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  1. 1. A Proposed Underground Copper, Nickel, Platinum, Palladium, and Gold Mine on One of the World’s Largest Deposits Located in the Heart of North America, in the State of Minnesota. DULUTH METALS
  2. 2. ALL THE RIGHT PARAMETERS Developing a World-Class Asset Towards Production ✓ Politically Safe Jurisdiction ✓ A Diverse Portfolio of Commodities (Copper, Nickel, Palladium, Platinum and Gold) ✓ Well Financed ✓ Well Established Infrastructure ✓ Highly Experienced Management ✓ Sound Partnership with Antofagasta plc ✓ Strategically Focused on One Core Asset ✓ Large Prospective Exploration Package ✓ Proven Track Record of Growth The Twin Metals Minnesota Project is being developed through the joint venture company Twin Metals Minnesota LLC (Twin Metals), owned 60% by Duluth Metals and 40% by Antofagasta plc (Antofagasta). Duluth Metals has developed a strong partnership with Antofagasta, now Duluth Metals’ largest shareholder. A YEAR IN REVIEW 2013 DULUTH METALS LIMITED 1
  3. 3. A YEAR IN REVIEW 2013 DULUTH METALS LIMITED2 CHAIRMAN’S MESSAGE Generating Long Term Value for Our Shareholders GENERATING LONG TERM VALUE Duluth Metals continues to generate success through the development of the Twin Metals Minnesota Project towards production. While stock markets have been volatile, Duluth Metals is consistent in building long term value for our shareholders with our 60% interest in one of the world’s largest undeveloped base precious metals deposits. We are fortunate to have a solid joint venture partnership with Antofagasta plc, a project in a politically friendly jurisdiction, cash in the treasury, one solid world-class asset and a potential basket of commodities with a built-in hedge. Our success can be clearly measured by our outstanding growth. We started the Company in 2006 with a modest land position and no qualified resource, and in a relatively short time, Duluth Metals has outlined one of the world’s largest Cu-Ni-PGM polymetallic sulphide deposits and created the Twin Metals Minnesota joint venture with Antofagasta to develop it. DULUTH METALS ON A GLOBAL RANKING The Twin Metals Minnesota Project is a Tier 1 asset in terms of size and grade and ranks amongst the largest world’s deposits of a similar nature. One of the attractive features of the Twin Metals Minnesota Project is that it has one of the world’s largest palladium and platinum resources outside of South Africa, with a PGM + gold resource of 21.4 million Indicated ozs and 12.8 million Inferred ozs in the AMEC 2012 global resource. As the current global resource has been outlined on only approximately 11% of the footprint of the prospective portion of the Twin Metals Minnesota Project property block, there is excellent potential for an even larger project resource. FUTURE DEVELOPMENTS The future is exciting for Duluth Metals as we continue to develop the Twin Metals Minnesota Project with Antofagasta plc and explore our large prospective ex- ploration land package which is 100% owned by Duluth Metals. We can attribute our past and future success to our highly experienced management and enthusiastic and skilled employees. We also want to thank our share- holders for their continuing commitment and the signifi- cant contribution from our dedicated Board of Directors. Sincerely, Christopher Dundas Chairman CEO Sincerely,Sincerely, Christopher DundasChristopher DundasChristopher DundasChristopher Dundas
