Saying you are going to spend money (ie do some expensive...

Saying you are going to spend money (ie do some expensive drilling) I believe is not something that will swing big money players.
Yes M&Ds who follow the stock may see the progression as making the stock worth more - but spending money is not making money or proving there will be money made in the future.

Based off the data from the historic resource estimates the stock re-rated. But it can't be taken to the bank yet.

Drilling to reinforce that data in itself is spending money and doesn't prove anything.

When those results come back end of Q1 next year - that will cause the serious re-rate as now big money has some proof and time lines to production can start to be drawn out.
Will there need to be a cap raise? Instos may wait for that as well to try and snag a (bigger) bargain.
Share prices often slide a little during the Christmas holiday period of Mid Dec thru mid Jan as well on lite volumes.
There might be some smaller money FOMO buying as we head thru Feb/March - but I do not expect anything major until the drill results and an official resource estimate is released.