PolyMet Reports Second Quarter Fiscal 2014 Results
September 11 2013 - 8:22AM
Marketwired
PolyMet Mining Corp. (TSX:POM) (NYSE MKT:PLM) ("PolyMet" or the
"Company") has filed its financial results for the three months
ended July 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 July 31, 2013 was $1.762 million
compared with $1.982 million for the prior year period. General and
administrative expenses in the three months ending July 31, 2013 were
$1.283 million compared with $0.837 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.
-- Loss for the six months ended July 31, 2013 was $3.422 million compared
with $3.232 million for the prior year period. General and
administrative expenses in the six months ending July 31, 2013 were
$2.406 million compared with $1.504 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.
-- At July 31, 2013 PolyMet had cash and cash equivalents of $48.778
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. The $20 million bridge loan received in the first three months
of the current year was repaid with proceeds from the rights offering.
-- Convertible and long term debt at July 31, 2013 was $34.350 million.
-- PolyMet invested $8.241 million into its NorthMet project during the
three months ended July 31, 2013, compared with $4.072 million in the
prior year period. The increase reflects land purchases as well as
increased activity leading to completion of the supplemental draft
Environmental Impact Statement, scheduled for publication in late
November 2013.
-- PolyMet invested $13.096 million into its NorthMet project during the
six months ended July 31, 2013, compared with $8.168 million in the
prior year period, excluding a $2.092 million purchase of wetland
restoration properties in the prior year period.
-- As of July 31, 2013 PolyMet had spent $61.336 million on environmental
review and permitting, of which $54.885 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 July 31, January 31,
2013 2013
------------------------
Cash & equivalents $ 48,778$ 8,088
Working capital 45,857 2,629
Total assets 286,413 236,127
Long Term liabilities 87,621 93,215
Shareholders' equity 198,792 142,912
----------------------------------------------------------------------------
Three months ended July
31, Six months ended July 31,
-----------------------------------------------------
-----------------------------------------------------
Income Statement 2013 2012 2013 2012
-----------------------------------------------------
General & admin expense
excluding non-cash
share-based
compensation $ 1,283 837 $ 2,406 1,504
Non-cash share-based
compensation $ 89 1,121 $ 273 1,737
Other loss (income) $ 390 24 $ 743 (9)
-----------------------------------------------------
-----------------------------------------------------
Loss before tax $ 1,762 1,982 $ 3,422 3,232
Loss per share $ 0.01 0.01 $ 0.02 0.02
----------------------------------------------------------------------------
Investing Activities
NorthMet Property $ 8,241 4,072 $ 13,096 10,260
----------------------------------------------------------------------------
Weighted average shares
outstanding 210,178,514 177,737,896 196,938,572 177,088,293
----------------------------------------------------------------------------
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 July 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.
Contacts: PolyMet Mining Corp. - Corporate Douglas Newby Chief
Financial Officer +1 (651) 389-4105dnewby@polymetmining.com PolyMet
Mining Corp. - Media LaTisha Gietzen VP - Public, Gov't &
Environmental Affairs +1 (218) 471-2150lgietzen@polymetmining.com
PolyMet Mining Corp. - Investor Relations Jenny Knudson VP -
Investor Relations +1 (651) 389-4110jknudson@polymetmining.com
www.polymetmining.com MZ North America Pascal Nigen Senior
Vice-President +1 (212) 301-7149pnigen@mzgroup.us
www.mzgroup.us
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