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. funds. Copies can be obtained free of charge by contacting the Corporate Secretary at First Canadian Place, 100 King Street West, Suite 5700, Toronto, Ontario M5X 1C7 or by email at firstname.lastname@example.org.
Goals and Objectives for the Next Twelve Months
The permitting process is managed by the regulatory agencies. Therefore, timelines are not under PolyMet control. Given these circumstances, PolyMet’s objectives include:
Key Balance Sheet Statistics
(in ‘000 US dollars)
|Balance Sheet||July 31, 2017||January 31, 2017|
|Cash & equivalents||$||4,243||$||18,674|
At July 31, 2017, PolyMet had cash of $4.243 million compared with $18.674 million at January 31, 2017. The company is in discussion with Glencore regarding the convertible and non-convertible senior secured debentures currently due to be repaid upon the earlier of availability of construction finance or March 31, 2018.
As of July 31, 2017, PolyMet had spent $125.537 million on environmental review and permitting, of which $119.086 million has been spent since the NorthMet Project moved from exploration to development stage.
Key Income and Cash Flow Statement Statistics
(in ‘000 US dollars, except per share amounts)
Loss for the three months ended July 31, 2017, was $2.688 million compared with $1.555 million for the prior year period. General and administrative expenses for the three months ended July 31, 2017, excluding non-cash share-based compensation, were $1.408 million compared with $0.945 million for the prior year period. Other expenses were $0.608 million compared with $0.377 million for the prior year period.