No, if I were a dreamer I would buy MDI. 7m market cap or so,...

No, if I were a dreamer I would buy MDI. 7m market cap or so, 10m capex for the mill, then millions more to get mining started. Lets say they need 25m in market cap to get production up. 2m ounces (do not forget nearly -90 degree dip for the current resources , so very unlikely to get 1.x g/t 500m below surface)... at 10% margin has a value of 375m. 15 bagger under rosiest conditions. Well, not rosy or blue-sky but unrealistic. But sometimes you can get very lucky with those stocks.
From the Troy side we get 10% of the upside via the royalty, but 0 risk.
While it all looks pretty bad currently I am sure if the gold bull market continues long enough there will be mining at Sandstone again. Both MDI with the mill and Alto or whoever is going to own those assets in the future.

BTW., the Troy presentation mentioned they are waiting for some of the assay results, seems 2/3 of the holes still missing from phase 2 have been drilled.