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.

Contacts:
Media: PolyMet Mining Corp.
Bruce Richardson
Corporate Communications
+1 (651) 389-4111
[email protected]

Investor Relations: PolyMet Mining Corp.
Jenny Knudson
Investor Relations
+1 (651) 389-4110
[email protected]
www.polymetmining.com

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
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
For better or worse, DevOps has gone mainstream. All doubt was removed when IBM and HP threw up their respective DevOps microsites. Where are we on the hype cycle? It's hard to say for sure but there's a feeling we're heading for the "Peak of Inflated Expectations." What does this mean for the enterprise? Should they avoid DevOps? Definitely not. Should they be cautious though? Absolutely. The truth is that DevOps and the enterprise are at best strange bedfellows. The movement has its roots in t...
DXWorldEXPO LLC, the producer of the world's most influential technology conferences and trade shows has announced the 22nd International CloudEXPO | DXWorldEXPO "Early Bird Registration" is now open. Register for Full Conference "Gold Pass" ▸ Here (Expo Hall ▸ Here)
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant tha...
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, provided a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services with...
Containers are rapidly finding their way into enterprise data centers, but change is difficult. How do enterprises transform their architecture with technologies like containers without losing the reliable components of their current solutions? In his session at @DevOpsSummit at 21st Cloud Expo, Tony Campbell, Director, Educational Services at CoreOS, will explore the challenges organizations are facing today as they move to containers and go over how Kubernetes applications can deploy with lega...
In their session at @DevOpsSummit at 21st Cloud Expo, Michael Berman, VP Engineering at TidalScale, and Ivo Jimenez, Engineer at TidalScale, will describe how automating tests in TidalScale is easy thanks to WaveRunner. They will show how they use WaveRunner, Jenkins, and Docker to have agile delivery of TidalScale. Michael Berman is VP Engineering at TidalScale. TidalScale is developing a scale up compute and resource architecture for customers to perform big data exploration and real time anal...
I think DevOps is now a rambunctious teenager - it's starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
The “Digital Era” is forcing us to engage with new methods to build, operate and maintain applications. This transformation also implies an evolution to more and more intelligent applications to better engage with the customers, while creating significant market differentiators. In both cases, the cloud has become a key enabler to embrace this digital revolution. So, moving to the cloud is no longer the question; the new questions are HOW and WHEN. To make this equation even more complex, most ...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
Learn how to solve the problem of keeping files in sync between multiple Docker containers. In his session at 16th Cloud Expo, Aaron Brongersma, Senior Infrastructure Engineer at Modulus, discussed using rsync, GlusterFS, EBS and Bit Torrent Sync. He broke down the tools that are needed to help create a seamless user experience. In the end, can we have an environment where we can easily move Docker containers, servers, and volumes without impacting our applications? He shared his results so yo...
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discussed how a new approach is neces...
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.