Your last point hagetaka imo is the undoing of junior explorers . They mostly have this great notion to make a discovery and take it to mining stage .Thats where the joy seems to end because they don't have the loot or the expertise. At this point usually overburdened with debt they get mopped up by the big players who can't believe their good luck for next to nothing. Generally i think they should stick to what they do well ,explore discover and sell .
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