Ann: Potential Cluster of Breccia Pipes at Colosseum, page-7

277M Market Cap for a Pre-Development Scoping Study?

Some of you are chasing this like it’s the next De Grey — but the numbers just don’t justify the hype yet.

Let’s break this down:

Colosseum Project is Scoping Stage Only

The entire $550M NPV is based on a Scoping Study — not even PFS. That’s a +/-35% confidence level and has no JORC Ore Reserves, just a 1.1Moz Resource (27.1Mt @ 1.26g/t Au). That’s a long way from bankable.

Massive Market Cap for Early-Stage Risk

$277M market cap, with zero production, no BFS, and a minimum $152M capex requirement just to start development? That’s pricing in perfection — and then some.

Pre-Open Pump with No Trades

Today’s 8.25% “pop” to $0.105 is on air — surplus volume was -1.892M and not a single trade printed pre-market. Classic illiquid gap-up trap setup.

REE Fantasy?

They’re starting soil and MT surveys to look for rare earths — nothing drilled, nothing proven. Yet the marketing around “Mountain Pass geology” is trying to piggyback off nearby success without evidence.

All-In Sustaining Costs (AISC): US$1,490/oz

That’s high, even at $2,900 gold. If gold pulls back, margins get wiped fast. This isn’t a low-cost, high-margin mine.

TL;DR

Right now, DTR is a $277M company with no production, high costs, a lot of hope, and a long road to prove viability. If you’re jumping in now, you’re front-running years of development with heavy dilution risk ahead.

Be careful chasing candles with a 1.1Moz Resource and a capex-to-MCap ratio this stretched. If the drill results don’t convert hard, this rerates down, not up.