Polymet Mining Corp T.POM

2nd Quarter

[jjeeddoo7]

Polymet Mining: Polymet Reports Second Quarter Fiscal 2014 Results

The following excerpt is from the company's SEC filing.

St. Paul, Minnesota, September 11, 2013 - PolyMet Mining Corp. (TSX: POM; NYSE MKT: PLM) (“PolyMet” or the “Company”) has filed its financial results for the three months ended July 31, 2013.

The financial statements have been posted on our website at www.polymetmining.com and on SEDAR and EDGAR and have been prepared in accordance with International Financial Reporting Standards ("IFRS"). 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 e-mail at [e-mail].

Loss for the three months ended July 31, 2013 was $1.762 million compared with $1.982 million for the prior year period. General and administrative expenses in the three months ending July 31, 2013 were $1.283 million compared with $0.837 million in the prior year period, excluding non-cash share based compensation. The increase primarily reflects increased costs indirectly related to the successful $60.5 million rights offering completed during the period.

Loss for the six months ended July 31, 2013 was $3.422 million compared with $3.232 million for the prior year period. General and administrative expenses in the six months ending July 31, 2013 were $2.406 million compared with $1.504 million in the prior year period, excluding non-cash share based compensation. The increase primarily reflects increased costs indirectly related to the successful $60.5 million rights offering completed during the period.

At July 31, 2013 PolyMet had cash and cash equivalents of $48.778 million compared with $8.088 million at January 31, 2013. The increase in cash reflects the net proceeds from the $60.5 million rights offering. The $20 million bridge loan received in the first three months of the current year was repaid with proceeds from the rights offering.

PolyMet invested $8.241 million into its NorthMet project during the three months ended July 31, 2013, compared with $4.072 million in the prior year period. The increase reflects land purchases as well as increased activity leading to completion of the supplemental draft Environmental Impact Statement, scheduled for publication in late November 2013.

PolyMet invested $13.096 million into its NorthMet project during the six months ended July 31, 2013, compared with $8.168 million in the prior year period, excluding a $2.092 million purchase of wetland restoration properties in the prior year period.