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PolyMet Mining Corp.


PolyMet Mining Corp. is a publicly traded company exclusively focused on developing the NorthMet copper-nickel-precious metals project, through its wholly owned subsidiary, PolyMet Mining Inc. The NorthMet Project is located in the established Mesabi Iron Range mining district in northeastern Minnesota. The company also owns the Erie Plant, a large processing facility located approximately six miles from the ore body in the established mining district of the Mesabi Range in northeastern Minnesota. The NorthMet project is expected to require approximately two million hours of construction labor, creating approximately 360 long-term jobs, a level of activity that will have a significant multiplier effect in the local economy.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Chris Krueger, Lake Street Capital Markets (12/16/14) "PolyMet Mining Corp. reported Q3/15 results that met expectations. The company continues to work through the pre-revenue permitting process, which we believe could be reaching a positive conclusion in the coming months. . .we rate PolyMet Mining Corp. a Buy with a $2.50/share target, or 8x EBITDA, but we believe it could move higher if other areas of its resource are mined, if mining/production efficiencies occur and if commodity prices remain strong."

The Gold Report Interview with Douglass Loud and Jeffrey Mosseri (12/3/14) "Our good friends at PolyMet Mining Corp. in Minnesota bought the plant for its NorthMet project and has huge reserves ready to be produced: 72 Mlb of copper, 15.4 Mlb of nickel, 720,000 lb of cobalt and 106,000 oz of precious metals annually. This is a whole mining district." More >

Andrey Litvin, Edison Investment Research (11/28/14) "PolyMet Mining Corp. reported that according to the Minnesota Department of Natural Resources' (DNR) commissioner, Tom Landwehr, it targets 'early spring' 2015 for completion of the environmental impact statement on the NorthMet project. . .the comment from the DNR suggests that the company is broadly on track to receive the required environmental permits around mid-2015."

Tom Meyer, CIBC World Markets (11/24/14) "We rate PolyMet Mining Corp. as Sector Outperform. . .the company continues to make positive progress on its development project. We anticipate positive news flow on PolyMet's progress in the coming weeks and months."

Tom Meyer, CIBC World Markets (9/30/14) "PolyMet Mining Corp. is our new top pick in the developer space. Of the development companies in our coverage universe, we estimate that this company has the highest cash flow yield relative to capital invested at 23%. This is the result of an excellent opex/capex balance, which is the product of a fit-for-purpose, low-risk design and the significant infrastructure already in place in the area."

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Chris Krueger, Lake Street Capital Markets (9/23/14) "We rate PolyMet Mining Corp. as a Buy. . .in 2014, the Environmental Protection Agency gave the company's improved EIS an EC2 rating, which is one of the highest ratings a mining project can receive. We believe this is a strong indicator that a final EIS will be published near-term, which would be a catalyst for the stock."

Joe Reagor, ROTH Capital Partners (9/11/14) "We continue to view PolyMet Mining Corp. as a value opportunity due to its extended permitting process to date. We are maintaining our Buy rating."

Heiko Ihle, H.C. Wainwright & Co. (9/8/14) "PolyMet Mining Corp. is focused on the permitting and development of its wholly owned large-scale NorthMet project located in the Mesabi Iron Range in northeastern Minnesota. The property represents a portion of the Duluth Complex and encompasses approximately 16,700 acres. The Duluth Complex has been recognized as one of the largest undeveloped deposits of copper, nickel and precious metals."

Steve Parsons, National Bank Financial (8/13/14) "PolyMet Mining Corp.'s NorthMet site tour showcased positive permitting progress and substantial in-place infrastructure. . .we believe the Duluth complex has the hallmarks of a world-class mineral belt. . .with production possible by H1/17, the company is poised to be the first of the Duluth complex companies to transition to producer status."

David Davidson, Paradigm Capital (8/13/14) "PolyMet Mining Corp. hosted a well-attended summer site tour at its advanced-stage, brownfield NorthMet copper-nickel-PGM project located in the Duluth mineralogical complex/Mesabi mining district of northern Minnesota. . .the company and its “upgraded” management team are well on the way to achieving their ultimate goal of securing all necessary permits for its NorthMet project. . .ultimately, we believe the project's preexisting infrastructure, highlighted by this successful site tour (most notably the Erie Plant and its associated facilities), is what really sets PolyMet apart from its junior copper development peers, both in the region and around the world."

The Gold Report Interview with Jeff Mosseri (7/23/14) "We feel that Polymet Mining Corp. is very close to obtaining its permits and financing, and will finally be going into production on its huge copper-nickel deposit in Minnesota." More >

Cliff Hale-Sanders, Cormark Securities (6/12/14) "Permitting work at PolyMet Mining Corp.'s NorthMet appears to be going well. As such, we reiterate our Buy recommendation. . .with the changes made to the EIS and over three years of additional work, we believe the permitting outlook has improved significantly."

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