3. PolyMet Mining ( PLM), a development-stage company, explores and develops natural resource properties. The company's sole mineral property is the NorthMet Project, a polymetallic deposit located in northeastern Minnesota. The NorthMet property extends across 25.9 square miles and comprises two areas: the NorthMet site totaling 6.5 square miles of leased mineral rights; and the Erie Plant site totaling 19.38 square miles of freehold land. The company also owns a large processing facility, a tailings disposal facility and extensive associated infrastructure. For the first quarter of 2012 ending April 30, 2011, Polymet reported cash and cash equivalents of $5.91 million. During the three months, the company invested $2.914 million in its NorthMet project. Loss per share stood at 1 cent. Recently, PolyMet closed the second tranche of its previously announced private placement with Glencore by issuing five million common shares of the company at $2 per share for total net proceeds of $10 million. Separately, Glencore has acquired 9.2 million shares of PolyMet at a price of $1.4233 per share from Cliffs Erie. Overall, Glencore now owns 17.89% of the common shares outstanding of PolyMet. The two analysts covering the stock rate it a buy and have an average price target of $3.00, implying the stock could rise 77.5% over the next 12 months.