Very few explorers are ever cashflow positive. They must fund exploration through equity as shareholders are the only ones silly enough to deal with the associated risk. The upside, that they find some substantial is the driver of activity and can provide many multiples in value for the shareholder. While it's always good to look at balance sheets, you are better off learning geology in this space because it is the precursor to identifying worthwhile projects from exploration companies.
MEI Fundamentals, page-20
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