It all comes down to risk tolerance, dunno about the 1 in 3000 stats for Australia, but I know the odds are definitely not in an explorers favour and a developers favour in some cases, however you have to consider a bit of M&A happens too where some of these explorers/developers with good projects get taken out by bigger companies, if graphite turns around there is a chance someone like RNU takes over ITM, as it would add a lot of tonnes to their nearby resource at Siviour.
An explorers job is to try and find a resource that's economically viable, and there is a lot of trial and error in that, it's the nature of their work, they still need investment though, as none of this would happen, and far less new mines that are required to meet the world's everyday wants and needs, would come online. Exploration leads to new discoveries and potentially new mines.
And back to risk tolerance, while a stock like ITM may be very high risk, there could be massive rewards from here if they succeed.
It all comes down to risk tolerance, dunno about the 1 in 3000...
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