Relatively new investor here, been seeing the exciting results...

Relatively new investor here, been seeing the exciting results from MCT so thought I'd come along. could you shed some light on how junior exploration companies are priced? Because large amounts of money get spent on putting drill holes in the ground, finding resources, but they don't deliver anything of value to shareholders, as most rarely get to production stage. What's sort of timepoint or events need to happen or are people looking out for to get SP rolling as you say? or is endgame for a lot these companies drilling some holes and then hoping to get acquired by someone bigger.