Polymet Mining Corp (PLM)

[tdbowieknife]

Form 15

https://www.sec.gov/Archives/edgar/data/866028/000106299323021099/form1512g.htm



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[Z-Axis]

I recently noticed that the shareholder voting is live. I'm thinking on voting "NO" just because. LOL
Not that it matters either way. As I said before, it was a deal with the devil (Glencore), and the devil won.

[Connsm]

Or looks like the EPA has been putting their boots on the neck of PLM investor’s!

the House Science Committee will look into how the EPA uses technology and research development to support local partners and other stakeholders.

[Z-Axis]

OUCH! Yup, my investment since 2009 is finally done. Oh well, at there's now closure on this chapter.

Best of luck all, and hopefully everyone recoups from this loss.

zenner

[tdbowieknife]

It can only get worse...

https://www.twincities.com/2023/08/02/minnesota-supreme-court-voids-mpca-water-permits-polymet-mining-project/

And yes, Glencore holds all the cards with over 80%. The retail vote means nothing. I don't remember seeing anything about Glencore shares. was a strait out cash buyout from what I remember.



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[Z-Axis]

Please correct me if I am wrong: Just reading the "Definitive Agreement" PR and realizing that even if I vote no to the buyout, I will be recieving a cash payment of $2.11/share, and not even having the option of having my Polymet shares converted into Glencore shares?

Thanks in advance,
zenner

[Z-Axis]

Some "news"...
https://finance.yahoo.com/news/polymet-enters-definitive-agreement-glencore-114600066.html

[Z-Axis]

I agree, regrettably. Hopefully we can all recoup from our losses.

[tdbowieknife]

I'm thinking they see this as a reserve for future mining. Politicly, things have got to change drastically. A big war, or maybe the last mine on the planet. They have the resources to be patient. I do think they knew they would eventually end up with it all.


Caveat Emptor


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[Z-Axis]

We always knew the Glencore tie-up was a deal with the Devil, but I also wonder if they were playing both sides to take the company as cheap as possible. They sure seem hellbent on aquiring Teck's stake.

[Connsm]

They are going to screw us before the permit are issued!

https://www.reuters.com/markets/deals/glencore-proposes-buy-remaining-stake-polymet-2023-07-03/

[goldenager]

Talking about locals, I'm sure that there are local shareholders in PLM who are not happy as we are re Glencore's devious attempt to buy us out while we've been (temporarily) kicked down. Can't be showing your true colors like that and make things worse. Glencore is badly failing Mining 101 by neglecting that social permits are as important as regulatory ones.

[Trumpcard]

Seen that coming a mile away....now MN is gonna get really in for it by a forgein company that don't give a shit about enviromental laws or locals. Dems gonna wish Polymet went through over a decade ago and the tribes will be like what the fuck is happening to our people getting sick. Glencore has a litany of offenses and abuses.

[Galingale]

My understanding is that it was always a possibility that Glencore could force a sale of the final 10% of shares, under Stock Exchange rules. However, I think that after the recent Rights Issue, their total holding is at 82%, so that does not apply. Equally, any formal offer has to be backed by a financial valuation of reserves/assets, something which has not been put forward. One hopes that Cherry, who has been earning millions over the year with Polymet, and any remaining Polymet people, will challenge this opportunism from Glencore.

[tdbowieknife]

Glencore a bunch of dirty rotten scoundrels...


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[goldenager]

Yep. Glencore trying to use the "temporary" rejection of the water permit to buy us out at dirt cheap prices. Not gonna vote for this buyout. Over my dead body.

[Z-Axis]

Glencore better up their bid a LOT more, because they're not even close to my cost average. Their offer of $2.11 is f**king laughable.

[Ely]

https://polymetmining.com/investors/news/polymet-receives-non-binding-proposal-to-go-private/

[CarlCarlMcB]

Fish on $$$$$$$$$$

[tdbowieknife]

Yep,yep and yep.

