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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of
May 2023
Commission File Number:
001-32929
POLYMET MINING CORP.
(Translation of registrant's name into English)
444 Cedar Street, Suite 2060,
St. Paul, MN 55101
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
[
] Form 20-F [ X ] Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): [
]
Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): [
]
EXPLANATORY NOTE
This report on Form 6-K and attached exhibit are incorporated by reference
into Registration Statement No. 333-192208 and this report on Form 6-K shall
be deemed a part of such registration statement from the date on which this
report on Form 6-K is filed, to the extent not superseded by documents or
reports subsequently filed or furnished by PolyMet Mining Corp. under the
Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as
amended.
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SUBMITTED HEREWITH
Exhibits
Exhibit Description
99.1 News Release dated May 11, 2023
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
PolyMet Mining Corp.
(Registrant)
Date: May 11, 2023 By: /s/ Jonathan Cherry
Jonathan Cherry
Title: Chairman, President and CEO
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444 Cedar Street, Suite 2060, St. Paul, MN 55101
Tel: +1 (651) 389-4100
www.polymetmining.com
TSX: POM, NYSE American: PLM
NEWS RELEASE 2023-07
PolyMet Mining reports results for period ended March 31, 2023
St. Paul, Minn., May 11, 2023
-
PolyMet Mining Corp. ("PolyMet" or the "company") TSX: POM; NYSE American: PLM,
today reports its financial results for the period ended March 31, 2023 and
provides a business update.
The company achieved three major milestones during the period:
* Closed on the joint venture agreement (the "Joint Venture") with Teck
Resources Limited ("Teck"). Under the Joint Venture, named NewRange Copper
Nickel LLC ("NewRange Copper Nickel"), the NorthMet and Mesaba deposits
containing high-demand copper, nickel, cobalt and platinum group metals (PGM)
are under single management with PolyMet and Teck each holding a 50%
interest. NorthMet and Mesaba represent two of the largest undeveloped clean
energy mineral resources globally. The partners committed to an initial work
program for NewRange Copper Nickel with an estimated budget of $170M to,
among other things, maintain permits, update feasibility study estimates, and
undertake detailed engineering to position NorthMet for a development
decision following permit clearances;
* Completed an offering of rights to holders of common shares of the company
raising approximately $195M in gross proceeds (the "Rights Offering") to fund
PolyMet's share of the above-named work program for NewRange Copper Nickel
and certain other corporate activities, including repayment of Glencore AG
("Glencore") indebtedness. The Rights Offering was fully backstopped by
Glencore, which now holds approximately 82% of PolyMet shares; and
* Completed the Permit to Mine contested case hearing on the effectiveness
of bentonite clay at the tailings impoundment. The Administrative Law Judge
in the case has indicated his intention to rule on the matter by late summer.
The Permit to Mine is one of only three permits remaining on hold for
additional process. Decisions are pending on all three permits.
Key Balance Sheet Statistics
(In '000 US dollars)
March 31, 2023 December 31, 2022
Cash $ 9,849 $ 11,046
Working capital (91,218 ) (86,386 )
1
Total assets 459,636 492,853
Total liabilities 136,171 164,679
Shareholders' equity $ 323,465 $ 328,174
1
Deficiency as at March 31, 2023 primarily due to the $87.6 million convertible
debt and $10.3 million promissory note with Glencore due upon closing of the
Rights Offering. The Rights Offering closed April 6, 2023 and all debt was
fully repaid with the proceeds. The company estimates that it had
approximately $100 million in available funds after Rights Offering costs and
debt repayment. Further, Glencore has committed to provide financial support
to enable the company to continue its business operations through at least
March 31, 2024.
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Key Income and Cash Flow Statement Statistics
(in '000 US dollars, except per share amounts)
Three months ended Three months ended
March 31, 2023 March 31, 2022
Operations expense $ 5,727 $ 3,808
Other expenses/(income):
Debt accretion and interest 3,515 2,026
Loss on refinancing - 1,598
Rehabilitation accretion 431 480
Gain on financial asset fair value - (152 )
(Gain)/loss on restricted deposits (838 ) 837
Gain on NewRange transaction (8,535 ) -
NewRange transaction costs 4,825 -
Other finance costs - net 158 5
Total Loss: 5,283 8,602
Total Loss ($/share) 0.05 0.08
Cash (provided by) used in investing activities $ (7,445 ) $ 2,162
Weighted average shares outstanding 101,707,181 101,428,723
* Loss for the three months ended March 31, 2023 was $5.3 million compared
with $8.6 million for the prior year. The decrease was primarily due to a
gain on the NewRange Copper Nickel transaction partially offset by
transaction costs necessary to close.
* Cash provided by investing activities for the three months ended March 31,
2023 was $7.4 million compared with cash used of $2.2 million for the prior
year. The increase in cash provided was primarily due to proceeds received in
connection with the NewRange Copper Nickel transaction.
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. All amounts are in U.S. dollars. Copies can be
obtained free of charge by contacting the company at 444 Cedar Street, Suite
2060, St. Paul, MN 55101, or by e-mail at
info@polymetmining.com
. Project developments described above are derived from these documents and
should be read in conjunction with them.
* * * * *
About PolyMet
PolyMet Mining Corp. is a mine development company holding a 50% interest in
NewRange Copper Nickel LLC, a joint venture with Teck Resources Limited.
NewRange Copper Nickel holds the NorthMet and Mesaba copper, nickel, cobalt
and platinum group metal (PGM) deposits, two globally significant clean energy
mineral resources located in the Duluth Complex in northeast Minnesota. The
Duluth Complex is one of the world's major, undeveloped copper, nickel and PGM
metal mining regions. NorthMet is the first large-scale project to have
received permits within the Duluth Complex. For more information:
www.polymetmining.com
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For further information, please contact:
Media
Bruce Richardson, Corporate Communications
Tel: +1 (651) 389-4111
brichardson@polymetmining.com
Investor Relations
Tony Gikas, Investor Relations
Tel: +1 (651) 389-4110
investorrelations@polymetmining.com
PolyMet Disclosures
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. Forward-looking
statements relate to future events or future performance and reflect
management's expectations or beliefs regarding future events including, but
not limited to, statements with respect to the anticipated benefits of the
50/50 joint venture and the company's expectations with respect to the future
development of NorthMet and Mesaba. Forward-looking statements address future
events and conditions and therefore involve inherent known and unknown risks
and uncertainties. Such risks and uncertainties include, but are not limited
to, among other things, receipt of regulatory approvals, timing of closing,
the outcome of the development of the NorthMet and Mesaba projects, and the
outcome of any financing required to raise the funds for PolyMet's share of
the initial work program and Glencore's funding commitment. 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 (except as required by law)
forward-looking statements if circumstances or management's beliefs,
expectations and opinions should change.
Specific reference is made to risk factors and other considerations underlying
forward-looking statements discussed in PolyMet's most recent Annual Report on
Form 40-F for the fiscal year ended December 31, 2022, and in our other
filings with Canadian securities authorities and the U.S. Securities and
Exchange Commission.
The Annual Report on Form 40-F also contains the company's mineral resource
and other data as required under National Instrument 43-101.
No regulatory authority has reviewed or accepted responsibility for the
adequacy or accuracy of this release.
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