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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.
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
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
I agree, regrettably. Hopefully we can all recoup from our losses.
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.
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.
Company's response to revoked permit:
https://polymetmining.com/investors/news/polymet-reacts-to-corps-of-engineers-decision-on-northmet-section-404-permit/
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.
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!!
Well, no end in sight with this swirling turd that's down over 50% just in the past three months. F'ing wonderful!!
He certainly cannot be blaimed for supporting his shareholders, or even potetial shareholders. Do they even have an IR person on staff?
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!
Sadly, I'm stuck in here due to being so far under water. If I sold now and took the $3,000 capital loss per year, I'd have to live until I was well over 100 years old to see the end of it LOL.
I'm just crossing my fingers the enviro-mentalheads lose and Polymet wins so I can at least recoup my unrealized losses... I'm betting on the prior outcome though, sadly.
HA!! I've done all I can... probably more than I should have lol
HA!! I've averaged down to $3.51, so I'll take that :)
Sadly, not much activity on this board. Yahoo and Stocktwits are a sh!7show trying to find any pertinent information. I've been in this stock since the upper $20's.
GL all,
zenner
Yes, it (finally) starts today. When it ends? It's anyone's guess afterall, since we are Minnefornia, otherwise known as Bizzaro World. LOL
Due to the status quo, I doubt we'll hear anything from the company if it's not related to the scholarships program -- seems that is the only thing they'll do a PR about.
OUCH!! That's what I was afraid of. All we can really hope for in the short term is a giant spike on permitting news, or a really good rumor like Tesla buying into it -- selling even if the spike is at a smaller loss.
I never thought that I'd still be sitting underwater, since 2009. Though I know a lot of it was out of PLM's hands and due to the enviroNUTS... I'm just hoping to get my investment back.
zenner
So, the Rights Offering looks like a weak ass deal...
https://finance.yahoo.com/news/polymet-announces-filing-rights-offering-124000913.html
Please correct me if I'm wrong on this:
As per R/S numbers: just for example, if I presently hold 10,000 shares (today's close at $2.31/share), I can buy approximately 9,100 shares at $2.11?
It's been so long since the last Rights Offering that I can't remember the what the pricing was, but I believe it was way higher than where we are today... adjusting for the R/S too. And they expect to raise $195,400,000?!?! LMAO!!
Hell, if I want to average down, I'll just wait until the share price naturally tanks below the "bargain pricing" of $2.11. LOL
GL all, we really need!
zenner
I just answered my own question... a day later.
https://finance.yahoo.com/news/polymet-closes-newrange-copper-nickel-140000802.html
It sure tempting to average down here at $2.50, but if there is a looming Rights Offering, I can't imagine the share price NOT cratering.
GL all,
zenner
Thank you! I'll have to read thru it later on.
So just received this in the mail. One question I have is, what does the joint venture mean for my Polymet shares? Are they good, trash, or do I now need to buy NewRange shares to hopefully dig myself out of this hole?
"We are nearly finished establishing our previously announced joint venture with Teck Resources: NewRange Copper Nickel LLC. We want to make sure you have the opportunity to receive information directly from NewRange after its launch.
About NewRange
NewRange Copper Nickel will hold both PolyMet’s NorthMet and Teck’s Mesaba deposits, two globally significant mineral resources for clean energy. It will be a stand-alone company, formed in the 50:50 joint venture between PolyMet and Teck. NewRange Copper Nickel will control and manage the development of these two deposits of copper, nickel, cobalt and platinum group metals."
Anyone still here? Here's an email update from the company:
To our Ares Shareholders,
This week, the Company successfully secured a significant financing from the US government and was recognized by the Utah Economic Council in their 2023 report to the Governor as a significant development for the state. In preparation for the construction work, Ares has been aligning its plans with the federally-backed financing and undergoing thorough evaluation and stress testing to meet the strict qualifications for the development funding.
The Company sought government funding to prevent dilution of its share structure and protect the value of shareholders' investments while also securing financing sources that are not affected by expected economic downturns that are currently impacting the industry and other junior companies. The company has been coordinating its development plans with the expected government funding timelines and successfully maintained progress despite the prolonged government process and schedules. Following the finance closing, the Company will move to accelerate its construction work and achieve its industry goals.
The Federally backed financing represents the first of two government backed financings won by the Company, with the second larger State backed financing anticipated later this year. The Company has received significant support from the State and Federal government, and established many valuable relationships which will greatly benefit its operations in the coming years.
Someone on another msg board mentioned this (take it with a grain of salt):
Further official financing and construction News Releases are planned for mid-February, after which the company's activity is expected to significantly increase.
Good article, TY for posting. Sadly, the Communist Republic of Minnefornia still won't have released the permits for Polymet by 2030 ;)
Thank you, I'll need luck, because I'm down 76% because I'm a dumbass that kept averaging down into the $3's... looking to be a long term hold or a huge loss. *ouch*
Good luck all
Hopefully this won't be like typical R/S stocks and get sold off, but so far, this stock is just a swirlling turd down the SPAC Bowl. Also, hopefully it WILL help those investing houses that don't allow their clients to invest in anything below the $5 mark.
I want my $$$ back, or at the very least, -10% initial "investment".
Good luck all,
zenner
Well, it's nice to see the 'repeating bot trades' return. Usually means 'something' is happening.
Sadly, it's just 'wash.. rinse.. repeat..' and crickets from the company as per usual.
Good lord... there HAS to be an end in sight for this perpetual, slothlike litigation process. It just seems wholey unlawful.
I fully agree, their communication with investors is quite lacking. It is absolutely frustrating that we have to get ANY info from hearsay alone.
Pretty sad state of affairs... the only winners here are the attourney's on both sides. Really hoping it doesn't come down to another Rights offering.
GL all,
zenner
So, the end of Q3 is dang near here... should be hearing something soon on the pre-feasibility study, I'm assuming. Nice little volume spike there at 3:00est... hopefully that's a sign of the release.
GL all,
zenner
*Edit* Just talked with someone months ago about the decisions and timelines, here's my #12575 post.
And here's the EPA part:
https://seekingalpha.com/news/3834321-epa-recommends-against-permit-reissue-for-1b-polymet-mine
*Oops!* this was for the water permit - Sorry.
This partnership with Teck looks quite interesting.
The decision on Permit to Mine "should" have came out by June, but then Biden's EPA said that Polymet should NOT recieve the permit. So, who really knows at this point. It could be any day or it could be sometime this decade.
From what I heard earlier in the year was that we should hear something around June on the mining permit reissue, but since the EPA weighed in back on May 6, who knows where the timeline is at now.
I can only assume this would do it: https://nypost.com/2022/03/30/tesla-signs-secret-nickel-supply-deal-with-brazils-vale-report/
The top Nickel producers.
1. Nornickel (Russian and sanctioned)
2. Vale (basically #1 supplier now)
3. Glencore (basically #2 supplier now, and of course, Poly's sugar daddy)
Hopefully this speculation trend continues right up to Poly getting back their Permit to Mine.
This might add to why Poly's up today...
https://news.yahoo.com/biden-eyes-boost-mining-minerals-163647987.html
Yup, certainly surprised it's been range-bound.