POM) releases up to date NI 43-101 Technical Report on NorthMet copper-nickel-PGM deposit

St. Paul, Minnesota – December 30, 2022 (Newsfile Corp.) ( Newswire) PolyMet Mining Corp. (TSX: POM) (NYSE American: PLM) (“PolyMet” or the “firm”) – at the moment introduced the submitting of an up to date technical report (the “Examine” or this “report”) ready in accordance with Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives (“NI 43-101”) on the NorthMet Undertaking. This report reaffirms the financial and technical viability of the NorthMet copper-nickel-precious metals mission positioned close to Hoyt Lakes, Minnesota.

This report, entitled “NorthMet Copper-Nickel Undertaking Feasibility Replace”, accommodates unique plans however up to date price estimates for building and operation of the NorthMet Undertaking. Dated December 30, 2022, this report supersedes the beforehand filed NorthMet Undertaking Technical Report printed March 26, 2018.

This report gives technical and financial particulars for growth of the mining operation in two distinct phases. Section I includes growth of 225 million tons – lower than one-third of NorthMet’s identified useful resource – into an working mine processing 32,000 tons per day over a 20-year mine life. It additionally contains rehabilitating the previous LTV Metal Mining Firm processing plant and utilizing state-of-the-art wastewater remedy to wash up water points from legacy iron-ore operations on the web site.

The revised capital prices for Section I are estimated at US$1.2 billion and embrace refurbishment of the prevailing main crushing circuit and changing the prevailing rod and ball mill circuits with a brand new, trendy semi-autogenous grinding (SAG) mill, ball mill and flotation circuit. It additionally contains rail and electrical system upgrades and mining tools.

Section II includes building and operation of a hydrometallurgical plant to deal with nickel sulfide concentrates into upgraded nickel-cobalt hydroxide and get well further copper and platinum-group metals. Whereas growth of Section II can be on the firm’s discretion, each phases have been totally permitted, pending litigation. Section II would improve mission capital prices by roughly US$325 million.

“This report as soon as once more reaffirms the technical and monetary viability of the 32,000 tpd case for which the mission was permitted. An improved market forecast created by hovering demand for clear vitality metals similar to copper, nickel and cobalt greater than offsets inflationary pressures and improves the mission’s valuations and returns,” mentioned Jon Cherry, chairman, president and CEO.

“Our focus stays on closing the proposed three way partnership with Teck, clearing up excellent litigation, assembly our environmental obligations beneath the phrases of our permits, and financing and constructing the mission,” Cherry mentioned. The corporate in July entered into an settlement with Teck Sources Restricted (“Teck”) to type the NewRange Copper Nickel LLC three way partnership, inserting their respective NorthMet and Mesaba deposits of unpolluted vitality metals beneath single administration. The three way partnership is anticipated to shut by the tip of Q1 2023, and is topic to receipt of customary closing circumstances and receipt of sure regulatory approvals.

Technical Report Key Factors

  • Complete Confirmed and Possible Mineral Reserves for the NorthMet mission are estimated to be 289 million tons, with copper equal grade of 0.597 p.c (after dilution).
  • Measured and Indicated Mineral Sources complete 702 million tons, with a copper equal grade of 0.513 p.c.
  • Inferred Mineral Sources are estimated at 441 million tons, with an estimated copper equal grade of 0.509 p.c.
  • After tax, internet current worth of future money movement discounted at 7 p.c is $304 million for Section I, and $487 million inclusive of Section II.
  • After tax, inside charge of return is 10.5 p.c for Section I and 11.5 p.c inclusive of Section II.
  • Enhancements in metallic value assumptions have helped offset will increase in capital and working bills.
  • Beneath Section I, payable metals in copper and nickel concentrates are estimated at 1.1 billion kilos of copper, 133 million kilos of nickel, a mixed 1.1 million ounces of platinum, palladium and gold, 1.1 million ounces of silver and 5.6 million kilos of cobalt.
  • Beneath Section II, payable metals in enriched copper concentrates and merchandise from the hydrometallurgical plant are anticipated to extend to 1.2 billion kilos of copper, 179 million kilos of nickel, 1.7 million mixed ounces of platinum, palladium and gold, 1.1 million ounces of silver and 6.4 million kilos of cobalt. Palladium is the predominant valuable metals group (PGM) product, totaling 1.3 million ounces.

