Ann: Successful Placement to Raise A$9.9M, page-27

I can quote from my own experience next door, where I believed I had done well, in identifying a geological prospect that looked like it would beat the odds, and becomes a discovery.
All proceeded largely to plan and a series of large discoveries were declared, in my eyes that would be it, farmout for a large sum and celebrate
The reality is very different, the potential buyers are aware a minnow company, is vulnerable, they are price takers, not price setters.
So in order to get fair value for a discovery if it become commercial, the minnow discoverer, has to transform into a company that can take the asset up the value chain into production. This requires a special set of skills and experience that few minnow explorer BODs have