  4. 4. A YEAR IN REVIEW 2013 DULUTH METALS LIMITED 3 PRESIDENT’S MESSAGE Development and Mining Options THE TWIN METALS PROJECT The Twin Metals Minnesota Project is advancing through the pre-feasibility phase. Efforts by our joint venture com- pany Twin Metals Minnesota LLC are rapidly advancing the engineering, geologic, permitting, and metallurgical work necessary for the pre-feasible study. The project continues to look like one of the premier mining opportunities in the base metals industry and includes an outstanding precious metals opportunity. The current study is evaluating various production methods and rates for the mining and milling facilities. This study is also evaluating various metallurgical systems ranging from concentrate sales to integrated hydrometallurgical systems that can provide metal for sale. The planning also looks at various cut-off grade scenarios that may provide for better project value through higher grade mill feed. Environmental work is progressing well, with a range of work from baseline studies to advanced engineering studies. Work with both state and federal agencies to facilitate the permitting process is ongoing, as well as stakeholder engagement on a local and state level. STRATEGIC METALS The metals from the Twin Metals Minnesota Project are vital to our way of life, critical to sustainable energy, important for environmental protection systems, and necessary for many of the components of our national defense. Copper and nickel power the green technology of today and into the future. The modern uses of copper help us reduce our greenhouse emissions as copper is a key component of hybrid cars, solar panels, wind turbines and water heaters. Copper is found in the computers we use and in the cables that support the Internet. Hybrid and electric vehicle technology use nickel metal hydride batteries allowing hybrid cars to produce 50% fewer harmful pollutants and greenhouse gases than comparable gasoline cars. Nickel catalysts and alloys are used in modern industry, including oil refining, allowing the production of low sulphur fuels. Nickel enables clean power generation, and is found in all renewable energy solutions. Platinum and palladium act as the catalysts in the Catalytic Converters common on most vehicles, providing a critical component for clean air. The vital nature of these metals puts the Twin Metals Minnesota Project in a strong position, as it represents a significant resource of metals critical to the sustainable future of the world. By being built in the U.S.A., this project can provide significant economic benefits to share- holders, the community, the state of Minnesota, the U.S.A., and those employed on the project now and in the future. Our Company is committed to building value for our share- holders. I would like to thank our Board and dedicated staff for working hard to meet that commitment. Sincerely, Vern Baker President Vern BakerVern Baker
  5. 5. A YEAR IN REVIEW 2013 DULUTH METALS LIMITED4 A TIER 1 ASSET POTENTIAL EARLIER ECONOMIC MINING OPPORTUNITIES A higher grade area within the Maturi Deposit, known as the S3, may have potential as an early start-up area. AMEC estimated that the S3 Subunit in the Maturi Deposit, using a 0.5% Cu cut-off, contains 622 million tons grading 0.69% Cu, 0.22% Ni and 0.76 ppm TPM of Indicated Mineral Resources and 198 million tons grading 0.65% Cu, 0.21% Ni and 0.82 ppm TPM in the Inferred category. Twin Metals Minnesota Project – Total Enterprise Contained Metals* Metal Indicated Inferred Copper 13.6 Billion lbs. 11.9 Billion lbs. Nickel 4.4 Billion lbs. 4.1 Billion lbs. Platinum 5.6 Million ozs. 3.5 Million ozs. Palladium 12.7 Million ozs. 7.6 Million ozs. Gold 3.1 Million ozs. 1.7 Million ozs. TPM (Pt+Pd+Au) 21.4 Million ozs. 12.8 Million ozs. Reference – The independent NI 43-101 Technical Report completed by AMEC EC Services Inc. (AMEC) by a team led by Dr. Harry Parker entitled “Maturi, Birch Lake, and Spruce Road Cu-Ni-PGE Projects, Ely, Minnesota, USA, NI 43-101 Technical Report” with an effective date of 15 September 2012. (The full report is available on www.sedar.com) * Note – These resource