BERAL, INC.
Andrew Racz
Director of Research
300 East 54 Street, Suite 26C
New York, NY 10022
Phone: (212) 319-6949
Fax: (212) 753-1944
E-mail: mlikar@aol.com

DNI METALS, INC.
November 18, 2011

Price     28c
52 price-range    10c-40c
Shares outstanding,  60,000,000
Market Cap $16,800,000

Business Summary:

DNI Metals Inc., a development stage company, engages in the exploration and development of mineral properties in Canada.  The company primarily explores for diamond, molybdenum, nickel, uranium, vanadium, zinc, copper, cobalt, vanadium, silver, gold, and other rare metal deposits.  Its principal properties include the Alberta polymetallic black shale 82H property comprising 29 metallic and industrial mineral parmite located in the Athabasca region, northeast Alberta; and the Attewaplakat Diamond property consisting of a 16 square kilometer land position in the Attawaplekat region located in the James Bay Lowlands in Ontario.  The company was formerly known as Dumont Nickel Inc. and changed its name to DNI Metals Inc. in May 2010.  DNI Metals Inc. was incorporated in 1954 and is based in Toronto, Canada.

INTERVIEW WITH SHAHE SABAG, PRESIDENT&CEO
DNI METALS, INC.

Racz  Let’s start with a historical statement.  President Clinton always talked about the Information Super Highway.  Now in looking at DNI, it is a supermarket of various exploration and developing metals; actually metal deposits.  Not many companies look like it.  You seem to be involved in many exploration projects and the company with vast area project has a very small capitalization about $13-$14 million.  You seem to have about 2 to 2 ½ billion cash.  As far as a layman like me is concerned, or an investor, there are many individual projects – each and one of them could have possible – large values which are not on the balance sheet.  Is it correct?

Sabag  That is correct.  These are just valuations based on what the projects might be worth.

Racz  Now in that case, let’s start – can you explain in simple language the various mineral projects of the company as well as the main project.

Sabag  The main project is the only active project that DNI is developing –we are working on – there are a series of mineral accumulations or deposits located in Alberta.  These are black shales that contain a cocktail of metals – base metals, specialty metals and rare earth elements.  We’ve been focusing almost entirely only on the base metals content and uranium – of these rocks up until a few months ago when we started realizing that if base metals and uranium go into production from these deposits, there will be crude products, they will also be incidentally recovered which are all rare earth elements, specialty metals and so on and so forth.

Racz  Now okay – so what you are saying DNI as a company, and go back with market valuation is let’s say $16 million.  As various exploration projects, you have a main project in Alberta concentrating on uranium, rare elements and nickel.  Correct?

Sabag  Base metals such as molybdenum , vanadium, cobalt … it’s as I said a cocktail of metals but the principal metals is the focus of the main projects are molybdenum,nickel, uranium, vanadium, cobalt, zinc, copper and lithium.

Racz  Now when you mentioned these names and you said you concentrate, what is it actually you are doing?

Sabag  The project started out as a very traditional mineral exploration project.  These were discoveries made in the middle 1990s were at the time low grade poly metallic cocktail of metal – poly metallic deposits could not be exploited.  With sufficient development in mineral processing and mineral extraction and then heat bleaching.

Racz  Now are you looking for partners to develop those metals or not?

Sabag  Ultimately, we are but I’ll speak to that in a minute, Andrew.  Basically, these are deposit types that make it on the radar just in the last few years because there have been developments in them and processing.  They are very large deposits, typically worldwide, black shale deposits can be very very large in the billions of tons.  And ultimately they can develop consortiums of various companies, preferably companies who are end users of some of the metals.

Racz  So what you are saying is that next week you may negotiate with Teck or RioTinto or any of these companies and explore the development of – say vanadium – is it a fair statement?

Sabag  Well we have to look at complex in simple terms sometimes, but the corporate strategy to the question you asked me earlier – the corporate strategy is to develop – we have six of these things.  One of them has now reached the stage where we have a mineral resource calculated and published.  But the company’s strategy is to develop it to the point where we can organize the consortium or find the ultimate partner that will take the deposit into ….

Racz   Now what does it take to bring the company to that point – that you could make a deal with strategic partner for some purpose?

Sabag  Now in the minimum you will need a published source that obviously complies with Canadian Resource Calculations and Regulations, etc. and that is the point we finally managed to achieve within the past month.  We now have our resource of somewhere around 250 million tons that’s open that can be considerably larger.  And, in fact, the resource study actually places a value of somewhere around $23 a ton on this material in the ground.  So when you get into valuation, the back of the envelop number can be worked out.  However, what we would like to do by next year is to have a preliminary economic analysis study or scoping study and also published on the very same first resource and that would actually start.  It is a number, a value on what this deposit is worth.

Racz  So in other words, you want next year 2012 to have a study made by an independent geological company which would say that you have “X” tonnage – let’s say – 100,000 ton containing 3% of this, 3% of this and so on.

