PolyMet Financial Results
Posted at: 09/06/2012 6:56 PM
PolyMet Mining reported that it has filed its financial results for the three months ended July 31, 2012.
FINANCIAL HIGHLIGHTS --
* Loss for the three months ended July 31, 2012 was $1.982 million compared with $1.187 million in the prior year period. General and administrative expenses were $0.837 million compared with $0.930 million in the prior period, excluding non-cash stock based compensation. Professional fees decreased by $0.138 million, primarily related to the first-time adoption of IFRS in the prior period.
* At July 31, 2012 PolyMet had cash and cash equivalents of $5.821 million compared with $17.478 million at January 31, 2012.
Under the November 2010 financing, Glencore is committed to purchase 5 million shares at $2.00 per share no later than October 15, 2012. This $10 million equity is in addition to the July 31, 2012 balance sheet numbers.
* PolyMet invested $4.072 million into its NorthMet project during the three months ended July 31, 2012, compared with $7.843 million in the prior year period. The prior year period includes the purchase of land funded with proceeds from an Iron Range Resources and Rehabilitation Board loan. -
* As of July 31, 2012 PolyMet had spent $46.238 million on environmental review and permitting, of which $39.787 million has been spent since the NorthMet project moved from exploration to development stage.