Correct.
As you very well know, the mineral exploration process is a long and difficult process.
Here is a very good overview of this process (for other forum readers):
https://www.ccebj-jbace.ca/images/Exploration_diagram_-_EN-FN_Web_-_Feb_6_2015.pdf
Unfortunately, most investors underestimate both the complexities and the timeframes involved in the mineral exploration process, if they know anything at all about this process.
Which is one of the reasons why the majority of investors lose money investing in junior mineral exploration companies.
Cheers.
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