- In January 2017, the United States Forest Service issued its Final Record of Decision authorizing a land exchange to transfer title of the surface rights over and around the NorthMet mineral rights to PolyMet in exchange for certain other lands owned by PolyMet.
- In August 2017 and September, the Minnesota Department of Natural Resources released six draft water appropriation permits and two draft dam safety permits for 30-days of public review and comment which have all closed.
- In September 2017, the company issued and committed to issue to Glencore secured debentures with a total principal amount of $20 million.
- In October 2017, the company entered into an agreement with EIP Credit Co., LLC to reserve wetland bank credits for the NorthMet Project.
- In November 2017, the U.S. House of Representatives approved bipartisan legislation introduced by Rep. Rick Nolan, D-MN-8 to ratify the previously approved land exchange between PolyMet and the U.S. Forest Service. This bill was advanced to the U.S. Senate for consideration.
- In December 2017, the Board of Directors approved a change to the year end from January 31 to December 31 resulting in an eleven month transition year.
- In January 2018, the MDNR released the draft Permit to Mine and the Minnesota Pollution Control Agency released the draft water quality permit, draft section 401 certification, and draft air emissions permit. The public review and comment periods for these draft permits, including final public hearings, have all been completed.
- In March 2018, the company and Glencore agreed to extend the term of outstanding debentures until March 31, 2019, reduce the interest rate on the outstanding debentures, and make available $80 million in additional debentures during 2018. Proceeds will be used to complete pre- and post-permitting work, including detailed engineering, environmental cleanup and purchasing wetland credits.
- In March 2018, the company issued an Updated Technical Report under NI 43-101 incorporating process improvements, project improvements and environmental controls described in the Final Environmental Impact Statement and draft permits. The update also included detailed production, capital, operating and valuation estimates as well as an assessment of potential future opportunities.
- Loss for the eleven months ended December 31, 2017, was $10.1 million compared with $9.2 million for the prior year period. Excluding non-cash compensation, general and administrative expenses for the eleven months ended December 31, 2017, were $4.8 million compared with $4.8 million for the prior year period.
- PolyMet invested $21.0 million cash into its NorthMet Project during the eleven months ended December 31, 2017, compared with $23.4 million in the prior year period.
- At December 31, 2017, PolyMet had cash of $6.9 million compared with $18.7 million at January 31, 2017.
- Transfer of title to the surface rights over and around the NorthMet mineral rights to PolyMet as part of the authorized land exchange.
- Favorable decision by the state on 401 Water Quality Certification and U.S. Army Corps of Engineers Final ROD and 404 wetlands permit under Clean Water Act.
- Favorable decisions on final state permits (Permit to Mine, air, water and dam safety permits).
- Completion of project implementation plan.
- Completion of construction finance plan, subject to typical conditions precedent such as receipt of key permits.
|(in '000 US dollars, except per share amounts)|
|December 31, 2017||January 31, 2017|
|Cash & equivalents||$||6,931||$||18,674|
|Working capital (see note)||3,278||16,267|
|Note: Working capital for December 31, 2017 is pro forma reflecting the extenstion of the due date of $49.067 million convertible debentures and $92.268 million non-convertible debentures. These obligations are due March 31, 2019.|
|11 months ended December 31, 2017||12 months ended January 31, 2017|
|General & administrative expense||$||6,125||$||6,594|
|Finance & Other||2,180||2,635|
|Loss before tax:||10,098||9,229|
|Other Comprehensive (Income)||202||(213)|
|Loss per share||0.03||0.03|
|Weighted average shares outstanding||318,891,961||288,998,010|