Yes, NST is a great example and there have been a number of...

Yes, NST is a great example and there have been a number of others (maybe not as spectacular, but still 50x and above) in the gold space. Then as you cast around, you see others like FMG, etc. The key is that to extract the real value, you must have a decade type view once the stock starts to pull its project together and show its real potential.

IF these guys can start to pull something together with Limon, it becomes a game changer where everything else comes onto the table. They will develop into a decent market cap with Limon alone and then have the wherewithal to progress all of their other projects over time and drive STM even higher - so in this picture we are back to having to take a decade type view.

This then speaks to being very clear on how you look at the potential of the company and so how you analyse the exit. As you have highlighted through your NST experience, it is easy to see a great return and then exit (eg, arbitrarily nominate 10x as your exit) but in the process leave an enormous amount of upside behind.

I think the smarter strategy is to have a target to exit a small proportion of your holdings, but subject to your analysis at that time as to the longer-term prospects and hence upside (ie that they can turn Limon into an operating mine and leverage the cashflow to develop out their portfolio), then be prepared to leave the remainder as a long-term play. In my case, that is how I am presently analysing this - sell a small proportion (15%) that gives me both a tidy profit on my total investment plus a free carry on the balance, and then being prepared to hold the balance for a much larger upside opportunity. I am probably fortunate that I came late to the STM party, such that my initial "small exit" target is >10x but still a modest share price / market cap target.

Anyway, whilst good to have a strategy, it is all arbitrary unless and until they can get that drill bit singing with great hits at Limon and build some excitement in the market to allow them more flexibility to raise capital and advance the projects.