RE:Well I think we have all lost big time….Camaroman, you are likely right - for you. And likely for a lot of other people. This sector has a well deserved reputation for questionable ethics.
Personally, I started off investing like you suggest - companies like RBC and CTC, and Shoppers Drug Mart, and Dolby made up most of my rather small account back around 2000. I nervously put a little money into a couple Junior Miners, scared stiff by warnings like yours. Two of the first three I got into handed me losses, but the third one, Southern Star, became Gold Eagle, was better than a ten bagger for me. I tried to learn from the experience - how was Southern Star different than Cypress?
I'm no expert, but I've since figured out a few things that help me be successful in this sector. I like investing in companies near my home, but my dd kept me away from Harte. I try pretty hard to identify the winners before buying, paying more attention to management's record, finances, and share structure than to geology and hype. And still, two out of three companies I choose to invest in don't turn out well. So I try to cut my losses early and hang on to my winners (after getting my initial investment back). I don't blame management if I was dumb enough to invest in a scam - it was my decision. I try to learn from my expensive mistakes - I paid the tuition, I might as well learn the lesson.
I won't bore you with a list of my winners, because my losers outnumber them. But my TFSA has grown 8 fold in the last 20 years, mostly from stocks you are advising against.
It's not for everyone, trying to identify the beavers in a pond full of sharks and bloodsuckers. On the other hand, beavers have some characteristics that are rarely found in bloodsuckers, so it is possible to be successful here.