Construction
Stage 7 of 8
Building the mine — earthworks, processing plant, and infrastructure — ahead of first production.
With financing and permits in hand, the company builds the mine: earthworks, the processing plant, tailings facilities, roads, and power. This stage carries real execution risk — cost overruns and schedule delays are common industry-wide — but the exploration and financing risk that dominates earlier stages has largely been resolved. Investors in this stage are underwriting a construction team's ability to deliver on budget and on time, not the existence of the deposit.
P / NAV, re-rating upward
Typically ~0.4–0.7x NAV as the story shifts from 'will this get built' to on-time, on-budget execution risk.
The exploration and financing risk that dominated every earlier stage is largely retired. What's left to underwrite is execution — whether this specific team can build on time and on budget.
Companies At This Stage31
- Amigo Resources PLCAMGO$0.04 - GBP 0.03Mojimoto and Kabete gold processing operations, Tanzania (Processing Centre Licences PCL/0352/2026 and PCL/00496/2026)
- Anfield Energy Inc.AEC$4.25Velvet-Wood Uranium-Vanadium Mine, Utah
- Boab Metals LimitedBML$0.34 - AUD 0.47Sorby Hills Silver-Lead Project, East Kimberley, Western Australia
- Cabral Gold Inc.CBR$1.09 - CAD 1.51Cuiú Cuiú Gold Project, Tapajós, Pará State, Brazil
- Cyprium Metals LtdCYM$0.38 - AUD 0.53Nifty Copper Complex, Paterson Province, Western Australia
- Denison Mines CorpDML$3.39 - CAD 4.69Wheeler River -- Phoenix ISR Project, Athabasca Basin, Saskatchewan (Denison effective 95% interest: 90% direct + 5% indirect via JCU) -- the flagship, majority-owned, Denison-developed asset
- Diamcor Mining Inc.DMI$0.01 - CAD 0.01Krone-Endora at Venetia Diamond Project (Limpopo, South Africa)
- Excellon Resources Inc.EXN$0.34 - CAD 0.47Mallay mine, Peru (silver-lead-zinc)
- Galantas Gold CorporationGAL$0.46 - CAD 0.64Omagh Gold Project (Cavanacaw Mine), County Tyrone, Northern Ireland
- Global Atomic CorporationGLO$0.39 - CAD 0.54Dasa Uranium Project, Republic of Niger
- KEFI Gold and Copper PlcKEFI$0.02 - GBP 0.01Tulu Kapi Gold Project, Ethiopia
- Larvotto Resources LimitedLRV$0.75 - AUD 1.05Hillgrove Gold-Antimony Project
- Lotus Resources LimitedLOT$0.17 - AUD 0.24Kayelekera Uranium Project, Malawi
- Manuka Resources LimitedMKR$0.06 - AUD 0.08Mt Boppy Gold Mine / Wonawinta Silver Project (Cobar Basin, New South Wales, Australia)
- Medallion Metals LtdMM8$0.40 - AUD 0.56Ravensthorpe Gold Project, Western Australia
- Montage Gold Corp.MAU$14.13 - CAD 19.55Koné Gold Project, Côte d'Ivoire
- NexGen Energy Ltd.NXE$10.64 - CAD 14.73Rook I Project, Athabasca Basin, Saskatchewan -- 100%-owned, the largest development-stage uranium project in Canada
- Orion Minerals LtdORN$0.02 - AUD 0.02Prieska Copper-Zinc Mine, Northern Cape, South Africa
- Perpetua Resources Corp.PPTA$25.05Stibnite Gold Project, Valley County, Idaho
- Rox Resources LimitedRXL$0.45 - AUD 0.63Youanmi Gold Project
- Silver Mountain Resources Inc.AGMR$3.06 - CAD 4.23Reliquias Silver-Polymetallic Mine, Huancavelica, Peru
- Silver Storm Mining Ltd.SVRS$0.38 - CAD 0.52La Parrilla Silver Mine Complex, Durango, Mexico
- Silver Tiger Metals Inc.SLVR$0.77 - CAD 1.06El Tigre Project, Sonora, Mexico
- Silverco Mining Ltd.SICO$7.46 - CAD 10.33Cusi Mine Complex, Chihuahua, Mexico
- Skeena Resources LimitedSKE$33.03 - CAD 45.71Eskay Creek Gold-Silver Project, British Columbia, Canada
- Star Minerals LtdSMS$0.03 - AUD 0.04Tumblegum South Gold Project, Western Australia
- Theta Gold Mines Ltd.TGM$0.14 - AUD 0.20TGME Gold Project, Pilgrim's Rest Goldfields, Mpumalanga
- Tolu Minerals LtdTOK$0.94 - AUD 1.30Tolukuma Gold Mine
- Toubani Resources LimitedTRE$0.22 - AUD 0.31Kobada Gold Project
- U.S. Gold Corp.USAU$16.47CK Gold Project, Laramie County, Wyoming
- West Wits Mining LtdWWI$0.32 - AUD 0.45Witwatersrand Basin Project -- Qala Shallows Underground Gold Mine, Gauteng, South Africa