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| Period                              | Length ofPeriod | Ending of Period | Comparative Period           | Filing Deadline |
|-------------------------------------|-----------------|------------------|------------------------------|-----------------|
| Interim financials (1st Quarter)    | 3 months        | Mar. 31, 2018    | 3 months endedApr. 30, 2017  | May 15, 2018    |
| Interim financials (2nd Quarter)    | 6 months        | Jun. 30, 2018    | 6 months endedJul. 31, 2017  | Aug 14, 2018    |
| Interim financials (3rd Quarter)    | 9 months        | Sep. 30, 2018    | 9 months endedOct. 31, 2017  | Nov 14, 2018    |
| Audited Annual Financial Statements | 12 months       | Dec. 31, 2018    | 11 months endedDec. 31, 2017 | Apr 1, 2019     |

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| · | Obtaining permits on a timely basis; |
|--------|--------------------------------------|

| · | Raising the funds necessary to develop the NorthMet Project and continue operations; |
|--------|--------------------------------------------------------------------------------------|

| · | Execution of prospective business plans; and |
|--------|----------------------------------------------|

| · | Complying with applicable government regulations and standards. |
|--------|-----------------------------------------------------------------|

| · | Changes in general economic and business conditions, including changes in interest rates and exchange rates; |
|--------|--------------------------------------------------------------------------------------------------------------|

| · | Changes in the resource market including prices of natural resources, costs associated with mineral exploration and development, and other economic conditions; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Natural phenomena; |
|--------|--------------------|

| · | Actions by governments and authorities including changes in government regulation; |
|--------|------------------------------------------------------------------------------------|

| · | Uncertainties associated with legal proceedings; and |
|--------|------------------------------------------------------|

| · | Other factors, many of which are beyond the Company’s control. |
|--------|----------------------------------------------------------------------|

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| · | In January 2017, the United States Forest Service (“USFS”) issued its Final Record of Decision (“ROD”) authorizing a land exchange to transfer title of the surface rights over and around the NorthMet mineral rights to PolyMet in exchange for certain other lands owned by PolyMet; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | In June 2017, the Company appointed Patrick Keenan as Chief Financial Officer; |
|--------|--------------------------------------------------------------------------------|

| · | In August 2017 and September, the Minnesota Department of Natural Resources (“MDNR”) released six draft water appropriation permits and two draft dam safety permits for 30-days of public review and comment which have all closed; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | In September 2017, the Company issued and committed to issue to Glencore secured debentures with a total principal amount of $20 million; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

| · | In October 2017, the Company entered into an agreement with EIP Credit Co., LLC (“EIP Credit”) to reserve wetland bank credits for the NorthMet Project; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | In November 2017, the U.S. House of Representatives approved bipartisan legislation introduced by Rep. Rick Nolan, D-MN-8 to ratify the previously approved land exchange between PolyMet and the U.S. Forest Service.  This bill has been advanced to the US Senate for consideration; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| · | In January 2018, the MDNR released the draft Permit to Mine for public review and comment which has closed; |
|--------|-------------------------------------------------------------------------------------------------------------|

| · | In January 2018, the Minnesota Pollution Control Agency (“MPCA”) released the draft water quality permit, draft section 401 certification, and draft air emissions permit for public review and comment which have all closed; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | In February 2018, the final public hearings on the draft permits were completed; |
|--------|----------------------------------------------------------------------------------|

| · | In March 2018, the Company and Glencore agreed to extend the term of outstanding debentures until March 31, 2019, reduce the interest rate on the outstanding debentures, and make available $80 million in additional debentures during 2018.  Proceeds will be used to complete pre- and post-permitting work, including detailed engineering and environmental cleanup, and to purchase wetland credits.  See additional discussion in the “Financing Activities” section below; and |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | In March 2018, the Company issued an Updated Technical Report under NI 43-101 incorporating process improvements, project improvements, and environmental controls described in the Final EIS and draft permits.  The update also included detailed capital costs, operating costs, and economic valuation for the mine plan being permitted as well as an assessment of potential future opportunities.  See additional discussion in the “Feasibility Study, Mineral Resources and Mineral Reserves” section below. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Transfer of title to the surface rights over and around the NorthMet mineral rights to PolyMet as part of the authorized land exchange; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

