Hitting a duster on the very first hole is far more common than most of us would like to believe. But there is good news. ... maybe. Sometimes, one dry hole doesn't kill an entire play. Basins can be complex and structural models often point to multiple targets. The real question tho is what happens next. When management wants to immediately drill the second hole, you should press hard on the why behind that hole. Has the geological thesis meaningfully evolved with new data? Or is the company simply marching forward with the original plan because that’s what junior explorers do? Issuers should be transparent and specific about what survived the duster and why the next target is now stronger. Clear, data-backed communication builds far more trust than another hopeful press release. Speculators should ask the difficult questions before piling in. That’s where the edge is made... or lost. Ask & dig. I did, in our recent CEO interview with @explore_aeonian $ALTN.V. The CEOs answer is in the clip below. Full interview on YT and wherever you get your podcasts.