Duluth Metals Ltd DULMF

RE:RE:RE:Resource

[elberbank]

As I said I discounted “todays” price by %15. At time of post: Copper traded at $3.20 I used $2.72 the report stated $3.30 Nickel traded at $6.46 I used $5.49 the report stated $10.00 Gold traded at $1330.85 I used $1131.22 the report stated $1350.00 Platinum traded at $1429.00 I used $1214.65 the report stated $2000.00 Palladium traded at $731.00 I used $621.35 the report stated $850 The rest is just math. I will use copper as an example: If you use 0.4% cut off at Maturi your measured ore body is 262short tons. This is graded at 0.66% copper for a total of 3.4584B Lbs of copper. Now I will use the published recovery concentrate and Payable rates (93.4% and 75.2%). You end up with 3.2301456B Lbs of copper. I used a sell price of $2.72, factored in the payable rate and you get 6.607B. Now factor in leave behind (floor, pillars, etc.), royalties, taxes, building the mine and more. My last point was profit, i.e 1B profit made over 10 years is more attractive the 1B over 50 years. I do hold shares, so please don’t consider this a bash. It’s just the way I look at it. This mine is not a sure thing from a cost perspective. If you want to use 27B of Copper at $3.3 for $89.1B, do so, I will use less than $6.6B worth of copper. Everyone should use their own numbers; after all it is your money. I hope this helps clear up my confusing numbers.