estimates include 100% of the identified material in each deposit, and include mineral resources acquired as a part of TMM’s acquisition of Franconia Minerals Corporation in 2011. Franconia’s principal assets are a 70% interest in the Birch Lake, ‘old’ Maturi and Spruce Road deposits in north- eastern Minnesota through the Birch Lake Joint Venture. Franconia announced in November, 2010 its intention to increase its ownership at the Birch Lake Joint Venture to 82%; see Franconia’s company profile at www.SEDAR.com for Technical Reports. TMM’s ownership of the resource will be factored by these percent- ages where applicable. The Twin Metals Minnesota Project has One of the World’s Largest Base and Precious Metals Deposits as Well as One of the World’s Largest Palladium and Platinum Resources Outside of South Africa
  6. 6. A YEAR IN REVIEW 2013 DULUTH METALS LIMITED 5 PROJECT MINERAL RESOURCES Twin Metals Minnesota Project The Twin Metals Minnesota Project includes three deposits for which mineral resources have been estimated. These deposits are in close proximity to one another within the Twin Metals Minnesota Project, and are referred to as the Maturi, Birch Lake and Spruce Road Deposits. Using a 0.3% Cu cut-off, AMEC confirms global Indicated Tons of 1.17 Billion and Inferred Tons of 1.26 Billion on the three deposits (Birch Lake, Maturi and Spruce Road) which occupy approximately 11% of the footprint of the prospective portion of the Twin Metals property block: MATURI 1.065 billion tons of Indicated Resources grading 0.59% copper, 0.19% nickel, DEPOSIT* 0.60 parts per million TPM (TPM = Pt + Pd + Au), plus an additional 542 million tons of Inferred Resources grading 0.51% copper, 0.17% nickel, 0.53 parts per million TPM. BIRCH LAKE 99.7 million tons of Indicated Resources grading 0.52% copper, 0.16% nickel, DEPOSIT* 0.86 parts per million TPM and 239.2 million tons of Inferred Resources grading 0.46% copper, 0.15% nickel, 0.64 parts per million TPM. SPRUCE ROAD 480 million tons of Inferred Resources grading 0.43% copper, 0.16% nickel. DEPOSIT* * The Spruce Road resource was estimated using Inco legacy assay data. Platinum, palladium, and gold were not assayed by Inco, and the core is not available for re-assay. ** These mineral resource estimates include 100% of the estimated resource in each deposit, and include mineral resources acquired as a part of TMM’s acquisition of Franconia Minerals Corporation in 2011. Franconia’s principal assets are a 70% interest in the Birch Lake, ‘old’ Maturi and Spruce Road deposits in northeastern Minnesota through the Birch Lake Joint Venture. Franconia announced in November, 2010 its intention to increase its ownership at the Birch Lake Joint Venture to 82%; see Franconia’s company profile at www.SEDAR.com for Technical Reports. TMM’s ownership of the resource will be factored by these percentages where applicable. The Mineral Resource estimate for the Maturi deposit incorporates assay data from 444 drill holes and 154 wedge off- set holes totaling 1,328,000 feet drilled on the Maturi deposit between 2006 and 2012, in addition to information from 99 legacy holes also in the geologic data base. The Birch Lake deposit resource estimate incorporates assay data from 97 drill holes and 146 wedge off-set holes totaling 297,000 feet drilled between 2000 and 2012, and information from an additional 17 legacy drill holes and 8 wedge off-set holes. The Spruce Road deposit resource estimate incorporates assay data from 210 legacy holes. The effective date of the mineral resource estimate is 15 September 2012.
