Mr. Bruce Richardson reports

POLYMET SHAREHOLDERS APPROVE PLAN OF ARRANGEMENT WITH GLENCORE

PolyMet Mining Corp. shareholders approved the previously announced plan of arrangement with Glencore AG at a special meeting of PolyMet shareholders held earlier today.

At the meeting, shareholders voted to approve the acquisition by Glencore of all of the issued and outstanding common shares of the company that Glencore does not currently own for $2.11 (U.S.) in cash per minority share. The arrangement will be effected on Nov. 7, 2023, subject to PolyMet obtaining a final order from the B.C. Supreme Court approving the arrangement, and the satisfaction or waiver of other customary closing conditions.

Meeting results

A total of 173,334,881 common shares (representing 89.13 per cent of the issued and outstanding common shares), including a total of 13,528,107 minority shares (representing 39.03 per cent of the issued and outstanding minority shares), were present in person, virtually or by proxy at the meeting. The percentage of the votes that were cast in favour of the arrangement are summarized in the attached table.

Status of closing conditions

PolyMet is scheduled to seek the final order from the B.C. Supreme Court on Nov. 3, 2023.

Completion of the arrangement is subject to the satisfaction or waiver of other closing conditions, including the receipt of the final order. Assuming that the remaining conditions to closing are satisfied, it is expected that the arrangement will be effected on Nov. 7, 2023. On completion of the arrangement, it is anticipated that the common shares will be delisted from the Toronto Stock Exchange and the NYSE American.

Enclosed with the management proxy circular of PolyMet dated Sept. 28, 2023, and sent to the shareholders of PolyMet in connection with the arrangement was a letter of transmittal explaining how registered shareholders of PolyMet can submit their common shares to receive the consideration. Shareholders who have questions or require assistance with submitting their common shares may direct their questions to Computershare Investor Services Inc. by telephone at 1-800-564-6253 (toll-free in Canada and the United States) or 514-982-7555 (international direct dial) or by e-mail at corporateactions@computershare.com.

About PolyMet Mining Corp.

PolyMet is a mine development company holding a 50-per-cent interest in NewRange Copper Nickel LLC, a joint venture with Teck Resources. NewRange Copper Nickel holds the NorthMet and Mesaba copper, nickel, cobalt and platinum group metal deposits, two globally significant clean energy mineral resources located in the Duluth complex in northeast Minnesota. The Duluth complex is one of the world's major, undeveloped copper, nickel and PGM metal mining regions. NorthMet is the first large-scale project to have received permits within the Duluth complex; however, legal challenges contesting various aspects of NorthMet federal and state permits and decisions are in progress.

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