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Share Name | Share Symbol | Market | Type |
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Polymet Mining Corp | AMEX:PLM | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.10 | 0 | 01:00:00 |
And Secures Additional US$20 Million Loan From Glencore
PolyMet Mining Corp (“PolyMet” or the “company”) TSX: POM; NYSE AMERICAN: PLM – today reported that it has filed its financial results for the three and six months ended July 31, 2017. PolyMet also agreed to issue up to an additional $20 million secured debenture to Glencore AG, a wholly owned subsidiary of Glencore plc.
“We appreciate and welcome Glencore’s continued financial and technical support. This gives us solid financial footing to advance the permitting process, in which tremendous progress has been made this year. We look forward to the state releasing the remaining draft permits for public review later this fall,” said Jon Cherry, president and CEO. More detail on the status of NorthMet permits can be found at: http://polymet.mn.gov/news.html.
PolyMet controls 100 percent of the development-stage NorthMet copper-nickel-precious metals ore body and the nearby former LTV Steel Mining Company site, 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. All amounts are in U.S. funds. 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 email at info@polymetmining.com.
Recent Highlights
Goals and Objectives for the Next Twelve Months
The permitting process is managed by the regulatory agencies. Therefore, timelines are not under PolyMet control. Given these circumstances, PolyMet’s objectives include:
Key Balance Sheet Statistics
(in ‘000 US dollars)
Balance Sheet July 31, 2017 January 31, 2017 Cash & equivalents $ 4,243 $ 18,674 Working capital (116,198) 16,267 Total assets 395,353 389,049 Total liabilities 192,762 181,720 Shareholders’ equity $ 202,591 $ 207,329At July 31, 2017, PolyMet had cash of $4.243 million compared with $18.674 million at January 31, 2017. The company is in discussion with Glencore regarding the convertible and non-convertible senior secured debentures currently due to be repaid upon the earlier of availability of construction finance or March 31, 2018.
As of July 31, 2017, PolyMet had spent $125.537 million on environmental review and permitting, of which $119.086 million has been spent since the NorthMet Project moved from exploration to development stage.
Key Income and Cash Flow Statement Statistics
(in ‘000 US dollars, except per share amounts)
Three months ended Six months ended July 31, July 31, Income and Cash Flow Statement 2017 2016 2017 2016 General & administrative expense excluding non-cash share-based compensation $ 1,408 $ 945 $ 2,536 $ 2,158Non-cash share-based compensation
672
233
812
860
Other Expenses:Finance & Other
608 377 1,241 889Non-cash loss on disposal of intangibles
- - 1,324 - Loss for the period: 2,688 1,555 5,913 3,907 Other Comprehensive (Income) 17 (48) 5 (104)Loss per share
0.01
0.01
0.02
0.01
Investing Activities: NorthMet Property $ 6,166 $ 4,553 $ 11,103 $ 11,411Weighed average shares outstanding
318,708,771
277,735,782
318,628,939
277,707,740
Loss for the three months ended July 31, 2017, was $2.688 million compared with $1.555 million for the prior year period. General and administrative expenses for the three months ended July 31, 2017, excluding non-cash share-based compensation, were $1.408 million compared with $0.945 million for the prior year period. Other expenses were $0.608 million compared with $0.377 million for the prior year period.
Loss for the six months ended July 31, 2017, was $5.913 million compared with $3.907 million for the prior year period. General and administrative expenses for the six months ended July 31, 2017, excluding non-cash share-based compensation, were $2.536 million compared with $2.158 million for the prior year period. Other expenses were $2.565 million, including a one-time non-cash loss of $1.324 million on the disposal of wetland credit intangibles, compared with $0.889 million for the prior year period.
PolyMet invested $6.166 million cash into its NorthMet Project during the three months ended July 31, 2017, compared with $4.553 million in the prior year period, and invested $11.103 million during the six months ended July 31, 2016, compared with $11.411 million in the prior year period.
About PolyMet
PolyMet 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 site, a large processing facility located approximately six 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. The NorthMet Final EIS was published in November 2015, preparing the way for decisions on permit applications. 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 economy.
PolyMet Disclosures
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 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 January 31, 2017, and in our other filings with Canadian securities authorities and the U.S. Securities and Exchange Commission, including our Report on Form 6-K providing information with respect to our operations for the three and six months ended July 31, 2017.
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.
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View source version on businesswire.com: http://www.businesswire.com/news/home/20170915005401/en/
PolyMet Mining CorpMediaBruce Richardson, +1 651-389-4111Corporate Communicationsbrichardson@polymetmining.comorInvestor RelationsJenny Knudson, +1 651-389-4110Investor Relationsjknudson@polymetmining.com
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