Thanks for sharing your research.  Though I would argue you need to set your expectations a little more realistically in this space.  You can't expect to win on every mining company on the TSXV.  

F&M has some huge wins over the past ten years.  Look at Consolidated Thomson (sold to Cliffs for $4.9B), Avion (sold to Endeavour for $389M), Desert Sun (sold to Yamana for $735M) just to name a few.   With F&M, you get on board with a solid and verifiable track record of successful exits.  Thats why you are in the space.  You are not investing in this sector for slow, steady returns.  Thats the important part, not these other details.