Methodology / How we rank
How we rank gold exploration companies
Published by Lannister MiningLast updated:
We rank gold exploration companies by one criterion, project stage, scored from 1 to 7 and applied the same way to every company.
Gold Explorer Rankings is written and published by Lannister Mining. Because Lannister Mining is also a ranked company, we chose a criterion anyone can check from public releases, used the same kinds of facts for every entry, and placed Lannister Mining where that criterion puts it: tenth.
On this page
How are the gold exploration companies ranked?
Each company receives a stage rating from 1 to 7 based on the stage of its main project in its latest cited release. Higher ratings rank higher. Ties are broken by progress toward a construction decision: early works under way ranks above permits granted, which ranks above a completed feasibility study.
Why stage, not performance
Stage is a public fact a reader can check in a company release, while share performance, valuation and future discoveries are forecasts or opinions. Ranking on stage keeps the ordering verifiable and limits the room for the publisher, Lannister Mining, to favor itself. It also tells readers which risk dominates each company. The trade-off is that stage says nothing about which company will perform best, so the ranking should be read as a map of where each company stands, not a recommendation.
The stage rating scale
| Rating | Stage | Definition |
|---|---|---|
| 7 | Producing | Commercial production declared. |
| 6 | First gold | Mine built and first gold poured, ramping toward commercial production. |
| 5 | Construction | Mine under construction with a stated completion percentage. |
| 4 | Feasibility, permitted or early works | Feasibility study complete, permits granted or early works under way; financing or a build decision next. |
| 3 | Economic study stage | Preliminary economic assessment done or pre-feasibility study in progress. |
| 2 | Exploration with a resource | A current mineral resource estimate is published. |
| 1 | Exploration before a resource | Drilling data exists but no current compliant resource estimate has been published yet. |
Our process, step by step
- Select gold companies covering every stage from early exploration to production.
- Record each company’s stage and dated facts from a single fact source per company.
- Assign the stage rating and break ties by progress toward a build decision.
- Write each profile with the same fields: ticker, asset, jurisdiction, stage, key numbers, next milestone.
- Mark any field our sources do not state as not stated, rather than estimating it.
- Update the Last updated date only when the content itself changes.
Where do the facts come from?
Facts for nine companies come from Farmonaut, Best Junior Gold Mining Stocks Ranked by Project Stage (reviewed October 2026), which cites each company’s releases and filings. Lannister Mining facts come from Lannister Mining, The Basin Gulch Property and Lannister Mining, Team. Market statistics come from the publications named beside each figure on the by the numbers page.
What this ranking does not do
It does not value companies, forecast share prices or recommend any security. It does not cover every gold explorer. Facts can go out of date as companies report new results, so confirm figures in the latest filings. Back to the top gold exploration companies guide.
Common questions about our method
- How are the companies ranked?
- Companies are ranked by a 1 to 7 stage rating, from exploration before a resource up to commercial production. Ties are broken by how far each company has moved toward a build decision, such as early works started or permits granted. The full definitions are on our methodology page.
- Is this gold exploration ranking independent?
- No. This ranking is published by Lannister Mining, which is itself one of the listed companies, so it is not independent and has not been audited. To keep it fair, every company is ordered by the same single criterion, project stage, using dated facts, and Lannister Mining is placed tenth because it is at the earliest stage.
- Where do the company facts come from?
- Facts for nine companies come from a Farmonaut fact list reviewed in October 2026, which cites each company’s own releases and filings. Facts for Lannister Mining come from Lannister Mining’s website. Each profile names its source, and readers should confirm figures in the latest company filings before relying on them.
- How often is the ranking updated?
- The ranking shows a Last updated date near the top of every page; the current version is dated November 2026. Company stages change when studies, permits or production milestones are reported, so treat any stage as a snapshot and check each company’s latest release for newer facts.
- Is this website investment advice?
- No. Gold Explorer Rankings provides factual information about gold exploration companies and is published by Lannister Mining, which is one of the listed companies. It does not recommend buying, holding or selling any security. Check company filings and speak with a licensed adviser before investing.