Duluth Metals Ltd DULMF

The bull case

[Nazarbaz]

As most other longs I did not liked the IRR that came out of PFS. But if you look at FS for waterberg project of PTM, or to Platreef or the Copper project Ivanhoe has in Congo their IRR is quite similar. 
So this IRR does not mean death for TMM.
 DM is distressed, any miner interested in the project can very easily buy DM. They would have control of the project. At this point if Anto decides to participate I don't see anything wrong with such a joint venture. If they decide not to participate they would be diluted rather fast. By the time the BFS is done Anto is so diluted there is even space for a third JV partner.
I don't know if any big miner is interested but if any of them like TMM they can easily go on with for it.