March Board & Investor-Member Meeting Highlights

On March 5, 2020, David Ulrich, Communications Consultant for Twin Metals Minnesota LLC, provided an update on the Twin Metals Minnesota (TMM) Project. The company shared details with APEX investor-members on the intent to develop and operate an economically sustainable 21st century underground mining project on Minnesota’s Iron Range. TMM, with an office and core storage in Ely and an office in St. Paul, plans to mine strategic minerals including copper, nickel, cobalt, and platinum group metals.

Ulrich discussed details of the project located within the Superior National Forest’s desirable mining zone. He highlighted the unique geology and properties regarding the Maturi Deposit and the underground mining process TMM plans to employ. He reiterated the footprint is not located within the Boundary Waters Canoe Area Wilderness or Federal and State required buffer zones.

• TMM plans to use the environmentally friendly dry stack method for its tailings storage, which eliminates the storage pond and dam associated with conventional tailings facilities.
• Due to the unique geology of the Maturi Deposit and TMM's mining method, tailings will be non-acid-generating.
• The minerals mined will support the domestic economy, boosting job creation, spurring growth and producing metals necessary for a worldwide green economy.
• State and federal environmental requirements must be met or exceeded, or the TMM Project will not be authorized to move forward.

Ulrich shared insights from a 2010 Natural Resources Research Institute study indicating the total available precious metals reserves available in the United States, with an overlay of those available in Minnesota (see chart above). “A striking percentage of the available resources of precious metals are located here in Minnesota – just under our feet,” Ulrich stated.

Ulrich also shared TMM’s economic contribution since the inception of the project – an impressive $450 million investment into the community. The intended project is projected to produce:

• $1.7 billion in economic impact through construction
• Millions of construction labor hours
• 700 highly-skilled mining jobs
• 1,400 spin-off jobs

An overview of the dry-stacking tailings basin storage, the underground mining process, and the timeline for the project were also shared with investor-members. Ulrich reviewed the project history and substantial engineering, environmental, and geotechnical studies conducted since 2006. These studies will continue to advance while the company moves into the more public-facing component of the project, which will involve public scoping and input processes.

“Demand for copper and other precious metals will continue to increase well into the future. We are excited to be part of the regional economy that benefits from the responsible supply of these strategic resources,” stated Brian Hanson, APEX President and CEO.