Hence why explorers are usually priced in at 2% of In-Ground value, becomes greater with JV interest or feasibility. One assumes that people would be aware of this, if you didn't than you shouldn't be in this end of the market at all. Are you just learning about this? Something like early stage, there are also implied expectations built in. For example, the market is pricing in around an overall grade of 0.5% over a reasonable strike for AQD at the moment, >800m (because of indications of supergene). If initial drilling indicates more than that it increases. If drilling continues along the same numbers than it will stay etc. etc.
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