Certified Particular person Assertion
The Examine was ready by Alberto Bennett, Daniel Neff, Daniel Roth and Laurie Tahija of M3 Engineering & Expertise Company, Nicholas Dempers of SENET (Pty) Ltd., Thomas J. Radue and Jeff Ubl of Barr Engineering Co., Richard Schwering of Arduous Rock Consulting and Herbert E. Welhener of Impartial Mining Consultants. The scientific and technical content material of this information launch has been reviewed, ready and permitted by Andrew Ware, PolyMet chief geologist, who’s a “Certified Particular person” beneath NI 43-101.

About PolyMet
PolyMet is a mine growth firm that owns 100% of the NorthMet Undertaking, the primary large-scale mission to have obtained permits throughout the Duluth Complicated in northeastern Minnesota, one of many world’s main, undeveloped mining areas. NorthMet has vital confirmed and possible reserves of copper, nickel and palladium – metals important to infrastructure enhancements and world carbon discount efforts – along with marketable reserves of cobalt, platinum and gold. When operational, NorthMet will change into one of many main producers of nickel, palladium and cobalt within the U.S., feeding the availability chain with high-demand, responsibly mined metals essential to the manufacture of unpolluted vitality and clear mobility applied sciences similar to wind and photo voltaic era, battery storage and electrical autos.

Situated within the Mesabi Iron Vary, the mission will present financial variety whereas leveraging the area’s established provider community and expert workforce and generate a degree of exercise that may have a big impact within the native economic system. For extra data:

For additional data, please contact:

Bruce Richardson, Company Communications
Tel: +1 (651) 389-4111

Investor Relations
Tony Gikas, Investor Relations
Tel: +1 (651) 389-4110

PolyMet Disclosures
This information launch accommodates sure forward-looking statements regarding anticipated developments in PolyMet’s operations sooner or later, together with, with out limitation, the statements relating to the continuing growth of PolyMet’s NorthMet Undertaking. Ahead-looking statements are steadily, however not at all times, recognized by phrases similar to “expects,” “anticipates,” “believes,” “intends,” “estimates,” “potential,” “potential,” “initiatives,” “plans,” and related expressions, or statements that occasions, circumstances or outcomes “will,” “might,” “might,” or “ought to” happen or be achieved or their negatives or different comparable phrases. These forward-looking statements might embrace statements relating to PolyMet’s beliefs associated to the anticipated mission growth timelines, exploration outcomes and budgets, reserve estimates, mineral useful resource estimates, continued relationships with present strategic companions, work applications, estimates capital and working prices and expenditures, actions by authorities authorities, together with modifications in authorities regulation, the market value of pure sources, estimated manufacturing charges, means to obtain and timing of environmental and working permits, estimated building prices, job creation and different financial advantages, or different statements that aren’t an announcement of truth.

Ahead-looking statements and forward-looking data deal with future occasions and circumstances and subsequently contain inherent identified and unknown dangers and uncertainties. These dangers, uncertainties and different elements embrace, however are usually not restricted to, adversarial normal financial circumstances, working hazards, inherent uncertainties in deciphering engineering and geologic knowledge, fluctuations in commodity costs and costs for operational providers, authorities regulation and overseas political dangers, fluctuations within the trade charge between Canadian and US {dollars} and different currencies, in addition to different dangers generally related to the mining business. Precise outcomes might differ materially from these within the forward-looking statements and forward-looking data attributable to dangers going through PolyMet or attributable to precise information differing from the assumptions underlying its predictions. In reference to the forward-looking data contained on this information launch, PolyMet has made quite a few assumptions, relating to, amongst different issues, that the geological, metallurgical, engineering, monetary and financial recommendation that PolyMet has obtained is dependable and is predicated upon practices and methodologies that are in line with business requirements, that PolyMet will have the ability to receive further financing on passable phrases to fund the event and building of the NorthMet Undertaking and that the market costs for related commodities stay at ranges that justify building and/or operation of the NorthMet Undertaking. Whereas PolyMet considers these assumptions to be cheap, these assumptions are inherently topic to vital uncertainties and contingencies.

PolyMet’s forward-looking statements are primarily based on the beliefs, expectations and opinions of administration on the date the statements are made, and PolyMet doesn’t assume any obligation to replace forward-looking statements if circumstances or administration’s beliefs, expectations and opinions ought to change.

Particular reference is made to threat elements and different concerns underlying forward-looking statements mentioned in PolyMet’s most up-to-date Annual Report on Type 40-F for the fiscal yr ended December 31, 2021, and in our different filings with Canadian securities authorities and the U.S. Securities and Trade Fee.

No regulatory authority has reviewed or accepted duty for the adequacy or accuracy of this launch.

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