If interest rates go up, or there is a cash crunch, the...

If interest rates go up, or there is a cash crunch, the explorers will suffer first and the most.
It seems to already be occurring.

The farther away from production and the more speculative a company is,
the more it's price will take a beating.

Over the last few months I have cut back a lot on my exploration plays. At the very least I want to be rock-solid sure of the in-ground resource; and the closer to production, the better.

The thrill of the multi-bagger in exploration is still possible, of course.
It is just a question of percentages.