It's been a tremendous first half of 2020 for the Gold Juniors Index (GDXJ), with several gold juniors enjoying triple-digit-returns and massively outperforming their benchmark. While many of the African explorers have also had impressive runs, they continue to trade at a deep discount to peers given their more volatile jurisdictions, with the enterprise value per ounce of gold explorers hovering well below the sector average of $55.00/oz. This is further corroborated by the most recent two acquisitions in Africa coming in at an average of $51.13/oz even after accounting for the premiums