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 Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
DevOps is not just last year’s buzzword. Companies with DevOps practices are 2.5x more likely to exceed profitability, market share, and productivity goals. But how do you enable high performance? What can you do right now to start? Find out from DevOps experts including Gene Kim, co-author of "The Phoenix Project," and the Dynatrace Center of Excellence.
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Recognizing the need to identify and validate information security professionals’ competency in securing cloud services, the two leading membership organizations focused on cloud and information security, the Cloud Security Alliance (CSA) and (ISC)^2, joined together to develop an international cloud security credential that reflects the most current and comprehensive best practices for securing and optimizing cloud computing environments.
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
Sensors and effectors of IoT are solving problems in new ways, but small businesses have been slow to join the quantified world. They’ll need information from IoT using applications as varied as the businesses themselves. In his session at @ThingsExpo, Roger Meike, Distinguished Engineer, Director of Technology Innovation at Intuit, showed how IoT manufacturers can use open standards, public APIs and custom apps to enable the Quantified Small Business. He used a Raspberry Pi to connect sensors...
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...