Production

Stage 8 of 8

Actively mining and generating real, audited sales revenue — not just first metal or stockpiled output — no formal commercial-production declaration required.

The mine is operating and generating real revenue. At this stage a company is valued much more like a normal operating business — on cash flow, costs per ounce, and mine life — than on exploration upside. Production-stage juniors sometimes still carry meaningful expansion or exploration potential on the same land package, but the core investment case has shifted from 'will this become a mine' to 'how well is this mine actually running'.