Gold and macro environment, page-17

I agree with many of your sentiments however I have a slightly different opinion on where the true alpha will be found.
Future developers (toll treat or renovate existing milling infrastructure) are where I think the big money will be made.

I'm paying close attention to:

Explorers with soon to be mineable ounces that are already permitted for extraction (time to receive permit approvals is becoming a bigger roadblock in WA making this a huge advantage).
Scale of resource has to be meaningful (not scattered sub 50k oz pits).
Ore bodies must have solid geometry, economical to extract (good width, grade, strip ratios and decent strike length).
Ore bodies must be reasonably close to surface (preferably free dig cover within 50m of surface).
Existing infrastructure is a huge bonus in this highly inflationary environment (mill, haul roads, TSF, grid power, water bores etc).
Surrounding mills within 150km radius (multiple mills with latent capacity is an even bigger bonus).
Reasonable chance of future discoveries on tenement package (multiple advanced targets).

Not an exhaustive list, all just in my humble opinion.