Lifecycle Roadmap
The path from grassroots exploration to production. Expand a stage to see who's there, hover the stage name for a quick synopsis, or click "Learn more" for a full deep dive.
The Lassonde Curve
How to read this →The classic pattern junior-mining valuations tend to trace across the same lifecycle stages below. The curve's height is illustrative shape only, not a per-company measurement — but its horizontal spacing is real: stages sit at their typical real-world duration apart (rough industry ranges, see below), which is why Permitting stretches so much wider than an economic study rather than getting an even step like the rest.
Discovery Euphoria — early re-rating on drill results, well ahead of any economic study.
Derating Trough — the multi-year financing- and dilution-heavy stretch through engineering and permitting.
Re-rating Climb — a construction decision de-risks the project into production.
Rough Odds of Ever Reaching Production
Grassroots0.5–5%
Resource Def.5–10%
PEA10–25%
PFS25–50%
Feasibility50–75%
Permitting50–75%
Construction75–100%
Production100%
Rough, judgment-based industry estimates of the odds a company currently at this stage ever reaches production — not derived from JuniorMetrics' own tracked companies, which only cover currently-active juniors and can't see the ones that never made it this far. Source: John Kaiser's (Kaiser Research Online) published "certainty ladder," detailed in full on Kaiser's Fair Speculative Value, corroborated by fellow analyst Brent Cook's estimate (via Kaiser, Mining Stock Education podcast, 2026) that roughly 1-in-50 to 1-in-100 early-stage projects, after some upgrading/de-risking, ever become a producing mine.
Exploration Phase— average 3-6 years
No resource has been proven economic yet — priced on discovery potential and cash runway.
708 Companies
49 Metals Limited49MAC/DC Battery Metals Inc.ACDCATHA Energy Corp.SASKAdamera Minerals Corp.ADZAlgo Grande Copper Corp.ALGRAlliance Mining Corp.ALMAlmaden Minerals Ltd.AMMAlmadex Minerals Ltd.DEXAlmasar Minerals LimitedAMKAloro Mining CorpAOROAlpha Exploration Ltd.ALEXAmarc Resources Ltd.AHRAmerican Eagle Gold Corp.AEAmerican Pacific Mining Corp.USGDAmericore Resources Corp.AMCOAndina Copper Corp.ANDCAngel Wing Metals Inc.AWMAngkor Resources Corp.ANKAntler Gold Inc.ANTLApogee Minerals Ltd.APMIApollo Minerals LimitedAONArc Minerals LimitedARCMArcWest Exploration Inc.AWXArgentina Metals CorpVLLCArizona Eagle Mining Corp.AZEMArizona Gold & Silver Inc.AZSArras Minerals Corp.ARKAruma Resources LimitedAAJAtlas Metals Group plcAMGAtomic Minerals CorporationATOMAu Gold Corp.AUGCAurania Resources Ltd.ARUAuranova Resources Inc.AURAAustin Gold Corp.AUSTAvidian Gold Corp.AVGAxiant Resources LimitedAXRAztec Minerals Corp.AZTBP Silver Corp.BPAGBTU Metals Corp.BTUBULGOLD Inc.ZLTOBallymore Resources LimitedBMRBasin Energy LimitedBSNBeauce Gold Fields Inc.BGFBedford Metals Corp.BFMBell Copper CorporationBCUBelmont Resources Inc.BEABenz Mining CorpBZBig Bear Gold Corp.BEARBig Tree Carbon Inc.BIGTBlack Horse Mining LimitedBHLBlack Mammoth Metals CorpBMMBlack Pine Resources Corp.BPRBold Ventures Inc.BOLBonanza Mining CorporationBNZBougainville Copper LtdBOCBrixton Metals CorporationBBBBronco Resources Corp.BRONBullfrog Gold CorporationFROGCANEX Metals Inc.CANXCanAlaska Uranium Ltd.CVV.VCanada One Mining