PolyMet Mining Corporation: 2018 June – Condensed Interim Consolidated Financial Statements

Tickers: PLM
POLYMET MINING CORP.

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Top Company Interviews

Microsoft Corporation
Intel Corporation
Pfizer, Inc.
General Electric Company
International Business Machines Corporation
For the three and six months ended June 30, 2018

PolyMet Mining Corp.

Condensed Interim Consolidated Balance Sheets

Unaudited - All figures in thousands of U.S. Dollars

ASSETS

Current

Cash

Amounts receivable(Note 5)Prepaid expenses

Non-Current

Amounts receivable(Note 5)

Mineral Property, Plant and Equipment(Notes 3 and 4)

Intangible(Note 5)

Total Assets

LIABILITIES

Current

Accounts payable and accruals Convertible debt(Notes 7 and 8)Non-convertible debt(Notes 7 and 9)Environmental rehabilitation provision(Note 6)

Non-Current

Environmental rehabilitation provision(Note 6)

Total Liabilities

SHAREHOLDERS' EQUITY

Share Capital(Note 10)Share Premium

Equity Reserves Deficit

Total Shareholders' Equity

Total Liabilities and Shareholders' EquityNature of Business and Liquidity(Note 1)

Commitments and Contingencies(Note 13)

ON BEHALF OF THE BOARD OF DIRECTORS:

/s/ Jonathan Cherry

, Director

June 30, 2018

$

17,595$ 6,931

426432

951811

18,9728,174

2,4582,533

409,374395,205

3,1303,130

433,934

3,6013,630

55,04049,067

123,86092,268

3,7801,266

186,281146,231

58,89764,136

245,178

270,561269,516

1,1511,151

61,93660,505

(144,892)

188,756

$

433,934

/s/ Dr. David Dreisinger

$

, Director

- See Accompanying Notes -

December 31, 2017

409,042

210,367

(132,497)

198,675

409,042

PolyMet Mining Corp.

Condensed Interim Consolidated Statements of Loss and Comprehensive Loss

Unaudited - All figures in thousands of U.S. Dollars, except for shares and per share amounts

Three months ended

June 30, 2018

Six months endedJuly 31, 2017

June 30, 2018

July 31, 2017

General and Administrative Expenses

Salaries, directors' fees and related benefits Share-based compensation(Note 10)Professional fees

Regulatory fees

Investor and public relations Office and administration Depreciation

Total General and Administration Expenses

Other Expenses (Income)

Finance costs - net(Note 11)(Gain) / loss on foreign exchange

Loss on modification of debentures (Notes 7, 8 and 9)

Loss on land exchange(Note 4)

Gain on disposal of financial instrument(Note 5)

Loss on disposal of intangible(Note 5)

Loss on financial instrument fair value(Note 5)Other income

Total Other Expenses

Loss for the Period

Other Comprehensive Loss

Reclass on disposal of financial instrument(Note 5)

Items that may be subsequently reclassified to profit or loss:

Unrealized loss (gain) on financial instrument(Note 5)

Other Comprehensive Loss for the Period

$

590$

276

84

50

298

179

32

494 $

672

473

21

247

172

1

1,226$ 866

1,455812

341608

13991

700618

353351

652

1,509

2,080

4,279

3,348

567

1 -

553 - -

37

(11)

623 (4)

-

- (9)

-

- (2)

1,442

1

4,109

553

- -

75

(13)

1,259

5 - -

(9)

1,324 -

(14)

1,147 2,656

- -

608 2,688

9 8

6,167 10,446

- -

2,565 5,913

9

(4)

-

17

-

5

Total Comprehensive Loss for the Period - Net of Tax

2,656

2,705

10,446

5,918

Basic and Diluted Loss per ShareWeighted Average Number of Shares - basic and diluted

$

(0.01)$

320,425,860

- See Accompanying Notes -

(0.01) $

318,708,771

(0.03)$

320,201,128

(0.02)

318,628,939

PolyMet Mining Corp.

