An exploration or development-stage miner, typically with no revenue and a market capitalisation well under $500M.
An exploration or development-stage mining company focused on discovering and developing new mineral deposits. Junior miners typically have market capitalizations under $500 million, limited production or revenue, and rely on equity financing for exploration programs. They carry higher risk but offer significant upside potential.
Juniors are the discovery end of the industry. They carry the highest failure rate and the highest leverage to a find, and because they have no revenue their share count only ever goes one way.
Most trade on the TSX Venture Exchange or comparable junior boards. Assess them on cash position, burn rate, share structure and quality of ground — earnings multiples are meaningless here.