PolyMet Mining Corp. (PLM) is a company engaged in the development mining of copper, nickel, and palladium along with cobalt, platinum, and gold. It possesses 100% of the first large-scale project ‘NorthMet’. The project is providing economic variability while leveraging the established supplier network of the region and expert workforce, that will significantly impact the local economy.
The price of PLM stock on March 7, 2022, regular trading was $2.86 with a considerable gain of 9.16%. Its stock further leaped by 59.4%, at the last check in the premarket on March 8, 2022.
PLM: Events and Happenings
On February 14, 2022, PLM and its subsidiary reported their entry into a subscription contract with Glencore AG, for the issuance of unsecured convertible debentures of approximately $40 million. On January 24, 2022, PLM subsidiary updated that The Minnesota Court of Appeals affirmed approximately all features of the water discharge permit for the company’s NorthMet Project. The court overruled six out of the seven challenges to the permit made by rivals of mining.
On December 20, 2021, the PLM subsidiary announced the issuance of additional findings by The Minnesota Pollution Control Agency, supporting its assumptions for the NorthMet Project air permit. It fulfilled an order of the Court of Appeals regarding the main permit required to construct and operate the initial copper-nickel-precious metals mine by the company.
PLM: Key Financials
On November 4, 2021, PLM released its Q3 2021 financial results for the quarter ended September 30, 2021. Some of the key features are discussed below.
Revenue
No revenue was recorded in both the comparable third fiscal quarters of 2021 and 2020.
EPS
Net loss basic and diluted per share in the third quarter of 2021 was $3.79 million or $0.04 against $3.34 million or $0.03 in the corresponding quarter of 2020. The company observed an increase in its net loss YoY.
Conclusion
PLM stock outpaced by 4% year-to-date as the pandemic restrictions are easing internationally. The recent premarket massive stock gain by the company is the outcome of uncertain factors as the company has no recent SEC filing or event in its calendar.
