JUNIORMETRICS
Gold$4,479.95/oz
Silver$66.98/oz
Copper$6.00/lb
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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.

How this phase gets valued

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.

What drives speculation at this stage

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