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Copper, & Precious in the U.S.

November 2012 Douglas Newby, CFO Cautionary Statement

This presentation contains certain forward-looking statements concerning anticipated developments in PolyMet Corp. (“PolyMet”)’s operations in the future. Forward-looking statements are frequently, but not always, identified by words such as “expects,” “anticipates,” “believes,” “intends,” “estimates,” “potential,” “possible,” “projects,” “plans,” and similar expressions, or statements that events, conditions or results “will,” “may,” “could,” or “should” occur or be achieved or their negatives or other comparable words. These forward-looking statements may include statements regarding our beliefs related to the expected project timelines, exploration results and budgets, reserve estimates, resource estimates, continued relationships with current strategic partners, work programs, capital costs and expenditures, actions by government authorities, including changes in government regulation, the market of natural resources, estimated production rates, costs, ability to receive environmental and operating permits, construction costs and hours created, job creation and other economic benefits, or other statements that are not a statement of fact. Forward-looking statements address future events and conditions and therefore involve inherent known and unknown risks and uncertainties. These risks, uncertainties and other factors include, but are not limited to, adverse general economic conditions, operating hazards, inherent uncertainties in interpreting and geologic data, fluctuations in and prices for operational services, government regulation and foreign political risks, fluctuations in the exchange rate between Canadian and US dollars and other , as well as other risks commonly associated with the . Actual results may differ materially from those in the forward- looking statements due to risks facing PolyMet or due to actual facts differing from the assumptions underlying its predictions. In connection with the forward-looking information contained in this presentation, PolyMet has made numerous assumptions, regarding, among other things: the geological, metallurgical, engineering, financial and economic advice that PolyMet has received is reliable, and is based upon practices and methodologies which are consistent with industry standards. While PolyMet considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. PolyMet’s forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and PolyMet does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations and opinions should change. Specific reference is made to PolyMet’s most recent Annual Report on Form 20-F for the fiscal year ended January 31, 2012 and in our other filings with Canadian securities authorities and the U.S. Securities and Exchange Commission, including our Report on Form 6-K providing information with respect to our operations for the three months ended July 31, 2012 for a discussion of some of the risk factors and other considerations underlying forward-looking statements. PolyMet’s financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"). All amounts are in U.S. funds. Overview

• 100% of NorthMet Body

• Copper-nickel-precious metals

• Located in established mining district - +100 years history • 100% of existing Erie Plant

• Adjacent to NorthMet ore body

• 100,000 t/d processing capacity + infrastructure

• Low initial capital costs & staged development • Advanced stage environmental review

• Permitting 20 year project processing 32,000 t/d of ore

• Baseline groundwater monitoring at minesite complete

• Water/air modeling demonstrates regulatory compliance • Strong community/political support • Strategic alliance with AG

• The world’s largest trading company

• $118 million invested

• Marketing of all products

3 NorthMet Project Location

• Project is located in the established Mesabi Range mining corridor

• NorthMet is not within the Boundary Waters Canoe Area watershed 4 NorthMet Project

5 5 Existing Infrastructure In Place Mill Capacity

34 parallel rod/ mill circuits – mine plan uses only 12 Each circuit ~ 3,000 tons per day capacity 7 NorthMet Ore body

Typical Cross-section, view to Northeast No vertical Exaggeration Pit Wall Elevation of ground surface approx. 1600 feet

Magenta Zone - Ore Body Unit 7 Unit 1 Virginia FormationMain Ore Body Unit 6 Unit 2Unit / 3 4 / 5 Above Average Ore Grade BIF Cutoff to Average Ore Grade

Disseminated, polymetallic deposit Low strip ratio (1.4:1 life-of-mine), minimal over-burden

8 Reserves and Resources

Global resource = 15.4 billion pounds copper equivalent Measured & indicated resource = 10.3 billion pounds copper equivalent Mine plan = 3.6 billion pounds copper equivalent

Tonnage Copper Equivalent (1) Copper Nickel Total Precious Metals million st million mt (%) m lbs (%) (%) (oz/st) (g/mt) Global Resource (2) Measured 234.4 212.6 0.73% 3,431 0.263% 0.077% 0.010 0.33 Indicated 654.2 593.5 0.63% 8,202 0.223% 0.066% 0.008 0.27 M + I 888.6 806.1 0.65% 11,633 0.234% 0.069% 0.008 0.29 Inferred 289.6 262.7 0.66% 3,813 0.246% 0.068% 0.009 0.32 TOTAL 1,178.2 1,068.8 0.66% 15,446 0.237% 0.069% 0.009 0.29 Mineral Resources (3) Measured 202.5 183.7 0.79% 3,204 0.285% 0.083% 0.011 0.37 Indicated 491.7 446.1 0.72% 7,052 0.256% 0.075% 0.010 0.33 M + I 694.2 629.8 0.74% 10,255 0.264% 0.077% 0.010 0.34 Inferred 229.7 208.4 0.75% 3,445 0.273% 0.079% 0.011 0.37 TOTAL 923.9 838.1 0.74% 13,701 0.267% 0.078% 0.010 0.35 Reserves 274.7 249.2 0.79% 4,340 0.284% 0.082% 0.011 0.38 Mine Plan (4) 231.1 209.7 0.77% 3,565 0.273% 0.080% 0.011 0.38 Notes 1 Metals converted to copper based on 2008 DFS Update prices 2 0.1% copper cut-off 3 $7.42/lb net metal value cut-off 4 20-year mine plan subject to permit applications 9 9 Production/Project Economics

