Duluth Metals Ltd DULMF

RE:conf call

[miningfundi]

I appreciate that a CEO must put on a brave face but, in my opinion, this CEO ranged from naïve to disingenuous. For example: - he skipped over the uneconomic IRR of the project but focused on the net cash cost of copper production, a metric that has generally been devalued by the industry in favor of full cost. - he seemed to believe that fund raising would be easy for DM, despite the most recent dismal "best efforts" financing (made prior to Anto's option termination). - he advised that both parties intended to meet their cash calls. But what if DM elects not to (or cannot) - what will Anto do -will it also elect not to fund? The bridge loan must be repaid before Anto is diluted, which would take Anto's interest in DM to about 30% at current DM prices. - he believes that the PFS is a cautious case and that the FS will be much better? My prediction is that the project will end up under Anto's control and will be put on ice until it is economically viable.