Objective Capital Global Mining Investment Conference - Platinum Group Metals: Chris Dundas

London Global Mining Investment Conference

Stationers Hall, London

Wednesday 30th September 2009

www.ObjectiveCapitalConferences.com

10.20 Platinum Group Metals

Christopher Dundas Chairman & DirectorDuluth Metals Limited

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Nokomis Deposit:A Combined PGM & Base Metal

Investment Opportunity

Objective Capital’s London Global Mining Investment Conference

September 2009

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Duluth Metals’ strategy is to systematically

explore and develop the Nokomis Property,

which hosts the Company’s main asset – the combined

base and precious metal Nokomis Deposit.

The vision of the Company is to move the

world class Nokomis copper-nickel-PGM Deposit

through feasibility into production.

Duluth Metals’ strategy is to systematically

explore and develop the Nokomis Property,

which hosts the Company’s main asset – the combined

base and precious metal Nokomis Deposit.

The vision of the Company is to move the

world class Nokomis copper-nickel-PGM Deposit

through feasibility into production.

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” within the meaning of the US Private Securities Litigation Reform Act of 1995.  Such forward looking statements include statements about our plans, strategies, business prospects, changes and trends in our business. In some cases, you can identify forward looking statements by the use of words such as "may," "could" "should," "would," "expect," "plan," "anticipate," "intend," "forecast," "believe," "estimate," "predict," "propose," "purpose," "potential" or "continue" or the negative or derivative of such words. In particular, all statements in this presentation, other 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, such statements are not guarantees of future performance and actual results or developments may differ materially from the forward-looking statements.  As they are based on management's current plans, estimates, expectations, beliefs and assumptions concerning future events, they involve a number of risks and uncertainties.   Factors that could cause actual results to differ materially from those in the forward-looking statements include market prices for commodities, exploitation and exploration successes, continued availability of capital and financing, general economic, market or business conditions  and other factors disclosed in the Company's public filings . The Company does not undertake 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.

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Cautionary and Forward Looking Statement

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Property Location

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Contained Metals in Expanded Nokomis Resource*

Significant Contained PGM’s & Base Metals

*Based on resource estimated at 1.0% copper equivalent cut-off.

Reference: July 18, 2008 Technical Report on the Resource Estimate for the Nokomis Deposit on the Maturi Extension Properties, Minnesota, U.S.A.

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Metal Indicated Inferred

Copper 6.18 Billion lbs. 3.93 Billion lbs.

Nickel 1.97 Billion lbs. 1.21 Billion lbs.

Cobalt 103.00 Million lbs. 62.80 Million lbs.

Platinum 2.30 Million ozs. 1.75 Million ozs.

Palladium 5.17 Million ozs. 3.94 Million ozs.

Gold 1.21 Million ozs. 0.88 Million ozs.

TPM (Pt+Pd+Au) 8.68 Million ozs. 6.57 Million ozs.

Bas

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s

Copper Equivalent* 17.54 Billion lbs. 11.32 Billion lbs.

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Cut-Off Grade

Tonnes Cu (%) Ni (%)TPM (g/t)

Cu Eq(%)

Indicated 1.0% Cu Eq* 449 .4 M 0.624 0.199 0.600 1.46

Inferred 1.0% Cu Eq* 284 .2 M 0.645 0.180 0.697 1.50

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NI 43-101 Estimate by Scott Wilson RPA dated June 2008

Scott Wilson RPA estimated the Mineral Resource using average long-term metal US$ prices of $1.75/lb copper,

$7.00/lb nickel, $10.00/lb Co, $600/oz Au, $1100/oz Pt and $350/oz Pd.

Copper equivalent (CuEq%) = Cu% + 3.03 x Ni% + 0.63 x Co% + 0.30 x Au g/t + 0.76 x Pt g/t + 0.24 x Pd g/t

based on expected metal prices and process recovery and refining charges.

TPM (g/t) = Pt (g/t) + Pd (g/t) + Au (g/t)

*Cu Equivalent cut-off grade methodology approximates 0.4% Cu

NI 43-101 Resource Estimate

Nokomis Deposit

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Copper Nickel Cobalt

181,700,000 lbs 42,300,000 lbs 783,000 lbs

Platinum Palladium Gold

69,000 ozs 157,000 ozs 25,000 ozs

*Reference: January 8, 2009 Scott Wilson RPA Preliminary Assessment on the Nokomis Project, Minnesota, U.S.A.