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[Galingale]

Bizarre! Are we really saying that Tribes can arbitrarily set their own limits, which are then binding over and above state and federal boundaries? I suspect this is all political. Minnesota Democrats conspiring with environmentalists to pursue Biden's 'green future', where the mining of national minerals is taboo, but it is OK to import from countries like the DRC and Venezuela, where pollution does not matter and human rights are non-existent.

[tdbowieknife]

The tribes mercury limits are nearly twice that of Minnesotas...

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[tdbowieknife]

Some Info here...

https://www.minnpost.com/greater-minnesota/2023/06/what-does-a-pathbreaking-federal-decision-to-revoke-a-newrange-mine-permit-in-minnesota-mean-for-tribes-and-industry/


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[Galingale]

I have picked up a rumour regarding the revocation of the water permit. Although it will will require independent verification, it is that the environmentalists paid off the Tribe 110 miles downstream. If that is true, it is a serious matter.

[tdbowieknife]

Yes. But they don't say what requierments, and what they need to be in compliance. I suspect its sulfides from runoff. That river very likely does not meet the requirements now . All the water in lakes, rivers and streams in that area is high in sulfides. Some very high, like 700 - 900 ppL.

[Galingale]

Apparently, the water permit was revoked because it was not in compliance with the water quality requirements of the Tribe many miles downstream!

[Galingale]

As you say, we have yet to hear the reason. Since the business is still not up and running, the only reason must be that they have changed the rules retrospectively. If that is the case, it can be challenged by law. It would be considerate of Polymet to let us know and to hear what they are doing about it, instead of the PR waffle in their statement. It is pointless writing to their, so-called, Investor Relations person, since he never responds.

[gdog]

Glad to see someone else thinks like I do. We can't produce our own oil but we can pay more for it thru another country yea that makes alot of sense.

[tdbowieknife]

I have yet to find the reason why it was revoked. There must be a reason. I'm pretty they can't just revoke it because they want too. I also suspect, as most do, that this is of course politically motivated.

liberals want green this and that and then complain about providing the stuff to do it. Thier reasoning makes no sense. It's like going around and bagging your head against the wall, repeatedly, without figuring out it can't work. Oil same problem. Defund the police, same problem. on and on and on.

Good luck all.

The world has gone insane.

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[Z-Axis]

Company's response to revoked permit:
https://polymetmining.com/investors/news/polymet-reacts-to-corps-of-engineers-decision-on-northmet-section-404-permit/

[Z-Axis]

I feel for ya buddy. I was hoping to break even one of these day, but now I'm hoping to just offset the future capital loss with some future capital gains... MONEY WASTED!!

Best of luck to you, and all.

[tdbowieknife]

Yeah, I'm 65 and out of time. Just took the loss. Put what little I got left from this fubar into something else.


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[Z-Axis]

I can't say I blame you for being out... sure wish I could join, but I'm so deep in the hole that my $3000/yr tax loss would go so long that I would have to live well into my 100+ years of age. Maybe sometime before I die this project might be green-lighted, but I'm 51.

"Caveat Emptor" indeed!!

[tdbowieknife]

That's it for me... I'm out.


Caveat Emptor

[Galingale]

NewRange/Polymet must have seen this coming, so why nothing to shareholders until after the event? Also, what rationale for the reversal? What has changed to make the 404 permit no longer viable? Until we know that, all the waffle about 'the way ahead' is meaningless. As for the PLM pps, looking at trading thusfar today, I would suggest that day traders have been pumping and dumping to get a movement in price.

[Z-Axis]

Well, no end in sight with this swirling turd that's down over 50% just in the past three months. F'ing wonderful!!

[goldenager]

The bad news re the water permit being revoked for NewRange Copper Nickel LLC did not affect PLM pps?

In fact, I saw that it went up nicely on Tuesday. What's going on??

