Exploring for minerals is a costly, risky business. For most juniors, it's a constant game of raising money to drill, then hoping to hit some high grades so they can raise more money. The cycle is full of uncertainty, it's dilutive for shareholders, and does little to address the inherent risks of the mining industry. What it does offer is a big payoff if the company manages to hit the mother lode - but only if it's able to sustain itself until then.
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