Polymet Mining Corp (PLM)

[goldenager]

(Newsfile Corp. - November 10, 2022) - PolyMet Mining Corp. (TSX: POM) (NYSE American: PLM) ("PolyMet" or the "company") today filed its financial results for the three and nine months ended September 30, 2022.

In the recent quarter, the company continued to progress toward closing on the NewRange Copper Nickel joint venture (the "Joint Venture") agreement with Teck and advance the NorthMet Project through completion of litigation and regulatory processes.

PolyMet and Teck American Inc., a subsidiary of Teck Resources Limited ("Teck") announced on July 20, 2022, the parties had entered into an agreement to form a 50:50 Joint Venture. The venture will place their respective NorthMet and Mesaba deposits of high demand metals critical to supporting the transition to clean energy technologies under single management. PolyMet and Teck will become equal owners in NewRange Copper Nickel LLC. PolyMet and Teck will each own 50% of the two deposits upon closing of the Joint Venture, which is anticipated by the end of Q1 2023, and is subject to receipt of customary closing conditions and receipt of certain regulatory approvals.

Litigation progress

During the period just ended, the U.S. District Court in Minneapolis heard arguments in two separate cases related to the land exchange, which was completed in 2018. PolyMet moved to dismiss both cases in May and hearings on the motions for dismissal were held in September. A ruling is not anticipated before Q2 2023. There are no restrictions on PolyMet's use of the respective lands.

In other progress, the Administrative Law Judge assigned to oversee the contested case hearing associated with the Permit to Mine, specifically on the single issue regarding the use of bentonite clay at the tailings basin, has scheduled the week of March 27, 2023, for the contested case proceedings in St. Paul.

To date, PolyMet has received favorable decisions in all six cases that have reached final conclusion - four federal and two state. More information on recent court developments can be found on the company's website at https://polymetmining.com/investors/news/ and on its SEDAR and EDGAR profiles.

In addition to efforts to close the Joint Venture and litigation and regulatory progress, the company continued its focus on optimization and engineering efforts related to the NorthMet Project and maintained full compliance with all operating permits during the period.