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.
506 Companies
49 Metals Limited49MAC/DC Battery Metals Inc.ACDCATHA Energy Corp.SASKAdamera Minerals Corp.ADZAlgo Grande Copper Corp.ALGRAlliance Mining Corp.ALMAlmadex Minerals Ltd.DEXAloro 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.APMIArgentina Metals CorpVLLCArizona Gold & Silver Inc.AZSArras Minerals Corp.ARKAruma Resources LimitedAAJAu Gold Corp.AUGCAurania Resources Ltd.ARUAuranova Resources Inc.AURAAustin Gold Corp.AUSTAztec Minerals Corp.AZTBP Silver Corp.BPAGBTU Metals Corp.BTUBULGOLD Inc.ZLTOBallymore Resources LimitedBMRBasin Energy LimitedBSNBeauce Gold Fields Inc.BGFBedford Metals Corp.BFMBig Bear Gold Corp.BEARBlack Mammoth Metals CorpBMMBlack Pine Resources Corp.BPRBlue Jay Gold Corp.JAYBonanza Mining CorporationBNZBotswana Minerals plcBMINBrixton Metals CorporationBBBBronco Resources Corp.BRONCANEX Metals Inc.CANXCanAlaska Uranium Ltd.CVV.VCanadian Gold Resources Ltd.CANCanoe Mining Ventures Corp.CLVCapella Minerals LimitedCMILCariboo Rose Resources Ltd.CRBCarlin Gold CorporationCGDCatalina Resources LtdCTNChibougamau Independent Mines Inc.CBGCoast Copper Corp.COCOCobra Resources plcCOBRCollective Mining Ltd.CNLComet Lithium Corp.CLICCondor Resources Inc.CNConquest Resources LimitedCQRCopperCorp Resources IncCPERCoppernico Metals Inc.COPRCore Critical Metals Corp.CCMCCosa Resources Corp.COSACosigo Resources Ltd.CSGCoyote Copper Mines Inc.CCMMCritical Mineral Resources PLCCMRSCulpeo Minerals LtdCPODaura Gold Corp.DGCDelta Resources LimitedDLTADios Exploration Inc.DOSDiscovery-Corp Enterprises Inc.DCYDryden Gold Corp.DRYDynasty Gold Corp.DYGE79 Gold Mines LimitedE79Eagle Plains Resources Ltd.EPLEastfield Resources Ltd.ETFElk Range Mining LimitedELKEnduro Metals CorporationENDRErrington Metals IncEMExcalibur Metals Corp.EXCLF4 Uranium Corp.FFUFairchild Gold Corp.FAIRFalcon Gold Corp.FGFalcon Metals LtdFALFinEx Metals Ltd.FINXFinlay Minerals Ltd.FYLFireFox Gold Corp.FFOXFirst Andes Silver Ltd.FASFirst Atlantic Nickel & Cobalt Corp.FANFirst Au LimitedFAUFounders Metals Inc.FDRFredonia Mining Inc.FREDFulcrum Metals plcFMETG50 Corp LimitedG50GFG Resources Inc.GFGGGL Resources Corp.GGLGGX Gold CorpGGXGalactic Gold Corp.GGAUGeiger Energy Corp.BEEPGemdale Gold Inc.GEMGGetty Copper Inc.GTCGold Finder Resources Ltd.GLDGold Hart Copper Corp.HARTGold Reserve Ltd.GRZGoldInxs Mining Corp.INXSGoldbank Mining CorpGLBGoldcliff Resource CorporationGCNGolden Cross Resources Inc.AUXGolden Globe Resources Ltd.GGRGolden Horse Minerals LimitedGHMGolden Minerals CompanyAUMNGolden Pursuit Resources Ltd.GDP.VGolden Ridge Resources Ltd.GLDNGolden Sky Minerals Corp.AUENGoldera Exploration Ltd.GERAGoldstorm Metals Corp.GSTMGoliath Resources LimitedGOTGreat Bear Exploration LtdGBLGreat Pacific Gold Corp.GPACGreat Southern Copper PLCGSCUGreat Southern Mining LimitedGSNGreenX Metals LimitedGRXGreenheart Gold Inc.GHRTGrosvenor Resource CorporationGVRGwardar Resources LimitedGRSHalcones Precious Metals Corp.HPMHamak Gold LimitedHAMAHamelin Gold LimitedHMGHannan Metals LtdHANHarvest Gold CorporationHVGHayasa Metals Inc.HAYHeadwater Gold Inc.HWGHelius Minerals LimitedHHHHercules Metals Corp.BIGHomeland Nickel Inc.SHLHomeland Uranium Corp.HLUIbero Mining Corp.IMCIndiana Resources LtdIDAInfield Minerals Corp.INInfinico Metals Corp.INFMInfinitum Copper CorpINFIIntrepid Metals CorpINTRInventus Mining Corp.IVSJ2 Metals Inc.JTWOJaguar Uranium Corp.JAGUJapan Gold Corp.JGK2 Gold CorporationKTOKalo Gold Corp.KALOKaoko Metals LimitedKAOKapa Gold Inc.KAPAKenorland Minerals Ltd.KLDKestrel 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.KLDCKobo 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.LVXLexington Gold LtdLEXLion Rock Minerals LimitedLRMLion Selection Group LimitedLSXLocksley Resources LimitedLKYLupaka Gold Corp.LPKLux Copper Corp