Nobody says this isn't a high risk high reward play but let's be...

Nobody says this isn't a high risk high reward play but let's be calm and logical?
So it's 3rd in line, the earlier applications are just that, earlier.
I'm not assuming they will be successful for that reason alone.
Are they more substantial? Are they able to raise capital as publicly listed companies?
Where are they listed?
Is it necessarily a loss making situation?
PNG is not an ideal mining jurisdiction given the Bouganville debacle and overhang but surely things have changed somewhat since then?
Is the PNG government pro mining?

Are they more substantial?
Does the geology of the area in the hot gold space show high prospectivity?
Valid questions to ask before jumping to conclusions.
I've got a wait and see focus right now but if you guys keep offloading I may be tempted to lower my average.