This document discusses a proposed underground copper, nickel, platinum, palladium, and gold mine located in Minnesota that would develop one of the world's largest deposits of these metals. It is a joint venture between Duluth Metals and Antofagasta plc to develop the Twin Metals Minnesota Project through the company Twin Metals Minnesota LLC. The project shows potential for an early startup area within the deposit and has outlined over 21 kilometers of mineralized strike length across three deposits, with exploration targets identified for potential resource expansion.

2. 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

3. 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

4. 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

5. 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

6. 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

7. 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.

8. 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

9. 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.

10. 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:

11. 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

12. 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

13. 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.

14. 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

15. 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.

16. 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

17. 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.

18. 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.

19. 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