ASX Today, page-13169

When a company is still in its Feasibility stages they are in their Orphan period
when a company has a Major strategic investment financial institutions partnerships JV they have advanced to the next phase(DEVELOPMENT-Strategic/Institutional Investment) from Orphan....LTR are in Feasibility 2-3yr duration period
After Orphan(Feasibility), is the Development during which the SP markedly and remarkably increases as it heads towards construction and production

1. Feasibility
   
   

   This is an important milestone for a mineral discovery. Studies conducted during this stage may demonstrate the deposit’s potential to become a profitable mine.

   Institutional and strategic investors can then use these studies to evaluate whether they want to advance this project. Speculators often invest during this time, known as the “Orphan Period”, while uncertainty about the project lingers.

2. Development
   
   

   Development is a rare moment, and most mineral deposits never make it to this stage. At this point, the company puts together a production plan for the mine.

   First, they must secure funding and build an operational team. If a company can secure funding for development, investors can see the potential of revenue from mining. However, risks still persist in the form of construction, budget, and timelines.

1. Startup/Production
   
   

   Investors who have held their investment until this point can pat themselves on the back—this is a rare moment for a mineral discovery. The company is now processing ore and generating revenue.

   Investment analysts will re-rate this deposit, to help it attract more attention from institutional investors and the general public. Meanwhile, existing investors can choose to exit here or wait for potential increases in revenues and dividends.