Company Summary

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Business Overview

Duluth Metals Limited is listed on the Toronto Stock Exchange under the symbol DM and is a Canadian company focused on developing the Twin Metals Minnesota copper-nickel-cobalt-platinum-palladium-gold-silver Project and exploring for similar deposits in North-eastern Minnesota, USA.   The Company has a joint venture on the proposed underground Twin Metals Minnesota (TMM) mining development project with Antofagasta plc under the joint venture company Twin Metals Minnesota LLC, which is 60% owned by Duluth and 40% by Antofagasta. The TMM Project is located within the rapidly emerging Duluth Complex mining camp in northeastern Minnesota. 

Investment Highlights

  • Politically Safe Jurisdiction
  • A Diverse Portfolio of Commodities (Copper, nickel, palladium, platinum and gold)
  • Well Financed
  • Well Established Infrastructure
  • Highly Experienced Management
  • Sound Partnership with Antofagasta
  • Strategically Focused on One Core Asset
  • Large Prospective Exploration Package

Projects/Properties Information

The Twin Metals Minnesota Project is amongst the world's largest Cu-Ni-PGM polymetallic sulphide deposits with contained metals (using a 0.3% Cu cut-off) of Indicated 13.6 billion lbs copper, 4.4 billion lbs nickel, and 21.4 million ozs ozs palladium+platinum+gold (TPM) and Inferred 11.9 billion lbs copper, 4.1 billion lbs nickel, and 12.8 million ozs TPM.  

Aside from the joint venture, Duluth Metals retains a 100% position on approximately 40,000 acres of mineral interests on exploration properties adjacent to and nearby the Twin Metals Minnesota LLC joint venture.

Share Structure

Duluth Metals Ltd.


   Share Structure (as of Dec. 31 2013)


    Common Shares


    Outstanding Options


    Common Stock Warrants


    Fully Diluted Shares




    Board and Management Holdings




   Share Trading Activity


    3 month average daily   volume(shares)


    52 week low/high ($/share)


    Current Share Price (Date)


    Average Warrant Price


   Market Capitalization (I/O) (as Jan 24, 2014)


   Cash Balance (as of Nov 1, 2013)


   Debt Outstanding



Management Bio

Christopher C. Dundas, B.Comm., MBA
Chairman & CEO, Director
Christopher Dundas is currently Chairman & CEO, and Director of Duluth Metals Limited. Having received a B.Commerce (Honours) at Queen's in 1972 and an M.B.A.from the University of California at Berkeley in 1973, he joined Murray & Company in 1973 to open up their Montreal office. Since that time, he was involved in major debt and equity financings in both the domestic and international markets. In addition to real estate finance, he helped to diversify Murray & Company into other areas of corporate financing including manufacturing, infrastructure and privatizations. In 1978, he became the President of Murray & Company's Quebec subsidiary and in 1985 he became a Director of the national company and a member of the management committee. Mr.Dundas has been instrumental in the start-up, organization, development and financing of Duluth. In the mining industry, Mr. Dundas was a Director of Wallbridge Mining Company Limited from 2003 to 2009. Mr. Dundas is a Director of Twin Metals Minnesota LLC.

Vern Baker, Mining Eng., MBA
Vern Baker grew up in Reno, Nevada and has a Bachelor of Science in Mining Engineering from the University of Nevada. He later attained a MBA degree from Stanford University. Mr. Baker is a highly experienced mining executive with a focus on underground operations. Vern has broad experience in mining having previously been the General Manager of such significant mining operations as the Goldstrike mine in Nevada (Barrick Gold Corporation), the Homestake mine in South Dakota (Homestake Gold), the Hemlo mine in Ontario (a joint-venture operation of Teck and Barrick) and the Stillwater mine in Montana (Stillwater). Most recently, Mr. Baker has been VP Operations for FNX Mining in Sudbury.

Kelly J. Osborne, Mining Eng.
Kelly Osborne is a mining executive with over twenty-eight years of industry experience in the United States and Indonesia with major US based mining companies including Freeport-McMoRan, Vulcan Materials and Stillwater Mining Company. Prior to his appointment to Duluth Metals, Mr. Osborne was Senior Vice-President, Underground Operations (Indonesia) with Freeport-McMoRan Copper & Gold, and prior to that from 2006 to 2010, Vice-President, Underground Operations (Indonesia).

Marvin E. Dee, CPA
Marvin Dee is a Minnesota financial executive with over 30 years of experience.  He is well versed in domestic and international finance, treasury and tax, SEC/SOX accounting with a background in an operating multi-plant, multi-national manufacturing TQM environment. Prior to joining Duluth Metals, Mr. Dee was CFO and COO with Spectrum Plastics Group in Minneapolis, Minnesota. He graduated from St. Cloud State University in Minnesota and is a member of the American Institute of Certified Public Accountants and the Minnesota Society of Certified Public Accountants.

H. James Blake, Q. C., LL.M
Corporate Secretary
Jim Blake is based in Toronto and is a senior law partner of McLean & Kerr LLP. He received his LL.M in Business Law from Osgoode Hall Law School , York University in 1970. His principal business focus is corporate/commercial/securities law and he has written and lectured extensively on the legal and fiduciary duties of corporate directors and officers and on business law matters.

Dean Peterson, Ph.D. Geology
Senior Vice President, Exploration
Dr. Peterson is a pre-eminent authority on Duluth Complex mineralization as he was Senior Research Associate at the Natural Resources Research Insitute of the University of Minnesota Duluth's ("UMD") and co-director of the recently formed Precambrian Research Center at UMD. He has over 20 years' experience in mineral exploration, geological consulting, and developing economic geology research programs. As an industry geologist and consultant, he has experience with a variety of deposit types including; Archean lode Au deposits; epithermal Au; VMS deposits; Duluth Complex Cu-Ni-PGE deposits; high-grade Cu-PGE veins beneath the Sudbury Igneous Complex; and Cu-Au-Mo porphyry deposits.

Contact Information:

Mara Strazdins
Vice President Investor Relations and Corporate Communications
Telephone: (416) 369-1500 ext. 222



Additional Information:

Analyst coverage:

  • Craig Hutchison, Metals and Minerals Analyst

TD Securities

  • Alex Terentiew, MBA, P.Geo, Equity Analyst, Metals & Mining

Raymond James Ltd.

  • Tom Meyer, CFA, P.Eng, Base Metals Analyst - Mining

 CIBC World Markets Inc.

  • John C. Tumazos, CFA

Very Independent Research, LLC

  •  John Tumazos