Exploration stages

1. 1

   Target generation

   Desktop work, geology and old records identify ground worth looking at. Nothing has been found; something is worth looking for.

2. 2

   Geophysics and geochemistry

   Surveys and soil sampling narrow a licence area down to a handful of anomalies. Still nothing drilled.

3. 3

   Early exploration drilling

   First holes into the best anomalies. Most fail. This is where the majority of junior companies live.

   Projects we cover at roughly this stage 29

   • ARK Arkle Resources Namibian Uranium Portfolio, Aughrim lithium project, Stonepark zinc-lead project, Makgadikgadi lithium-brine licences, Irish gold projects
   • GMET Guardian Metal Resources Tempiute tungsten project, Garfield copper-gold-silver project, Golconda gold project
   • PALM Panther Metals Obonga project, Wishbone prospect, Awkward prospect, Dotted Lake project
   • FOX Focus Xplore Bay Road property, Iva property, Oba property, White Pine property, Pearl property, Ellie property, Burrows projects
   • CGNR Conroy Gold and Natural Resources Discs of Gold project, Clay Lake target, Creenkill target, Orlock gold trend, Skullmartin gold trend
   • ROCK Rockfire Resources Marengo gold project
   • 80M 80 Mile Jameson Land Basin hydrocarbon project, Disko-Nuussuaq nickel-copper-cobalt-PGE project, Qullissat targets, Finnish assets
4. 4

   Discovery

   Drilling hits mineralisation that continues between holes. The point at which a company stops being a prospect and becomes a project.

5. 5

   Resource definition

   Enough drilling to estimate tonnes and grade to a reportable standard, first inferred, then indicated and measured.

   Projects we cover at roughly this stage 3

   • PALM Panther Metals Winston Tailings project
   • CGNR Conroy Gold and Natural Resources Clontibret gold-antimony deposit
   • ROCK Rockfire Resources Plateau gold-silver deposit
6. 6

   Economic studies

   PEA, then pre-feasibility, then definitive feasibility. Each asks whether the deposit can be mined at a profit, in progressively more detail.

   Projects we cover at roughly this stage 1

   • GMET Guardian Metal Resources Pilot Mountain tungsten project
7. 7

   Permitting

   Environmental and social approvals. Often the longest single stage, and the one least under the company's control.

8. 8

   Construction

   Financing is in place and the mine is built. Capital intensive and the point of maximum funding risk.

   Projects we cover at roughly this stage 4

   • GROC GreenRoc Strategic Materials Amitsoq graphite project
   • ROCK Rockfire Resources Molaoi zinc-lead-silver-germanium project
   • 80M 80 Mile Dundas ilmenite project, Greenswitch / Ferrandina biodiesel, SAF and green hydrogen facility
9. 9

   Production

   The mine operates. A different business entirely from exploration, and it needs different people.

   Projects we cover at roughly this stage 1

   • GROC GreenRoc Strategic Materials Active anode material pilot plant

Stage assignments are our reading of what each company has published, not a company statement, and a project can sit across two stages at once. Not every project follows this path in order.