Nokomis: A Diversified Basket of Commodities

Potential Annual Production @ 40,000 tpd

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Total TPM Annual Production = 251,000 ozs

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Nokomis Property: Higher PGM Potential

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Three different economic cases are highlighted by Scott Wilson RPA: Low Metal Price Case of 1.55/lb Cu; $4.90/lb Ni; $10.00/lb Co; $795/oz Pt; $295/oz Pd; $600/oz Au; Base Price Case of $1.75/lb Cu; $7.00/lb Ni; $10.00/lb Co; $1,100/oz Pt; $350/oz Pd; $600/oz Au; and Market Price Case*

as of January 13, 2008 of $3.31/lb Cu, $12.70/lb Ni, $47/lb Co, $1,559/oz Pt, $376/oz Pd, $895/oz Au: (all monetary units are in $US)

*Scott Wilson RPA used Market Prices on January 13, 2008 in the earlier NI 43-101 Report dated January 22, 2008.

Reference: January 8, 2009 Scott Wilson RPA Preliminary Assessment on the Nokomis Project, Minnesota, U.S.A.

Production Rate @ 40,000 tpd

Low MetalPrice Case

Base Price CaseMarket Price Case

(as of Jan. 13, 2008)*

Undiscounted Net Present Value

$4.901 Billion $8.214 Billion $20.983 Billion

Net Present Value @ 10%

Discount

$672 Million $1.598 Billion $5.144 Billion

Average Annual Cash Flow

$283 Million $434 Million $1.014 Billion

Internal Rate of Return (IRR)

16.2% 23.0% 41.4%

Capital Cost $1.332 Billion $1.332 Billion $1.332 Billion

Payback Period 6 years 4 years 2 years

Annual Metal Production

181.7 million lbs copper; 42.3 million lbs nickel; 251,000

ozs TPM

181.7 million lbs copper; 42.3 million lbs nickel; 251,000

ozs TPM

181.7 million lbs copper; 42.3 million lbs nickel; 251,000

ozs TPM

Financial Leverage on World Metal Prices

$3.2Billion

as of September

16-09spot prices

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Valuable Asset for Future Mine Plan

Dunka Property Option

Advantages of Dunka: Potential site for future

tailings and processing. Cost effective. Recycling an existing

brownfields site.

Metal Value Contributions

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Base Case Metal Distribution – Approximate Relative Contribution to Value.Ratio is dependent on relative world spot metal prices.

Reference: January 18, 2008 Technical Report on the Preliminary Assessment on the Nokomis Project, Minnesota, U.S.A.

Metal Value Contributions

Copper Nickel Cobalt Pt+Pd+Au

35%

42%

22%1%

Copper

Nickel

Cobalt

Platinum,Palladium & Gold

$6

$4

$2

$0

-$2

-$4

-$6

-$8

-$10

Viewed as a Potential Copper Mine(with all other metals as by-product credits)

Not Including Capital Costs

Cost per Pound of Production

$6

$4

$2

$0

-$2

-$4

-$6

-$8

-$10

-$0.72

Base Case

-$2.36

Base Case

Market Case**

Market Case**

*Based on NI 43-101January 2009 Scoping Study

**Market case as of January 13, 2008

Including Capital Costs

-$0.30 -$1.94

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Low Metal Price Case

-$0.09

Low Metal Price Case

$0.32

Forecast Production Cost*

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-$2.15-$0.36

$6

$4

$2

$0

-$2

-$4

-$6

-$8

-$10

Viewed as a Potential Nickel Mine(with all other metals as by-product credits)

Not Including Capital Costs

Cost per Pound of Production

$6

$4

$2

$0

-$2

-$4

-$6

-$8

-$10

-$3.61

Base Case

-$11.63

Base Case

Market Case**

Market Case**

*Based on NI 43-101 January 2009 Scoping Study **Market case as of January 13, 2008

Including Capital Costs

-$1.82

-$9.83

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Low Metal Price Case

Low Metal Price Case

Forecast Production Cost*

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A World Class Deposit

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“Mineral deposits occur rarely in the Earth’s crust andlarge ones are especially uncommon”

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Nokomis is a World Class Deposit

“World class deposits are defined as the upper 10 percent of deposits in terms of contained metal” 2

1 ,2 Singer, D.A., (USGS Geologist), 1995, World-Class Base and Precious Metal Deposits – A Quantitative Analysis: Economic Geology, v. 90, p. 88-104.

