Market Overview

PolyMet Project Update at Shareholders' Meeting

Share:

PolyMet Mining Corp. ("PolyMet" or the "company") TSX: POM; NYSE
AMERICAN: PLM – is pleased to report 78.51 percent of the eligible
shares were represented at its Annual General and Special Meeting of
Shareholders held on June 27, 2018 in Toronto, Ontario, and all motions
put forward by the company were passed at the meeting.

The number of directors of the company was fixed at nine and the
following persons were elected as directors of the company to hold
office until the next annual general meeting. The voting results are
shown below:

                         
Director     Votes For     % For     Votes     %
                  Withheld     Withheld
Dennis Bartlett     140,878,560     99.06     1,331,408     0.93
Jonathan Cherry     140,910,636     99.08     1,299,332     0.91
Mike Ciricillo     140,127,914     98.53     2,082,054     1.46
Dr. David Dreisinger     141,265,096     99.33     944,872     0.66
W. Ian L. Forrest     141,235,838     99.31     974,130     0.68
Helen Harper     140,157,856     98.55     2,052,112     1.44
Alan R. Hodnik     141,381,755     99.41     828,213     0.58
Stephen Rowland     140,175,103     98.56     2,034,865     1.43
Michael M. Sill     140,668,142     98.91     1,541,826     1.08
 

In other board action, PricewaterhouseCoopers LLP was reappointed as
auditors of the company and the board is authorized to fix the
remuneration to be paid to the auditors. The amended Omnibus Share
Compensation Plan, as approved by shareholders in 2007, amended and
restated and confirmed from time to time, most recently by shareholders
in 2015, was also approved.

Following the meeting, President and CEO Jon Cherry gave a presentation
on achievements of the past year and goals for the future.

Key highlights:

  • In January 2018, the Minnesota Department of Natural Resources
    released the draft Permit to Mine for public review and comment which
    has now closed;
  • In January 2018, the Minnesota Pollution Control Agency released the
    draft water quality permit, draft section 401 water quality
    certification, and draft air emissions permit for public review and
    comment which have all closed;
  • In March 2018, all remaining public comment periods for the various
    draft permits concluded without extension;
  • In March 2018, the company and Glencore agreed to extend the term of
    outstanding debentures until March 31, 2019, reduce the interest rate
    on the outstanding debentures, and make available up to $80 million in
    additional debentures during 2018 of which $20 million was drawn on
    May 7, 2018. Proceeds are being used to complete pre- and
    post-permitting work, including detailed engineering and environmental
    cleanup, and to purchase wetland credits;
  • 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 valuation for the mine plan being
    permitted as well as potential future production opportunities;
  • In early June 2018, the U.S. Forest Service notified the company that
    the administrative land exchange between the agency and PolyMet Mining
    would close June 28, 2018, giving the company exclusive control of the
    land over the NorthMet ore body; and,
  • In June 2018, the U.S. Senate passed on an 85-10 vote the National
    Defense Authorization Act, which carried an amendment codifying the
    Superior National Forest Record of Decision in January 2017
    authorizing the administrative land exchange. The land exchange
    measure passed out of the House of Representatives on a 309-99 vote in
    November 2017 as a stand-alone bill.

Key objectives include:

  • Favorable decisions on the final state permits named above as well as
    from the U.S. Army Corps of Engineers on the Final Record of Decision
    and 404 wetlands permit under the Clean Water Act. Note that the
    permitting process is managed by the regulatory agencies and,
    therefore, timelines are not under our control;
  • Transfer of title to the surface rights over and around the NorthMet
    mineral rights to PolyMet as part of the authorized administrative
    land exchange. This is scheduled June 28, 2018;
  • Completion of project implementation plan; and,
  • Execution of a construction finance plan, subject to typical
    conditions precedent such as receipt of key permits.

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 Erie Plant, 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, creating approximately 360 long-term jobs, 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,
2017, 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.

Click
here to subscribe to Mobile Alerts for PolyMet Mining Corp.

View Comments and Join the Discussion!