Market Overview

Final Federal Permit Issued for PolyMet NorthMet Project


Company enters into debt extension agreement with Glencore

Poly Met Mining, Inc., a wholly-owned subsidiary of PolyMet Mining Corp.
(together "PolyMet" or the "company") TSX: POM; NYSE American: PLM,
announced today that the U.S. Army Corps of Engineers has issued its
Record of Decision and Section 404 wetlands permit for the NorthMet
Project. Along with recently issued state permits, PolyMet now holds all
necessary permits to construct and operate the NorthMet
copper-nickel-precious metals mine and processing plant located near
Hoyt Lakes, Minnesota.

PolyMet also announced today that it has entered into an extension
agreement with Glencore AG ("Glencore") with respect to the approximate
US$243 million in secured convertible and non-convertible debt owing to
Glencore which is due to mature on March 31, 2019. Glencore has agreed
to extend the maturity date of the debt to provide PolyMet time to
prepare for and complete a rights offering by June 30, 2019, fully
backstopped by Glencore, to raise sufficient funds to repay the
outstanding debt. In connection with the extension agreement, the
company has also agreed to issue additional purchase warrants to
Glencore and to make certain amendments to the existing exchange
warrants held by Glencore, subject to applicable stock exchange
approval. The company will provide further information with respect to
the pricing and timing of the rights offering in due course.

"While our immediate goal is to address the Glencore debt, we are proud
to be the first mining company to be fully permitted to responsibly
build and operate a copper-nickel-precious metals mine within the
world-class Duluth Complex," said Jon Cherry, president and CEO. "Our
employees, shareholders, Iron Rangers, labor and business partners all
share in this historic achievement. They have steadfastly believed in,
worked tirelessly toward and provided unwavering support for this
project for so long."

The issuance of the federal wetlands permit follows Minnesota
regulators' issuance late last year of the Permit to Mine, dam safety,
water appropriations, water and air quality, and public waters work
permits; representing a total of 18 state and federal permits and

The company is refining the technical details of the project as planning
for final engineering and construction are underway. Initial site
preparation work has already begun such as monitoring well
installations, asbestos abatement, infill and geotechnical drilling.
"Importantly, receipt of this final permit enables us to move forward
with project financing which is expected to take several months," Cherry

PolyMet aims to be the first mining company to commercially produce
copper and nickel, in addition to platinum, palladium, gold and cobalt,
from one of the four world-class Duluth Complex base and precious metal
deposits in the historic Iron Range mining district in northeastern

The company expects to build and operate open pit mining operations that
are expected to yield approximately 1.2 billion pounds of copper, 170
million pounds of nickel, 6.2 million pounds of cobalt and 1.6 million
ounces of precious metals including 1.2 million ounces of palladium and
290,000 ounces of platinum, over a 20-year mine life. The 225 million
tons of ore permitted for extraction represent roughly one third of the
NorthMet 649-million-ton Measured and Indicated Resource as described in
the company's 2018 National Instrument 43-101 Technical Report, which is
filed under the company's SEDAR and EDGAR profiles.

The Record of Decision and Section 404 wetland permit can be found on
the USACE website at

The information in this release related to the 2018 Technical Report has
been reviewed and approved by Herb Welhener, an Independent Qualified
Person within the meaning of National Instrument 43-101.

About PolyMet
PolyMet Mining Corp. (
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 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. The NorthMet Final Environmental Impact
Statement 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

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.

here to subscribe to Mobile Alerts for PolyMet Mining Corp.

View Comments and Join the Discussion!