RE:RE:RE:RE:RE:RE:RE:RE:Capex I respect that strategy - you're like the Ben Graham of microcap mining plays.
One other criterion of mine is minimizing political risk. I'm only interested in companies with land package(s) located in Canada or the USA. Going further afield (especially Latin America or Africa) is too high an additional risk in my view on the risk/reward continuum.
History is full of examples of mining companies with operations in those countries where things have been going along great for many years and lots of money is being made, then all of a sudden, there's a rebellion, coup, or other major incident that either overthrows the existing government or forces them to raise taxes / royalties / other fees on foreign companies operating in their country by large amounts, and if their demands are not met or the citizens put enough pressure on the government to act or get kicked out of office, shut down and/or simply confiscate the assets. This is typically the result of a large portion of the population living in poverty for many, many years while members of the government and the foreign companies themselves are living large off the land. A recent example is First Quantum and their huge and very lucrative Cobre Panama Mine.
Though I'm a Lassonde Curve, Stage 4 type of investor and thus not invested in any given microcap mining company for too long, the risk of a quick and dramatic turn of events in such countries is a dealbreaker for me. Sure, the rewards can be very high if things proceed without incident in those countries, but IMO there are enough enticing microcap mining companies with land package(s) located solely in Canada and the USA that have multi-bagger potential and thus no need to add that additional risk.