PolyMet Reports Results for Year Ended December 31, 2018

ST. PAUL, MN - PolyMet Mining Corp. has filed its 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. 

In March 2019, the company received the federal Record of Decision and wetlands permit from the U.S. Army Corps of Engineers, which is the last key permit or approval needed to construct and operate the NorthMet Project. The company and Glencore AG agreed to extend the term of the outstanding debentures to provide the company time to prepare for and complete a rights offering by June 30, 2019, fully backstopped by Glencore, to raise sufficient funds to repay all outstanding debt.

The company received all Minnesota Pollution Control Agency permits for NorthMet for which the company had applied, including air and water permits, in December; November of 2018, the company received all Minnesota Department of Natural Resources permits for NorthMet for which the Company had applied, including the Permit to Mine, dam safety and water appropriations permits; June 2018, the company and U.S. Forest Service completed the federal land exchange giving PolyMet title and control over both surface and mineral rights in and around the NorthMet ore body.

PolyMet issued an Updated Technical Report under NI 43-101 in March 2018, incorporating process improvements, project improvements and environmental controls described in the Final Environmental Impact Statement and draft permits. The update also included detailed capital costs, operating costs, and economic valuations for the mine plan being permitted, as well as a discussion of potential future opportunities.

Goals and objectives for the next twelve months: Maintain political, social and regulatory support for the project; Complete project optimization plan; Complete project implementation plan; Strengthen balance sheet through restructuring or repaying outstanding debt; and Execute construction finance, subject to typical conditions precedent.

Loss for the twelve months ended December 31, 2018, was $15.0 million compared with $10.1 million for the prior year period. Excluding non-cash compensation, general and administrative expenses for the twelve months ended December 31, 2018, were $5.3 million compared with $4.8 million for the prior year period.

PolyMet invested $57.3 million cash into its NorthMet Project during the twelve months ended December 31, 2018, compared with $21.7 million in the prior year period. The current year includes $21.1 million in wetland credit purchases and $10.0 million to fund the environmental rehabilitation trust required under the Permit to Mine.

The company’s address is 444 Cedar Street, Suite 2060, St. Paul, MN 55101, (651) 389-4111, www.polymetmining.com.