The general rule of thumb is that 1/100 projects end up with an...

The general rule of thumb is that 1/100 projects end up with an "interesting" hit of the target mineralisation. Of those 1/100 will end up with an appreciable amount of that mineralisation, and of those 1/100 will actually end up as a profitable mine.

Some companies get lucky and hit a winner early in the piece.

Some companies never get there at all.

The great bulk of companies are somewhere in between trying to figure it all out.

Hopefully the investors realise that these are the actual odds, and do their homework and back those companies with the people, ground and resources to try and do the due diligence required to try and shorten those odds by just enough to get ahead of the pack.

But it also means you have to show patience as (a) shortening those odds doesn't happen overnight but takes a lot of hard graft, even when climatic conditions aren't against you; and (b) if it ain't there in the first place, no amount of cleverness is ever going to pull the rabbit out of the hat - but it also takes a lot of hard work covering off enough ground to get to the realisation that it's not there as well. Hopefully it's at that point that companies realise these are the actual odds, and move on to better opportunities rather than keep sinking money into barren ground.

Based on what's been released to date, MRD are still in the middle of the process and it's not over, either way, just yet. Patience is required.