Market Overview

PolyMet Reports Third Quarter Fiscal 2018 Results

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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 nine months ended October 31, 2017.

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 2017 Highlights

  • In August, the Minnesota Department of Natural Resources ("MDNR")
    released six draft water appropriation permits for 30-days of public
    review and comment.
  • In September, the MDNR released two draft dam safety permits for 30
    days of public review and comment.
  • Also In September, the company issued and committed to issue to
    Glencore secured debentures with a total principal amount of $20.0
    million;
  • In October, the company entered into an agreement with EIP Credit Co.,
    LLC ("EIP Credit") to reserve wetland bank credits the company can use
    for the NorthMet Project; and
  • In November, the U.S. House of Representatives passed bipartisan
    legislation introduced by Rep. Rick Nolan, D-MN-8, directing the
    secretary of agriculture to move forward with the land exchange
    between PolyMet and the U.S. Forest Service. This bill has advanced to
    the Senate for consideration.

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:

  • Transfer of title to the surface rights over and around the NorthMet
    mineral rights to PolyMet as part of the authorized land exchange.
  • Favorable decisions by the state on 401 Water Quality Certification
    and U.S. Army Corps of Engineers Final Record of Decision and 404
    wetlands permit under the Clean Water Act.
  • Publication of draft state Permit to Mine, National Pollution
    Discharge & Elimination System water discharge permit and air permit
    for public comment.
  • Favorable decisions on state permit issuances (Permit to Mine, air,
    water and dam safety permits).
  • Completion of definitive cost estimate and project update following
    permits.
  • Completion of project implementation plan.
  • Repayment, restructuring and/or conversion of Glencore loans.
  • Completion of construction finance plan, subject to typical conditions
    precedent, such as receipt of key permits.

Key Balance Sheet Statistics

       

(in ‘000 US dollars)

               
Balance Sheet       October 31, 2017       January 31, 2017
 
Cash & equivalents $ 11,248 $ 18,674
 
Working capital (130,219) 16,267
 
Total assets 414,216 389,049
 
Total liabilities 213,253 181,720
 
Shareholders' equity     $ 200,963     $ 207,329
 

At October 31, 2017, PolyMet had cash of $11.248 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 October 31, 2017, PolyMet had spent $127.134 million on
environmental review and permitting, of which $120.683 million has been
spent since the NorthMet Project moved from exploration to development
stage.

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Key Income and Cash Flow Statement
Statistics

(in ‘000 US dollars, except per share amounts)

   
Three months ended Nine months ended
    October 31,   October 31,
Income and Cash Flow Statement   2017   2016   2017   2016
   
General & administrative expense excluding non-cash share-based
compensation
$ 910 $ 856 $ 3,446 $ 3,014
 

Non-cash share-based compensation

283

137

1,095

997

 
Other Expenses:
Finance & Other 589 1,101 1,830 1,990
Non-cash loss on disposals     469     -     1,793     -
 
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