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Cautionary and Forward Looking StatementCautionary and Forward Looking Statement
No regulatory authority has approved or disapproved the information contained in this presentation. This presentation includes certain statements that may be deemed “forward looking statements”. All statements in this presentation, other th t t t f hi t i l f t th t dd f t d ti
No regulatory authority has approved or disapproved the information contained in this presentation. This presentation includes certain statements that may be deemed “forward looking statements”. All statements in this presentation, other th t t t f hi t i l f t th t dd f t d ti than statement of historical facts , that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions statements are not guarantees of future performance
than statement of historical facts , that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions statements are not guarantees of future performance on reasonable assumptions, statements are not guarantees of future performance and actual results or developments may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially form those in the forward- looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, general
on reasonable assumptions, statements are not guarantees of future performance and actual results or developments may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially form those in the forward- looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, general exploration successes, continued availability of capital and financing, general economic, market or business conditions. Investors should be cautious that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The company does not undertake to update or revise any forward-
exploration successes, continued availability of capital and financing, general economic, market or business conditions. Investors should be cautious that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The company does not undertake to update or revise any forward-p y p ylooking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
p y p ylooking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
Wallbridge MissionWallbridge Mission Founded to explore for nickel-copper-PGEs in Founded to explore for nickel-copper-PGEs in ppNorth AmericaExploring in Sudbury
ppNorth AmericaExploring in Sudbury Invested in Duluth through spin out company Duluth Metals
Invested in Duluth through spin out company Duluth MetalsSudbury, an established under-explored mining camp
Sudbury, an established under-explored mining camp camp Duluth, an emerging copper-nickel-PGE camp
hi h h i
camp Duluth, an emerging copper-nickel-PGE camp
hi h h i which shows economic potential with advances in metallurgy and strong
which shows economic potential with advances in metallurgy and strong metal pricesmetal prices
Share StructureShare Structure
Issued and Outstanding 76.0 MIssued and Outstanding 76.0 MgOptions (average price $0.48) 8.2 MWarrants 6 8 M
gOptions (average price $0.48) 8.2 MWarrants 6 8 MWarrants 6.8 M
0.75 M @ 0. 40 July 20080 61 M @ 0 75 December 2008
Warrants 6.8 M0.75 M @ 0. 40 July 20080 61 M @ 0 75 December 20080.61 M @ 0.75 December 20085.40 M @ 1.00 June 2010
Fully Diluted 91 0 M
0.61 M @ 0.75 December 20085.40 M @ 1.00 June 2010