Condensed Interim Consolidated Statements of Changes in Shareholders' Equity

Unaudited - All figures in thousands of U.S. Dollars, except for shares

Share Capital (authorized = unlimited)

Issued SharesBalance - January 31, 2017

Total comprehensive loss for the period

Payment of land purchase options(Note 10)

Vesting of restricted shares and RSU's(Note 10)

Share-based compensation(Note 10)

Bonus share cost amortization(Note 10)

Balance - July 31, 2017

318,545,519 - 145,203 360,963 - - 319,051,685

Share CapitalShare Premium

$

268,895 - 100 365 - -

$

1,151 - - - - -

$

269,360

Equity Reserves

Contributed

Surplus

$

59,270 - -

(365)

928

152

$

Accumulated Other Comp Inc / (Loss)

Equity Reserves

$

412 (5)

- - - -

$ 59,682

Deficit

$

(122,399)

(5)

(5,913)

- (365)

- -928 - 928

152 - 152

1,151

Total Shareholders'

Equity

$

207,329 (5,918)

100 -$

59,985

$

407

$ 60,392

$

(128,312)

$

202,591

Share Capital (authorized = unlimited)

Issued Shares

Balance - December 31, 2017

Transition to IFRS 9(Note 2b)

Restated - January 1, 2018

319,303,098-319,303,098

Share Capital

$

269,516-$

269,516

Total comprehensive loss for the period

Modification of debentures(Notes 7, 8 and 9)

Payment of land purchase options(Note 10)

Exercise of share options and warrants(Note 10)

Vesting of restricted shares and RSU's(Note 10)

Share-based compensation(Note 10)

Bonus share cost amortization(Note 10)

-

-

76,250

215,500

843,413

99,308

Balance - June 30, 2018

-320,537,569

-

-

76

240

624

105

-

Share Premium

$

1,151-$

1,151- - - - - - -

$

270,561

Contributed

Surplus

$

$

$

1,151

$

- See Accompanying Notes -

Equity Reserves

Accumulated Other Comp Inc / (Loss)

60,295-$

210(210)

(1,519)

60,295-

2,331 -

1,512

(624)

(59)

$

-- - - - - - -

61,936

$

-Equity Reserves

$

60,505

(210)

$

60,295-

2,331 - 2,331

- - 76

(59) - 181

(624) 1,512 (1,519)

$

61,936

Deficit

$ (132,497)

(1,949)

$ (134,446)Total Shareholders'

Equity

$

198,675(2,159)

$

196,516

(10,446) (10,446)

- - -

- 1,617 (1,519)

$ (144,892)

$

188,756

PolyMet Mining Corp.

Condensed Interim Consolidated Statements of Cash Flows

Unaudited - All figures in thousands of U.S. Dollars

Operating Activities

Loss for the period Items not involving cash:

Depreciation

Environmental rehabilitation provision accretion(Note 6)Share-based compensation(Note 10)

Unrealized (gain)/loss on foreign exchange

Loss on modification of debentures(Note 7, 8 and 9)Loss on land exchange(Note 4)

Gain on disposal of financial instrument(Note 5)Loss on disposal of intangible(Note 5)

Loss on financial instrument fair value(Note 5)

Changes in non-cash working capital

Amounts receivable

Prepaid expenses

Accounts payable and accrualsNet cash used in operating activitiesFinancing Activities

Share issuance proceeds, net of costs(Note 10)

Debenture funding, net of costs(Notes 7 and 9)

Cash settled RSU's(Note 10)

Net cash provided by financing activitiesInvesting Activities

Property, plant and equipment purchases(Note 4)

Land disposal proceeds(Note 4)

Net cash used in investing activities

Three months ended

June 30,2018

Six months endedJuly 31,2017

June 30,2018

July 31,2017

$

(2,656)

32

449

276

(4)

-

553 - -

37 7 15 127

$

(2,688)$

1 481 672 2 - - (9)

- - 4 (158) 241

(10,446)$

(5,913)

652

871972

1,455812

(4)0

4,109 553 - - 75 5

- - (9) 1,324 - 26

(140)(170)

(29)(372)

(1,164)

(1,454)

(3,486)

(3,328)

- 19,723 -

- - -

181 24,723

19,723

-

24,527

(377)

- - - -

(5,808)

425

(6,166)

-

(10,806)

(11,103)

425

-

(5,383)

(6,166)

(10,381)(11,103)Net Increase (Decrease) in Cash Effect of foreign exchange on Cash Cash - Beginning of period

Cash - End of periodSupplemental information - non-cash investing and financing

Accounts payable and accruals

Debt accretion and capitalized interest(Notes 7, 8 and 9)

Share-based compensation(Note 10)

Bonus share amortization(Note 10)

Bonus share forfeiture(Note 10)

Fair value of shares issued for land options (Note 10)

13,176 4 4,415

$

17,595

$

492

4,805

54 -

(1,544)

$

26

- See Accompanying Notes -

(7,620)

(2) 11,865

$

4,243

$

(210)

4,785

58

76 -$

100

10,660(14,431)

4

-6,93118,674

$

17,595

$ 4,243

$

65 $ 228

8,993 9,362

386 116

25 152

$

(1,544)

76

$

- 100

Disclaimer

PolyMet Mining Corporation published this content on 09 August 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 10 August 2018 05:47:02 UTC