| · | Favorable decision by the state on 401 Water Quality Certification and U.S. Army Corps of Engineers (“USACE”) Final ROD and 404 wetlands permit under Clean Water Act; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Favorable decisions on final state permits (Permit to Mine, air, water, and dam safety permits); |
|--------|--------------------------------------------------------------------------------------------------|

| · | Completion of project implementation plan; and |
|--------|------------------------------------------------|

| · | Completion of construction finance plan, subject to typical conditions precedent such as receipt of key permits. |
|--------|------------------------------------------------------------------------------------------------------------------|

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| · | Section 404 Individual Permit for Impacted Wetlands |
|--------|-----------------------------------------------------|

| · | Permit to Mine |
|--------|----------------|

| · | Water Appropriations Permit |
|--------|-----------------------------|

| · | Dam Safety Permit |
|--------|-------------------|

| · | Wetland Replacement Plan |
|--------|--------------------------|

| · | Section 401 Certification (required before the USACE can issue its ROD and Section 404 Permit) |
|--------|------------------------------------------------------------------------------------------------|

| · | National Pollutant Discharge Elimination System (NPDES) Permit |
|--------|----------------------------------------------------------------|

| · | State Disposal System (SDS) Permit |
|--------|------------------------------------|

| · | Air Emissions Permit |
|--------|----------------------|

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| · | A 505-acre net increase of wetlands to the federal estate; |
|--------|------------------------------------------------------------|

| · | A net increase of 94 acres with public water frontage available for public and tribal use; |
|--------|--------------------------------------------------------------------------------------------|

| · | A 40-acre net gain in USFS lands; |
|--------|-----------------------------------|

| · | Improved management effectiveness by exchanging lands that have no public overland access with lands that do have access; |
|--------|---------------------------------------------------------------------------------------------------------------------------|

| · | Reduction of 33 miles in property boundaries to be managed by the USFS; |
|--------|-------------------------------------------------------------------------|

| · | Federal cost savings from the elimination of two easements and their associated administrative costs; and |
|--------|-----------------------------------------------------------------------------------------------------------|

| · | Conveyance of federal lands already adjacent to intensively developed private lands for other inholdings in the Superior National Forest. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

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| · | Equity – five separate agreements comprising $25.0 million placement of PolyMet common shares in calendar 2009 in two tranches; a $30.0 million placement of PolyMet common shares in calendar 2010 in three tranches; a $20.0 million placement of PolyMet common shares in calendar 2011 in one tranche; a $20.960 million purchase of PolyMet common shares in the 2013 Rights Offering; and a $10.583 million purchase of PolyMet common shares in the 2016 Private Placement; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Convertible debt (“Glencore Convertible Debt”) – agreement comprising $25.0 million initial principal secured convertible debentures drawn in four tranches; and |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Non-convertible debt (“Glencore Non-Convertible Debt”) – four separate agreements comprising $30.0 million initial principal secured debentures in calendar 2015 drawn in four tranches; an $11.0 million initial principal secured debenture in calendar 2016 drawn in one tranche; a $14.0 million initial principal secured debenture in calendar 2016 drawn in four tranches; and a $20.0 million initial principal secured debenture in calendar 2017 drawn in two tranches.  Subsequent to December 31, 2017, a fifth separate agreement was entered into comprising up to $80.0 million initial principal secured debentures in calendar 2018 to be drawn in five tranches at the Company’s option.  See additional details below. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| · | 92,836,072 shares representing 29.1% of PolyMet's issued shares; |
|--------|------------------------------------------------------------------|

