Glencore acquires full ownership of PolyMet Mining

On November 7, 2023, Glencore AG, a wholly-owned subsidiary of Glencore, acquired all of the issued and outstanding common shares of PolyMet Mining, 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. 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.