Verdict Framework
Every company scored on 5 factors — management skin-in-the-game, project geology quality, capital structure health, catalyst proximity, and comparable acquisition value. One clear verdict: BUY, WATCH, or AVOID. All scores are based on NI 43-101 technical reports, SEDI insider filings, and public financial data.
How to Read a Verdict Scorecard
Each company in this directory has been run through the same five-factor Verdict Framework. Scorecards are based entirely on public filings — SEDAR/SEDI for Canadian issuers, ASX announcements for Australian listings, SEC filings where applicable — supplemented by the most recent NI 43-101 or JORC-compliant technical report. We do not rely on management interviews or company-prepared investor decks for any scoring input.
A composite score above 18/25 is rare and almost always maps to BUY. 13–17 is the WATCH zone — the story is interesting but something (often capital structure, often geology confidence) is not quite there yet. Below 13 is AVOID. We do not grade on a curve, and we republish scorecards on any material change: new drill results, a financing, a management change, or a catalyst miss.
The Five Factors
- Management — insider ownership as a percentage of outstanding, recent open-market buying, share-issuance discipline, and track record on prior ventures.
- Geology — resource category (inferred vs indicated vs measured), grade relative to commodity-specific benchmarks, metallurgy, and deposit continuity.
- Capital Structure — shares outstanding fully diluted, warrant overhang, working-capital runway, and history of dilution.
- Catalysts — proximity and materiality of the next news event — drill results, resource update, PEA/PFS/FS, permits, offtake.
- Acquisition Value — P/NAV versus comparable M&A transactions in the same commodity and jurisdiction over the trailing 24 months.
Use the tier filters above to narrow by producer, developer, or explorer — or the verdict filters to show only BUY-rated names. Search by ticker, company name, or primary commodity.