PolyMet Mining Reports Fiscal Results Ended January 31, 2013

PolyMet Mining (TSX:POM,NYSEMKT:PLM) reported and filed its financial results for the year ended January 31, 2013. PolyMet had spent $52.7 million on environmental review and permitting, of which $46.2 million has been spent since the NorthMet project moved from exploration to development stage. Loss for the year was $6.626 million compared with $3.045 million for the prior year period.

As quoted in the press release:

At January 31, 2013 PolyMet had cash and cash equivalents of $8.088 million compared with $17.478 million at January 31, 2012. Since then, PolyMet has received a $20 million loan and has announced that it plans to issue a $60 million Rights Offering with a standby commitment from Glencore International plc for approximately $53 million. On a pro forma basis, adjusting for the Rights Offering (including repayment of the $20 million loan) PolyMet would have cash and equivalents of approximately $67 million net of standby fees payable in connection with the Rights Offering.

As of January 31, 2013 PolyMet had spent $52.7 million on environmental review and permitting, of which $46.2 million has been spent since the NorthMet project moved from exploration to development stage.

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