(a bit of a) Summary, page-77

Share price has run a bit already and some people (mostly that sold or never got on) saying that something/a lot has been priced in.


There’s always something priced in, but which (and how much) of the following have been priced in:


Rare Earths (Mangaroon project):
- adjoins $300M+ MC HAS.ax's RE project (under construction/next RE producer)
- $500M going on Capex, so once production starts and a slight SP increase, HAS likely to be around $1B MC (ie. company valuation based on its RE project next to DRE)
- DRE's newly identified RE prospects are pretty much the same as HAS's at same stage
-- how much will DRE's RE be worth after some drilling?


Iron ore (Illaara project):
- DRE was approached by interested parties for DRE’s high-grade, low phosphorus Iron Ore
- DRE is negotiating a deal for the IO with MIN.ax ($11.6B MC & have $1B+ in cash)
- MIN.ax’s 7 Iron Ore operations surround DRE.ax’s Illaara project which contains the high-grade iron ore
- MIN.ax wants to buy it and DRE.ax wants to sell it
-- how much will DRE get from an IO deal?


Tantalum (& potentially Lithium) (Illaara):
- recently identified: high-grade Tantalum (& likely Lithium)
- potentially a large & fertile system
- will likely build it up a bit more and sell it (like they’re doing with the Iron Ore)
-- how much will DRE's Tantalum/Lithium be worth after some drilling?


Gold (Illaara project):
- resource due this quarter at Metzke's Find prospect
- should be a small, shallow, high-grade resource that can be easily mined by a neighbour
- 30-40Koz @ ~10g/t Au
-- a 50/50% profit share with another (mining) partner would produce net cash to DRE of ~$25M



Targets Currently Being Drilled (Tarraji-Yampi projects):


2 x Ni-Cu-PGE, potential Company-making targets (Texas & Orion at the Tarraji project):
- first hole into Texas hit sulphides and confirms the prospectivity of Texas (and even more so Orion) as:
- both Texas & Orion have coincident EM conductors & intense magnetic anomalies, sitting within outcropping Ruins Dolerite
- Orion is much bigger than Texas
- Orion has 3 EM plates which are up to 3 times stronger than the Texas EM plate
- additional FLEM survey being undertaken (on Northern part of Orion - to identify further EM plates/drill targets) before drilling at Orion gets done
- for comparison, ESR.ax hit a $192M MC on a 2.9m massive nickel-copper sulphide hit (from 430m depth - Texas & Orion are <180m depth)
-- how much is a Ni-Cu-PGE (x2) Company-maker worth to DRE? ($1B-$2B?)


2 x Cu-Au, potential Company-making targets (Fuso & Paul's Find at the Tarraji project):
- showing a lot of similarities to the Ernest Henry & Brumby deposits
- Ernest Henry resource: 166 Mt @ 1.1% Cu, 0.54 g/t Au
- DRE Management/Directors & external Geos/Consultants/Experts in Cu-Au/IOCG all think that they could have another Ernest Henry here
- outcropping/walls of copper-gold everywhere
- first holes ever to be drilled into Fuso & Paul’s Find
- company-makers if either one hits
-- how much is an Ernest Henry-type Company-maker worth to DRE? ($2B-$5B+?)


7 x VMS targets (Yampi project):
- last exploration at one of the targets was undertaken by Australian Consolidated Minerals (Newmont) in the 1970’s
- 7 targets to be tested by DRE
- FLEM anomalies, with associated gossans, and/or magnetic and surface geochemical anomalies
- VMS come in clusters, so if 1 target/area hits, then likely that some of the others will too
-- what could these be worth to DRE if 1 or 5 or 7 of them return a good result?



And if those aren't enough, what about:


Ni-Cu-PGE (Mangaroon project):
- 50km long Money Intrusion
- outcropping sulphide & gossanous mineralisation (at 32 areas, up to 1km long)
- an upsized Julimar (26km long)
- Money Intrusion's potential has already been compared to Jinchuan (>500Mt @ 1.2% Ni, 0.7% Cu, 0.4g/t PGE)
- potential Company-maker to say the least
-- how much is a Jinchuan-size Company-maker worth to DRE? ($2B-$5B?)


Most of those mentioned targets are currently being drilled with results to start flowing through shortly.


Of course, this is exploration and there's no guarantees (only probabilities) of anything hitting/being company-making, but if anyone is going to hit something big, it's this team, at these projects/targets.


They've done it all before (many times), with much less prospective targets/potential.


Just need one to hit- can't imagine what happens if they hit more than one- not sure how much of that potential reward/re-rate would currently be priced in?



Best drilling campaign of any junior on the ASX, and by far the hardest working team on the ASX.



What more can we ask for?!



Cheers,

GB.



ps. and, when you have 3 projects that occupy 1sqkm out of every 1,000sqkm of Australia’s landmass, of course there’s a lot of other targets and prospects (defined and to be defined) (ie. Gold at Mangaroon, which was historically mined by pastoralists at multiple ounces per tonne OR the recently identified 1.2km long outcropping lode with up to 20% Cu rock chips at the Rough Triangle prospect at the Tarraji project -- etc. - but let’s leave those out for now as they’re probably not priced in).