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Virginia, MN – Public Presentation
March 22, 2012
Who is Twin Metals Minnesota?
Twin Metals Minnesota is pursuing the development and operation of an underground copper, nickel, platinum, palladium and gold (strategic metals) mining project in NE Minnesota.
Twin Metals Minnesota has offices in St. Paul, Ely and Babbitt, Minn.
Twin Metals Minnesota Management Team
With Us Today
• Bob McFarlin, Vice President, Public and Government Affairs
• David Ulrich, Vice President, Human Resources
• David Ponczoch, Chief Financial Officer
• David Oliver, Manager Special Projects, Ely
The Rest of the Management Team
• Andres Morel, CEO
• Anne Williamson, Vice President, Environment and Sustainability
• Renan Argandona, Director of Geology, Ely
• Dan Colton, Vice President, Regulatory Affairs & General Counsel
• Alejandro Berenguela, Director of Mining
• David Tyler, Vice President, Project Development
Why Minnesota; Why Now?
• Minnesota has the potential to be a global epicenter for strategic metals mining.
• 4 Billion tons of estimated strategic metal “ore” resources. Likely to grow.
• Strong market conditions globally and domestically.
• Global economic growth; “Green Energy” economy; national security interests.
• MN Jobs for Generations.
Minnesota Will Be A Global Leader
There are more than 4 billion tons of copper, nickel and other metal resources in the state of Minnesota, which represents that largest known undeveloped deposit of strategic metals in the world.
• Copper: wire, pipe & tubing, electrical generation & transmission, electrical components, telecommunications, wind turbines.
• Nickel: stainless steel, specialty-alloys & super-alloys, combustion turbines, aircraft & aerospace, and military applications.
• Palladium/Platinum Group Metals: petroleum cracking & refining, chemical catalysts, air quality catalysts, environmental control and jewelry.
Strategic Metals Uses
• There are 4.7 tons of copper in a single wind turbine.
• In a hybrid car:
� 9 pounds of nickel
� Cobalt in Lithium batteries
� 75 pounds of copper (150-180 lbs. if fully electric)
• Your cell phone:
� copper
� palladium
� platinum
� gold
Did You Know?
Twin Metals Minnesota
Project Location and Prefeasibility Study
Activities
Twin Metals Minnesota
Part of Northern Minnesota’s Mining Range
Twin Metals
Property
Location
Twin Metals Minnesota – Mineral Deposits
• Approx. 32,000 acres of property interests – leased, permitted or owned.
• Babbitt is roughly 10 miles to the west and Ely is roughly 15 miles to the northwest.
• Four mineral deposits: Nokomis, Maturi, Spruce Road and Birch Lake.
Twin Metals Minnesota – Project Development
October 2011, Twin Metals launched the project’s Prefeasibility Study (PFS).
PFS - 18-20 month duration. Critical project details form foundation for rigorous and thorough environmental review by multiple state and federal agencies.
– Environmental impacts and controls
– Mine design and processing rates
– Type of ore processing
– Facility locations
– Transportation methods and routes
– Power sources and transmission routes
– Economics: jobs, revenues, taxes, royalties
Twin Metals Minnesota – Current PFS Activities
• “In-Fill” Definition Drilling of Targeted Deposits
• Metallurgical Testing
• Facility Siting Examination
• Rigorous and Robust Environmental Baseline Data Collection
• Early Community/Stakeholder Engagement
• Building State and Federal Regulatory Agency Relationships
2011 2012 2013
H1 H2 H1 H2
13
Twin Metals Minnesota - Project Development Roadmap
Prefeasibility Study
Bankable Feasibility Study
Joint State-Federal Draft EIS / EIS
Record of
Decision
Environmental work, EIS prep. and Base Line
Prelim. Project
Description
Permits
Scoping EAW
MPO / Project
Description
Conceptual
Study
Twin Metals Minnesota
Environmental Responsibility,
Commitment and Protection
Twin Metals Minnesota - Environmental Commitment
• Protect Minnesota’s Pristine Wilderness and
Recreational Resources
• Exceed State and Federal Environmental Protection
Standards:
– Project will face rigorous, thorough and lengthy environmental review by multiple state and federal agencies
– Environmental permits protecting water and air will include stringent standards
– Project MUST exceed those standards, or it will not be approved
Twin Metals Minnesota – State of the Art Environmental
Protection
• Underground design limits surface impacts
• Water treatment technologies promote water
recirculation, minimize water use and exceed water
quality standards
• Waste treatment allows for safe “backfilling” of up
to 50% of mine tailings
• Safe storage and treatment of remaining tailings in
monitored surface facilities
• Advanced metal processing technologies
significantly reduce air emissions
• Drill sites “reclaimed” to natural state
Twin Metals Minnesota
Jobs for Generations
David Ulrich
VP, Human Resources
Twin Metals Minnesota “Jobs for Generations”
• Hundreds – possibly thousands – of Minnesota jobsfor both construction and long-term operations.
