ironwill, my post timed out before I could finish so, here is the complete post:
Hi ironwill, I'll chime in on that one, I only buy producers (gold or silver) with revenue. These are some other stats to consider; minimal debt, positive cash flow, low AISC, safe jurisdiction, and longer mine life, for me I prefer undervalued juniors. These juniors carry more risk, but the ROI can be multiples higher than safer mid and top tier producers, I hope this helps. My two largest positions are Karora Resources (KRR.TO/KRRGF) and Galane Gold (V.GG/GGGOF)
You can do okay with explorers to, but generally, since permitting, mine construction along with a huge capex can take years, risk is higher and ROI can be years away unlike a current producer's quarterly profits.
The best way to make money with an explorer is if it is bought out. Wallbridge mining (WM.TO/WLBMF) is a good candidate.