JUNIORMETRICS
Gold$4,479.95/oz
Silver$66.98/oz
Copper$6.00/lb
← Back to roadmap

Grassroots Exploration

Stage 1 of 8

Early-stage prospecting on unproven ground — staking claims, soil/rock sampling, and initial geophysics to identify targets worth drilling.

Grassroots exploration is the earliest and riskiest stage of a mining company's life. A team has typically staked or optioned a land package based on regional geology, historical showings, or a geological thesis, and is running first-pass exploration — prospecting, soil and rock-chip sampling, mapping, and airborne or ground geophysics — to identify drill targets. Very little is known about whether a real, economic deposit exists here. Most grassroots projects never advance past this stage; the ones that do typically move forward on the strength of a single standout result (a high-grade rock sample, a strong geophysical anomaly) that justifies a maiden drill program.

How this phase gets valued

Market cap vs. cash on hand

No resource exists yet to value directly — dilution runway is the metric that matters.

What drives speculation at this stage

No drilled resource exists to underwrite a number, so the bet is on the team's track record, jurisdiction quality, proximity to known mineral systems or producing mines, and how credible the geological thesis is on its own terms.

Companies At This Stage328