Mr. Bruce Richardson reports

POLYMET RECEIVES FINAL ORDER FOR ARRANGEMENT WITH GLENCORE

The Supreme Court of British Columbia has granted the final order in connection with the previously announced statutory plan of arrangement under Part 9, Division 5, of the Business Corporations Act (British Columbia) involving PolyMet Mining Corp. and Glencore AG. Pursuant to the arrangement, Glencore will acquire the approximately 17.82 per cent of the issued and outstanding common shares of PolyMet that Glencore did not already own for $2.11 (U.S.) in cash per minority share. As announced in its news release dated Nov. 1, 2023, the arrangement was approved by the holders of common shares of the company at a special meeting of the shareholders held on Nov. 1, 2023.

The arrangement is expected to be completed on or about Nov. 7, 2023, subject to the delivery by the parties of customary closing deliverables.

PolyMet has applied to have its common shares delisted from the Toronto Stock Exchange and the NYSE American and has applied to cease to be a reporting issuer under Canadian securities laws following completion of the arrangement. Once PolyMet ceases to be a reporting issuer, the company will no longer be subject to the ongoing continuous disclosure and reporting obligations currently imposed upon the company as a reporting issuer under such legislation.

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 (PGM) 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 continuing.

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