Press release

Glencore Acquires Full Ownership of PolyMet Mining Corp.

BAAR, Switzerland, Nov. 07, 2023 (GLOBE NEWSWIRE) -- On November 7, 2023, Glencore AG, a wholly-owned subsidiary of Glencore plc (together "Glencore") acquired all of the issued and outstanding common shares ("Common Shares") of PolyMet Mining Corp. ("PolyMet"), other than those Common Shares currently held by Glencore. The acquisition was effected by way of a plan of arrangement under the Business Corporations Act (British Columbia) (the "Arrangement").

Immediately prior to completion of the Arrangement, Glencore held 159,806,774 Common Shares, representing approximately 82.18% of the Common Shares. As a result of the acquisition, Glencore became the sole beneficial owner of 100% of the issued and outstanding Common Shares. The cash consideration paid by Glencore under the Arrangement was US$2.11 per Common Share (which, based on the Bank of Canada's daily exchange rate on November 6, 2023, is equal to approximately CA$2.89).

The head office of PolyMet is located at 444 Cedar Street, Suite 2060, St. Paul, Minnesota 55101.

The head office of Glencore is located at Baarermattstrasse 3, CH-6340 Baar, Switzerland.

This news release does not constitute an offer to sell, nor the solicitation of an offer to buy, the securities in any jurisdiction; nor shall there be any sale of securities mentioned in this news release in any jurisdiction in ...

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