POLYMET MINING CORP.: Exhibit 99.1 - Filed by newsfilecorp.com
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100 King Street West, Suite 5700, Toronto,
Ontario, Canada, M5X 1C7 |
| Tel: +1 (416) 915-4149 |
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| 444 Cedar Street, Suite 2060, St. Paul, MN
55101 |
| Tel: +1 (651) 389-4100 |
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www.polymetmining.com
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| TSX: POM, NYSE MKT: PLM |
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| NEWS RELEASE |
2015-02 |
POLYMET REPORTS
FISCAL 2015 RESULTS
St. Paul, Minn., April 21, 2015 – PolyMet Mining Corp.
TSX: POM; NYSE MKT: PLM – today reported that it has filed its financial results
for the year ended January 31, 2015. PolyMet controls 100 percent 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.
HIGHLIGHTS OF
YEAR TO JANUARY
31, 2015
| • |
Completion of the public review and comment period on the
supplemental draft Environmental Impact Statement (SDEIS) on March 13,
2014. |
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U.S. Environmental Protection Agency EC-2 rating of the
SDEIS, the highest rating for a mine proposal, so far as we are aware.
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| • |
The Minnesota Department of Natural Resources (MDNR), the
U.S. Army Corps of Engineers and the U.S. Forest Service (the Co-lead
Agencies) made substantial progress on responding to the 58,000 public
comments received on the SDEIS. In October 2014, the Commissioner of the
MDNR indicated at a public meeting that he thought preparation of the
final EIS would be completed in the spring of 2015. |
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| • |
PolyMet advanced its Definitive Cost Estimate and Project
Update. |
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| • |
PolyMet secured a $30 million loan facility from
Glencore, which is expected to fund the company through fiscal 2016.
PolyMet received the first tranche of $8 million prior to January 31, 2015
and the second tranche of $8 million on April 15, 2015. The remaining $14
million is scheduled to be drawn in two further tranches on or before July
1, 2015 and October 1, 2015. Glencore also agreed to a one-year extension
of $25 million initial principal convertible debentures, originally issued
in 2008, that were due September 30, 2014. |
Reviewing the year, Jon Cherry, President and CEO of PolyMet
stated, “Our 2015 fiscal year demonstrated significant progress as a result of a
tremendous amount of hard work on the part of the PolyMet team and its technical
and legal advisors as well as by the various state and federal government
agencies and their advisors and consultants. We continue to enjoy strong support
for the project statewide and especially on the Iron Range, where we can
strengthen and diversify the economy of northeastern Minnesota and continue its
mining heritage.”
Cherry continued, “Complete and thorough analysis and review of
the extensive comments on the SDEIS has been essential in order for the Co-lead
Agencies to develop a robust final EIS and lay the basis for permits to be
issued. This groundwork places PolyMet in a strong position as we progress
through completion of permitting, arranging finance and then to the ultimate
objective of building and operating the NorthMet Project.”
GOALS AND
OBJECTIVES FOR YEAR TO
JANUARY 31,
2016
| • |
Publication of the final EIS in the Minnesota
Environmental Quality Board Monitor and the Federal Register, which
PolyMet anticipates will be in the summer of 2015. |
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Submission of permit applications around the same time as
publication of the final EIS. |
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Decision on state permits within 150 days of application
under state guidelines. |
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Records of Decision on the federal 404 Wetland Permit and
the Land Exchange. |
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| • |
Completion of the Definitive Cost Estimate and Project
Update. |
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Construction finance plan including commitment of debt
prior to the issuance of permits but subject to typical conditions
precedent, such as receipt of permits. |
FINANCIAL
HIGHLIGHTS OF FY
2015
| • |
Loss for the year ended January 31, 2015 was $7.276
million compared with $8.132 million for the prior year period. General
and administrative expenses excluding non- cash stock-based compensation
in the year ended January 31, 2015 were $4.368 million compared with
$4.957 million in the prior year period. |
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| • |
At January 31, 2015 PolyMet had cash and cash equivalents
of $9.301 million compared with $32.790 million at January 31, 2014.
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PolyMet invested $27.153 million into its NorthMet
project during the year ended January 31, 2015, compared with $25.224
million in the prior year period. |
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As of January 31, 2015 PolyMet had spent $85.4 million on
environmental review and permitting, of which $78.9 million has been spent
since the NorthMet Project moved from exploration to development stage.
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| Key Statistics |
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| (in ‘000 US dollars, except per share amounts)
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| Balance Sheet |
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January 31, 2015 |
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January 31, 2014 |
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| Cash & equivalents |
$ |
9,301 |
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$ |
32,790 |
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| Working capital (deficit) (see note) |
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(31,672 |
) |
|
30,095 |
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| Total assets |
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313,229 |
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|
287,525 |
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| Total liabilities (see note) |
|
120,853 |
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|
91,193 |
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| Shareholders’ equity |
|
192,376 |
|
|
196,332 |
|
Note: $33.451 million convertible debt shown as short-term
liability although PolyMet anticipates the term will be extended or the debt
will be converted on or before September 30, 2015.
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|
Year ended Jan 31, |
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| Income Statement |
|
2015 |
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|
2014 |
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| General & administrative expense |
|
|
|
|
|
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| excluding non-cash share-based |
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|
|
|
|
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| compensation |
$ |
4,368 |
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$ |
4,957 |
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| Non-cash share-based |
|
|
|
|
|
|
| compensation |
$ |
1,121 |
|
$ |
1,697 |
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| Other Expenses |
$ |
1,787 |
|
$ |
1,478 |
|
| Income (loss)
before tax |
$ |
(7,276 |
) |
$ |
(8,132 |
) |
| Recovery of future income tax
|
$ |
- |
|
$ |
- |
|
| |
|
|
|
|
|
|
| Income (loss) per share |
$ |
(0.03 |
) |
$ |
(0.04 |
) |
| Investing Activities |
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|
|
|
|
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| NorthMet Property |
$ |
27,153 |
|
$ |
25,224 |
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| Weighted average shares
outstanding |
|
275,726,953 |
|
|
236,303,304 |
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* * * * *
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.
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POLYMET MINING CORP. |
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Per: |
"Jon Cherry" |
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Jon Cherry, CEO |
For further information, please contact:
Media
Bruce Richardson
Corporate
Communications
Tel: +1 (651) 389-4111
brichardson@polymetmining.com
Investor Relations
Jenny Knudson
Investor
Relations
Tel: +1 (651) 389-4110
jknudson@polymetmining.com
This news release does not constitute an offer to sell or
the solicitation of an offer to buy any of the securities mentioned in this
release. This press release is being issued pursuant to and in accordance with
Rule 135c under the Securities Act of 1933, as amended. These securities
described in this release have not been registered under the Securities Act of
1933, as amended, or any state securities laws, and may not be offered or sold
in the United States absent an effective registration statement covering such
securities or an applicable exemption from such registration requirements.
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, 2015 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.
