Duluth Metals Ltd DULMF

RE:DM valuation

[yoda2]

mayor: Would you help by clarifying/commenting on four points that arise from your BB:

Is the price of the 25% buyout option based on the PFS or the BFS? Could there be a big difference in valuation and maybe more importantly timing? One hopes the PFS will be available this summer although these studies seem to be late quite often. It seems Anto might control/influence  both the release timing and the content more than DM. If so would a delay in the PFS hurt  DM's financial situation by causing a delay in the BFS?  Would a delay in the BFS be such that it does not arrive prior to the expiration of the standstill agreement. If the stand still were to expire  would it be cheaper for anto to buy DM rather than paying for the purchase option?

Is the likelihood of takeover offer For DM reduced significantlly by a reluctance by potential buyers to be locked into a partnership with Anto ?

How much confidence can we shareholders have that DM has enough financial resources to weather the possible waiting game?  The cash available, even including that from the recent low price share issue, does not look like it would last too long.  The recently announced planned expenditure cuts seem too little/too late and would appear to indicate a fear of a financial crisis, as did the seemingly desperately priced new share issue?

Also, looking at the track record is it possible that DM's management team is bloated beyond any reasonable level for a company of this size particularly with the need for financial resources to fund the JV with Anto? Is it time for change or is it already too late?

A discussion of these topics would be most helpful to current and prospective investors in DM.