"i am not referring to production failures. i am referring to drilling but never starting a mine"
Good call DDzx.
Look at some old HC favourites that are now going backwards with loads of drilling but have gone nowhere e.g. BMN, BLR, PNN etc in the U sector. Both with high Capex and Opex indicated as well. BMN and PNN flogged on release of the feasibility studies, BLR stalled over environmental issues and now running out of cash after years of drilling and not even a PFS in place.
One hold LT and won't name for obvious reasons, concentrated on getting only the "necessary resource" for funding and focussed on funding, permitting and building a solid management and project team. Now the once unlovesd penny dreadful is soon heading into production, whereas the old HC market darlings are in the too hard basket still going nowhere.
Displaying clearly a large resource (in BMN's case a massive resource) for a spec stock doesn't necessarily equate to a company that will go to production.
There are stocks out there if blinkers are removed. Too many chase momentum and short term HC "market darlings" with spec stocks IMO, and don't have a close look at what is really going on both with the company and with ST traders.
All good and well if you chase these short term favourites and you have a win. But if it goes array, as so often does, you only have yourself to blame.
Mining and resources in particular, my only sector I play in as I understand it, can be a difficult area as we all know. Not all make it as has be rightly stated here. However FMG's, PDN's (yes even BHP once a penny dreadful) etc do happen. However they are built on solid foundations and good management, not just drilling holes.
Do your homework and rewards often follow. Chase the "lovelies" often seen praised by HC posters as they rise (and disappear when they fall) and you will get burnt more often than not.