• 2009 UMD Study: More than 12,000 Minnesota construction jobs will be created when all strategic metal mining projects move forward.
• 2009 UMD Study: More than 5,000 long-term Minnesota mining jobs will be created when all projects become operational.
Twin Metals Minnesota “Jobs for Generations”
Annual Mining Wages 2010
Source: U.S. Bureau of Labor Statistics
Minnesota
• Mining = $72,365
• All Industries Avg. = $46,985
• Minnesota Mining Jobs + 54%
U.S. Average
• Mining = $67,719
• All Industries Avg. = $46,451
• National Mining Jobs + 47%
Twin Metals Minnesota –
“Building Partnerships - Preparing Generations”
Twin Metals’ “Jobs for Generations”
• Twin Metals will employ a variety of skilled Minnesotans: geologists
engineers carpenters, safety inspectors, mine designers, mapping
experts, mechanics, electricians, miners, truck drivers, drillers, IT
professionals, business administration.
• Twin Metals job openings can be followed on our website:
http://www.Twin-Metals.com/careers/
Twin Metals Minnesota
Current and Future Economic Impact
David Ponczoch
CFO
Spurring Economic Development in Minnesota
• The Twin Metals Minnesota project will boost the regional economy and generate millions of dollars in state and local taxes.
• The Twin Metals Minnesota capital investment – all from private sources –could exceed $2 billion prior to mine operation.
• Twin Metals Minnesota is currently investing significant resources into the local economy – construction, drilling, environmental study, etc.
Twin Metals Minnesota - Supporting Schools
Royalties from the Twin Metals Minnesota project will contribute significant revenues to Minnesota’s local schools:
• According to the MN DNR, in 2008, Minnesota’s mining industry provided nearly $57 million to MN school districts and universities.
• The State of Minnesota’s “Permanent School Fund” will collect $2.5 billion in royalties in the coming decades from strategic metals mining projects – with Twin Metals Minnesota being the largest.
Twin Metals Minnesota
Operations & Employment (Feb. 2012)
To date, more than $150 million has been invested in exploration and project development activities, supporting more than 160 direct and consultant/contractor jobs.
Ely & Babbitt, Minn.
Employees 20
Drillers/Contractors 100~
St. Paul, Minn.
Employees 20
Contractors/Consultants 20~
Twin Metals Minnesota – Investments = Jobs
• January and February 2012 drilling
investment = $5 million; supported
100-120 full time drilling jobs
Twin Metals Minnesota
Ely Operational Headquarters
Twin Metals invested $1.5 Million on the new 9,000 square foot facility
in Ely. Opened August 2011.
Twin Metals Minnesota
Supporting Minnesota Businesses
81%
13%
5%
1%
2011 VENDOR SPEND = $44 million
MINNESOTA
UNITED STATES
CANADA
Twin Metals Minnesota
In Conclusion
A Long-Term Commitment to Minnesota
The Twin Metals Minnesota project has the potential to be operational for decades.
Twin Metals Minnesota has made a significant long-term commitment and investment in northern Minnesota, and is becoming actively involved in Iron Range communities, offering support for:
• Local area athletics• Community parks and recreation• Area food banks• Cultural organizations• Education initiatives
Federal, State and Local Coordination
Twin Metals Minnesota is working in collaboration with:
Thank You.
Project information is frequently updated on the
Twin Metals Minnesota website:
www.Twin-Metals.com