Borano, while you raise some valid points about market caps and...

Borano, while you raise some valid points about market caps and the risks of junior explorers, it's also important to recognise that market caps aren't the only measure of a company’s potential. A company's valuation can reflect not just its present activities but also the market’s perception of future potential, partnerships, or even the strategic importance of the tenements they're drilling. In some cases, investors are betting on the company’s ability to make a significant discovery that could drastically change its valuation. So while you might view a $100 million market cap as "absurd," others might see it as justified by the speculative nature of the resources sector.

You’re right that investors who believe in the company might see this as an opportunity to lower their average buy-in price, but the concept of "catching a falling knife" applies to both sides. Just as there’s a risk of further declines, there’s also the potential for the stock to rebound if positive results come through, especially in junior exploration where one significant discovery can turn things around quickly.

While you’ve pointed out various risks, it’s important to balance that with the understanding that many junior explorers operate in a high-risk, high-reward environment. Yes, some investors may have bought at higher prices, but that doesn’t necessarily mean they’re wrong about the stock’s long-term potential. It’s about managing the risks and understanding the nature of the speculative sector they’re investing in.

At the end of the day, it’s about perspective—what might look like a falling knife to some could be a buying opportunity for others based on their risk tolerance and long-term outlook.