  7. 7. A YEAR IN REVIEW 2013 DULUTH METALS LIMITED6 STRIKE-LENGTH MINERALIZATION Twenty-One Kilometers of Strike-Length Mineralization Currently, 21 km of strike-length mineralization have been outlined on the Twin Metals Minnesota property – which includes the Maturi, Spruce Road and Birch Lake deposits. EXPLORATION TARGET AREA TONNAGE AND GRADE RANGES Exploration Targets have been outlined for four areas surrounding and adjacent to the Maturi and Birch Lake deposits. The grade and tonnage ranges of the four exploration targets are based on limited drill hole results. For the Maturi North and South targets, and the Birch Lake target, the target grade ranges and tonnage ranges were based on estimated blocks within the model above a 0.3% Cu cut-off grade that were not classified as either Indicated or Inferred, and applying a ±20% variance to the tonnages and grades to the estimates. The Maturi West exploration target was based on statistical analysis of limited drilling grades and thickness of intercepts at a 0.30% Cu cut-off. 6 8 5 9 9 3 12 4 5 1 1 5 7 2 4 6 3 2 1 7 18 19 9 31 30 9 4 19 30 19 18 30 7 7 6 8 9 4 13 11 11 11 16 20 11 13 12 23 21 14 20 27 15 24 26 24 32 14 23 27 17 25 14 10 20 14 1718 2526 19 31 18 29 13 22 23 22 21 12 15 20 21 15 15 30 20 36 16 13 34 22 24 35 24 14 10 29 32 13 34 22 28 29 23 10 1417 28 9 16 35 36 15 15 11 10 12 22 4 9 10 29 23 26 16 2529 28 27 21 12 4 9 19 11 9 18 10 33 16 21 12 28 30 33 25 28 26 16 21 16 27 21 28 16 33 28 21 28 16 33 21 28 91°45'0W 91°45'0W 47°45'0N 47°45'0N 2926 25227727 99 30 116 221 28 Indicated Resource Inferred Resource Exploration Target N 7 14 18 2232323 15 13 22 1110 12 Spruce Road 19 29229 20 32 28 21 28 33 TMM Land Position 88 51 6 1171818 Maturi 6 9 1 44 12 Birch Lake 11 3 222 1111 12 10 Maturi West 9 20 6166 21 111 14 10 15 Maturi South 31 30 19 2828 9922 Maturi North SKI BIF AN NLM BEI BMZ BMZ GRB SKI AN 1 0 2 4 61 Kilometers 1 47°45’0”N 91°45’0”W 47°45’0”N 91°45’0”W
  8. 8. A YEAR IN REVIEW 2013 DULUTH METALS LIMITED 7 MATURI North, South and West Exploration Targets The area inside the Maturi model perimeter surrounding the boundary of the Mineral Resource estimate was divided into two exploration targets, Maturi North and Maturi South. An additional exploration target, Maturi West, lies outside and to the west of the current model area. MATURI NORTH The estimated tonnage and grades range from 290 to 435 million tons grading EXPLORATION 0.41 to 0.61% Cu, 0.14 to 0.21 %Ni, 0.10 to 0.14 ppm Pt, 0.24 to 0.34 ppm Pd, TARGET and 0.07 to 0.07 ppm Au. MATURI SOUTH The estimated tonnage and grades range from 330 to 500 million tons grading EXPLORATION 0.42 to 0.62 %Cu, 0.13 to 0.19 %Ni, 0.14 to 0.21 ppm Pt, 0.31 to 0.45 ppm Pd, TARGET and 0.07 to 0.10 ppm Au. MATURI WEST The estimated tonnage and grades range from 600 to 980 million tons grading 0.41 to EXPLORATION 0.52 %Cu, 0.15 to 0.18 %Ni, 0.10 to 0.14 ppm Pt, 0.27 to 0.31 ppm Pd, and 0.07 to 0.07 ppm TARGET Au. The ranges of PGE values stated for Maturi West are based on regression formulas. BIRCH LAKE The Birch Lake exploration target includes the area inside the Birch Lake model perimeter EXPLORATION surrounding the Indicated and Inferred Mineral Resources: TARGET AREA The estimated tonnage and grades range from 222 to 334 million tons grading 0.33 to 0.50 %Cu, 0.11 to 0.16 %Ni, and 0.39 to 0.58 ppm TPM (comprising 0.11 to 0.16 ppm Pt, 0.22 to 0.33 ppm Pd, and 0.05 to 0.8 ppm Au). The potential quantity and grade of the Exploration Targets are conceptual in nature, and there has been insufficient exploration to define the target as a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource. ENVIRONMENTAL ASSESSMENTS Twin Metals Minnesota and the Company have been conducting environmental studies and assessments for more than five years – and that effort is continuing under the Pre-feasibility Study. Key environmental issues include surface water quality and hydrology, threatened and endangered species, air quality, plant life, wetlands and socioeconomic factors.