Size Comparison of Camps/Deposits

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Contained Metal: Duluth Deposits

NE SW

Nokomis is the largest and still growing

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Important to the United States

U.S. Geological Survey, 2008, Mineral commodity summaries 2009: U.S. Geological Survey, various pages.

Nokomis as a percent of the identified resources (Measured, Indicated & Inferred) of the United States

Importance of the Nokomis Deposit

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Based on reported data of contained metal, the Nokomis Deposit is the second largest Cu-Ni-PGE deposit on

Earth, only Russia’s Noril’sk deposit is larger.

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Non-ferrous Exploration Activity

Reference: University of Minnesota Duluth see at http://www.d.umn.edu/prc/workshops/08_InvWorkshop.html

Duluth Metals resource estimates are NI 43-101 compliant, other deposits are as reported.

The Nokomis Deposit

Part of an evolving mining district.

Nokomis449 Million Tonnes Indicated 0.624% Cu, 0.199% Ni, 600 ppb Pt+Pd+Au284 .2 Million Tonnes Inferred0.645% Cu, 0.180% Ni ,697 ppb Pt+Pd+Au

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Acquisition of additional mineral

rights and/or surface rights

including:

• Dunka Property Option

• State Lands (multiple properties)

• Other Private Lands (multiple

properties)

The new land acquisitions bring the

current mineral holdings of Duluth

Metals to approximately 18,500

acres and 14,000 acres of surface

rights.

Strategic Land Additions

Exploration Summary

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Exploration

From 2006 to 2009 the Company operated the largest concerted drilling program ever

undertaken in Minnesota to define the Nokomis Deposit.

Duluth Metals completed a total of 155 vertical holes & 67 wedge holes, totaling 153,425 meters (503,363 feet)

or 153.4 kilometers (95.3 miles).

All holes drilled to target depth intercepted mineralization

in varying widths and grades

(all assay results available on SEDAR.com)

Cumulative Meters Drilled

Advancement of the Nokomis Project

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A year of accomplishments in a challenging economic climate:

• Expanded the size of Nokomis deposit – 30% increase in Indicated Resources to 449 Million Tonnes – 162% increase in Inferred Resources to 284 Million Tonnes

• Second NI 43-101 Preliminary Assessment of the Nokomis Project

– Expanded 40,000 tonnes per day production rate scenario demonstrates positive economics

• Delineated significant Eastern Area Higher Grade Zones

• Increased strategic land assets

• Environmental baseline studies underway

• Commenced a third NI 43-101 Resource Estimate with Scott Wilson RPA

Geological Interpretation: Nokomis Deposit

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Figures from Peterson, 2008

Cross sections views through the Nokomis Deposit

Nokomis Cross Sections: East

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Nokomis Cross Sections: West

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Nokomis Ore Deposit Model

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• Geologic analysis – insight of the mineralization leads to

enhanced understanding and discovery.

• Resource definition – identifying contiguous, large tonnage,

higher grade zones is important.

• Mine planning – designing the optimal extraction system.

• Metallurgical testing – confirming the optimal recovery system.

• Environmental assessments – critical to the permittability and

future development of the project.

• Project optimization – insuring the best operation and the most

profitable economic scenario, within the operational constraints.

Next Steps – 2009 and Beyond

Major Activities:

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Timeline to Advance the Nokomis Deposit Towards Production

2006 -2009Exploration to define Nokomis

Deposit

2007 ongoingEnvironmental Base Line Studies for EIS

2008 ongoingCollection of Drill Core for metallurgical tests

Mine Planning and Engineering

2009 ongoing Pre-Feasibility and subsequent Bankable Feasibility Studies

Project OptimizationEnvironmental Review, EIS and Permitting

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• Environmental work on Nokomis began in early 2007.

• Baseline studies are proceeding well and many are almost completed.

• Nokomis will have reduced surface impact as an underground mine vs an open pit mine.

• Reuse of the Dunka brownfields site is considered positive.

• Nokomis appears to be permittable within current environmental standards.

• PolyMet has helped define the process for permitting a nonferrous mine in Minnesota.

• Duluth Metals continues to work with the State, Federal Government, local groups and other stakeholders to address all environmental questions and issues.

Environmental Good News

Common Shares Issued and Outstanding 80,469,056

Common Shares Reserved for Issuance– Allocated Stock Options 10,221,666

Common Shares Reserved for Issuance– Compensation Options 1,340,000

Common Shares Reserved for Issuance – Warrants 9,423,617

Common Share Capital – Fully Diluted 101,454,339

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As of August 31, 2009 Share Structure

Christopher Dundas Chairman & Director

Formerly Senior Partner Murray & Co. Over 30 years experience in project & corporate finance.

