Ann: Gold Links Production Update, page-13

Thanks for the figures.
If we take annual production as 15Koz, then with an EV of $33M, we get $2,228/oz. The resource figure I have is 1,110Koz for EV to Resource of $30.1/oz.
The EV to Prod puts it between NML at $2,079/oz and WGX at $2,603/oz; and so for a company with such low output, it is not cheap on that ratio. It looks more attractive on the resource ratio. Seems to me that there is a fair bit of anticipation built into the price. Cashflow from production will go into exploration and development of Gold Links and Colosseum thereby reducing dilution from issues and so best to consider DTR as an explorer still and focus on definition of resources. DTR looks reasonable if you expect decent quantities of ore will be found, but I do not consider it a screaming buy at present. Seems to me that Management has yet to prove itself.