The problem with exploration is that it is like betting on the...

The problem with exploration is that it is like betting on the nags. Even with the best analysis, it all comes down to luck. Exploration can be the catalyst for a nice re-rate if things go well, but there is the constant need for cash until that "go well" comes good, if it ever does. Having a producer on the books is a must, in my view. Some very well-priced private companies, like the Laiva project, can be snapped up for a song and then fund the exploration. I am sure there are others out there, but not many are so close to returning to production. With gold heading to €3k an ounce in 2025, even mines like Laiva will be very profitable. I think the last run had an all-in per oz of around €2k in the second month, so it should be able to get sub 2k when settled in. Anyway, I am sure there are others out there, and with the gold price expected to continue to climb in 2025, these opportunities will not last long. Happy New Year, and go GOLD!