Debt & equity finance specializing in real estate and infrastructure. B.Commerce – Queens University

& MBA - U. of California, Berkeley.

Henry Sandri President, CEO & Director

Formerly President of Select Resources, former executive of Inco Ltd., Queensland Nickel,

and Burlington Northern Inc. International mineral economist. BSc Foreign Service-Georgetown

U., MA Applied Economics-American U. & PhD Mineral Economics-Colorado School of Mines.

Dean Peterson Senior Vice-President Exploration

Pre-eminent authority on Duluth Complex mineralization through previous position as Senior

Research Associate at the Natural Resources Research Institute of the U. of Minnesota in Duluth as

well as co-director of the Precambrian Research Center at the University.

John Francis Chief Financial Officer

Earned his Chartered Accountant degree in 1976 with Coopers & Lybrand. Over 25 years experience

in finance & accounting within the mining and natural resource sectors. Has held senior finance positions

with Jaguar Nickel, Queenston Mining, and Harbinson Mining Group.

H. James Blake Secretary

Senior law partner of McLean & Kerr LLP. Appointed Queen’s Counsel in 1980. Member of the

Ontario Bar Association. LLM Business Law-York University.

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Management

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Directors

James J. Jackson, R.C.A. DirectorFormer Alcan executive, former Senior Vice-President and Chief Financial Officer of MobiFon. Current member of the supervisory board of Bite Lithuania, a mobile telephone company and Board member of Neo Materials Technologies Inc. A member of the Canadian Institute of Chartered Accountants and a registered Certified Public Accountant in the United States. He serves as Director & Chairman of the Audit Committee.

Michael J. Knuckey DirectorFormer President and CEO of Noranda Mining and Exploration and involved in the discovery and development of numerous mines including the giant Collahuasi deposit, Chile; Corbet; Winston Lake; Ansil; Thayer Lindsley; Samatosum; Raglan’s new zones and Ujina. Inductee to Canadian Mining Hall of Fame.

Thomas F. Pugsley DirectorFormer Senior Vice President of Projects and Engineering at Falconbridge Limited, he managed Falconbridge’s interest in the US$1.8 billion Collahuasi Copper Project, Chile, and, was responsible for the implementation of Falconbridge’s $600 million Raglan Project, Nunavik Quebec as well as the design, planning and development of Falconbridge’s US$3 billion Koniambo Ferronickel Project in New Caledonia.

Barry Simmons B.Sc. DirectorFormer executive of Teck Cominco Ltd., Falconbridge Limited and Cameco Corporation, with worldwide experience in exploration and development of copper, nickel, precious metals and uranium.

Alar Soever P.Geo Director President of Wallbridge Mining Company and Professional Geologist with over 25 years experience in the mining industry in Canada and overseas.

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Company Highlights

Single FocusFocused on One Property

• Growing the Asset Value of the Nokomis Deposit • Advancing Nokomis to Development and Production

Experienced ManagementExperienced Board, Management & Staff

Debt Free

Cash Position Approximately $6.7 Million Cash as of June 30, 2009

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Attractive Investment Vehicle

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• Diversified PGM and Base Metal Opportunity

• Significant upside to increase Nokomis Resource

• Strong financial leverage to increasing base and precious metal prices

• Low political risk & historical mining culture

• Excellent infrastructure in the centre of North America

Investment Summary

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TSX DMwww.duluthmetals.com

London Global Mining Investment Conference

Stationers Hall, London

Wednesday 30th September 2009

www.ObjectiveCapitalConferences.com

Christopher Dundas

Chairman & Director

Duluth Metals Limited

Chris Dundas is the Chairman and a Director of Duluth Metals Limited. Mr Dundas obtained an MBA from the University of California (Berkeley) in 1973 and has 33 years of investment banking experience in real estate, corporate, and infrastructure finance. During that period he participated in arranging financings totalling several billions of dollars. Since late 2005, he has led the IPO, development and growth of Duluth Metals Limited, a publicly listed company on the Toronto Stock Exchange. He is formerly a Director of Murray & Company Holdings Limited, a full service financial intermediary headquartered in Toronto and formerly the President of Murray & Company’s Quebec subsidiary. He is a former Director of Wallbridge Mining Limited.