Sabag  We have that study now.

Racz  You already have it.

Sabag  We published it.  We announced it about a month ago.  It’s called a resource study.  Actually a resource study and we had an independent group put the report together, do the calculations and they concluded that at least there is a 250 billion ton resource that is open pit mineable and meets various….

Racz  Okay let me – you have a study that says ¼ of a billion tonnage – correct?

Sabag  Correct

Racz  And is there any number attached to the tonnage – in your tonnage valuation right now?

Sabag  There is.  So what the study concludes and we had a press release that came out in late October that announced all of this – but basically it concludes amounts of various metals contained in that tonnage and concludes that this rock is worth $23 a ton in the ground on a recover basis but that’s against a recovery cost somewhere around $7 to $10 million a ton.

Racz  So ¼ billion – what is the valuation tonnage – tentative valuation? What is the tentative estimate per tonnage.

Sabag  Well if you are doing numbers on the back of an envelope, that you use for planning purposes, for internal planning I am using or we’re using the bulk recoverable cost value of about $23 a ton minus the highest possible threshold cost which would be about $10 a ton.  So on the back of an envelope as a guideline we are using somewhere around $10 to $13 a ton as being a net number.  And that starts putting a number in the order of about $3.2 billion.   But this is an inferred resource and obviously there is cautionary language as to risk and so on and so forth that goes with it.

Total Inferred Resources   $3.2 billion
Recoverable Value   $23 / ton
Cost   $13
Net Value   $10 / ton

Racz  But anyway, you’re saying it could come out the valuation of $3 billion?

Sabag  Exactly, yes.  Before you go on, the study I am talking about next year – a scoping study will start coming out with NPV numbers – some discounted cash flow numbers and it becomes more of a business setting.

Racz  The next stage of development..

Sabag  Yes.

Racz  And that could be even bigger is what you’re saying.

Sabag  That could be what?

Racz  Bigger?

Sabag  The deposit could be certainly bigger, yes.

Racz  Now let me tell you and this is base metals – you used that expression – correct?

Sabag  I used base metals plus uranium, plus lithium – that’s where the value is tied up.

Racz  Now how many companies exist like you in Canada?

Sabag  I couldn’t give you an accurate answer, but they are not very common.  They are rare especially among the juniors.  In the Black Shale Exploration development part of the business, there are only 3 or 4 companies in the world that are developing these kinds of deposits.

Racz  Can you mention one of the public companies with the same …

Sabag  There is Talbot-Vara Mining Company that is actually producing.

Racz  Which one?

Sabag  Talbot-Vara Mining Company is producing poly metallic mini metals from the Black Shale deposit in Finland.  They started producing in 2008.  And they have a market cap of somewhere around $2 billion.  The other company is Continental Precious Minerals and they have a Black Shale project in Sweden on the Allen Shale and they have …

Racz  Tell me who is the President of that company?

Sabag  Continental Precious Minerals’ president is Edward Godin.

Racz  I know him.
Continental Precious Minerals, Inc. (CZQ.TO)
Key Statistics:
Valuation Measures:

Market Cap (Intraday)     15.27M
Share Price      30¢
52-Week High (Dec. 2, 2010)    1.04
52-Week Low (October 4, 2011)   0.22
200 Day Moving Average    0.31

Shares Statistics
Avg Vol (3 month)     48,894
Avg Vol (10 day)       101,950
Shares Outstanding     41.75M

Racz  But he has had a very big rise in the last few years.

Sabag  He had a big rise in the stock and then a big drop as well.

Racz  Yes, he was in New York when he had the drop, I know.

Sabag  Yeah – he shares had gone up to $3 or $4 a few years ago and maybe in the 30, 40 cent range.  But their deposit again is valued in the billions and they have a single deposit – it is a similar kind of situation.  They are a little bit more advanced than DNI’s project in that they already have a scope study done.

Racz  Why doesn’t a company say like a mining house from London call you up and say we would like to look at the situation and maybe we buy into  DNI Metals Inc. of the company and put in additional money for development?

Sabag  A number of reasons.  These developments are very recent for DNI.  It’s only been a month that we’ve announced our resource study results.  So it’s been only a month that we can start talking in terms of tons, and grade and dollars.  The rare earth element aspect of this story hasn’t been evaluated yet.

Racz  Okay – can you describe your Rare Earth part?

Sabag  The Black Shale contains the full range of rare earth elements and these metals are leached incidentally when you are leaching other metals from the Black Shale, so conceivably any mining operation, any production operation, producing the base metal …

Racz  You are in Toronto – why didn’t you call up let’s say Forbes & Manhattan?  And say that you would like – they have a rare earth company – any of the other – the giant lines are probably too small, but rare element resources are -  they are very open minded people, with a great deal of cash, a stock which actually collapsed from 16 to 3 or something – but they probably are looking for companies like you.

Sabag  I understand – they probably are.  And the issue is simply a matter of time, Andrew.

