historically, the market or whoever is making the market would reward good exploration results, valuation/SP would increase & in doing so would enable the respective company to raise more and do more. Market would essentially be supporting a good successful story and watching it develop.
For example with DEG, if it weren't for the support of the market, pushing them to over $1bil in valuation after a handful of drill results... then there is no way they could have raised in-excess of $135mil in 2020... to then bring on circa 10+ rigs to produce their MRE.
everyone talks up how big their MRE was... but fail to acknowledge how much $$ they had to spend drilling.
DEG are not the only explorers with 5moz+ potential. give the likes of a few others even half the DEG drill budget and they'll deliver aswell. Problem is all small caps are in such a full blown bear market that they'll struggle and constrained as to how much they can raise.
Leaves them with no choice but to exit, pause or pivot.
