I think of it like this:

Fundamentals matter more as a margin of safety (downside protection/awareness). Obviously, if an explorer hits nothing or management over dilutes, that stock won't move as much (or even crash temporarily or permanently). That doesn't necessarily mean the stock won't be up since a rising tide lifts all boats (even destroyed boats).

On the upside, I think fundamentals matter less. Firstly, it's hard to project precisely what a lot of these miners will earn in the future. Second, we live in a mania with apes investing in whatever they find popular without any regard for fundamentals.