Minnesota Cu+Ni+PGM, Tio2 Deposits and Active State Metallic Minerals Leases

Home , Duluth Complex

R 11 W R 10 W R 9 W Twin Metals MN Map A Duluth Complex Symbols Minnesota Cu+Ni+PGM, TiO2 Spruce Road Deposit Cu+Ni+PGM (NI 43-101) Duluth Complex Known Metallic South Filson Mineral Deposits

B o u n d a r y W a t e r s N Deposits and Active State

Creek Deposit 2 Cu+Ni+PGM Deposits, TiO2 Deposits, 6

R 12 W C a n o e A r e a 1 Cu+Ni+PGM or Cu+Ni+PGM,TiO2 Deposits T Metallic Minerals Leases To Ely W i l d e r n e s s ( B W C A W ) Active State Metallic (10 miles) Minerals Leases by Company (data as of 09/12) Twin Metals MN DMC USA LLC Maturi Deposit Map A: Duluth Complex B W C AW Encampment Minerals, Inc. Cu+Ni+PGM (NI 43-101) S t a t e M i n e r a l 1 M a n a g e m e n t Franconia Minerals Corp. C o r r i d o r Prime Meridian Resources Twin Metals MN Teck American Inc.

Birch Lake Deposit N

e 1 it Cu+Ni+PGM (NI 43-101) Birch Twin Metals Minnesota LLC 6 an Lake r T North G Federal Mineral Leases, Permits, R 13 W n Perch August a Lake Lake & Permit Applications (data as of 09/12) America he rc A Federal Mineral Leases Canada Federal Prospecting Permits Birch DDuunnkkaa PPiitt Federal Prospecting Permit Applications Lake USA DDeeppoossiittss Private Leases Not Shown CCuu++NNii++PPGGMM MINNESOTA 1 Property Interests Boundaries by Company PolyMet Mining Corp Babbitt Deep Twin Metals Minnesota (sourced from www.twin-metals.com) Mexico Lake Encampment Minerals Inc. Slate General Bedrock Geology Iron Mine Lands te Serpentine Deposit Lake ni Duluth Complex Taconite Pit ra Cu+Ni+PGM

G N North Shore Volcanic Group Tailings Basin an 0 6 Beaver Bay Complex

e h T Active Taconite Plant R 14 W rc Cliffs Natural Archean Granite A Resource Northshore Mining Plant To Lake Superior Penokean Biwabik Iron Formation Inactive Taconite Plant n PollyMett Miiniing :Corp: (40 miles) Penokean Virginia & Thomson Formations i o 1 SEIIS Underway ffor Propossed Cu+Nii+PGM Penokean t t Penokean Pokegama Quartzite Pokegama a P i Mine (Northmet, Right Arrrow), Plant, and m t e North Mine (Northmet, Right Arrrow), Plant, and Quartzite r n i Wampus Other (eg. Miscelleous Intrusions) o c o McDougal Taiilliingss Bassiin (Lefftt Arrow).. Surfface Ownersshiip F Ta Lake Lake Diisspllayed ass Bllack and Tan Dasshed Liine Base Features Politcal Boundaries Stony Railroads State Mineral Lake Teck American Inc. Management Corridor Mesaba Deposit Major Roads n n South Boundary Waters o o Minor Roads r i Cu+Ni+PGM Lake McDougal Canoe Area Wilderness I t Lake a PolyMet Mining Corp. Public Land Survey (PLS) Townships (BWCAW) Northmet Deposit Co. Mesabi m S a n d L a k e PLS Sections Scientific and Natural r St. Louis Pe a t l a n d Cu+Ni+PGM (NI 43-101) N Nugget o Area (SNA)

S c i e n t i f i c 9 MN County Boundaries N F

Plant 5

Section 17 Deposit Co. & 9 T 5 a N a t u r a l A r e a i TiO2 Sand Populated Places T n ore Lake i k h Sh p b i Nort u Lakes (USGS 100K > 100 Acres) a g Wetlegs Deposit ro w c G Miles i i r ni B V Cu+Ni+PGM ca 0 1 2 3 4 n ol a V x e Map A Scale: 1:100,000 k Longear Deposit o n TiO2 e Minnesota's Copper+Nickel+PGM P Cardero Resource Corp. e Longnose Deposit and TiO2 Mineral Resources TiO2 (NI 43-101) Big Colby Lake Disclaimer and Copyright Protection: Maps, Reports, Data, and There are more than 4 billion tons of copper+nickel+PGM Lake Other Information Encampment Minerals l resources within many deposits along ~40 miles of the Hoyt The State of Minnesota makes no representations or warranties Wyman Creek Deposit edge of the Duluth Complex near Babbitt, MN. This Lakes Seven Beaver express or implied, with respect to the use of the information Cu+Ni+PGM, TiO2 Lake contained herein regardless of its format or the means of its graphic shows the locations of the deposits, the state N Whitewater transmission. There is no guarantee or representation to the user as mineral leases held by six companies and notes where 8 Lake

