PolyMet Mining Files Q2 2013 Financial Results

 PolyMet Mining Corp. (TSX:POM,NYSE:PLM) filed its financial results for the three months that ended on July 31, 2013. Highlights include having cash and cash equivalents of $48.778 million at July 31, 2013, compared with $8.088 million at January 31, 2013 – the increase in cash reflects the net proceeds from the $60.5 million rights offering.

As quoted in the press release:

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.

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