🕐11.09.13 - 14:54 Uhr
POLYMET REPORTS SECOND QUARTER FISCAL 2014 RESULTS
Marketwired
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PolyMet Mining Corp.
TSX:
POM
NYSE MKT:
PLM
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September 11, 2013
PolyMet Reports Second Quarter Fiscal 2014 Results
ST.
PAUL, MINNESOTA--(Marketwired - Sept.
11, 2013) - 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
.
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)
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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
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Three months ended July
31, Six months ended July 31,
-----------------------------------------------------
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Income Statement 2013 2012 2013 2012
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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
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Investing Activities
NorthMet Property $ 8,241 4,072 $ 13,096 10,260
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Weighted average shares
outstanding 210,178,514 177,737,896 196,938,572 177,088,293
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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 PolyMets 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.
PolyMets 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 managements beliefs, expectations and opinions should
change.
Specific reference is made to PolyMets 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.
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CONTACT INFORMATION:
PolyMet Mining Corp.
- Corporate
Douglas Newby
Chief Financial Officer
+1 (651) 389-4105
or
PolyMet Mining Corp.
- Media
LaTisha Gietzen
VP - Public, Govt & Environmental Affairs
+1 (218) 471-2150
or
PolyMet Mining Corp.
- Investor Relations
Jenny Knudson
VP - Investor Relations
+1 (651) 389-4110
www.polymetmining.com
or
MZ North America
Pascal Nigen
Senior Vice-President
+1 (212) 301-7149
www.mzgroup.us
INDUSTRY: Manufacturing and Production - Mining and Metals
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