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, 2020
Commission File Number: 001-32929
POLYMET MINING CORP.
(Translation of registrant's name into English)
100 King Street, Suite 5700
Toronto, ON Canada M5X 1C7
(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deemed a part of such registration statement from the date on which this report on Form 6-K is filed, to the extent not superseded by documents or reports subsequently filed or furnished by PolyMet Mining Corp.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.
SUBMITTED HEREWITH
Exhibits
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News Release dated May 7, 2020 |
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.
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PolyMet Mining Corp.
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(Registrant)
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Date: May 7, 2020
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By:
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/s/ Jonathan Cherry
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Jonathan Cherry
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Title:
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President and CEO
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100 King Street West, Suite 5700, Toronto, Ontario, Canada, M5X 1C7
Tel: +1 (416) 915-4149
444 Cedar Street, Suite 2060, St. Paul, MN 55101
Tel: +1 (651) 389-4100 www.polymetmining.com
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NEWS RELEASE | 2020-10 |
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Following receipt of the final key permit in March 2019, the company completed geotechnical investigations, installed monitoring wells, advanced project execution
planning and implemented its environmental management system;
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In November 2019, the company’s mineral resources and reserves for the NorthMet deposit were updated based on results of the 2018-2019 drilling program resulting
in a Proven and Probable Reserve increase of 14% to 290 million tons and a Measured and Indicated Resource increase of 22% to 795 million tons;
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In June 2019, the company completed a $265.0 million rights offering, fully backstopped by Glencore, AG (“Glencore”) with the proceeds used to fully repay
outstanding debt and strengthen the company’s financial position. As a result of the rights offering, Glencore’s ownership in the company increased to 71.6%;
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In March 2019, the company received the federal Record of Decision and wetlands permit from the U.S. Army Corps of Engineers, which was the last key permit or
approval needed to construct and operate the project;
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A number of legal challenges have been filed contesting various aspects of federal and state decisions. The company continues to litigate these cases in state
and federal court. It has received favorable final decisions in six cases to date, with five pending.
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Successfully defend against legal challenges to permits;
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Maintian political, social and regulatory support for the project; and
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Continue engineering and optimization of the project.
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Balance Sheet
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March 31, 2020
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December 31, 2019
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Cash & equivalents
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$
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8,163
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$
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7,401
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Working capital
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2,011
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3,043
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Total assets
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459,435
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457,315
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Total liabilities
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80,515
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73,175
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Shareholders’ equity
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$
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378,920
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$
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384,140
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Three months ended
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Income and Cash Flow Statement
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March 31, 2020
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March 31, 2019
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General & administrative expense
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$
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5,207
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$
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2,744
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Other Expenses: |
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Finance & Other
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1,677 | 622 | ||||||
Non-cash rehabilitation accretion
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525 | 438 | ||||||
Non-cash loss on debenture modification
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-
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2,014
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Loss for the period:
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7,409
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5,818
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Loss per share
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0.01
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0.02
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Investing Activities:
NorthMet Property
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$
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2,553
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$
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5,721
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Weighted average shares outstanding
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1,005,882,764
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322,050,719
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Loss for the three months ended March 31, 2020, was $7.4 million compared with $5.8 million for the prior year period primarily due to additional studies related
to engineering and further evaluation of the mineral resource and investment losses on restricted deposits.
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PolyMet invested $2.5 million in cash into its NorthMet Project during the three months ended March 31, 2020, compared with $5.7 million for the prior year
period.
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