[goldenager]

NewRange Reviewing Options After U.S. Army Corps of Engineers Decision
Hoyt Lakes, Minnesota--(Newsfile Corp. - June 6, 2023) - NewRange Copper Nickel LLC ("NewRange") released the following statement regarding today's U.S. Army Corps of Engineers (USACE) decision to revoke the Clean Water Act section 404 permit for the NorthMet Project:

"Today's decision by the U.S. Army Corps of Engineers is reversal of thoroughly reviewed water quality data that has been collected and assessed over the last decade. The planned NorthMet Project development is protective of water, air and other resources and can produce copper, nickel and platinum group metals (PGM) in a responsible and sustainable manner. In fact, the project clearly shows that through its proposed water treatment and management processes, it will remove more than 1,400 tons of sulfate per year from the St. Louis River system, the result of historic iron ore mining operations. It also will lead to a net reduction in pre-existing mercury loading to the river system.

"The Corps' decision is one that requires careful review, determined action, and further engagement with regulators and all key stakeholders. NewRange is reviewing all of our options as we chart a course forward for the development of the NorthMet Project in a safe and environmentally responsible manner that considers NewRange's communities of interest. The NorthMet Project is a well-considered and thoroughly evaluated development opportunity that will deliver high-demand minerals that are critical to the nation's and the world's transition to clean energy and clean mobility technologies, and the promise of jobs and significant economic benefits for northeastern Minnesota."

# # #

About NewRange Copper Nickel

NewRange Copper Nickel is a 50:50 joint venture of subsidiaries of Teck Resources Limited and PolyMet Mining Corp., holding the NorthMet and Mesaba deposits - two large, distinct, and well defined copper-nickel PGM resources in the established Iron Range mining region of Minnesota. The stand-alone company is working to unlock two new domestic supplies of critical minerals for the low-carbon transition through responsible mining, and delivering significant, multi-generational economic and other benefits to the region and beyond. The company is based in Hoyt Lakes, Minnesota.

For more information about NewRange Copper Nickel: www.newrangecoppernickel.com

[tdbowieknife]

Unfortunately, with no permit to mine it could be just throwing money in a pit.


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[Ely]

https://polymetmining.com/investors/news/polymet-announces-site-readiness-initiative-for-northmet-project/

[Trumpcard]

One question...Where is the Fed Gov gonna get $35T to buy 17.5B oz's of gold at today's rate of close to $2k an ounce?

That's a pipe dream bigger than PLM getting permits 12+ yrs ago.

[Homebrew]

Nope. Only A few people on Yuotube support that.

It looks like we maybe going back on the gold standard again

[Connsm]

I have a question for the group on IHUB? It looks like we maybe going back on the gold standard again!
Since PLM has Gold and Platinum. We will need to mine in Minnesota to build up our gold reserve! I would like all your opinion’s. Have a good weekend folks!

[Galingale]

Looking at Polymet's latest report, it would appear that the contested case has taken place, but we have to wait until 'late summer' for a judgement! So, it took over a year for this vexatious suit to come before an Administrative judge, who will know little of the technical issues involved, and now we wait for a further half year for him to pronounce. No wonder the stock has tumbled circa 85% in the past few years.

[Z-Axis]

He certainly cannot be blaimed for supporting his shareholders, or even potetial shareholders. Do they even have an IR person on staff?

[Galingale]

Is Cherry going to wait until the pps is zero before putting out some information on the Contested Case, upon which the restoration of the Permit to Mine rests? Maybe he is too busy?

[Z-Axis]

I've never been in purgatory, but I'm imagining this is exactly what it is like, except nicer. LOL

$1.75 and falling, just f**king ducky!

[tdbowieknife]

Welp... still waiting.

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[jrsh]

Haha, I think nobody is keen on that title but on the positive side it's nice to have made it so far!!! Lol

Life is OK but to have a war near by is not what we all have wished for! CRAZY WORLD!!!

Take care!!!

[jrsh]

Ouch.... sorry for that.... hope you recover all of that!!!

We all did fall for the potential and have underestimated all the hurdles in the way!