at this stage, the SP is simply a matter of supply and demand. Simple, but complicated at the same time.
Holders have the supply and those wanting to get in make up the demand.
Then you have the market makers whose job it is, to ensure there is some liquidity in every stock. So they are allowed to "play" with the stock so there is a market there (buys and sells), on the day, for anyone wishing to transact.
Then there is the nebulous element, consisting of cross trades; share loaning; short selling; algo trading etc. which in my opinion is a bit like the "wild west" - hard to police and wide open spaces where those who are fast, with big pockets/guns, and adept - can do anything they want - esp if they are playing a long game.
The big pockets set the goal and their minions work at executing the actions required to achieve those goals. Actions include playing with market perceptions, etc etc.
So the SP at any given time is a result of all the above. atm, there is buying pressure and the price has gone up, because current SH are not letting go easily. When whoever is buying gets their fill, the buying pressure runs out and the price stagnates or drops, according to market makers and supply and demand.
A re-rate here will come when someone other than min and their mates want to take a position on the register and there are not enough loose shares for them to snap up.
@barneydigs has also provided the next two events, and they are the seismic and appraisal drilling.
But the real re-rate will come, when existing shareholders refuse to sell their shares...at any price, until it goes into production and after another discovery is made...then you will be well north of 50c DYOR
