.
Key Income and Cash Flow Statement
(in ‘000 US dollars, except per share amounts)
Twelve months endedDecember 31, 2018
Eleven months endedDecember 31, 2017
Income and Cash Flow Statement
General & administrative expense
Finance & Other
Non-cash rehabilitation accretion
Non-cash loss on fair value update
Non-cash loss on debenture modification
Non-cash loss on disposals
Loss for the period:
Other Comprehensive (Income)
Loss per share
Weighted average shares outstanding
Loss for the twelve months ended December 31, 2018, was $15.0 million
compared with $10.1 million for the prior year period. Excluding
non-cash compensation, general and administrative expenses for the
twelve months ended December 31, 2018, were $5.3 million compared with
$4.8 million for the prior year period.
PolyMet invested $57.3 million cash into its NorthMet Project during
the twelve months ended December 31, 2018, compared with $21.7 million
in the prior year period. The current year includes $21.1 million in
wetland credit purchases and $10.0 million to fund the environmental
rehabilitation trust required under the Permit to Mine.
About PolyMetPolyMet Mining Corp. (www.polymetmining.com)
is a publicly traded mine development company that owns 100 percent of
Poly Met Mining, Inc., a Minnesota corporation that controls 100 percent
of the NorthMet copper-nickel-precious metals ore body through a
long-term lease, and owns 100 percent of the former LTV Steel Mining
Company processing facility, located approximately seven rail miles from
the ore body in the established mining district of the Mesabi Iron Range
in northeastern Minnesota. Poly Met Mining, Inc. has completed its
Definitive Feasibility Study and received all permits necessary to
construct and operate the NorthMet Project. NorthMet is expected to
require approximately two million hours of construction labor, create
approximately 360 long-term jobs directly, and generate a level of
activity that will have a significant multiplier effect in the local
PolyMet DisclosuresThis news release contains certain
forward-looking statements concerning anticipated developments in
PolyMet’s operations in the future. Forward-looking statements are
frequently, but not always, identified by words such as “expects,”
“anticipates,” “believes,” “intends,” “estimates,” “potential,”
“possible,” “projects,” “plans,” and similar expressions, or statements
that events, conditions or results “will,” “may,” “could,” or “should”
occur or be achieved or their negatives or other comparable words. These
forward-looking statements may include statements regarding the ability
to receive environmental and operating permits, job creation, and the
effect on the local economy, or other statements that are not a
statement of fact. Forward-looking statements address future events and
conditions and therefore involve inherent known and unknown risks and
uncertainties. Actual results may differ materially from those in the
forward-looking statements due to risks facing PolyMet or due to actual
facts differing from the assumptions underlying its predictions.
PolyMet’s forward-looking statements are based on the beliefs,
expectations and opinions of management on the date the statements are
made, and PolyMet does not assume any obligation to update
forward-looking statements if circumstances or management’s beliefs,
expectations and opinions should change.
Specific reference is made to risk factors and other considerations
underlying forward-looking statements discussed in PolyMet’s most
recent Annual Report on Form 40-F for the fiscal year ended December 31,
2018, and in our other filings with Canadian securities authorities and
the U.S. Securities and Exchange Commission.
The Annual Report on Form 40-F also contains the company’s mineral
resource and other data as required under National Instrument 43-101.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
here to subscribe to Mobile Alerts for PolyMet Mining Corp.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190329005167/en/
MediaBruce Richardson, Corporate CommunicationsTel:
+1 (651) firstname.lastname@example.org
Investor RelationsTony Gikas, Investor RelationsTel:
+1 (651) email@example.com