I've read up on a few different iterations of the famous Lassonde curve, which describes the up and down ride Junior Miners take en route to production and provides a framework to scrutinize risks that any sensible investor knows comes with any investment. The Orphan period, where we are, is when inexperienced investors might quail and become frustrated. This period straddles financing up to Institutional buy-in. Local govenrments, need for critical metals are on the plus side here. Conflict free, environmentally responsible, bolstered by a strong social net (ie ready, healthy labour force) these are plus side too. Every stage takes time, especially when other market forces like major conflicts, the roll out of Cold War II and world pandemics are at play. Spoiler: they are. Expecting the stock to balloon 2 years ago? 1? Now? Why? It's not magic. It's a junior mine company working the known steps and hedging the unknown ones from discovery to production. But a long position mindset takes steps, management, market conditions and wild cards into account and develops hobbies outside stock boards to stay healthy.
Expecting the stock to remain at the highs created by speculation euphoria in the early stage Lassonde peak is irrational. Ditto expecting any stock to stay put. It's an ocean. Not a singularity. Analyzing what's in the ground along with predicted demand is still a bet - a GUESS predicated on geological facts x The Future, and therefore not a given. For anything. One might as well yell at a lottery ticket for not paying out as get angry that market forces aren't behaving according to wishes.
I've been consistently impressed with the way the GenM team thinks strategically about straightforward things I get intuitively, like prebuying the mill they got, or putting tree harvesting plans into action, leasing the camp ahead of time. They handled the Indigenous buy-in with aplomb. There's a lot of boots on the ground expertise and proven experience at GenM. They've ridden this particular roller coaster before.
https://newagemetals.com/new-age-metals-and-the-lassonde-curve/