Dateline Resources Sells Udu Copper Project, Boosts Focus on Colosseum Gold-REE Project in California
NEW YORK CITY, NY / ACCESS Newswire / May 12, 2025 / Dateline Resources Limited (OTC Pink:DTREF) ("Dateline" or "the Company") is excited to announce the sale of its full interest in Dateline Resources Pty Ltd (Fiji), the 100% owner of the Udu Copper Project in Fiji, to Viva Metals Pty Ltd, an Australian private group building a robust portfolio of mining assets in Fiji. This strategic move allows Dateline to sharpen its focus on its flagship Colosseum Gold and Rare Earth Element (REE) Project in California, while ensuring the Udu Project's future growth under an owner committed to Fiji's economic development. Dateline extends its gratitude to the Fijian Government, local communities, and landowners for their support and is confident that Viva Metals will continue to drive positive outcomes for Fiji.
Transaction Highlights
The sale agreement provides Dateline with a mix of immediate cash, equity, and future milestone payments for the Udu Project:
$250,000 USD (approx. A$350,000) in cash, payable within 45 days.
$650,000 USD (approx. A$1,000,000) in shares issued to Dateline upon Viva Metals (or its nominee) achieving a future listing on the Australian Securities Exchange (ASX).
Up to $2 million USD (approx. A$3,000,000) in milestone payments, structured as:
$500,000 USD (approx. A$750,000) upon Viva Metals delineating a JORC-compliant Indicated Mineral Resource of at least 150,000 ounces of gold equivalent at Udu.
$500,000 USD (approx. A$750,000) upon the start of commercial production at Udu.
A 1% Net Smelter Return (NSR) royalty on metals or minerals produced from Udu, capped at $1 million USD (approx. A$1,500,000).
This deal delivers immediate capital to Dateline, maintains long-term exposure to Udu's potential, and supports continued investment in Fiji's mining sector under Viva Metals' stewardship.
Advancing Colosseum's Growth
The cash proceeds of $250,000 USD will be directed toward advancing Dateline's Colosseum Project in San Bernardino County, California. A past-producing gold mine, Colosseum is being redeveloped to unlock its gold and rare earth element (REE) potential. The funds will support the ongoing Bankable Feasibility Study (BFS) for the gold resource and exploration activities targeting REE deposits. Colosseum's strategic importance to U.S. critical mineral supply chains has drawn significant attention, positioning Dateline as a key player in America's resource sector.
OTCQB Listing on Track for Q3 2025
Dateline is progressing toward a Q3 2025 listing on the OTCQB Venture Market, a step up from its current OTC Pink trading under the ticker DTREF. The Company has completed all necessary paperwork for OTCID market participation, a critical milestone toward the OTCQB upgrade. This move will enhance transparency, liquidity, and access to a wider pool of U.S. institutional and retail investors.
The OTCQB listing aligns with growing U.S. interest in Colosseum. On April 25, 2025, President Donald J. Trump highlighted the project in a Truth Social post, calling it "America's second rare earths mine" and praising its permitting approval after years of delays. This endorsement underscores Colosseum's role in strengthening U.S. critical mineral and precious metals production.
Colosseum Rare Earths Drilling Program
Dateline is advancing plans for a rare earth drilling program at Colosseum, located just 6 miles north of the Mountain Pass Rare Earth Mine. This initiative supports U.S. federal goals to secure domestic supplies of critical minerals vital for technology, defense, and clean energy. The program builds on Colosseum's established gold resource, which includes a JORC-2012 compliant Mineral Resource Estimate of 27.1 million tons at 1.26 g/t gold for 1.1 million ounces (41% Measured, 26% Indicated, 33% Inferred).
Looking Ahead
Dateline's leadership is confident that the Udu sale and intensified focus on Colosseum will drive long-term shareholder value. By monetizing a non-core asset and reinvesting in a high-potential U.S. project, Dateline is well-positioned to capitalize on America's demand for gold and critical minerals.
About Dateline Resources Limited
Dateline Resources Limited (ASX: DTR) is an Australian publicly listed company focused on mining and exploration in North America. The company owns 100% of the Colosseum Gold-REE Project in California, a strategic asset with significant gold and rare earth elements potential.
This press release contains "forward-looking statements" within the meaning of applicable securities laws. These statements relate to future events or future performance and include, but are not limited to, statements regarding the potential of the Colosseum Project, the expected benefits of the OTCQB listing, the company's plans for future development, and the strategic importance of the project for U.S. critical minerals supply. Forward-looking statements are based on the company's current expectations, estimates, and projections, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. These risks and uncertainties include, but are not limited to: fluctuations in the prices of gold and rare earth elements; changes in regulatory requirements or permitting processes; geological or technical challenges in exploration and development; market conditions affecting the company's ability to raise capital; environmental or social factors impacting operations; risks associated with the OTCQB listing process or trading on a new market; environmental and permitting risks associated with operating in a national preserve; uncertainty regarding the delineation of a mineable rare earth elements resource; risks related to the company's ability to secure necessary funding for project development; and potential changes in government policies or priorities affecting the critical minerals sector. The company cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company does not undertake any obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Competent Person Statement
The exploration information in this press release has been reviewed by Mr. Greg Hall, a Chartered Professional of the Australasian Institute of Mining and Metallurgy. Mr. Hall has sufficient experience relevant to the style of mineralization and deposit type to qualify as a Competent Person under the JORC Code. He consents to the inclusion of this information in the context in which it appears.
