PolyMet Reports Fiscal 2012 Results
May 01 2012 - 12:21PM
Marketwired
PolyMet Mining Corp. (TSX:POM)(NYSE Amex:PLM) ("PolyMet" or the
"Company") today reported that it has filed its financial results
for the year ended January 31, 2012. PolyMet controls 100% of the
development-stage NorthMet copper-nickel-precious metals ore-body
and the nearby Erie Plant, located near Hoyt Lakes in the
established mining district of the Mesabi Iron Range in
northeastern 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
("IFRS"). All amounts are in U.S. funds.
FINANCIAL HIGHLIGHTS
-- Loss for the year ended January 31, 2012 was $3.045 million compared
with $6.662 million for the prior period. General and administrative
expenses in the year to January 31, 2012 were $2.744 million compared
with $2.635 million in the prior period, excluding non-cash stock based
compensation. Professional fees, primarily related to the first-time
adoption of IFRS, increased by $0.375 million while office and corporate
wages declined by $0.212 million.
-- At January 31, 2012 PolyMet had cash and cash equivalents of $17.478
million compared with $10.361 million at January 31, 2011. Under the
November 2010 financing, Glencore is committed to purchase 5 million
shares at $2.00 per share no later than October 15, 2012. This $10
million equity is in addition to the January 31, 2012 balance sheet
numbers.
-- PolyMet invested $16.137 million into its NorthMet project during the
year ended January 31, 2012, compared with $16.519 million in the prior
year period. The year to January 31, 2012 includes $3.420 million from
the sale of equipment the Company no longer plans to use and purchase of
land funded with proceeds from an Iron Range Resources and
Rehabilitation Board loan.
-- PolyMet paid the balance of the notes from Cliffs Natural Resources
("Cliffs") associated with PolyMet's purchase of the Erie Plant
facilities. PolyMet continues to have obligations to Cliffs related to
its indemnification of Cliffs for the environmental liabilities at the
properties it acquired from Cliffs.
-- As of January 31, 2012 PolyMet had spent $40.294 million on
environmental review and permitting, of which $33.843 million has been
spent since the NorthMet project moved from exploration to development
stage.
Key Statistics
(in '000 US dollars, except per share amounts)
--------------------------------------------------------------------------
January 31, January 31,
Balance Sheet 2012 2011
-----------------------------
Cash and equivalents $ 17,478 $ 10,361
Working capital 16,375 4,199
Total assets 189,571 156,736
Total liabilities 57,205 54,319
Shareholders' equity 132,366 102,417
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Year ended January 31,
-----------------------------
Income Statement 2012 2011
-----------------------------
General and administrative expense
excluding non-cash share-based $ (2,744) $ (2,635)
Non-cash share-based compensation (625) 119
Other income (loss) (333) (5,536)
-----------------------------
Income (loss) before tax $ (3,702) $ (8,052)
Recovery of future income tax 657 1,390
-----------------------------
Income (loss) after tax $ (3,045) $ (6,662)
Income (loss) per share $ (0.02) $ (0.04)
-------------------------------------------------------------------------
Investing Activities
NorthMet Property, net of sales $ 16,137 $ 16,519
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Weighted average shares outstanding 160,358,498 149,444,955
-------------------------------------------------------------------------
About PolyMet
PolyMet Mining Corp. (www.polymetmining.com) is a
publicly-traded mine development company that controls 100% of the
NorthMet copper-nickel-precious metals ore body through a long-term
lease and owns 100% of the Erie Plant, a large processing facility
located approximately six miles from the ore body in the
established mining district of the Mesabi Range in northeastern
Minnesota. PolyMet Mining Corp. has completed its Definitive
Feasibility Study and is seeking environmental and operating
permits to enable it to commence production. The NorthMet project
is expected to require approximately one-and-a-quarter million
hours of construction labor and create approximately 360 long-term
jobs, a level of activity that will have a significant multiplier
effect in the local economy.
POLYMET MINING CORP.
Joe Scipioni, CEO
This 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 our
beliefs related to the expected proceeds and closing of the
registered direct offering, exploration results and budgets,
reserve estimates, mineral resource estimates, work programs,
capital expenditures, actions by government authorities, including
changes in government regulation, the market price of natural
resources, costs, or other statements that are not a statement of
fact. Forward-looking statements address future events and
conditions and therefore involve inherent 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 PolyMet's most recent Annual
Report on Form 20-F for the fiscal year ended January 31, 2012 and
in our other filings with Canadian securities authorities and the
Securities and Exchange Commission, including our Report on Form
6-K providing information with respect to our operations for the
year ended January 31, 2012 for a discussion of some of the risk
factors and other considerations underlying forward-looking
statements.
The TSX has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
Contacts: PolyMet Mining Corp. - Corporate Douglas Newby Chief
Financial Officer +1 (212) 867-1834dnewby@polymetmining.com PolyMet
Mining Corp. - Media LaTisha Gietzen VP Public, Gov't &
Environmental Affairs +1 (218) 225-4417lgietzen@polymetmining.com
PolyMet Mining Corp. - Investors Crystal Agresti +1 (845)
742-8153cagresti@polymetmining.com PolyMet Mining Corp. - Investors
Alex Macdougall +1 (226) 663-3000amacdougall@polymetmining.com
www.polymetmining.com
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