Fully Diluted 91 0 MFully Diluted 91.0 MFully Diluted 91.0 M
Share OwnershipShare Ownership
Lonmin Plc. 14%Lonmin Plc. 14%Management and Directors 9%GMP (Brokers and Investors) 7%Front Street Capital 9%
Management and Directors 9%GMP (Brokers and Investors) 7%Front Street Capital 9%Front Street Capital 9%Mavrix Funds 5%Close Friends of Management 3%
Front Street Capital 9%Mavrix Funds 5%Close Friends of Management 3%Close Friends of Management 3%US Global Investors –World PM Fund 2%Remaining 50% equally distributed between i tit ti d t il
Close Friends of Management 3%US Global Investors –World PM Fund 2%Remaining 50% equally distributed between i tit ti d t il
g q yinstitutions and retail
g q yinstitutions and retail
Share Price Performance 2006-2007Share Price Performance 2006-2007Share Price Performance of Sudbury Area CompaniesWallbridge Mining WM with DM DividendFirst Nickel FNX Mining
300%
350%
400%ck
Pric
e
150%
200%
250%
Dec
reas
e) in
Sto
c
0%
50%
100%
erce
nt In
crea
se (D
-100%
-50%
2005
2005
2006
2006
2006
2006
2007
2007
2007
2007
Pe
30 S
epte
mbe
r
30 D
ecem
ber
31 M
arch
30 J
une
30 S
epte
mbe
r
30 D
ecem
ber
31 M
arch
01 J
uly
30 S
epte
mbe
r
30 D
ecem
ber
TradingTrading
Current Share Price $0.35(Dec. 7, 2007)Current Share Price $0.35(Dec. 7, 2007)Market Capitalization $26.6 M52 week range $0.73 - $0.20Market Capitalization $26.6 M52 week range $0.73 - $0.20Average daily volume (previous year) 198,301Average daily volume (previous year) 198,301Current cash position ~ $4.0 M + minimum $1.5-3.0 M JV in pending partner commitments for 2008
Current cash position ~ $4.0 M + minimum $1.5-3.0 M JV in pending partner commitments for 2008commitments for 2008commitments for 2008
Market Capitalization (Dec. 7, 2007)Market Capitalization (Dec. 7, 2007)
Current Market Capitalization $26.6 MCurrent Market Capitalization $26.6 MAssets
Market Value of Duluth Shares $31.0 MC h H d $ 4 0 M
AssetsMarket Value of Duluth Shares $31.0 MC h H d $ 4 0 MCash on Hand $ 4.0 MJV Partner commitments $ 1.6 MJV Partner funding ( optional) $ 1 0 1 5 M
Cash on Hand $ 4.0 MJV Partner commitments $ 1.6 MJV Partner funding ( optional) $ 1 0 1 5 MJV Partner funding ( optional) $ 1.0-1.5 M
$37.6-38.1 MJV Partner funding ( optional) $ 1.0-1.5 M
$37.6-38.1 M
Current Valuation of Sudbury (-$11.0 to -11.5 M)PropertiesCurrent Valuation of Sudbury (-$11.0 to -11.5 M)PropertiesPropertiesProperties
Market CapitalizationMarket CapitalizationWallbridge Market CapitalizationValue of Duluth Shares
S
$50,000,000
$55,000,000
$60,000,000Value Attributed to Sudbury
$35,000,000
$40,000,000
$45,000,000
$15 000 000
$20,000,000
$25,000,000
$30,000,000
$0
$5,000,000
$10,000,000
$15,000,000
5 5 6 6 6 6 7 7 7
-$15,000,000
-$10,000,000
-$5,000,000
30/0
9/20
05
30/1
2/20
05
30/0
3/20
06
30/0
6/20
06
30/0
9/20
06
30/1
2/20
06
30/0
3/20
07
30/0
6/20
07
30/0
9/20
07
Potential for Price AppreciationPotential for Price Appreciation
1. Exploration Upside in Sudbury(currently given no value by market)
1. Exploration Upside in Sudbury(currently given no value by market)(currently given no value by market)
2. Potential Increase in Value of Duluth H ldi g
(currently given no value by market)2. Potential Increase in Value of Duluth
H ldi gHoldingsHoldings
Sudbury DepositsSudbury Deposits
DisseminatedFootwall
Copper-PGEZ
EmbaymentStructure
Zones(eg. FNX PM Zone, Nickel
Rim South FW)
