PolyMet Mining Reports Q1 Fiscal 2015 Results

Base Metals Investing

PolyMet Mining Corp. (TSX:POM,NYSEMKT:PLM) reported the filing of its financial results for the three months ended April 30, 2014. As of April 30, 2014 PolyMet had cash and cash equivalents of $23.587 million compared with $32.790 million at January 31, 2014, and had spent $73.448 million on environmental review and permitting, of which $66.957 million has been spent since the NorthMet project moved from exploration to development stage

PolyMet Mining Corp. (TSX:POM,NYSEMKT:PLM) reported the filing of its financial results for the three months ended April 30, 2014. As of April 30, 2014 PolyMet had cash and cash equivalents of $23.587 million compared with $32.790 million at January 31, 2014, and had spent $73.448 million on environmental review and permitting, of which $66.957 million has been spent since the NorthMet project moved from exploration to development stage.

As quoted in the press release:

Financial Highlights

  • Loss for the three months ended April 30, 2014 was $1.784 million compared with $1.660 million for the prior year period. General and administrative expenses excluding non-cash stock-based compensation in the three months ended April 30, 2014 were $1.242 million compared with $1.123 million in the prior year period, excluding non-cash stock based compensation.
  • At April 30, 2014 PolyMet had cash and cash equivalents of $23.587 million compared with $32.790 million at January 31, 2014.
  • PolyMet invested $8.216 million into its NorthMet project during the three months ended April 30, 2014, compared with $4.912 million in the prior year period.
  • On April 25, 2014 PolyMet and Glencore, agreed to extend the maturity of the convertible debt by up to a year to the earlier of the Early Maturity Event (receipt of permits necessary to start construction of the NorthMet project and availability of senior construction finance) and September 30, 2015 from the earlier of the Early Maturity Event and September 30, 2014. As such, the convertible debentures, which were a current liability at January 31, 2014, are a long-term liability at April 30, 2014.
  • PolyMet can trigger conversion of the debt to equity upon the Early Maturity Event. As of April 30, 2014 the principal amount was $32.333 million, convertible at a fixed price of $1.2920 per share. At the same time, PolyMet can trigger the early expiration of share purchase warrants held by Glencore, which, if exercised, would raise an additional $8.6 million at $1.30 per share.
  • As of April 30, 2014 PolyMet had spent $73.448 million on environmental review and permitting, of which $66.957 million has been spent since the NorthMet project moved from exploration to development stage.

Click here to read the PolyMet Mining Corp. (TSX:POM,NYSEMKT:PLM) press release
Click here to see the PolyMet Mining Corp. (TSX:POM,NYSEMKT:PLM) profile.

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