Duluth Metals Ltd DULMF

RE: RE: RE: RE: RE: RE: Financing

[Jackal85]

Hi all,

I'm a shareholder from Germany (and so apologize if my English is not perfect) and new to this board. I have read this thread regularly and now thought that it's time to join it.

Regarding the financing - I wouldn't calculate with $1.5B as (final) CAPEX, because this was based on a 40k tpd mine. More realistic would be at least $2.5B - $3B. That means (with $1B assumption for the 25% NAV) DM would be carried to production with no more (important) dilution - and this should be the goal. This is imho the most interesting point when investing in DM.

Or in general, if the NAV is at least 1.4 times the CAPEX (35:25) DM would not have to pay for a 35% carried to production share in the Twin Metals mine - a really huge deal and this is not reflected in the current sp imho.

But I see one potential problem arising. With a market cap around $200M (or let's hopefully say $400M in one year) why shouldn't Anto (with the current cash) just buy out the complete project for less? I'm not sure if the shareholder structure is strong enough to fight against a buyout offer...any buyout offer valued under 25% NAV is a steal for Anto.

Another point is the possible spin out of the exploration targets around Twin Metals. Could someone explain me what happens with shareholders without those "Special Warrants"? In which way would they benefit from a new discovery? Will they also get shares from the new company ("normal" spin out and the Special Warrants just on top) or just the "older" shareholders? I asked this question before to DM IR but didn't get an answer...

Thanks in advance.