PolyMet Mining Corp. (“PolyMet” or the “company”) TSX: POM; NYSE American: PLM – today reported that it has filed its financial results for the year ended December 31, 2018. PolyMet is fully permitted to construct and operate the NorthMet copper-nickel-precious metals mine and processing plant located near Hoyt Lakes, 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. All amounts are in U.S. dollars. 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 info@polymetmining.com.
Highlights and recent events for 2018 and 2019 to-date
Goals and objectives for the next twelve months
PolyMet’s
objectives include:
Key Balance Sheet Statistics (in ‘000 US dollars, except per share amounts) |
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December 31, 2018 |
December 31, 2017 |
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Balance Sheet | ||||||||
Cash & equivalents | $ | 13,857 | $ | 6,931 | ||||
Working capital (see note) | (225,359 | ) | (138,057 | ) | ||||
Total assets | 485,629 | 409,042 | ||||||
Total liabilities | 300,587 | 210,367 | ||||||
Shareholders’ equity | $ | 185,042 | $ | 198,675 | ||||
Note: Maturity dates for the convertible and non-convertible debentures were extended to provide time to complete a rights offering to raise sufficient funds to repay all outstanding debt. Glencore has agreed to fully backstop the rights offering. |
Key Income and Cash Flow Statement Statistics (in ‘000 US dollars, except per share amounts) |
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Twelve months ended |
Eleven months ended |
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Income and Cash Flow Statement | ||||||
General & administrative expense | $ | 7,070 | $ | 6,125 | ||
Other Expenses: | ||||||
Finance & Other | 544 | 404 | ||||
Non-cash rehabilitation accretion | 1,796 | 1,776 | ||||
Non-cash loss on fair value update | 971 | - | ||||
Non-cash loss on debenture modification | 4,109 | - | ||||
Non-cash loss on disposals | 553 | 1,793 | ||||
Loss for the period: | 15,043 | 10,098 | ||||
Other Comprehensive (Income) | - | 202 | ||||
Loss per share | 0.05 | 0.03 | ||||
Investing Activities | ||||||
NorthMet Project | $ | 57,353 | $ | 21,669 | ||
Weighted average shares outstanding |
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320,495,981 |
|
318,891,961 |
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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 former LTV Steel Mining
Company 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 and received all permits necessary to
construct and operate the NorthMet Project. 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
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, 2018, 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.
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