what do you think matters more for long-term investing: producers or early-stage explorers?

i’ve been thinking about the difference lately between investing in established companies versus early-stage resource explorers.

producers seem more straightforward:
revenue, cash flow, existing operations, exposure to commodity prices.

explorers are a completely different category.
a lot of them have no production and sometimes not even a defined resource yet. the value is usually tied to geology, drilling results, land position and future discovery potential.

the upside can look very different, but so can the risk.

i also think macro trends are changing the conversation a bit now, especially around copper, uranium and critical materials because governments suddenly care more about supply chains and domestic resources.

personally i’m trying to balance both approaches instead of viewing them as competitors.

curious how other people here think about it:
do you prefer established operators, or do you keep a small allocation for earlier-stage speculation too?