Good question!
It affects EV which is considered a more accurate method for valuing a company.
EV= MC+DEBT-CASH
Cash on hand spent on exploration activity defines a resource which leads to a MRE. Maiden Resource Estimate.
A MRE will give you a in ground value of resource which will rerate SP and put a firm value on the SP.
Next Is Financial Feasibility Study leading into financing the Mine project.
This can take a few years and most investors prefer investment periods of 12 to 18 months from discovery to avoid CAPEX of mining project and diminishing resources from mine production.
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