Is There Ever a “Value” Case for Micro Cap Explorers?

I am not suggesting this is traditional value investing, but I wanted to open a discussion. Take a company like Lake Winn Resources, an early stage Canadian lithium explorer. No production, no revenue, exploration risk. At first glance, this fails every classic value metric. However, some argue that during commodity downturns, select juniors trade below the implied optionality of their land packages. If lithium supply tightens as some producers are forecasting for 2026, exploration optionality may become mispriced relative to future cycle expectations. The question is: Can early stage commodity explorers ever fit into a value framework? Or are they strictly speculation and outside the discipline entirely? Would be interested in perspectives from people who apply strict Graham or Buffett frameworks to cyclical resource sectors.