Traditional Contact Massive Sulphide Nickel-Copper
Ore Zones
Footwall Copper-
Nickel-PGEVeins
After Morrison, 1984
(eg. FNX Levack
Footwall Zones)
Wallbridge Focus
Wallbridge Discoveries in Sudbury to dateWallbridge Discoveries in Sudbury to date2002 P ki R2002 P ki R2002- Parkin Resource
264,000 tonnes 0.70 Cu%, 0.65% Ni, 1.64 g/t PGE Indicated87 000 tonnes 0 70 Cu% 0 40% Ni 2 8 g/t PGE Inferred
2002- Parkin Resource264,000 tonnes 0.70 Cu%, 0.65% Ni, 1.64 g/t PGE Indicated87 000 tonnes 0 70 Cu% 0 40% Ni 2 8 g/t PGE Inferred87,000 tonnes 0.70 Cu%, 0.40% Ni, 2.8 g/t PGE Inferred
2003-2005 Broken Hammer Discovery251,000 tonnes 3.80 g/t PGE, 1.00 Cu%, 0.10% Ni Inferred
87,000 tonnes 0.70 Cu%, 0.40% Ni, 2.8 g/t PGE Inferred
2003-2005 Broken Hammer Discovery251,000 tonnes 3.80 g/t PGE, 1.00 Cu%, 0.10% Ni Inferred
2005- Trill Offset Dyke Sulphide Lense2005 – Amy Lake PGE Zone 2005- Trill Offset Dyke Sulphide Lense2005 – Amy Lake PGE Zone 2005 Amy Lake PGE Zone 2006- Nickel Intercept East Range2006 2007 North Range Project
2005 Amy Lake PGE Zone 2006- Nickel Intercept East Range2006 2007 North Range Project2006-2007 North Range Project2006-2007 North Range Project
Wallbridge Sudbury Properties > 66,800 hectaresWallbridge Sudbury Properties > 66,800 hectares
Broken Hammer Broken Hammer
NorthNorthRangeRange
ParkinParkin
SkynnerSkynnerLakeLakeFrostFrost LakeLakeFrost Frost
LakeLake
Creighton Creighton SouthSouth
TrillTrill
Resource Property
South South
New Mineralization 2005-2006New Mineralization 2005-2006
Skynner Lake
Broken HammerWisner
Skynner LakeFrost Lake
New Lonmin-CVRD-IncoCapre Lake Footwall Discovery
Trill
New Lonmin-CVRD-IncoDenison Discovery
East RangeFrost Lake
East RangeFrost LakeFrost LakeSkynner LakeFrost LakeSkynner Lake
New LonminNew Lonmin CVRD/IncoCVRD/IncoNew LonminNew Lonmin--CVRD/IncoCVRD/IncoDiscovery January 2007Discovery January 2007
Amy Lake PGE ZoneAmy Lake PGE ZoneWM-XSTRATAWM-XSTRATA WM-
XSTRATA
New Lonmin
Inco/CVRD
Discovery
From To Length TPM Pt Pd Au Ni Cu Sm m m ppm ppm ppm ppm % % %
Drillhole WC-02064.00 71.00 7.00 0.701 0.253 0.352 0.097 0.06 0.14 0.37
134.50 138.50 4.00 3.980 2.035 1.581 0.364 0.09 0.19 0.83150 00 151 50 1 50 0 920 0 384 0 429 0 107 0 03 0 09 0 21
Highlight analytical results for 2006 drilling at the Amy Lake Target, Wallbridges Frost Lake Property.
150.00 151.50 1.50 0.920 0.384 0.429 0.107 0.03 0.09 0.21168.50 174.50 6.00 1.143 0.543 0.523 0.077 0.03 0.06 0.18
Drillhole WC-02346.00 48.00 2.00 5.080 2.485 2.106 0.489 0.09 0.22 0.34
including… 46.00 47.00 1.00 8.721 4.230 3.530 0.961 0.15 0.40 0.5162.70 66.00 3.30 1.000 0.457 0.521 0.021 0.04 0.05 0.0684.50 96.50 12.00 1.064 0.547 0.456 0.061 0.02 0.03 0.09
including… 95.00 96.50 1.50 4.050 2.180 1.710 0.160 0.03 0.06 0.03111.50 122.00 10.50 1.665 0.698 0.714 0.254 0.03 0.11 0.10
including… 113.00 117.50 4.50 3.188 1.314 1.347 0.527 0.05 0.17 0.13
including… 116.00 117.50 1.50 6.640 2.690 2.680 1.270 0.08 0.28 0.30140.00 141.50 1.50 0.417 0.101 0.182 0.134 0.04 0.05 0.28
Skynner LakeSkynner Lake
Drill Program currentlyDrill Program currentlyg yUnderway testing Titan 24 geophysical
g yUnderway testing Titan 24 geophysicalTitan-24 geophysicaltargetsTitan-24 geophysicaltargets
Creighton SouthCreighton South
Mapping and sampling has identified anomalous PGE’s in Mapping and sampling has identified anomalous PGE’s in environment similar to nearby Lonmin/CVRD Denison discoveryenvironment similar to nearby Lonmin/CVRD Denison discovery
