Production

Stage 8 of 8

Generating real, audited sales revenue from its own operations — not just first metal or stockpiled output — no formal commercial-production declaration required. A producer whose operations are all idle with no sales for 12 months reverts to its most advanced active project's stage.

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'.