Corp.CONECanadian Gold Resources Ltd.CANCanasil Resources Inc.CLZCanoe Mining Ventures Corp.CLVCanstar Resources Inc.ROXCantex Mine Development Corp.CDCapella Minerals LimitedCMILCariboo Rose Resources Ltd.CRBCarlin Gold CorporationCGDCarlton Precious Inc.CPICasa Minerals Inc.CASACatalina Resources LtdCTNChakana Copper Corp.PERUChibougamau Independent Mines Inc.CBGChurchill Resources Inc.CRICleghorn Minerals Ltd.CZZClydesdale Resources Inc.CEO-HCobra Resources plcCOBRColibri Resource CorporationCBIComet Lithium Corp.CLICCompass Gold Corp.CVBCondor Resources Inc.CNConnected Minerals LimitedCMLConquest Resources LimitedCQRConstellation Resources LimitedCR1Copper Road Resources Inc.CRDCopperCorp Resources IncCPERCoppernico Metals Inc.COPRCordoba Minerals CorpCDBCore Critical Metals Corp.CCMCCosa Resources Corp.COSACosigo Resources Ltd.CSGCoyote Copper Mines Inc.CCMMCritical Mineral Resources PLCCMRSCrossroads Gold Corp.CRGCulpeo Minerals LtdCPODalaroo Metals LimitedDALDaura Gold Corp.DGCDecade Resources LtdDECDelta Resources LimitedDLTADevEx Resources LtdDEVDinero Ventures Ltd.DNODios Exploration Inc.DOSDiscovery Alaska LtdDAFDiscovery-Corp Enterprises Inc.DCYDistrict Copper Corp.DCOPDryden Gold Corp.DRYE2Gold IncETUE79 Gold Mines LimitedE79EGR Exploration Ltd.EGREagle Plains Resources Ltd.EPLEastfield Resources Ltd.ETFElk Range Mining LimitedELKEminent Gold CorpEMNTEmperor Metals Inc.AUOZEnduro Metals CorporationENDRErrington Metals IncEMEskay Mining Corp.ESKEvergold Corp.EVERExcalibur Metals Corp.EXCLF4 Uranium Corp.FFUFalcon Gold Corp.FGFalcon Metals LtdFALFinEx Metals Ltd.FINXFinlay Minerals Ltd.FYLFireFox Gold Corp.FFOXFirst Andes Silver Ltd.FASFirst Atlantic Nickel & Cobalt Corp.FANFounders Metals Inc.FDRFreeport Resources IncFRIFulcrum Metals plcFMETG11 Resources LimitedG11G50 Corp LimitedG50GFG Resources Inc.GFGGGL Resources Corp.GGLGGX Gold CorpGGXGPM Metals Inc.GPMGabriel Resources Ltd.GBUGalactic Gold Corp.GGAUGalore Resources Inc.GRIGaribaldi Resources Corp.GGIGeiger Energy Corp.BEEPGemdale Gold Inc.GEMGGetty Copper Inc.GTCGlen Eagle Resources Inc.GERGlobal Battery Metals Ltd.GBMLGlobal Energy Metals Corp.GEMCGold Finder Resources Ltd.GLDGold Hart Copper Corp.HARTGold Reserve Ltd.GRZGold Strategy Inc.GSTGoldInxs Mining Corp.INXSGoldbank Mining CorpGLBGoldcliff Resource CorporationGCNGolden Arrow Resources CorpGRGGolden Cross Resources Inc.AUXGolden Globe Resources Ltd.GGRGolden Goliath Resources Ltd.GNGGolden Horse Minerals LimitedGHMGolden Minerals CompanyAUMNGolden Pursuit Resources Ltd.GDP.VGolden Ridge Resources Ltd.GLDNGolden Sky Minerals Corp.AUENGoldera Exploration Ltd.GERAGoldhills Holding LtdGHLGoldstorm Metals Corp.GSTMGoliath Resources LimitedGOTGossan Resources LimitedGSSGreat Bear Exploration LtdGBLGreat Pacific Gold Corp.GPACGreat Southern Copper PLCGSCUGreen Canada Uranium Corp.GCUCGreen Shift Commodities Ltd.GCOMGreenLight Metals Inc.GRL.VGreenX Metals LimitedGRXGreenheart Gold Inc.GHRTGrizzly Discoveries Inc.GZDGrosvenor Resource CorporationGVRGwardar Resources LimitedGRSHalcones Precious Metals Corp.HPMHamak Strategy LimitedHAMAHamelin Gold LimitedHMGHannan Metals LtdHANHarvest Gold CorporationHVGHayasa Metals Inc.HAYHeadwater Gold Inc.HWGHelius Minerals LimitedHHHHercules Metals Corp.BIGHighway 50 Gold Corp.HWYHomeland Nickel Inc.SHLHomeland Uranium Corp.HLUIDEX Metals Corp.IDEXIbero