PolyMet Mining Corp (“PolyMet” or the “company”) TSX: POM; NYSE
American: PLM – today reported it has filed its financial results
for the three and nine months ended September 30, 2020.
The financial statements are filed at www.polymetmining.com and
on SEDAR and EDGAR and are prepared in accordance with
International Financial Reporting Standards. All amounts are in
U.S. funds. Copies can be obtained free of charge by contacting the
company at First Canadian Place, 100 King Street West, Suite 5700,
Toronto, Ontario M5X 1C7 or by e-mail at info@polymetmining.com
In the most recent quarter, the company continued to progress
through the legal process in defense of its operating permits. A
number of challenges have been filed contesting various aspects of
federal and state decisions; the company has received favorable
final decisions in six of these cases to date.
In two pending cases, PolyMet successfully petitioned the
Minnesota Supreme Court to review lower court decisions. The court
heard oral arguments on the Permit to Mine and dam safety permits
on October 13, and on the air permit earlier today. Rulings in both
cases are anticipated in the first half of 2021.
In a separate legal victory, a Ramsey County District Court
judge ruled on September 3, following a court of appeals-ordered
evidentiary hearing in January, that PolyMet’s water permit was
issued with proper procedures by the Minnesota Pollution Control
Agency.
In addition to successfully defending legal challenges to our
permits, project optimization and engineering efforts are expected
to remain a company focus through the remainder of the year.
Also in the reporting period, effective August 26, 2020, PolyMet
completed consolidation of its common shares at a ratio of ten
pre-consolidation common shares for one post-consolidation common
share. All common share numbers, numbers of shares issuable under
options, warrants and restricted share units and related per share
amounts are retrospectively adjusted to reflect the share
consolidation.
Key Balance Sheet
Statistics
(in ‘000 US dollars)
September 30, 2020
December 31, 2019
Cash & equivalents
$
9,817
$
7,401
Working capital
5,711
3,043
Total assets
467,822
457,315
Total liabilities
94,545
73,175
Shareholders’ equity
$
373,277
$
384,140
Key Income and
Cash Flow Statement Statistics
(in ‘000 US dollars, except per share
amounts)
Three months ended
Nine months ended
September 30, 2020
September 30, 2019
September 30, 2020
September 30, 2019
General & administrative expense
$
4,296
$
1,287
$
16,085
$
5,052
Other (Income) expenses:
Finance income & other
(1,475)
(380)
(845)
(277)
Non-cash rehabilitiation accretion
520
671
1,561
1,527
Non-cash loss on debenture
modification
-
-
-
2,004
Loss for the period:
3,341
1,578
16,801
8,306
Loss for the period ($/share)
0.03
0.02
0.17
0.15
Cash used in investing activities
$
1,682
$
4,749
$
6,685
$
14,551
Weighted average shares outstanding
100,699,716
100,517,759
100,642,313
55,982,436
- Loss for the three months ended September 30, 2020, was $3.3
million compared with $1.6 million for the prior year period
primarily due to additional studies related to engineering and
further evaluation of the mineral resource.
- Loss for the nine months ended September 30, 2020, was $16.8
million compared with $8.3 million for the prior year period
primarily due to additional studies related to engineering and
further evaluation of the mineral resource.
About PolyMet
PolyMet is a mine development company that owns 100% of the
NorthMet Project, the first large-scale project to be permitted
within the Duluth Complex in northeastern Minnesota, one of the
world’s major, undeveloped mining regions. NorthMet has significant
proven and probable reserves of copper, nickel and palladium –
metals vital to global carbon reduction efforts – in addition to
marketable reserves of cobalt, platinum and gold. When operational,
NorthMet will become one of the leading producers of nickel,
palladium and cobalt in the U.S., providing a much needed,
responsibly mined source of these critical and essential
metals.
Located in the Mesabi Iron Range, the project will provide
economic diversity while leveraging the region’s established
supplier network and skilled workforce, and generate a level of
activity that will have a significant effect in the local economy.
For more information: www.polymetmining.com.
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, 2019, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201105006243/en/
For further information, please contact: Media
Bruce Richardson Corporate Communications Tel: +1 (651) 389-4111
brichardson@polymetmining.com
Investor Relations Tony Gikas Investor Relations Tel: +1
(651) 389-4110 investorrelations@polymetmining.com
Polymet Mining (TSX:POM)
Gráfica de Acción Histórica
De Oct 2024 a Nov 2024
Polymet Mining (TSX:POM)
Gráfica de Acción Histórica
De Nov 2023 a Nov 2024