5 Stone to the accuracy, currency, suitability, completeness, usefulness, or

p Lake resource estimates [NI 43-101 compliant] were completed. T reliability of this information for any purpose. The user accepts the 8 5

information “as is." The State of Minnesota assumes no Polymet is the first company to propose a mine in this Encampment Minerals rReosupndonsibility for loss or damage incurred as a result of any user’s T r Lake district, and the environmental review process is in Skibo Deposit e S t . L v reliance on this information. All maps, reports, data, and other o i progress. Cu+Ni+PGM, TiO2 u R information contained herein are protected by copyright. i s Permission is granted to copy and use the materials herein for any m Long lawfuPl ineoncommercial purpose. Any user of this information agrees Kennecott’s Copper-Nickel-PGM discovery at Tamarack Lake Lake not to transmit or provide access to all or any part of this (shown in Map B below) is located along the west flank of Encampment Minerals information to another party unless the user shall include with the Section 22 Deposit information a copy of this disclaimer. the Midcontinent Rift and approximately 100 miles

s Cu+Ni+PGM,TiO2 southwest of the basal Duluth Complex deposits.

e o Beaver Bay Complex

v i

s R 11 W R 10 W R 9 W

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N n

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5 C

T c

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Prime Meridian i 7

Resources 5

M Minnesota Cu+Ni+PGM Water Hen Deposit T

2 Cu+Ni+PGM,TiO e k a L Exploration and Active State

e tt o d a e C k a L tt Metallic Minerals Leases e s s a h B Map B: Tamarack

t Murphy N

Salo Lake N 6 Lake Map B: Tamarack Symbols 5 6

5 Otto T To Hibbing, MN (~60 miles) St. Louis Co. T Lake Exploration or Scientific Boring (04/12) Aitkin Carlton Active State Metallic Minerals Leases by Company (08/12) u Co. Co. Federal and Private Leases Not Shown N

p HTX Minerals Corp. 9

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c o T Kennecott Exploration Co. fa ir r te o n i rv nic G h e Volca s o e Minerals Processing Corp. W e l or 73 R i h To Cloquet t S Base Features a h (45 miles) rt Cities o m 210 r Wolf N Cromwell Major Roads o N Lake s Wright e

F 5 v i Minor Roads 5

s a u u T i r N Railroads

t In Tamarack n . 8 i Misc 4 MN County Boundaries

N g T r Public Land Survey (PLS) Townships 5 i 5

R 11 W 210 V R 12 W Lakes (USGS 100K) T Cardero Resource Corp. n D To Aitkin a Titac Deposit (22 miles)

e TiO2 (NI 43-101)

k TiO (NI 43-101) o

n Locator Map Aitkin e

N P Co. 35 7 4

Map A: Maps were developed in February of 2012 and updated in Duluth Complex 73 Barnum September of 2012 by the MN Department of Natural Resources, Division of Lands and Minerals. Duluth Map B: Kettle River Carlton N GIS Data sources used are as followed: Tamarack

4 Iron Mining Features (01/12), Known Metallic Mineral Co. 5

Moose N Deposits (06/12), Exploration or Scientific Borings (04/12), T

Lake 6

and Active State Metallic Mineral Leases (08/12) from the 4 27 27 MN DNR Division of Lands and Minerals. Federal mineral 27 T leasing, permits, and permit applications from Superior Minneapolis & 73 National Forest (2012). Bedrock Geology features were St.Paul generalized from the MGS S-21, 2011 version (1:500,000). 65 Roads and Railroads from Mn/DOT (MN Department of 35 Mis Transportation); Political features, County Boundaries, c. I Pine nt Public Land Survey features, and Cities from the MN DNR; ru s Co. i Lakes shown are greater than 100 acres and were taken v N e from the MN DNR. Twin Metals property interests digitized s 5 4

by MN DNR off georeferenced map sourced from N Sturgeon Lake T

3 www.twin-metals.com at http://www.twin-metals.com/wp-

5 Denham To St. Paul, MN (~130 miles) content/uploads/2012/01/TMM-Presentation-to-Laurentian- Minnesota Department of Natural Resources, 23 T Vision-Partnership-2-1-11-12.pdf. Division of Lands and Minerals, R 23 W R 22 W R 21 W R 20 W R 19 W R 18 W September 2012. Director, Jess Richards 0 1 2 3 4 5 Map B Scale 1:175,000 Miles R 15 W R 14 W R 13 W