if i told you that company A and company B were exploring in...

if i told you that company A and company B were exploring in equally fertile lands and friendly jurisdictions.
Except that one would have 2.8X the cash to explore, per equity issued.
The equal probability of success, Resource build is multiplied by 2.8X the amount of drilling.

When SP is measured as Booked assets / shares on issue.
SP performance will be superior in the one that has the capital efficiency superiority noted.

It doesnt matter what you are drilling for. When you compare that metric alone, in a sector, you have identified the best in class, provided that management are up to the job of identifying drill targets.

How many that discover that metric alone, will say, i want to invest here. As the very definition of exploration is to use your Dollar, exchanged for scrip, to explore and define resources.
=> that will be measured in SP = Assets/ Scrip.

This drill, next drill, it doesnt matter. We are rolling the dice, and the drill bit, 2.8X better efficiency of your capital.