Polymet Mining Corp (PLM)

[Hams]

Hams, Do you want Copper/Nickel mining in Northern Minnesota?

Interesting question...

If you are asking this to understand if I have any environmental concerns about the project, then 'yes' I want copper/nickel mining in N Min. Mining is critical to our way of life and POM has done exhaustive studies and passed every hurdle.

If you are asking this to understand if I want jobs/tax dollars for the N Min., then my answer is "I don't care". I am not a local who see the mine as bringing jobs/dollars to the region.

If you are asking this to understand if I want POM to be successful in building a mine in N Min from a shareholder perspective. then my simple answer is 'yes', but I own a lot fewer shares than years ago, so my ‘yes’ today is smaller than before.

If you are asking this in a broader "what is my agenda?" way then, here is my story: I have owned POM for way longer than I would care to remember. Longer than 15 years. While I have made some money on it, certainly not enough to justify the time value. I own a small number of shares now (2000) that are slightly underwater.

The numbers don't lie. The Economic Assessment shows that this is a marginal project. Even worse considering that metal prices are way below the base case - other than cobalt. Does this mean I don’t think the mine will get made? No… given that so much time/energy/money has been sunk into this project, it will likely get built.

What I am suggesting that most logical place to exit will be after permits. That is likely the biggest pop. It will drift down until financing which will pop the stock price again. Stocks generally trade down during long construction so no point in holding during that time. Those waiting for the big payout during operation will likely be disappointed, since this is a marginal project. Yeah, yeah…maybe metal prices will be much higher by the time production starts, but do you really want to wait 4 or so years to find out.

And anyone who thinks the stock is being manipulated, is only searching for a scapegoat as to why a stock they bought is going down instead of up. The real answer is usually much simpler and obvious…it just isn’t all that good a project