Racz  So in other words, we are talking about communication and public relations and you know – a few airplane trips to various cities, where you have to show what you have to companies that might be interested in a project.

Sabag  That is correct.  We are in the process of summing up considerable additional data information on the rare earth from the rocks.

Racz  How  much is the rare earth worth in your language?  Make a guess.

Sabag  In the rock itself?

Racz  Yes

Sabag  I really should not quote too many numbers but off record, off camera – for planning purposes – we see values anywhere from $80 to $100 a ton that could be represented by the recoverable amounts of rare earth that come out of these rocks.  And that’s a fair value.

Racz  And how many tons would you reckon.

Sabag  Let’s put it this way – if one of these deposits started producing rare earths in these projected amounts that we’re looking at, they could conceivably produce somewhere around 10 to 15% of global rare earth consumption.  So the numbers get very big, very quickly because these are deposits that are typically mined in large quantities.  They are bulk mining …

Racz  I know a fellow who is probably the most reliable rare earth expert and he works for Lyons – his name is Dr. Matthew James.  He went to Cambridge, like me, and he is an Englishman and for instance, if he was exposed to your rare earth business and flew over, is it plausible that he would make a bid let’s say to buy 80% of the rare earth?  Is it plausible scenario?

Sabag  That is the kind of scenario that we would like to find. 

Racz  Now look – let’s take a very simple number – because you not only have an interesting company, you have a very cheap company – okay – and you never had any scandal.  You haven’t insulted too many people so far.  In other words, you are welcome in every corporate board room.  If my friend from Australia would fly over – say okay – you say it’s worth 100 – I say it’s worth 60.  I take half or 30.  At three times the market value of your company.

Sabag  Yes.

Racz  So in other words to get going the DNI story – you need one visit by a conservative Englishman and make a conservative bid and actually says, we pay everything for development – you keep half of the – in other words, look for the future; it’s probably not 3 but 4, 5 times the market value etc. that would get the whole company worth over $50 million which would probably include at least $10 to $15 million in cash which is the market value today and you can sit back and have a whole – now what you call – you can talk to all the other companies about all the other projects because you would be in the driver’s seat.

Sabag  I understand, yes.  I understand what you’re saying.  And that’s what we are hoping to have.  That is where we are headed.

Racz  Okay – in other words and I want to finish – what we are talking is a company which is asset rich.  A company which is perfectly clean, has a certain amount of money – sure more money you could use, but price is cheap – but anyhow you could use more money – another $2, 3 or 4 million – but then the next step is to go out and market it.  Have the world know DNI – contact with I mentioned two companies Forbes & Manhattan or a broker from London or some entrepreneur who would pick on one or two product lines, monetize it.  The expression is monetize it – change the corporate structure, do a major underwriting at the higher level – and you have a perfectly sound diversified mining company which finally I want to say, is in the right time at the right circumstances.  Because we will enter 2012 – that commodities mining is going to be important.  The importance is not going to be I think gold – because gold is basically a monetary issue and that will have its own solution.  But the tremendous increase in the number of people living – 7 billion – I am sure when you and I came to America, we didn’t have more than 3 ½ or 4 billion people in the world; now we have 7 billion.  When you have an extra billion people that means more coffee, more sugar, more copper and more of everything.  Prices go up and I didn’t even want to divert to rare elements which  – could be an extremely important component of your  company, but the prices will be so high that the price increase of companies like you can be phenomenal; totally unheard of in the past.  Actually, it was in copper in the last 15 years – look at silver from $6 to $35 but your mining products are basic to the development of the whole world and as a result we may get a picture from DNI that nobody suspects at this moment.  Okay.

Sabag  Yes.

Racz  We have put together a good story no?

Sabag  I think it is a great story.  This is where a number of groups have recently realized.  This is a very valuable company being sold for cheap.

END OF INTERVIEW 

Disclaimer

Information contained herein is based on data obtained from recognized statistical services, issuers reports or communications or other sources believed to be reliable. However, such information has not been verified by us and we do not make any representation to its accuracy or completeness. Any statement non-factual in nature constitutes only current opinions which are subject to change. BERAL INC. or their officers, directors, analysts or employees may have positions in the securities or commodities referred to herein, and may as principal or agent buy and sell such securities or commodities. An employee, analyst, officer or a director of BERAL INC. may serve as a director for companies mentioned in this report. Neither the information nor any comment expressed shall constitute an offer to sell or a solicitation of an offer to buy any securities or commodities mentioned herein. There may be instances when fundamental, technical and competitive opinions may not be in concert. This firm may from time to time perform investment banking or other services for or which investment banking or other businesses from any company mentioned in this report.

 

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Posted August 16, 2005

"An African Queen"
Posted August 11, 2005

"1848 and Beyond"
Posted August 4, 2005

 

 

Andrew Racz. 300 East 54 Street, Suite 26C, New York, NY 10022
Phone: (212) 319-6949 Fax: (212) 753-1944. E-mail: mlikar@aol.com

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