chuk, in case you haven't realised it, macroeconomics forces...

chuk, in case you haven't realised it, macroeconomics forces comes into play significantly when it comes to dynamics of the market, share price reactions, risk appetite, etc. The crazy response before anything concrete did happen before, yes, but that economic picture was in the past. The abundance of capital at effectively zero interest rate and "risk-seeking" behaviours at the past were allowing stocks to react very favorably towards any positive news.

But market is extremely dynamic, and it doesn't ALWAYS behave the way it did (if that were the case, investment would be a very easy game, which it isn't). Right now, I'm not sure if you follow news, but the inflation is a very complicated game, and we don't know when interest rates will be cut. Market therefore is very nervous and fragile at the moment, which means the "margin of safety" being sought on risky companies or even established companies with positive cashflows far into the future is also much more stringent than it was, when the live party was going haywire with low interest rates and all macroeconomic indicators were stable and positive. Even Amazon, a huge mega cap stock by any standards, went down by 50%. Who is MNB?

Regarding my own expectations, yes I believe the company value will appreciate in the short/medium term IF AND ONLY IF it finally delivers this main project (that's why I remain invested in it). I am keen to see news that "seal the deal" officially and not further improvements or enhancements.

What I am offering isn't a pessimistic view that it aint worth what it is worth. What I am saying is that given the uncertainty, less global allocation to equities as an asset class, still no strong sign of interest rates cuts, it's a very complicated picture globally which reduces overall risk appetite of both retail and instutional investors. Don't expect a hyperbole sp reaction anytime the company posts something positive. It will get there if the probability of it delivering what it promised has increased significantly, and right now, a technical study isn't a "significant probability" of the project actually being delivered in 3-5 years time.

We certainly don't need a history lesson that this same project was claimed to be "very close to completion" 10 years ago, and look where we are now.

I know what SP I am expecting, and at this point, I only await particular news about those 2 things to finally sleep well at night that it is happening. Before then, I am not excited, and neither is the market (we will see whether sp re-rates significantly without those 2 things ticked off soon).