Mining Corp.IMCIconic Minerals Ltd.ICMInZinc Mining Ltd.IZNIndiana Resources LtdIDAInfield Minerals Corp.INInfinico Metals Corp.INFMInfinitum Copper CorpINFIInfinity Metals LimitedINFInternational Prospect Ventures Ltd.IZZIntrepid Metals CorpINTRInventus Mining Corp.IVSJ2 Metals Inc.JTWOJaguar Uranium Corp.JAGUJapan Gold Corp.JGJayden Resources IncJDNJuggernaut Exploration LtdJUGRK2 Gold CorporationKTOKairos Gold Inc.KIROKali Metals LtdKM1Kalo Gold Corp.KALOKaoko Metals LimitedKAOKapa Gold Inc.KAPAKestrel Gold Inc.KGCKiboko Gold Inc.KIBKincora Copper LimitedKCCKing Copper Discovery Corp.KCPKingfisher Metals Corp.KFRKingfisher Mining LimitedKFMKingman Minerals Ltd.KGSKingsmen Resources Ltd.KNGKiplin Metals Inc.KIPKirkland Lake Discoveries Corp.KLDCKoba Resources LimitedKOBKobo Resources Inc.KRIKoonenberry Gold LimitedKNBKootenay Resources Inc.KTRIKrakatoa Resources LimitedKTAKubera Gold Corp.KBRALabrador Gold Corp.LABLatin Metals Inc.LMSLegacy Gold Mines Ltd.LEGYLeviathan Metals Corp.LVXLiberty Metals LimitedLIBLightning Resource Corp.LTNGLion Rock Minerals LimitedLRMLion Rock Resources Inc.ROARLion Selection Group LimitedLSXLupaka Gold Corp.LPKLux Copper Corp LtdLUXMB Gold LimitedMBGMackay Gold & Silver Corp.MACKMadoro Metals Corp.MDMMagma Silver Corp.MGMAMagna Terra Minerals IncMTTMammoth Minerals LimitedM79Mammoth Resources Corp.MTHManhattan Uranium Discovery Corp.MANUMarvel Gold Ltd.MVLMasivo Silver Corp.MASSMax Resource Corp.MAXMazarin Inc.MAZ-HMetal Energy Corp.MERGMetalero Mining Corp.MLOMetalex Ventures Ltd.MTXMetallis Resources Inc.MTSMetals Creek Resources Corp.MEK.VMetalsgrove Mining LimitedMGAMiata Metals Corp.MMETMidland Exploration IncMDMirasol Resources Ltd.MRZMogotes Metals Inc.MOGMogul Mountain Ventures CorporationMOGLMontero Mining and Exploration Ltd.MONMorocco Strategic Minerals CorporationMCCMount Hope Mining LimitedMHMMundoro Capital Inc.MUNMustang Minerals LimitedMMXNV Gold CorporationNVXNVRO Metals LimitedNVRONativo Resources plcNTVONelson Resources LimitedNESNevada Sunrise Metals Corp.NEVNewport Exploration Ltd.NWXNexus Gold Corp.NXSNiCAN LimitedNICNNio Strategic Metals Inc.NIONobel Resources Corp.NBLCNoble Mineral Exploration IncNOBNorfolk Metals LtdNFLNoronex LimitedNRXNorse Gold Corp.VKGNortec Minerals Corp.NVTNorth Peak Resources Ltd.NPRNorth Shore Uranium Ltd.NSUNorthern Lion Gold CorpNLNorthern Shield Resources Inc.NRNNuLegacy Gold CorporationNUGOctava Minerals LimitedOCTOlivut Resources Ltd.OLVOmineca Mining and Metals Ltd.OMMOne Bullion LimitedOBULOngwe Minerals Inc.OGWOnyx Gold Corp.ONYXOpawica Explorations Inc.OPWOphir Metals Corp.OPHROpus One Gold Corp.OOROrdell Minerals LimitedORDOrecap Invest Corp.OCIOrestone Mining Corp.ORSOreterra Metals Corp.OTMCOsmond Resources LimitedOSMPJX Resources IncPJXPTX Metals Inc.PTXPalamina Corp.PAPantera Silver Corp.PNTRParadigm Gold CorporationPDQPerseverance Metals Inc.PMIPhenom Resources Corp.PHNMPinnacle Silver and Gold Corp.PINNPirate Gold Corp.YARRPlatina Resources LimitedPGMPlato Gold Corp.PGCPlayfair Mining Ltd.PLYPower Metal Resources plcPOWPrecipitate Gold Corp.PRGPrism Resources Inc.PRS.HProspector Metals Corp.PPPProsper Gold Corp.PGXProvidence Gold Mines Inc.PHDPurepoint Uranium Group Inc.PTUQ-Gold Resources Ltd.QGRQcX Gold Corp.QCXQuantum Critical Metals Corp.LEAPQuartz Mountain Resources LtdQZMRJK Explorations