firstly, i wouldn't count on mr H's experience..... he's hardly proven to be an astute investor. Hence the reason half this forum has him on ignore.
As to your question, i'd agree the the largest growth occurs during the de-risking events. discovery, JORC, DFS, Permitting, off-takes, construction etc. etc... then during the construction phase you tend to get a transition of holders from speculators to investors. speculators are looking for the sugar rush of 30-50% a day, investors are looking at the stability of EPS, dividends and the growth story of the established business over 5-10 years.
So its more a hand off for different appetites and schedules, more so then bags.... as 10 years of dividends will be pretty good ROI too.
Lucky for VRX, if you're buying today you'll get both
