Minnesota Commitment | Global Opportunity
Investor Presentation
Minnesota Commitment Global Opportunity
Key Project Metrics
Phase I
Mine life
Project returns highly leveraged to metal prices
20 yrs
NPV $M
Mill feed
225m tons
1400
17% IRR
Processing rate
32k tbd
1200
Annual metal produced¹
97m lbs
1000
15% IRR
Cash costs²
72 c/lb
800
Project capital
$1,208M
600
12% IRR
NPV / IRR
$304M / 11%
400
Phase I & II
200
8% IRR
Annual metal produced¹
118m lbs
0
Cash costs²
-11 c/lb
-10%
Project capital
$325M
Base Case
Change in Metal Prices
+10%
+20%
NPV / IRR
$487M / 12%
Source: "PolyMet Technical Report" as filed under the Company's SEDAR and EDGAR profile. Additional resource and reserve information is included on slide 20.
Project metrics and sensitivities determined using metal price assumptions of $3.52/lb Cu, $8.13/lb Ni, $2202/oz Pd, $975/oz Pt, $25.86/lb Co, $1747/oz Au.
1 Total payable metal in copper and nickel concentrates shown on a copper equivalent basis.
2 Cash cost per pound of payable copper contained in concentrates, net of by-product credits.
■ PHASE II
■ PHASE I
POLYMET
MINING
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