It's not dissimilar to oil & gas (energy) and mineral resources ... the outgoings on exploration are a cash bloodletting that often has no return.
The "win" is occasionally getting a steadily profitable field or lode for multiple decades after the costs of proving and the fun of raising forward capital loans for extraction and processing plant capital.
The "win" is occasionally getting a steadily profitable field or lode for multiple decades after the costs of proving and the fun of raising forward capital loans for extraction and processing plant capital.