  9. 9. A YEAR IN REVIEW 2013 DULUTH METALS LIMITED8 KEEPING IT SIMPLE TWIN METALS PROJECT Low Capex Costs for Initial Production Scaling up Options for Underground Mine Plan and Development On-site and Off-site Surface Facility Alternatives Various Milling Capacity Options Consideration of Both Conventional Flotation and Hydrometallurgical Processes Such as CESL™ Teck has developed a hydrometallurgical process named CESLTM , that effectively recovers copper, nickel and PGM’s from bulk copper-nickel-PGM concentrates, which Duluth and Twin Metals are considering as a concentrate processing alternative. Concentrate from the Maturi group of deposits has been successfully processed at bench and pilot scale at Teck’s hydrometallurgical facility in Richmond, B.C. with average recovery of metal from concentrate into saleable product form as reported in the Duluth Metals January 21, 2013 press release entitled “Duluth Metals Announces SEDAR filing of AMEC Technical Report on the Twin Metals Project. The Twin Metals Minnesota Project is Currently in Pre-Feasibility Stage Our Goal is to Keep Things Simple Twin Metals is Studying:
  10. 10. GENERATING LONG TERM VALUE The Twin Metals Minnesota Project Has the Potential to Produce for Decades The Twin Metals Minnesota Project area encompasses three mineral deposits with NI 43-101 qualified resourc- es – Maturi, Spruce Road and Birch Lake – located approximately 10 miles east of Babbitt, Minn. and 15 miles southeast of Ely, Minnesota. Twin Metals Minne- sota was formed in 2010 to pursue the development and operation of a copper, nickel and platinum group metals underground mining project within the Duluth Complex in northeastern Minnesota. Twin Metals Minnesota’s pro- posed underground mine will protect the environment by limiting surface impacts and providing opportunity for underground tailings storage. A DIVERSE PORTFOLIO OF STRATEGIC METALS Copper, nickel, platinum, palladium and gold – metals of strategic importance to the U.S. economy and national defense. PRE-FEASIBILITY STUDY Twin Metals Minnesota is currently conducting the project’s Pre-feasibility Study to evaluate such details as mine design, facility locations, mining rate, transporta- tion and transmission corridors, economic benefits, job creation and environmental protection. JOBS FOR GENERATIONS The Twin Metals Minnesota Project will create thousands of construction jobs and hundreds – potentially thou- sands – of long-term mining jobs. • From 2012-2016, it is estimated that more than 5,000 Minnesota construction jobs will be created when all strategic metals mining projects in Minnesota move forward.* • More than 1,300 long-term Minnesota mining jobs will be created when all projects become operational.* • For every one mining job created in Minnesota, it is estimated that another 1.8 spinoff jobs will also be created.* * The Economic Impact of Ferrous and Non-Ferrous Mining on the State of Minnesota and on the Arrowhead Region and Douglas County, WI, Labovitz School of Business and Economics, University of Minnesota Duluth, November 2012. CAPITAL INVESTMENT More than $180 million has been invested in exploration and project development to date. TAX REVENUE AND ROYALTIES The proposed underground mine will generate significant tax and royalty revenue for state and local governments as well as local school districts. A YEAR IN REVIEW 2013 DULUTH METALS LIMITED 9
  11. 11. A YEAR IN REVIEW 2013 DULUTH METALS LIMITED10 The Mineral Rich Duluth Complex The Company’s Strategy is to Continue Exploration in Close Proximity to Known Deposits and Geology DULUTH MINNESOTA St. Paul Minneapolis Rochester Mankato St. Cloud Albert Lea Austin Bemidji Brainerd Fairmont Faribault Fergus Falls Hibbing Marshall New Ulm Ramsey Virginia Willmar Worthington M I N N E S O T A C A N A D A U S A Duluth
  12. 12. A YEAR IN REVIEW 2013 DULUTH METALS LIMITED 11 MINNESOTA’S STRATEGIC METALS The U.S. National Interest THE UNITED STATES MAY LOOK TO INCREASE DOMESTIC PRODUCTION OF NON-FERROUS METALS FOR VARIOUS REASONS • Annual copper imports exceed 650,000 metric tons. • Currently, there are no active nickel mines in the United States, meaning that the United States is 100% dependent upon foreign sources – primarily Canada, Russia, Australia and Norway – for supplies of nickel, which puts the U.S. at risk of shortage • America’s everyday consumer choices coupled with the effects of rapidly developing economies in places like China and India have contributed to a surging demand for copper and nickel. Contribution to the New Energy Economy: Copper and nickel are essential elements in many renewable energy applications and will play a critical role in building America’s renewable energy portfolio and in reconstruct- ing its antiquated electric grid. STRATEGIC IMPORTANCE • The U.S. is currently dependent on foreign countries for its strategic metal demands – copper and nickel. These strategic metals are essential to the nation’s security and industrial base. • Both copper and nickel are on the list of “top 11” materials used by the United States Department of Defense in the largest quantities for weapons production (copper is the second and nickel is the eighth most utilized material) A NEW ERA FOR MINING IN MINNESOTA Mining has deep roots in Northern Minnesota. Given the vast undeveloped non-ferrous mineral resources, Minnesota is primed to continue its mining legacy and make a major contribution in meeting the long-term United States’ metal demand.