| · | Glencore Convertible Debt exchangeable through the exercise of an exchange warrant (“Exchange Warrant”) at $1.2696 per share into 38,660,854 common shares of PolyMet (including capitalized and accrued interest as at December 31, 2017) and where the exercise price and the number of shares issuable are subject to conventional anti-dilution provisions; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Warrants to purchase 7,055,626 common shares at $1.00 per share at any time until October 28, 2021, subject to acceleration on the earlier of receipt of permits necessary to construct NorthMet or the twelve month anniversary of the issue date provided the 20-day VWAP of PolyMet common shares is equal to or greater than $1.50 (“Acceleration Triggering Event”), and where the exercise price and the number of warrants are subject to conventional anti-dilution provisions; and |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Warrants to purchase 625,000 common shares at $0.7797 per share at any time until October 28, 2021, and where the exercise price and the number of warrants are subject to conventional anti-dilution provisions. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                            | Two and Three Months Ended |
|-------------------------------------------------|----------------------------|
|                                            | Dec 31,2017                | Oct 31,2017 | Jul 31,2017 | Apr 30,2017 | Jan 31,2017 | Oct 31,2016 | Jul 31,2016 | Apr 30,2016 |
| Revenues                                        | -                          | - | - | - | - | - | - | - |
| General and Administrative                      | (1,584)                    | (1,193) | (2,080) | (1,268) | (2,583) | (993) | (1,178) | (1,840) |
| Other Income (Expenses)                         | (350)                      | (1,058) | (608) | (1,957) | (645) | (1,101) | (377) | (512) |
| Loss for the Period                             | (1,934)                    | (2,251) | (2,688) | (3,225) | (3,228) | (2,094) | (1,555) | (2,352) |
| Loss per Share (1)                              | (0.01)                     | (0.01) | (0.01) | (0.01) | (0.01) | (0.01) | (0.01) | (0.01) |
| Cash used in operating activities               | (748)                      | (914) | (1,454) | (1,874) | (1,589) | (1,483) | (855) | (1,536) |
| Cash provided by (used) by financing activities | -                          | 14,917 | - | - | 331 | 31,085 | 5,832 | - |
| Cash used in investing activities               | (3,569)                    | (6,997) | (6,166) | (4,937) | (5,613) | (6,339) | (4,553) | (6,858) |

| (1) | Loss per share amounts may not reconcile due to rounding differences. |
|-----|-----------------------------------------------------------------------|

|   | December 31, 2017 - $0.223 million | January 31, 2017 - $0.811 million |
|--------|------------------------------------|-----------------------------------|
|   | October 31, 2017 - $0.283 million  | October 31, 2016 - $0.137 million |
|   | July 31, 2017 - $0.672 million     | July 31, 2016 - $0.233 million    |
|   | April 30, 2017 - $0.140 million    | April 30, 2016 - $0.627 million   |

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| For the Periods Ended                | 11 months endedDecember 31, 2017 | 12 months endedJanuary 31, 2017 | 12 months endedJanuary 31, 2016 |
|--------------------------------------|----------------------------------|---------------------------------|---------------------------------|
| Revenue                              | -                                | -                               | -                               |
| Net Loss                             | (10,098)                         | (9,229)                         | (9,346)                         |
| Basic and Diluted Loss Per Share     | (0.03)                           | (0.03)                          | (0.03)                          |
| Total Assets                         | 409,042                          | 389,049                         | 337,660                         |
| Convertible and Non-Convertible Debt | 141,335                          | 107,906                         | 79,009                          |
| Total Shareholders’ Equity     | 198,675                          | 207,329                         | 184,657                         |

|   | December 31, 2017 - $1.318 million |
|--------|------------------------------------|
|   | January 31, 2017 - $1.808 million  |
|   | January 31, 2016 - $0.457 million  |

