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Tag: PLM Stock

PolyMet Mining Corp. (PLM) Stock Rocketing Higher in Premarket Despite Visible Reason

PolyMet Mining Corp. (PLM ) is a company engaged in the development mining of copper, nickel, and palladium along with cobalt, platinum, and gold. It possesses 100% of the first large-scale project ‘NorthMet’. The project is providing economic variability while leveraging the established supplier network of the region and expert workforce, that will significantly impact the local economy.

The price of PLM stock on March 7, 2022, regular trading was $2.86 with a considerable gain of 9.16%. Its stock further leaped by 59.4%, at the last check in the premarket on March 8, 2022.

PLM: Events and Happenings

On February 14, 2022, PLM and its subsidiary reported their entry into a subscription contract with Glencore AG, for the issuance of unsecured convertible debentures of approximately $40 million. On January 24, 2022, PLM subsidiary updated that The Minnesota Court of Appeals affirmed approximately all features of the water discharge permit for the company’s NorthMet Project. The court overruled six out of the seven challenges to the permit made by rivals of mining.

On December 20, 2021, the PLM subsidiary announced the issuance of additional findings by The Minnesota Pollution Control Agency, supporting its assumptions for the NorthMet Project air permit. It fulfilled an order of the Court of Appeals regarding the main permit required to construct and operate the initial copper-nickel-precious metals mine by the company.

PLM: Key Financials

On November 4, 2021, PLM released its Q3 2021 financial results for the quarter ended September 30, 2021. Some of the key features are discussed below.

Revenue

No revenue was recorded in both the comparable third fiscal quarters of 2021 and 2020.

EPS

Net loss basic and diluted per share in the third quarter of 2021 was $3.79 million or $0.04 against $3.34 million or $0.03 in the corresponding quarter of 2020. The company observed an increase in its net loss YoY.

Conclusion

PLM stock outpaced by 4% year-to-date as the pandemic restrictions are easing internationally. The recent premarket massive stock gain by the company is the outcome of uncertain factors as the company has no recent SEC filing or event in its calendar.

March 8, 2022
PolyMet Mining Corp. (PLM) Stock Exhibits Minor Volatility as Mining Permit for Project is Halted

PolyMet Mining Corp. (PLM) stock prices were up by 1.34% as of the market closing on June 18^th 2021, bringing the price per share up to USD$3.77. After-hours trading saw the stock fall by 5.57%, bringing it down to USD$3.56.

Devastating EPA Decision

The company announced on June 4^th, 2021 that the Environmental Protection Agency (EPA) had reached the conclusion that PLM’s proposed project to mine copper, nickel, and other precious metals had the potential to affect its surrounding areas. The primary area of concern was the water network on the Fond du Lac reservation and in Wisconsin, both of which are more than 100 miles downstream of the mining sites.

Questioning the Decision

The EPA’s conclusion does not imply that the company’s mining activities will result in adverse effects on downstream water quality, just that such an effect is possible. This is a direct contradiction of the 2018 Minnesota Pollution Control Agency’s certification that the project would not affect in-state water quality, under section 401 of the Clean Water Act. The company plans to present evidence that the MCPA conveyed to the Army Corps of Engineers, likely resulting in the requirement of a hearing to make a final decision in regard the matter.

Basis for Doubt

During its operation, the project will collect and treat water, resulting in a net reduction of contaminants in the St. Louis River system. This includes water that hold mercury, among other contaminants, from previous mining of taconite in the area. The company has expressed grave concerns about the conclusion reached by the EPA, citing the disconnect between meeting standards of quality close to the source of the discharge while failing to do so for locals much further downstream. These concerns are compounded by the likelihood of the project resulting in reduced overall mercury loading to the river.

Challenging the EPA

Backed by science that supports the development of the project, the company is determined to work with both the EPA and Corps to rectify the issue so development can continue. Because the EPA needs to approve projects for downstream water quality for the issuance of a section 404 wetlands permit, PLM is keen to accelerate the process. The Corps has placed the permit on old during the review and is likely to stay in place until a resolution to the dilemma.

Future Outlook for PLM

Confident of the regulatory integrity of their project, PLM is determined to challenge the devastating EPA evaluation. The company is keen to continue its trajectory of success and usher in unprecedented growth with the advancement of its mining project. Current and potential investors are hopeful that management will leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.

June 21, 2021
Stocks to Watch amidst Mixed Market Sentiment

The markets are headed for a weak start to the day this morning. On one hand, there is the optimism of an easing of trade tensions between the U.S and China. At the beginning of the week, negotiators said there was positive progress on the trade talks.

The optimism is increased by news that China will be buying a large amount of US soya beans. The positive momentum is also increased by hopes of an end to the restrictions that have shrunk global trade, especially in service-related industries. This week the US FDA approved a COVID-19 treatment, and there are hopes that several vaccines are on the way. However, there are also fears that the effects of the pandemic run deeper. This is evident in the latest consumer data.

According to the Consumer Confidence Index data, confidence dropped in August to its lowest in 6 years. This is a negative signal to the US economy since two-thirds of it runs on consumer spending. This mixed outlook has seen money continue to flow into big tech stocks.

This is on the strength of these companies in their core markets. These companies also have the resources and the infrastructure to keep innovating and remain strong despite the prevailing circumstances. Despite the mixed outlook, there are several stocks that look set to start the day on a high note. Some of the big gainers pre-market that could dominate in the day are as below:

PolyMet Mining Corporation [NYSE: PLM]

PolyMet Mining Corporation is a top performer this morning and is up by over 700%. This follows the actualization of a 1:10 share split. The reverse share split was approved by the company’s board on the 21^st of August. At the time the company stated that after the split, the total issued and outstanding shares will drop from 1,0006,997,495 to 100,699,749. The split does not negatively impact on shareholders as everyone will retain the percentage of stock they held before the reverse split.

Immunic Inc [NASDAQ: IMUX]

Immunic Inc is another top performer this morning and is up by 19% pre-market. This is largely a price action move, after the stock’s correction over the last few days. Several days ago, the company announced that it had dosed its first healthy volunteer in his phase 1 clinical program for its IMU-856. The company announced that in pre-clinical studies, the compound had shown a paradigm shift in treating gastrointestinal disease.

Heat Biologics Inc [NASDAQ: HTBX]

Heat Biologics Inc is a top performer this morning and is up by over 20%. This comes after the company announced that it announced that it had published pre-clinical results on a COVID-19 vaccine. With the increased hopes of a COVID-19 vaccine, this stock stands to gain momentum through the day.

August 26, 2020