In response to your comment, here's Dave noting 'exploration' success only, then a well known mining expert in Mark Bennett (look him up)
Market Talk 6May24 Dave O’Neill - exploration success is less than 1% greenfields and brownfields,
Mark Bennett:"Our aim is to find mineral deposits and if appropriate,and it’s not always appropriate, you know, what we do most of our time is justexploration which is a low impact activity and it only rarely leads to thediscovery of a viable mineral deposit. And you can, sort of, use statistics inall sorts of different ways, but if you, for example, say that only one in 10prospects, or sorry, only one in 10 targets becomes an actual prospect, onlyone in 10 prospects become a mineral deposit and only one in 10 mineraldeposits become a significant mine, that’s one in a thousand chance ofexploration leading to a mining operation. Now if you were just to halve thatthen it’s still a one in 125 chance. Using the Minerals Council of Australia’sstatistics it’s one in 660, so nearly always exploration fails but it’sundertaken in the hope… “------then the power went out on his presentation
(20min delay)