LME - US$ Average - 3 months to 8.31.2012 2008 DFS Update • Production rate – first 5 years Copper 3.40 /lb 7,496 /t 2.90 /lb • 32,000 tons of ore per day Nickel 7.30 /lb 16,094 /t 12.20 /lb 12.80 /lb 28,219 /t 23.50 /lb • 72 million pounds of copper per year 597 /oz 320 /oz • 15 million pounds of nickel per year 1,441 /oz 1,230 /oz 1,606 /oz 635 /oz • 106,000 oz combined precious metals per year • Low Capital and Operating Costs

• $312 million initial capital costs

• Copper cost $1.05/lb (co-product basis)

• Based on 2008 DFS Update • Robust Economics

• After tax IRR: 30.6%

• Annual EBITDA: $217 million

• Based on 2008 DFS Update

10 Future Potential

• Expansion beyond the proposed project would require additional environmental review and permitting. Future options may include:

• reserve expansion at NorthMet

• exploration success

• other known deposits in the district

• Metallurgical plant ( II) will expand margins through value-added products

NorthShore Mining Company, MN 11 Construction & Operations

• Construction

• $475 million total investment

• $312 million – Phase I concentrates only

• $163 million – Phase II metallurgical plant

• 2 million construction hours

• Operations

NorthShore Mining Company, MN • 360 high-quality, stable jobs

• 600+ indirect jobs in St. Louis County*

* NorthMet Economic Impact 2011 Update UMD Labovitz School of Business and Economics

12 Estimated Economic Benefits

Additional Economic Impact

Annually Life of Mine (In Millions) (20yrs)

• St. Louis County $515 $10.3 Billion

• State and local revenues $15 $300M

• Federal revenue $45 $900M

* NorthMet Economic Impact 2011 Update UMD Labovitz School of Business and Economics

13 Permitting Process - 2010

State Lead Federal Lead Agency: Agency: Minnesota Department of US Army Corps of Engineers Natural Resources

Cooperating Permitting Agency: Agency: Local Tribal Governments Minnesota Pollution Control Draft EIS

14 Permitting Process - 2012

Federal Lead Agencies: US Army Corps of State Lead Engineers Public Agency: US Forest Service Comments: Minnesota Department of Including EPA Natural Resources Local Tribal Governments

Cooperating Agencies: Permitting EPA Supplemental Agency: & Draft EIS Minnesota Pollution Control Tribal Governments 15 Path Forward

Federal Record Land Water & Air Supplemental of Decision Exchange Final EIS Modeling Draft EIS State Adequacy Decision Permit Issued

16 Political Support

• State

• Governor Dayton

• State representatives from the Iron Range • Federal

• Senators Klobuchar and Franken

• Representative Cravaack • Local

• Mayors of local

17 Glencore Strategic Relationship

• Marketing

• Glencore will purchase 100% of production of concentrates and intermediate products

• Market related terms – pass through of LME/COMEX prices • Financing

• $30 million (including capitalized interest) loan exchangeable into shares at $1.50 per share

• Conversion at permitting/construction finance

• $75 million equity at $1.99 per share weighted average

• 5.6 million warrants at $1.50 until December 31, 2015 • Total Investment

• $105 million directly into PolyMet

• $13 million purchase of all 9.2 million shares previously owned by Cliffs Natural Resources

• 26% current ownership, 35% including debt conversion/warrant exercise

18 Senior Management

Jon Cherry President, CEO, Director Leader in mining environmental policy and new mining projects, 20 years with in the U.S. 23 years experience in the industry

Douglas Newby Chief Financial Officer Mine finance expert, former Chairman/CEO of Western Goldfields (now New Gold) ~30 years experience

Joe Scipioni Chief Operating Officer Engineer, 30 years with US , community leader in northern Minnesota

Brad Moore Executive VP – Environmental and Government Affairs Permitting and regulatory expert, former senior Minnesota government official

Andy Clark VP – Project Development Engineer +35 years experience in mine and project construction. Formerly with Bateman Engineers

Ryan Vogt Corporate Controller CPA, formerly with Big 4 firm, subsequently controller of privately-held service company

19 Key Statistics

Stock Snapshot NYSE-A: PLM / TSX: POM Recent Share Price (NYSE-MKT) $1.03 12-month range $1.52 – 0.67 Trading volume (NYSE-MKT) 170,000 (200-day average) Market capitalization $188 million

Capital Structure Shares outstanding 182.7 million Glencore convertible debt $30 million at $1.50 per share Glencore Warrants 5.6 million @ $1.50 expire 12/2015 Other Warrants 1.5 million @ $1.77 expire 12/2015 Options 14.5 million @ US$1.95

Fully diluted 224.3 million (including out-of-money options/warrants) - Glencore 72.6 million (32% fully diluted) - Insiders 17.9 million (8% fully diluted) 20 Stock Price Chart

Global Financial DEIS Crisis Published

Leadership Change

EPA Comments on DEIS

21 21 Summary

• Pre-production US mining project differentiated by existing infrastructure in an existing mining district

• Late stage of environmental review/permitting

• Low risk construction and start-up

22 Investor Contacts

www.polymetmining.com

Chief Financial Officer Douglas Newby (651) 389-4105 [email protected]

Vice President, Investor Relations Jenny Knudson (651) 389-4110 [email protected]

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