RE:RE:A complete failure.It is from an investment standpoint.
From an industry standpoint it is worse. Colossus was never able to put together a resource report or feasibility study due to the nature of the project (very challenging!!) and was pumped way higher than MDW. However, MDW is the project all thought was safe and had defined reserves. We all knew the economics were outdated but of all the risks it was not grade I was concerned with. It is a major shock to the industry to see a 43-101 Feasibility Study fall apart so fast resulting in huge losses to investors and the lenders.
I also point out that Colossus was a one asset company while MDW has two other good projects. Unfortunately, I do not see nearly enough value to pay even half of the debt based on these projects. And, I'm not including the Hale Capital financing as debt, which I should.