PolyMet Reports Fiscal 2014 Results
26 April 2014 - 8:03AM
Marketwired
PolyMet Reports Fiscal 2014 Results
ST. PAUL, MINNESOTA--(Marketwired - Apr 25, 2014) - PolyMet
Mining Corp. ("PolyMet" or the "Company") (TSX:POM)(NYSEMKT:PLM) -
today reported that it has filed its financial results for the year
ended January 31, 2014. PolyMet controls 100% of the
development-stage NorthMet copper-nickel-precious metals ore-body
and the nearby Erie Plant, located near Hoyt Lakes in the
established mining district of the Mesabi Iron Range in
northeastern Minnesota.
The financial statements have been filed 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 info@polymetmining.com.
Earlier today, PolyMet announced the term of the convertible
debentures originally issued in 2008 to Glencore AG, a wholly owned
subsidiary of Glencore Xstrata plc ("Glencore"), had been extended
for one year to September 30, 2015 (previously due September 30,
2014).
Douglas Newby, Chief Financial Officer, commented, "The
debentures are convertible at a set price of US$1.2920 per share
upon receipt of permits and construction finance. The extension
reflects continued support from our largest shareholder and does
not impact our anticipated schedule for permits in spring 2015.
Following the very good rating from the US EPA on the project
Supplement Draft EIS last month, our focus continues to be
completion of permitting, securing construction finance, and
completing pre-construction engineering and construction
planning."
Financial
Highlights
- Loss for the year ended January 31, 2014 was $8.132 million
compared with $6.626 million for the prior year period. General and
administrative expenses excluding non-cash stock-based compensation
in the year ended January 31, 2014 were $4.957 million compared
with $3.653 million in the prior year period, excluding non-cash
stock based compensation.
- Shareholder, investor and public relations expenditures
increased to $2.075 million from $0.571 million in the prior year
period largely owing to increased public relations activities
associated with the supplemental draft Environmental Impact
Statement and investor relations activity associated with the $60.5
million rights offering completed in July 2013.
- At January 31, 2014 PolyMet had cash and cash equivalents of
$32.790 million compared with $8.088 million at January 31,
2013.
- PolyMet invested $25.324 million into its NorthMet project
during the year ended January 31, 2014, compared with $18.404
million in the prior year period, which included $2.092 million for
purchase of wetland restoration properties.
- On April 25, 2014 PolyMet and Glencore, agreed (subject to
approval of listing the additional shares from the NYSEMKT and the
Toronto Stock Exchange) 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, in a form
reasonably acceptable to Glencore) and September 30, 2015 from the
earlier of the Early Maturity Event and September 30, 2014. As
such, $31.967 million convertible debentures, which were a current
liability at January 31, 2014, are now a long-term liability.
PolyMet can trigger conversion of the debt to equity upon the Early
Maturity Event.
- As of January 31, 2014 PolyMet had spent $68.357 million on
environmental review and permitting, of which $61.866 million has
been spent since the NorthMet project moved from exploration to
development stage.
Key Statistics
(in '000 US dollars, except per share
amounts) |
|
|
Balance Sheet |
January 31, 2014 |
|
January 31, 2013 |
|
|
|
|
|
|
Cash & equivalents |
$ |
32,790 |
|
$ |
8,088 |
Working capital (see note) |
|
30,095 |
|
|
2,629 |
Total assets |
|
287,525 |
|
|
236,127 |
Total liabilities (see note) |
|
91,193 |
|
|
93.215 |
Shareholders' equity |
|
196,332 |
|
|
142,912 |
Note: $31.967 million convertible debt shown as long
term liability reflecting extension of due date. |
|
|
|
Year ended Jan 31, |
|
Income Statement |
|
2014 |
|
2013 |
|
General & administrative expense excluding non-cash
share-based compensation |
|
$ |
4,957 |
|
$ |
3,653 |
|
Non-cash share-based compensation |
|
$ |
1,697 |
|
$ |
2,255 |
|
Other Expenses |
|
$ |
1,478 |
|
$ |
718 |
|
|
Income (loss) before tax |
|
$ |
(8,132 |
) |
$ |
(6,626 |
) |
|
Income (loss) per share |
|
$ |
(0.04 |
) |
$ |
(0.04 |
) |
Investing Activities |
|
|
|
|
|
|
|
|
NorthMet Property |
|
$ |
25,324 |
|
$ |
18,404 |
|
Weighted average shares outstanding |
|
|
236,303,304 |
|
|
178,949,306 |
|
About PolyMet
PolyMet Mining Corp. (www.polymetmining.com) is a
publicly-traded mine development company that owns 100 percent of
Poly Met Mining, Inc., a Minnesota corporation that controls 100
percent of the NorthMet copper-nickel-precious metals ore body
through a long-term lease and owns 100 percent 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 PolyMet's
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.
PolyMet's 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 management's
beliefs, expectations and opinions should change.
Specific reference is made to PolyMet's most recent Annual
Report on Form 20-F for the fiscal year ended January 31, 2014 and
in our other filings with Canadian securities authorities and the
U.S. Securities and Exchange Commission 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.
Media: PolyMet Mining Corp.Bruce RichardsonCorporate
Communications+1 (651)
389-4111brichardson@polymetmining.comInvestor Relations: PolyMet
Mining Corp.Jenny KnudsonInvestor Relations+1 (651)
389-4110jknudson@polymetmining.comwww.polymetmining.com
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