Home › Download › DULUTH METALS (DULMF $2.53 or DM.TO C$2.73 at June 6th close, rated Overweight) JUNE 4TH RESOURCE = AGNICO-EAGLE + 3x FNX MINING’S Ni +10x FNX MINING’S COPPER; WE EXPECT MORE FUTURE DELINEATIONS; PRICE TARGET RAISED TO $15 FROM $10 PER SHARE; HIGHER EARNINGS ESTIMATES 2007 2008E 2009E 2010E 2011E 2012E June 6, 2008

DULUTH METALS (DULMF $2.53 or DM.TO C$2.73 at June 6th close, rated Overweight) JUNE 4TH RESOURCE = AGNICO-EAGLE + 3x FNX MINING’S Ni +10x FNX MINING’S COPPER; WE EXPECT MORE FUTURE DELINEATIONS; PRICE TARGET RAISED TO $15 FROM $10 PER SHARE; HIGHER EARNINGS ESTIMATES 2007 2008E 2009E 2010E 2011E 2012E June 6, 2008

DULUTH METALS (DULMF $2.53 or DM.TO C$2.73 at June 6th close, rated
Overweight) JUNE 4TH RESOURCE = AGNICO-EAGLE + 3x FNX MINING’S Ni
+10x FNX MINING’S COPPER; WE EXPECT MORE FUTURE DELINEATIONS;
PRICE TARGET RAISED TO $15 FROM $10 PER SHARE; HIGHER EARNINGS
ESTIMATES
2007 2008E 2009E 2010E 2011E 2012E June 6, 2008