Some new approaches to ranking exploration ventures are suggested. Risk capacity, reflecting the break-even odds of failure for any venture, provides a useful tool. The amount by which the perceived risk (chance factor) exceeds the inverse of risk capacity is a good measure of the quality of a venture. We define this dimensionless fraction Surplus Risk Factor (SRF) or, informally, Comfort. Expected value may be restated as the product of SRF and the present value of a discovery. Plotted against each other, these provide a useful basis for a value order plot.

Two other useful yardsticks are Exploration Cost Efficiency, the expected present value generated by a dollar of discounted exploration expenditure, and Predicted Finding Cost, based on the risk-weighted reserves.

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