Guidelines: Prefer Market cap over 50 million, and significantly less than resource value. A deep resource implies high startup and extraction costs, exacerbated by remote location or lack of availability of water. Prefer Gold extraction cost below $1000/oz, ore concentraction greater than 2 g/t and a million oz gold.
2. Cashflow vs Drilling program success
Guidelines: Prefer more than 50 percent of cashflow on productive exploration and more than 6 months till a rights call based on money in the bank and running costs. Hopefully finding more gold than spending on exploration.