Welcome!

News Feed Item

PolyMet Reports Fiscal 2014 Results

ST. PAUL, MINNESOTA -- (Marketwired) -- 04/25/14 -- PolyMet Mining Corp. ("PolyMet" or the "Company") (TSX:POM)(NYSE MKT:PLM) - today reported that it has filed its financial results for the year ended January 31, 2014. PolyMet controls 100% of the development-stage NorthMet copper-nickel-precious metals ore-body and the nearby Erie Plant, 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 ("IFRS"). 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 [email protected].

Earlier today, PolyMet announced the term of the convertible debentures originally issued in 2008 to Glencore AG, a wholly owned subsidiary of Glencore Xstrata plc ("Glencore"), had been extended for one year to September 30, 2015 (previously due September 30, 2014).

Douglas Newby, Chief Financial Officer, commented, "The debentures are convertible at a set price of US$1.2920 per share upon receipt of permits and construction finance. The extension reflects continued support from our largest shareholder and does not impact our anticipated schedule for permits in spring 2015. Following the very good rating from the US EPA on the project Supplement Draft EIS last month, our focus continues to be completion of permitting, securing construction finance, and completing pre-construction engineering and construction planning."

Financial Highlights


--  Loss for the year ended January 31, 2014 was $8.132 million compared
    with $6.626 million for the prior year period. General and
    administrative expenses excluding non-cash stock-based compensation in
    the year ended January 31, 2014 were $4.957 million compared with $3.653
    million in the prior year period, excluding non-cash stock based
    compensation. 
    
--  Shareholder, investor and public relations expenditures increased to
    $2.075 million from $0.571 million in the prior year period largely
    owing to increased public relations activities associated with the
    supplemental draft Environmental Impact Statement and investor relations
    activity associated with the $60.5 million rights offering completed in
    July 2013. 
    
--  At January 31, 2014 PolyMet had cash and cash equivalents of $32.790
    million compared with $8.088 million at January 31, 2013. 
    
--  PolyMet invested $25.324 million into its NorthMet project during the
    year ended January 31, 2014, compared with $18.404 million in the prior
    year period, which included $2.092 million for purchase of wetland
    restoration properties. 
    
--  On April 25, 2014 PolyMet and Glencore, agreed (subject to approval of
    listing the additional shares from the NYSE MKT and the Toronto Stock
    Exchange) to extend the maturity of the convertible debt by up to a year
    to the earlier of the Early Maturity Event (receipt of permits necessary
    to start construction of the NorthMet project and availability of senior
    construction finance, in a form reasonably acceptable to Glencore) and
    September 30, 2015 from the earlier of the Early Maturity Event and
    September 30, 2014. As such, $31.967 million convertible debentures,
    which were a current liability at January 31, 2014, are now a long-term
    liability. PolyMet can trigger conversion of the debt to equity upon the
    Early Maturity Event. 
    
--  As of January 31, 2014 PolyMet had spent $68.357 million on
    environmental review and permitting, of which $61.866 million has been
    spent since the NorthMet project moved from exploration to development
    stage.

Key Statistics


(in '000 US dollars, except per share amounts)                              
----------------------------------------------------------------------------
                                                                            
Balance Sheet                           January 31, 2014    January 31, 2013
                                   -----------------------------------------
                                                                            
Cash & equivalents                   $            32,790    $          8,088
Working capital (see note)                        30,095               2,629
Total assets                                     287,525             236,127
Total liabilities (see note)                      91,193              93.215
Shareholders' equity                             196,332             142,912
----------------------------------------------------------------------------
Note: $31.967 million convertible debt shown as long term liability         
 reflecting extension of due date.                                          
----------------------------------------------------------------------------
                                                  Year ended Jan 31,        
                                           ---------------------------------
                                           ---------------------------------
                                                                            
Income Statement                                     2014              2013 
                                           ---------------------------------
                                                                            
General & administrative expense                                            
 excluding non-cash share-based                                             
 compensation                               $       4,957     $       3,653 
                                                                            
Non-cash share-based compensation           $       1,697     $       2,255 
                                                                            
Other Expenses                              $       1,478     $         718 
                                           ---------------------------------
                                           ---------------------------------
                                                                            
  Income (loss) before tax                  $      (8,132)    $      (6,626)
                                                                            
  Income (loss) per share                   $       (0.04)    $       (0.04)
----------------------------------------------------------------------------
Investing Activities                                                        
  NorthMet Property                         $      25,324     $      18,404 
----------------------------------------------------------------------------
                                                                            
Weighted average shares outstanding           236,303,304       178,949,306 

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 Range in northeastern Minnesota. Poly Met Mining, Inc. has completed its Definitive Feasibility Study and is seeking environmental and operating permits to enable it to commence production. The NorthMet project 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 MINING CORP.

Jon Cherry, CEO

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, 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 PolyMet's most recent Annual Report on Form 20-F for the fiscal year ended January 31, 2014 and in our other filings with Canadian securities authorities and the U.S. Securities and Exchange Commission for a discussion of some of the risk factors and other considerations underlying forward-looking statements.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
SYS-CON Events announced today that Cloud Academy will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., will discuss how these tools can be leveraged to develop a lasting competitive advanta...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, will posit that disruption is inevitable for c...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...