Money managers in the gold space are not touching exploration, with Greg Orel of OCM Gold Fund with 30+ years experience saying the same thing, indicating broad shift toward cash-flowing companies and away from early-stage exploration

Gold has outperformed all three main US indices over the last 25 years by a significant margin, even when counting dividends on some indices

Gold at all-time highs and silver outperforming gold on a year-on-year and year-to-date basis with five-year performance of both metals basically the same having doubled, while the GDX gold miners ETF is only up about 50% in that five-year period but miners are outperforming metal on a year-on-year basis

Best performers in portfolio are discoveries or equities approached from bottom-up starting at asset level, with exploration stocks that haven't moved in 2-3 years still showing weak charts while cannabis saw absolutely unhinged valuations making no sense

High quality discoveries are the ones that will attract the most attention first, trading at reasonable valuations now, so there's no need to go into pounds or ounces in the ground type stories when high grade discoveries are available

Aali Resources news release focused on using termites to generate new gold exploration targets and make previous discoveries cheaper and faster, with termite mound sampling revealing geochemical anomalies over 3.5 kilometer footprint on 100% owned ground adjacent to BBM discovery on joint venture

Most junior exploration company CEOs have an exit strategy focused on acquisition by larger companies, leading to pressure to find something 'worthwhile' for takeover rather than building sustainable businesses; this creates a structural misalignment between CEO and shareholder incentives.

From first drill hole to first ounce of production in a junior exploration company takes on average 18 years, making it extremely capital-intensive; constant shareholder issuance is required because junior companies with no cash flow must repeatedly return to capital markets every 5-6 months for funding.