What's missing in this statement below?...

No mention of what happens to those juniors whose endgame is to go into production. Why? Perhaps because so few get that far...

5. Tight Share Structure . This is critical for various reasons. The mining business is a very capital-intensive business. Companies can raise funds by going into debt or selling shares. The companies who can find and/or develop a resource while keeping the share structure tight and undiluted are the companies you want to own. That speaks of good management. Also, the tighter the share structure, the faster the shares can appreciate. .