Trill Property Trill Property
Currently drill testing Titan-24 targets Currently drill testing Titan-24 targets Currently drill testing Titan 24 targets and extending breccia environmentsCurrently drill testing Titan 24 targets and extending breccia environments
North Range Project North Range Project Massive expansion ofland position into formerly unexplored
Massive expansion ofland position into formerly unexploredformerly unexploredareasMotivation for
formerly unexploredareasMotivation for Lonmin Plc. privateplacement$3.9 M committed
Lonmin Plc. privateplacement$3.9 M committed$3 9 co ttedto exploration over3 years
$3 9 co ttedto exploration over3 years
Broken Hammer StatusBroken Hammer StatusGrass roots discovery by WallbridgeInferred Resource Estimate by Roscoe Postle Associates Grass roots discovery by WallbridgeInferred Resource Estimate by Roscoe Postle Associates 251,000 tonnes at a grade of 3.80 g TPM/t (1.56 g/t Pd, 1.62 g/t Pt, and 0.61 g/t Au), 1.00% copper, and 0.10% nickel
251,000 tonnes at a grade of 3.80 g TPM/t (1.56 g/t Pd, 1.62 g/t Pt, and 0.61 g/t Au), 1.00% copper, and 0.10% nickel Acquired minority interest from JV partner Xstrata Nickel, WM now controls resourceI iti l M t ll gi l W k C l t d
Acquired minority interest from JV partner Xstrata Nickel, WM now controls resourceI iti l M t ll gi l W k C l t d Initial Metallurgical Work Completed, Advanced Exploration Permitting Completed Scoping Study recommended a bulk sample
Initial Metallurgical Work Completed, Advanced Exploration Permitting Completed Scoping Study recommended a bulk sampleScoping Study recommended a bulk sampleOptions for bulk sample currently being explored Scoping Study recommended a bulk sampleOptions for bulk sample currently being explored
Demorest AssaysDemorest AssaysO t # G b S l # A A % C % PbOutcrop # Grab Sample # ppm Au ppm Ag % Cu % Pb
1 601612 4.82 10.00 0.16 0.051 601613 12.10 49.80 0.79 0.051 604168 1 45 1175 00 1 37 5 681 604168 1.45 1175.00 1.37 5.681 604169 3.62 14.75 0.92 0.19
3 604170 0.89 161.00 0.14 0.493 604171 1.07 25 40 0 78 0 443 604171 1.07 25.40 0.78 0.443 701753 0.65 166.00 0.12 1.103 701754 1.10 69.00 7.99 0.023 701755 0.65 12.00 1.35 0.013 701756 2.87 770.00 3.70 2.933 701757 0.19 567.00 2.44 10.903 701758 2.05 225.00 0.49 1.493 701759 0.01 5.00 0.03 0.07
5 601615 0.15 94.40 5.43 0.035 601616 0.05 2.20 0.21 0.005 601617 0.28 25.90 0.82 0.075 604172 0.18 3.67 0.62 0.01
6 601614 0.22 2.27 0.66 0.006 604173 0.32 3.60 1.05 0.00
Duluth Metals Limited (DM:TSX)B ildi V l f WM h h ldDuluth Metals Limited (DM:TSX)B ildi V l f WM h h ldBuilding Value for WM shareholdersBuilding Value for WM shareholders
Spin out of WM Minnesota property in November 2005Spin out of WM Minnesota property in November 2005WM shareholders got 1 share for every 4 shares of WM heldWallbridge retained 10M shares ( 15% equity stake)
WM shareholders got 1 share for every 4 shares of WM heldWallbridge retained 10M shares ( 15% equity stake)Wallbridge retained 10M shares ( 15% equity stake)Duluth is currently well financed company with about $20 M cash and $25 M in warrants currently in the
Wallbridge retained 10M shares ( 15% equity stake)Duluth is currently well financed company with about $20 M cash and $25 M in warrants currently in the ymoney)Market capitalization of approximately $200 million