LtdLUXMB Gold LimitedMBGMackay Gold & Silver Corp.MACKMadoro Metals Corp.MDMMagmatic Resources LimitedMAGMammoth Minerals LimitedM79Mammoth Resources Corp.MTHManhattan Uranium Discovery Corp.MANUMarvel Gold Ltd.MVLMasivo Silver Corp.MASSMax Resource Corp.MAXMetal Bank LimitedMBKMetalero Mining Corp.MLOMetalex Ventures Ltd.MTXMiata Metals Corp.MMETMillennium Silver Corp.MSCMirasol Resources Ltd.MRZMogotes Metals Inc.MOGMorocco Strategic Minerals CorporationMCCMundoro Capital Inc.MUNMustang Minerals LimitedMMXNV Gold CorporationNVXNativo Resources plcNTVONelson Resources LimitedNESNexus Gold Corp.NXSNord Precious Metals Mining Inc.NTHNorfolk Metals LtdNFLNoronex LimitedNRXNorse Gold Corp.VKGNorth Arrow Minerals Inc.NARNorth Peak Resources Ltd.NPRNorth Shore Uranium Ltd.NSUNorth Stawell Minerals LimitedNSMNovo Resources CorpNVONuLegacy Gold CorporationNUGOctava Minerals LimitedOCTOlivut Resources Ltd.OLVOmineca Mining and Metals Ltd.OMMOnGold Resources Ltd.ONAUOne Bullion LimitedOBULOngwe Minerals Inc.OGWOnyx Gold Corp.ONYXOpawica Explorations Inc.OPWOphir Metals Corp.OPHROpus One Gold Corp.OOROrdell Minerals LimitedORDOrecap Invest Corp.OCIOreterra Metals Corp.OTMCOsmond Resources LimitedOSMPTX Metals Inc.PTXPalamina Corp.PAPantera Silver Corp.PNTRPanther Metals LtdPNTPhenom Resources Corp.PHNMPinnacle Silver and Gold Corp.PINNPirate Gold Corp.YARRPlatina Resources LimitedPGMPlato Gold Corp.PGCPrecipitate Gold Corp.PRGProspector Metals Corp.PPPProsper Gold Corp.PGXProvidence Gold Mines Inc.PHDPuma Exploration Inc.PUMAPurepoint Uranium Group Inc.PTUQcX Gold Corp.QCXRJK Explorations Ltd.RJX-ART Minerals CorpRTMRackla Metals Inc.RAKRagusa Minerals LimitedRASRanchero Gold Corp.RNCHRedcastle Resources LtdRC1Regener8 Resources NLR8RRelevant Gold Corp.RGCRev Exploration Corp.REVXRichmond Minerals Inc.RMDRidgeline Minerals Corp.RDGRiedel Resources LimitedRIERight Resources LimitedRRERiley Gold Corp.RLYGRincon Resources LimitedRCRRiverside Resources Inc.RRIRoute 109 Resources Inc.RTERoyal Road Minerals LimitedRYRSable Resources Ltd.SAESafi Silver Corp.SFSan Lorenzo Gold Corp.SLGSierra Nevada Gold Inc.SNXSilver Grail Resources Ltd.SVGSilver North Resources Ltd.SNAGSilver Predator Corp.SPDSilver Range Resources Ltd.SNG.VSilver Wolf Exploration Ltd.SWLFSkyharbour Resources Ltd.SYHSlam Exploration Ltd.SXLSouthern Empire Resources Corp.SMPSprott Physical Uranium TrustU-USt. James Gold Corp.LORDStakeholder Gold CorpSRCStallion Uranium Corp.STUDStandard Uranium Ltd.STNDStellar AfricaGold Inc.SPXSterling Metals Corp.SAGStorm Exploration Inc.STRMSun Peak Metals CorpPEAKSun Summit Minerals Corp.SMNSylla Gold Corp.SYGTRU Precious Metals Corp.TRUTajiri Resources Corp.TAJTali Resources LtdTR2Taruga Minerals LimitedTARTectonic Metals Inc.TECTTerra Critical Minerals LimitedT92Terra Rossa Gold Ltd.TRRTerrain Minerals LimitedTMXTesoro Minerals Corp.TESThree Crowns Critical Metals Inc.TCCMThunderbird Minerals Corp.BIRDTier One Silver Inc.TSLVTower Resources Ltd.TWRTrailbreaker Resources Ltd.TBKTrek Metals LtdTKMTres-Or Resources Ltd.TRSTribeca Resources CorporationTRBCTrifecta Gold Ltd.TGTsodilo Resources LimitedTSDTyranna Resources LimitedTYXURZ3 Energy Corp.URZUnity Metals LimitedUM1Valkea Resources CorpOZVantage Metals LimitedVANVault Strategic Mining Corp.KNOXVelocity Minerals Ltd.VLCVior Gold Corporation Inc.VIOVisible Gold Mines Inc.VGDVisionary Metals Corp.VIZVortex Metals Inc.VMSVulcan Minerals Inc.VULWalker River Resources Corp.WRRWaratah Minerals LimitedWTMWest 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 PLCYCAZacatecas Silver Corp.ZACZonte Metals Inc.ZON
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.
213 Companies
Production Phase— ongoing — length varies by remaining mine life
A real, cash-generating mine — valued like an operating business, not an exploration story.
204 Companies