Polymet Reports Third Quarter Results

PolyMet Mining (TSX:POM) reported its financial results for the three and nine months ended October 31 2014. The company has also executed a confidential, non-binding term sheet for a loan facility of up to US$30 million, anticipated to close early in 2015.

As quoted in the press release:

• Loss for the three months ended October 31, 2014 was $1.619 million compared with $1.753 million for the prior year period. General and administrative expenses excluding non-cash stock-based compensation in the three months ended October 31, 2014 were $0.997 million compared with $1.289 million in the prior year period, excluding non-cash stock based compensation.
• Loss for the nine months ended October 31, 2014 was $5.013 million compared with $5.175 million for the prior year period. General and administrative expenses excluding non-cash stock-based compensation in the nine months ended October 31, 2014 were $3.194 million compared with $3.695 million in the prior year period, excluding non-cash stock based compensation.
• At October 31, 2014 PolyMet had cash and cash equivalents of $8.866 million compared with $32.790 million at January 31, 2014.
• Convertible debt at October 31, 2014 was $33.073 million. PolyMet can trigger conversion of the debt to equity at a fixed price of $1.2920 per share upon receipt of permits and securing of senior construction finance. 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.
• PolyMet invested $6.552 million into its NorthMet project during the three months ended October 31, 2014, compared with $6.315 million in the prior year period. As of October 31, 2014 PolyMet had spent $81.732 million on environmental review and permitting, of which $75.241 million has been spent since the NorthMet project moved from exploration to development stage.

Polymet CEO, Jon Cherry, said:

PolyMet made considerable progress in 2014. At the end of the public review period this past March, the supplemental draft Environmental Impact Statement received an EC-2 rating by the U.S. Environmental Protection Agency – the highest rating the agency has given to a mine EIS.

Click here to read the PolyMet Mining (TSX:POM) press release

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