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PolyMet reports results for period ended September 30, 2019

November 8, 2019

ST. PAUL, Minn.--(BUSINESS WIRE)--Nov 8, 2019--

PolyMet Mining Corp (“PolyMet” or the “company”) TSX: POM; NYSE American: PLM – today reported it has filed its financial results for the three and nine months ended September 30, 2019. PolyMet is 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. 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 e-mail at info@polymetmining.com.

Highlights and recent events for 2018 and 2019 to date

Significant progress was made during 2018 and 2019 to date. Notably, key permits and approvals required to construct and operate NorthMet were received and title to the surface rights over and around the NorthMet mineral rights was secured. PolyMet also released an updated technical report which included an assessment of higher potential production scenarios, and secured additional financing to complete permitting, including required wetland credits and financial assurance, advanced final engineering and other activities to facilitate the transition to construction.

More specifically:

Goals and objectives for the next twelve months

PolyMet’s objectives include:

Key balance sheet statistics
(in ’000 US dollars)

Balance Sheet

  

September 30, 2019

 

 

December 31, 2018

Cash

 

$

14,995

 

$

13,857

Working capital

 

 

8,500

 

 

(225,359)

Total assets

 

 

509,294

 

 

485,629

Total liabilities

 

 

75,724

 

 

300,587

Shareholders’ equity

 

$

433,570

 

$

185,042

Key income and cash flow statement statistics
(in ’000 US dollars, except per share amounts)

 

 

 

Three months ended

 

 

Nine months ended

Income and Cash Flow Statement

 

 

September
30, 2019

 

 

September
30, 2018

 

 

September
30, 2019

 

 

September
30, 2018

General & administrative expense

 

$

1,287

 

$

1,262

 

$

5,052

 

$

5,541

Other Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Finance & other

(380)

(30)

(277)

604

Non-cash rehabilitation accretion

671

456

1,527

1,327

Non-cash loss on land exchange

-

-

-

553

Non-cash loss on debenture modification

-

-

2,004

4,109

Loss for the period:

 

 

1,578

 

 

1,688

 

 

8,306

 

 

12,134

Loss per share

 

 

0.00

 

 

0.01

 

 

0.01

 

 

0.04

Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

NorthMet Property

$

4,749

$

10,178

$

14,551

$

20,226

 

 

 

 

 

 

 

 

 

Weighed average shares outstanding

1,005,177,588

320,583,629

559,824,359

320,330,029

Loss for the three months ended September 30, 2019, was $1.578 million compared with $1.688 million for the prior year period. Excluding non-cash compensation, general and administrative expenses for the three months ended September 30, 2019 were $1.2 million compared with $1.1 million for the prior year period.

Loss for the nine months ended September 30, 2019, was $8.306 million compared with $12.134 million for the prior year period primarily due to a lower non-cash loss on debenture refinancing in the current year period compared to the prior year and a non-cash loss on the land exchange in the prior year period. Excluding non-cash compensation, general and administrative expenses for the nine months ended September 30, 2019 were $3.6 million compared with $3.9 million for the prior year period.

PolyMet invested $4.749 million of cash into the NorthMet Project during the three months ended September 30, 2019, compared with $10.178 million for the prior year period, and invested $14.551 million during the nine months ended September 30, 2019, compared with $20.226 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 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 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 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

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View source version on businesswire.com:https://www.businesswire.com/news/home/20191108005271/en/

CONTACT: Media

Bruce Richardson

Corporate Communications

Tel: +1 (651) 389-4111

brichardson@polymetmining.comInvestor Relations

Tony Gikas

Investor Relations

Tel: +1 (651) 389-4110

investorrelations@polymetmining.com

KEYWORD: IDAHO ARIZONA NEVADA COLORADO MINNESOTA AUSTRALIA/OCEANIA UNITED STATES CANADA NEW ZEALAND NORTH AMERICA AUSTRALIA

INDUSTRY KEYWORD: ENERGY NATURAL RESOURCES MINING/MINERALS OIL/GAS

SOURCE: PolyMet Mining Corp

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PUB: 11/08/2019 07:57 AM/DISC: 11/08/2019 07:57 AM

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