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|  Contractual Obligations |   | CarryingValue |    |   | ContractualCash flows |   |    | Less than1 year |   |   | 1 – 3years |   |   | 3 – 5years |   |   | More than5 years |   |
|-------------------------------|--------|---------------|---------|--------|-----------------------|--------|---------|-----------------|--------|--------|------------------|--------|--------|------------------|--------|--------|------------------|--------|
| Accounts payable and accruals |   | $             | 3,630   |   |                  | $      | 3,630   |            |   | $      | 3,630            |   |   | $                | -      |   |             | $      | - |   |   | $ | - |   |
| Convertible debt (Note 8)     |   |          | 49,067  |   |                  |   | 51,183  |            |   |   | 51,183           |   |   |             | -      |   |             |   | - |   |   |   | - |   |
| Non-convertible debt (Note 9) |   |          | 92,268  |   |                  |   | 96,294  |            |   |   | 96,294           |   |   |             | -      |   |             |   | - |   |   |   | - |   |
| Firm commitments              |   |          | -       |   |                  |   | 1,529   |            |   |   | 448              |   |   |             | 581    |   |             |   | 500 |   |   |   | - |   |
| Total                         |   | $             | 144,965 |   |                  | $      | 152,636 |            |   | $      | 151,555          |   |   | $                | 581    |   |             | $      | 500 |   |   | $ | - |   |

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|  | Level 1 – | Quoted prices (unadjusted) in active markets for identical assets or liabilities. |
|--|-----------------|-----------------------------------------------------------------------------------|

|  | Level 2 – | Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. |
|--|-----------------|------------------------------------------------------------------------------------------------------------------------------------|

|  | Level 3 – | Inputs for the asset or liability that are not based on observable market data. |
|--|-----------------|---------------------------------------------------------------------------------|

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|                 |   | December 31,2017 |   |   | January 31,2017 |   |
|----------------------|--------|------------------|--------|--------|-----------------|--------|
| Cash                 |   | $                | 6,931  |   |            | $      | 18,674 |   |
| Convertible debt     |   |             | 49,067 |   |            |   | 42,154 |   |
| Non-convertible debt |   | $                | 92,268 |   |            | $      | 65,752 |   |

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|                                   |   | 11 months endedDecember 31, 2017 (1) |   |   | 12 months endedJanuary 31, 2017 (2) |   |
|----------------------------------------|--------|--------------------------------------|--------|--------|-------------------------------------|--------|
| Salaries and other short-term benefits |   | $                                    | 1,898  |   |                                | $      | 1,828 |   |
| Other long-term benefits               |   |                                 | 42     |   |                                |   | 44 |   |
| Share-based payment (3)                |   |                                 | 836    |   |                                |   | 1,709 |   |
| Total                                  |   | $                                    | 2,776  |   |                                | $      | 3,581 |   |

| (1) | Eleven months ended December 31, 2017 includes Directors (Dennis Bartlett, Jonathan Cherry, Mike Ciricillo, Matthew Daley, David Dreisinger, W. Ian L. Forrest, Helen Harper, Alan Hodnik, Stephen Rowland, and Michael Sill) and senior management (Jonathan Cherry, Patrick Keenan, Douglas Newby, and Bradley Moore). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Twelve months ended January 31, 2017 includes Directors (Jonathan Cherry, Matthew Daley, David Dreisinger, W. Ian L. Forrest, Helen Harper, Alan Hodnik, William Murray, Stephen Rowland, and Michael Sill) and senior management (Jonathan Cherry, Douglas Newby, and Bradley Moore). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Share-based payment represents the amount capitalized or expensed during the period. |
|-----|--------------------------------------------------------------------------------------|

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| Type of Security                                |   | NumberOutstanding |        |   | Weighted AverageExercise Price |   |
|-------------------------------------------------|--------|-------------------|-------------|--------|--------------------------------|--------|
| Issued and outstanding common shares            |   |              | 320,302,721 |   |                           | $      | - |   |
| Restricted share units                          |   |              | 2,334,971   |   |                           | $      | - |   |
| Share options                                   |   |              | 21,214,002  |   |                           | $      | 0.94 |   |
| Share purchase warrants                         |   |              | 21,231,712  |   |                           | $      | 0.99 |   |
| Convertible debt including capitalized interest |   |              | 38,660,854  |   |                           | $      | 1.27 |   |

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