Epic, page-162

As many others mentioned, this chart is not a hard and fast rule. There are many other factors including fluctuating commodity prices, funding risk, exploration risk, geopolitical risk that have to be considered.

Here are some mining companies involved with a range of different commodities (that are exploring in different countries) that you can have a look at. I've put in some mid-late gold explorers as well as some low cap producers (not the big ones like Newcrest, Northern Star, Regis, etc)
You'll have to bear in mind the fluctuation in commodity price and outlook as well as geopolitical risk and turmoil depending on jurisdictions. All these play a huge factor.

You've got the right trading/investing strategy here. Hold on to your long term parcels and trade those additional share parcels to either increase your holding for no cost or to bring your average down / trade for additional profit. Every share will have pull backs and retrace as it further consolidates for the next run. Ideally you want an upward trajectory like Northern Star (NST), but even that had several pull backs which really presents great trading opportunities.

I personally like to take some money off towards the end of the speculation stage so that I can re-invest into speculative companies with smaller market cap that can give me a high growth (i.e. the next 10+ bagger).
I personally think TSO still has plenty of steam and not at the end of speculative stage. Happy to hear others thoughts.