  13. 13. A YEAR IN REVIEW 2013 DULUTH METALS LIMITED12 MAJOR LAND HOLDINGS Strategically Situated Within the Duluth Complex The Twin Metals Minnesota Project has approximately 32,000 acres of mineral interests. The Company has over 40,000 acres of 100% owned (non-joint venture) mineral interests adjacent to and nearby the Twin Metals Minnesota Project. Ely To Babbitt 0 2 4 61 Miles DMC Properties TMM Properties N
  14. 14. LARGE PROSPECTIVE EXPLORATION PACKAGE Adding to Shareholder Value Through Discovery A YEAR IN REVIEW 2013 DULUTH METALS LIMITED 13 ArcelorMittal Minorca Mine Inc Cliffs Erie Duluth Metals Mesabi Mining LLC Northshore Mining Polymet Mining Teck Twin Metals Minnesota (60% DM) Cu-Ni-PGE Explorers Iron Mine Operations MINING ACTIVITY IN THE DULUTH COMPLEX The goal of the exploration program is to add to the long term shareholder value of the Company through discovery. Duluth Metals is continuing its exploration on a land portfolio completely separate from the Twin Metals Minnesota Project which includes over 40,000 acres of land/mineral interests in the Duluth Complex. These mineral/ land interests, which are being explored are 100% held by the Company and are referred to as the Duluth Exploration Properties. The Duluth Complex and associated intrusions of the Midcontinent Rift System in northeastern Minnesota constitute one of the largest, semi-continuous, mafic intrusive complexes in the world, second only to the Bushveld Complex of South Africa. These rocks cover an arcuate area of over 5,000 square kilometers and give rise to two strong gravity anomalies (+50 +70 mgal) that imply intrusive roots to more than 13 km depth. The geometry of three large mafic intrusions within the Duluth Complex has been modeled by the integration of field mapping and drill hole data with maps of gravity and magnetic anomalies. These igneous bodies include the South Kawishiwi, Partridge River, and Bald Eagle intrusions. The South Kawishiwi intrusion (in the north) and Partridge River intrusion (in the south) host several billion tons (each) of low-to-medium grade Cu-Ni-PGE mineralization near their base, with the South Kawishiwi hosting the highest grade deposits in the Duluth Complex.
  15. 15. A YEAR IN REVIEW 2013 DULUTH METALS LIMITED14 MINNESOTA MINING HISTORY Twin Metals will be a Long-term Mining Operation, Creating Hundreds of Jobs and Generating Significant Economic Benefits for the Region MINNESOTA’S IRON MINING HISTORY Located in the heart of the United States, Minnesota is a mining state. Since the late-nineteenth century days of steam shovels and pick axes to the newest taconite pellet operations, Minnesotans have been mining iron ore. Minnesota remains the largest producer in the U.S., responsible for roughly 75 percent of domestic iron ore production. Despite this, more than 120 years of iron mining has hardly scratched the surface of Minnesota’s vast mineral resources. Indeed, Minnesota is on the verge of a mining renaissance with the focus expanding from iron to Minnesota’s largely untouched non-ferrous mineral resources. Development of these metals will generate hundreds of well-paying construction and mining jobs on the Iron Range as well as related spin-off jobs in and outside of Minnesota. Beyond job creation, Minnesota’s metals will make an important contribution to U.S. security, infrastructure, and balance of trade, supporting future transportation, renewable energy technology, and electrical power generation and transmission needs. Underground Mining at Virginia Mesabi Range, Saint Louis County, Minnesota, United States, 1910 Photo Courtesy of The Minnesota Historical Society Coal Mining Near Redwood Falls Redwood County, Minnesota, United States, 1869 Photo Courtesy of The Minnesota Historical Society
  16. 16. A YEAR IN REVIEW 2013 DULUTH METALS LIMITED 15 MODERN TECHNOLOGY Modern Mining Technology and the Environment Duluth Metals is strongly committed to developing an environmentally responsible mine project that performs above state and federal environmental protection standards. Twin Metals Minnesota is building state of the art mining and environmental protection technologies into every aspect of mine development and operation: • Modern underground mine design will limit surface land impacts and reduce noise, dust and surface vehicular traffic; • Modern water treatment technologies will ensure state and federal water quality standards are exceeded, promote water recirculation in mine operations and minimize water use; • Advanced waste treatment technologies will allow for the safe “backfilling” of a significant portion of mine tailings into the underground mine, and the safe storage of remaining tailings in monitored surface facilities; • Advanced metal processing technologies will significantly reduce air emissions; • Exploration drill sites are being quickly “reclaimed” to their natural state.
