IK, I think you're confusing Steps and Milestones.
Steps are all the things you have to do to hit a Milestone. They let you monitor progress, but until you get to the Milestone there is still risk the whole thing could hit snags that delay, require a pivot, or in worst case make the whole thing fall over.
Milestones are the point at which something gets de-risked ...a JORC, a piece of paper granting you licence to mine, money in the bank, and so on. Often Milestones are Steps for future Milestones.
The SP will move round for a host of reasons, sentiment and trading strategies amongst them, which are often influenced by Steps. But a sustained re-rate will always be linked back to hitting a Milestone = de-risking.
Well, that's how I see it anyway.
On a different matter, a few people have mentioned the number of shares on issue being one of the challenges to the SP. I don't get it. If I am going to invest in a company I make my decision to invest based on dollars not share count. Taking into account position size in my portfolio, risk, etc. A $10k investment in one company may mean 10,000 shares in one company and in another it might mean 200,000. But I've still invested $10k in both. Same goes for the "tightly held" idea, if I like a company I will hold it because I'm convinced of the merits of the investment and whether it has 100m or 1,000m shares on issue won't factor into my decision. Some mandates prevent institutions investing in companies below a certain MC level, which makes sense. But are there mandates that just look at the share price too? Some people talk about the pips, moving in 0.1c increments ...put moving from 7.1 to 7.2 is the same as moving from71 to 72. What am I missing in all this?
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