Ltd.RJX-ART Minerals CorpRTMRackla Metals Inc.RAKRagusa Minerals LimitedRASRanchero Gold Corp.RNCHRed Mountain Mining LimitedRMXRegener8 Resources NLR8RRelevant Gold Corp.RGCRev Exploration Corp.REVXRichmond Minerals Inc.RMDRidgeline Minerals Corp.RDGRight Resources LimitedRRERiley Gold Corp.RLYGRio Silver IncRYORiversgold LimitedRGLRiverside Resources Inc.RRIRokmaster Resources Corp.RKRRoute 109 Resources Inc.RTERoyal Road Minerals LimitedRYRSKRR Exploration Inc.SKRRSRQ Resources Inc.SRQSable Resources Ltd.SAESafi Silver Corp.SFSaga Metals Corp.SAGASan Lorenzo Gold Corp.SLGSearchlight Resources Inc.SCLTSego Resources Inc.SGZSierra Nevada Gold Inc.SNXSilver Bow Mining Corp.SBMTSilver Grail Resources Ltd.SVGSilver North Resources Ltd.SNAGSilver Predator Corp.SPDSilver Range Resources Ltd.SNG.VSilver Spruce Resources Inc.SSESilver Wolf Exploration Ltd.SWLFSiren Gold LimitedSNGSkeleton Coast Uranium Corp.SKELSlam Exploration Ltd.SXLSolstice Gold Corp.SGC.VSouthern Empire Resources Corp.SMPSparton Resources Inc.SRISprott Physical Uranium TrustU-USt. James Gold Corp.LORDStakeholder Gold CorpSRCStallion Uranium Corp.STUDStandard Uranium Ltd.STNDStarr Peak Mining Ltd.STEStelar Metals LimitedSLBStellar AfricaGold Inc.SPXSterling Metals Corp.SAGStockworks Gold Inc.STWStorm Exploration Inc.STRMStuve Gold CorpSTUVSun Peak Metals CorpPEAKSun Summit Minerals Corp.SMNSylla Gold Corp.SYGTGX Energy & Resources Inc.TGXTRU Precious Metals Corp.TRUTajiri Resources Corp.TAJTali Resources LtdTR2Taruga Minerals LimitedTARTectonic Metals Inc.TECTTerra Critical Minerals LimitedT92Terra Rossa Gold Ltd.TRRTerreno Resources CorpTNO-HTertiary Minerals plcTYMTesoro Minerals Corp.TESThor Energy PlcTHRThree Crowns Critical Metals Inc.TCCMThunderbird Minerals Corp.BIRDThunderstruck Resources Ltd.AWETier One Silver Inc.TSLVTitiminas Silver Inc.TITITorq Resources Inc.TORQTorr Metals Inc.TMETTower Resources Ltd.TWRTrailbreaker Resources Ltd.TBKTransatlantic Mining Corp.TCOTransition Metals Corp.XTMTrek Metals LtdTKMTres-Or Resources Ltd.TRSTribeca Resources CorporationTRBCTrifecta Gold Ltd.TGTroubadour Resources Inc.TRTyranna Resources LimitedTYXU92 Energy Corp.UTWOURZ3 Energy Corp.URZUltra Lithium Inc.ULTUnity Metals LimitedUM1Usha Resources Ltd.USHAVR Resources LtdVRRVal-d'Or Mining CorporationVZZValkea Resources CorpOZVantage Metals LimitedVANVault Strategic Mining Corp.KNOXVelocity Minerals Ltd.VLCVior Gold Corporation Inc.VIOVisible Gold Mines Inc.VGDVisionary Metals Corp.VIZVolt Carbon Technologies Inc.VCTVortex Metals Inc.VMSVulcan Minerals Inc.VULWalker River Resources Corp.WRRWaratah Minerals LimitedWTMWescan Goldfields Inc.WGFWest Point Gold Corp.WPGWestar Resources LtdWSRWestern Gold Exploration Ltd.WGLDWestern Metallica Resources Corp.WMSWhite Cliff Minerals LimitedWCNWildsky Resources Inc.WSKWinshear Metals Corp.WINSWishbone Gold PlcWSBNWorld Copper Ltd.WCUXAU Resources Inc.GIGXali Gold Corp.XGCXpedra Resources LimitedXPDXplore Resources Corp.XPLRYellow Cake PLCYCAZonte Metals Inc.ZONiMetal Resources Inc.IMR
Development Phase— average 5-17 years
The deposit is real; the question is what it's worth and whether it can get financed and permitted.
268 Companies
Production Phase— ongoing — length varies by remaining mine life
A real, cash-generating mine — valued like an operating business, not an exploration story.
225 Companies