PolyMet Reports Third Quarter Fiscal 2014 Results
December 05 2013 - 5:18PM
Marketwired
PolyMet Reports Third Quarter Fiscal 2014 Results
ST. PAUL, MINNESOTA--(Marketwired - Dec 5, 2013) - PolyMet
Mining Corp. (TSX:POM)(NYSEMKT:PLM) ("PolyMet") has filed its
financial results for the three months ended October 31, 2013.
The financial statements have been posted on our website 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 info@polymetmining.com.
Financial
Highlights
- Loss for the three months ended October 31, 2013 was $1.753
million compared with $1.253 million for the prior year period.
General and administrative expenses in the three months ending
October 31, 2013 were $1.289 million compared with $1.047 million
in the prior year period, excluding non-cash share based
compensation. The increase primarily reflects increased costs
indirectly related to public relations campaigns in advance of the
SDEIS public comment period.
- Loss for the nine months ended October 31, 2013 was $5.175
million compared with $4.485 million for the prior year period.
General and administrative expenses in the nine months ending
October 31, 2013 were $3.695 million compared with $2.551 million
in the prior year period, excluding non-cash share based
compensation. The increase primarily reflects increased costs
indirectly related to the successful $60.5 million rights offering
completed during the period and public relations campaigns in
advance of the SDEIS public comment period.
- At October 31, 2013 PolyMet had cash and cash equivalents of
$40.508 million compared with $8.088 million at January 31, 2013.
The increase in cash reflects the net proceeds from the $60.5
million rights offering less current year spending.
- $31.603 million convertible debt is due on the earlier of
PolyMet giving the debenture holder notice that it has received
permits needed to start construction and availability of senior
construction finance, or September 30, 2014. PolyMet anticipates
extending the term through completion of permitting. The debt is
convertible into PolyMet common shares at US$1.2920 per share.
- PolyMet invested $6.339 million into its NorthMet project
during the three months ended October 31, 2013, compared with
$3.797 million in the prior year period. The increase reflects
increased activity leading to completion of the supplemental draft
Environmental Impact Statement.
- PolyMet invested $19.435 million into its NorthMet project
during the nine months ended October 31, 2013, compared with
$14.058 million in the prior year period, including a $2.092
million purchase of wetland restoration properties in the prior
year period.
- As of October 31, 2013 PolyMet had spent $64.662 million on
environmental review and permitting, of which $58.171 million has
been spent since the NorthMet project moved from exploration to
development stage on October 31, 2006, following publication of the
Definitive Feasibility Study.
Key Statistics
(in '000 US dollars, except per share
amounts) |
|
Balance Sheet |
October 31, 2013 |
January 31, 2013 |
|
|
|
Cash
& equivalents |
$ |
40,508 |
$ |
8,088 |
Working capital |
|
6,934 |
|
2,629 |
Total
assets |
|
284,995 |
|
236,127 |
Liabilities |
|
87,523 |
|
93,215 |
Shareholders' equity |
|
197,472 |
|
142,912 |
|
Three months ended October 31, |
Nine months ended July 31, |
Income Statement |
2013 |
2012 |
2013 |
2012 |
General & admin expense excluding non-cash
share-based compensation |
$ |
1,289 |
1,047 |
$ |
3,695 |
2,551 |
Non-cash share-based compensation |
$ |
84 |
214 |
$ |
357 |
1,951 |
Other loss (income) |
$ |
380 |
(8) |
$ |
1,123 |
(17) |
|
Loss
before tax |
$ |
1,753 |
1,253 |
$ |
5,175 |
4,485 |
|
Loss per share |
$ |
0.01 |
0.01 |
$ |
0.02 |
0.03 |
Investing Activities NorthMet Property |
$ |
6,339 |
3,797 |
$ |
19,435 |
14,058 |
Weighted average shares outstanding |
274,964,697 |
178,682,678 |
|
223,233,090 |
177,623,634 |
About PolyMet
PolyMet Mining Corp. (www.polymetmining.com) is a
publicly-traded mine development company that owns 100% of Poly Met
Mining, Inc., a Minnesota corporation that controls 100% of the
NorthMet copper-nickel-precious metals ore body through a long-term
lease and owns 100% 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, 2013 and
in our other filings with Canadian securities authorities and the
U.S. Securities and Exchange Commission, including our Report on
Form 6-K providing information with respect to our operations for
the three months ended October 31, 2013 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.
MediaBruce RichardsonCorporate Communications+1 (651)
389-4111brichardson@polymetmining.comInvestor RelationsJenny
KnudsonInvestor Relations+1 (651)
389-4110jknudson@polymetmining.comwww.polymetmining.com
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