  17. 17. A YEAR IN REVIEW 2013 DULUTH METALS LIMITED16 SUSTAINABLE MINING Sustainable Mining and Environmental Stewardship Duluth Metals is dedicated to environmental steward- ship and protecting the northeastern Minnesota wilder- ness. The Twin Metals Minnesota Project seeks input from communities on the Iron Range and across Minnesota and works closely with experts and regula- tory agencies to ensure that Minnesota’s resources will be enjoyed by future generations. Duluth Metals is committed to seeing that: • The project will go through a rigorous, thorough and lengthy environmental review by multiple state and federal agencies; • Environmental permits for water and air will include stringent requirements to perform above state and federal standards; • Environmental protection will be a design criteria – not an add on - for the proposed project; • Project updates will be communicated regularly to stakeholders and communities. Through working with agencies and stakeholders and using technologically advanced and environmentally responsible practices, the Company strives to be a leader in environmental stewardship by performing above strict state and federal regulations and community expecta- tions for environmental stewardship. Minnesota has long been a world leader in developing strict regulatory processes for the development of natu- ral resources. Modern mining is highly regulated, and the Company fully supports strict regulations to ensure an environmentally responsible mine. CAUTIONARY AND FORWARD-LOOKING STATEMENTS This document may contain forward-looking statements (including “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to Duluth Metals’ op- erations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Duluth Metals’ control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such state- ments relate to the date on which they are made. Consequently, un- due reliance should not be placed on such forward-looking statements. Duluth Metals disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws. Phillip Larson, P. Geo. is the Qualified Person for Duluth Metals and Senior Geologist for Duluth Metals, in accordance with NI 43-101 of the Canadian Securities Administrators, and has reviewed and approved the technical content of this report.
  18. 18. CORPORATE INFORMATION DIRECTORS Christopher C. Dundas Toronto, Ontario Mark D. Cowan McLean, Virginia James J. Jackson Pinehurst, North Carolina Thomas F. Pugsley Oakville, Ontario Lieutenant General John Sattler (USMC Ret.) Annapolis, Maryland Edward M. Smith Alexandria, Virginia Barry D. Simmons Burlington, Ontario Alar Soever Thornbury, Ontario DULUTH METALS LIMITED 80 Richmond Street West, Suite 1500 Toronto, Ontario, Canada M5H 2A4 Telephone 416.369.1500 Fax 416.369.1501 DULUTH METALS CORP. (US Office) 380 St. Peter Street, Suite 740 St. Paul, Minnesota 55102 Telephone 651.389.9990 Fax 651.389.9991 INVESTOR RELATIONS Mara Strazdins VP, Investor Relations Corporate Communications Toronto, Ontario Telephone 416.369.1500 W W W. D U L U T H M E TA L S . C O M MANAGEMENT Christopher C. Dundas Chairman and Chief Executive Officer Vernon C. Baker President Kelly Osborne Chief Operating Officer Marvin E. Dee Chief Financial Officer H. James Blake Corporate Secretary Dean Peterson Senior Vice President, Exploration STOCK LISTING Toronto Stock Exchange (TSX) Symbol: DM, DM.U TRANSFER AGENT REGISTRAR Equity Financial Trust Company 200 University Avenue, Suite 400 Toronto, Ontario M5H 4H1 Telephone 416.361.0152 AUDITORS KPMG LLP Toronto, Ontario LEGAL COUNSEL McLean Kerr LLP Toronto, Ontario DesignLayout–SpeakDesignInc.Photography–TheDuluthTeam,Shutterstock,TheMinnesotaHistoricalSociety