Found this Allan Trench checklist
Fundamentals of a good explorer - investment perspective
CRITERIA
. Geoscience exec director
. Support from high profile industry names
. High proportion of budget is drilling and assays
. Material project equities
. Hot commodity exposure
. Some JV connection to majors
. Balanced high-impact exploration portfolio
. Commpetitive edge (Tech or commercial)
. "Competition" on the share register (liquidity)
. Cashed-up
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