It’s very relevant in the cycle of explorer come producer. Euphoria from exploration and finding resource and having in ground valuations applied, to then transition into producer which is capital intensive and becomes very relevant to valuations as production volumes and price of said resource dictates market fluctuations.
PE’s don’t even factor into an explorers price.
Explorer will have the euphoria and in ground values attributed (could be say $700m market cap at 50c) then goes the path of producer which requires capital and dilutes holdings (could be a $1.5bln cap but is still only 50/60c due to cap raising etc).
So it’s very relevant and is quite widely known by many that if your in it for the long haul from explorer to producer you will have to tread this path and take part in all raisings etc.
Prove production volumes and ramp up production and the next leg up begins along the companies evolution.
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