PolyMet Mining receives non-binding proposal to go private

St. Paul, Minnesota–(Newsfile Corp. – Jul 3, 2023) – PolyMet Mining Corp. (TSX: POM) (NYSE American: PLM) (“PolyMet” or the “Company”) today announced that its Independent Special Committee (the “Special Committee”) of PolyMet’s Board of Directors has received a nonbinding proposal from Glencore AG (“Glencore”) to acquire all outstanding shares of PolyMet that it does not already own for a cash consideration of US$2.11 per share, subject to certain conditions, including entering into a definitive agreement. Glencore’s proposed purchase price per share represents a premium of approximately 167% over the close of business price of $0.79 per share on Friday, June 30, 2023. A copy of the non-binding proposal is attached. as Appendix A.

The Special Committee welcomes the collaboration with Glencore and the proposal is being reviewed by the Special Committee in accordance with its fiduciary duties and in consultation with its independent financial and legal advisors.

PolyMet is warning its shareholders and others considering trading in its securities that no decisions have been made regarding PolyMet’s response to the proposal. There can be no assurance that any final offer will be made, that any final agreement will be executed or that this or any other transaction will be approved or consummated. PolyMet assumes no obligation to provide updates regarding this or any other transaction, except as required by applicable law.

PolyMet shareholders do not need to take any action at this time.

About PolyMet

PolyMet is a mining development company with a 50% interest in NewRange Copper Nickel LLC, a joint venture with Teck Resources. NewRange Copper Nickel owns the NorthMet and Mesaba copper, nickel, cobalt and platinum group metal (PGM) deposits, two globally important clean energy mineral resources located in the Duluth Complex in northeastern Minnesota. The Duluth complex is one of the world’s largest undeveloped copper, nickel and PGM metal mining regions. NorthMet is the first large-scale project to receive permits within the Duluth Complex. For more information: www.polymetmining.com

For more information, please address:

Bruce Richardson, Corporate Communications
Tel: +1 (651) 389-4111
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Investor Relations
Tony Gikas, Investor Relations
Tel: +1 (651) 389-4110
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PolyMet Disclosures

This press release contains certain forward-looking statements about expected developments in PolyMet’s business in the future. Forward-looking statements are often, but not always, identified by words such as “expects,” “anticipates,” “believes,” “intends,” “estimates,” “potential,” “possible,” “projects,” “plans,” and similar expressions, or statements that events, circumstances or results “will”, “could”, “should” or “should” occur or be achieved or their negatives or other similar words. Forward-looking statements relate to future events or future performance and reflect management’s expectations or beliefs regarding future events, including, without limitation, statements regarding the Special Committee’s consideration of Glencore’s proposal and other statements which are not historical facts. Actual results may differ materially from those in the forward-looking statements as a result of risks faced by PolyMet or as a result of factual facts that differ from the assumptions underlying the predictions.

PolyMet’s forward-looking statements are based on the beliefs, expectations and opinions of management as of the date the statements are made, and PolyMet assumes no obligation to update any forward-looking statements (except as required by law) if circumstances or circumstances change. management’s beliefs, expectations and opinions must change.

Specific reference is made to risk factors and other considerations underlying forward-looking statements discussed in PolyMet’s most recent Annual Report on Form 40-F for the fiscal year ended December 31, 2022, and in our other filings with the Canadian securities authorities and US Securities. and Exchange Committee.

The annual report on Form 40-F also includes the company’s mineral resources and other information as required under National Instrument 43-101.

No regulatory body has assessed or accepted the adequacy or accuracy of this release.


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