Miners carry high costs when not producing, which may set them at a disadvantage compared to juniors, said Jamie Keech.
The Resource Insider co-founder talked to Kitco today.
"It is one of those rare times when investing in a junior company in some ways carries a lot less risk than a mining company or even a later stage development company," said Keech.
Keech notes that there are high costs to keeping a mine on care and maintenance.
"There's millions or hundreds of millions of dollars of equipment that needs to be cared for and maintained.