How to pick junior gold equities discusses factors to consider when selecting junior gold mining stocks. It notes that gold is in a long-term bull market but gold mining stocks have underperformed. Operational gearing means that as gold prices rise, profits of mining companies rise faster due to fixed costs. The document recommends focusing on high quality companies with consistent long track records, lower costs, proximity to infrastructure, and management experience. Exploration risks should be avoided in favor of companies with large, low-cost resources that can increase production over many years.