ymoney)Market capitalization of approximately $200 millionCurrently trades at about $3.10, valuing WM shareholding at $31 M Currently trades at about $3.10, valuing WM shareholding at $31 M
Duluth HighlightsDuluth HighlightsNovember 2005 spinout completedNovember 2005 spinout completedNovember 2005 spinout completedOctober 2006 IPO ($ 11.7 M) and Listing on TSXNovember 2006– Present – Aggressive Drilling Program
November 2005 spinout completedOctober 2006 IPO ($ 11.7 M) and Listing on TSXNovember 2006– Present – Aggressive Drilling Program gg g gwith 3 to 4 drillsApril – May 2007 – Second Financing Raises $15.3 M June 2007 – Initial Resource
gg g gwith 3 to 4 drillsApril – May 2007 – Second Financing Raises $15.3 M June 2007 – Initial Resource June 2007 Initial Resource
347 million tonnes Indicated Resources grading 0.62% copper, 0.20% nickel, 0.52 grams per tonne of total precious metals (TPM = Platinum+Palladium+Gold),
June 2007 Initial Resource 347 million tonnes Indicated Resources
grading 0.62% copper, 0.20% nickel, 0.52 grams per tonne of total precious metals (TPM = Platinum+Palladium+Gold),total precious metals (TPM Platinum Palladium Gold),plus an additional 108 million tonnes of Inferred Resources grading 0.64% copper, 0.18% nickel, 0.70 grams per tonne of TPM.
O 200
total precious metals (TPM Platinum Palladium Gold),plus an additional 108 million tonnes of Inferred Resources grading 0.64% copper, 0.18% nickel, 0.70 grams per tonne of TPM.
O 200October 2007- Metallurgy November 2007 ScopingOctober 2007- Metallurgy November 2007 Scoping
Market Capitalization of Duluth Companies
$700,000,000
$600,000,000
Potential for Potential for
$500,000,000
tion
ReaffirmsProductionfor 2008
US$41.25 M Financing
for Appreciation for Appreciation
$300,000,000
$400,000,000
rket
Cap
italiz
at
PolymetFranconiaDuluth Metals
AnnouncesGrade Increase andFeasibility Study
PositiveFeasibility Study
$200,000,000
Mar
Takes Ownership of Plant Updated
Resource
InitialResource
Financing
$0
$100,000,000
AcquiresCliffs Erie Plant
Annouces Financing
Expands Drilling Program
TSXListing
RestructuresAgreement
Financing
MaturiAcquisition
$0
02-J
an-0
4
01-J
an-0
5
01-J
an-0
6
01-J
an-0
7
01-J
an-0
8
g
The Wallbridge OpportunityThe Wallbridge Opportunity
Currently undervalued relative to other base metal stocks, Duluth shares and cash cover entire market capitalizationCurrently undervalued relative to other base metal stocks, Duluth shares and cash cover entire market capitalizationDuluth shares and cash cover entire market capitalization
Multiple opportunities for short term exploration success in
Duluth shares and cash cover entire market capitalization
Multiple opportunities for short term exploration success in p pp pSudbury, at zero cost to investor
Strategic Sudbury land position with excellent mid to long
p pp pSudbury, at zero cost to investor
Strategic Sudbury land position with excellent mid to long Strategic Sudbury land position with excellent mid to long term exploration potentialStrategic Sudbury land position with excellent mid to long term exploration potential
Potential for significant appreciation in value of shareholding in Duluth Metals LimitedPotential for significant appreciation in value of shareholding in Duluth Metals Limited