I think it's down to a combination of the factors you described...

I think it's down to a combination of the factors you described in your post, but tbh I was surprised at the lift in share price over the last 6 months or so. Usually, down this end of the market, if a company doesn't release any announcements of substance the price will drift lower so although I think the share price deserved an uptick and was seriously undervalued, I was still surprised to see the share price increase consistently. Especially without the company releasing an announcement regarding a new contract over the last 6 months.

At the end of the day the MCPTX contracts will be what drives the share price significantly forwards over the coming months/years. From the yearly/half yearly updates, they've been in various stages of negotiation with multiple telcos over the past few years and despite the long lag times on these contracts I think it's pretty reasonable to expect a number of those opportunities to be converted over the next 6-12 months. Once these are announced the company will be revalued but until then, we're going to be subject to low volume trades pushing the share price up and down like we've seen over the last few weeks.

Completely agree with what you've written in your post, for the potential this company has, the share price should already be a lot higher. On the bright side, if it slips into the 30s again I'll pick up a few more which will make it just a bit more sweeter when the market eventually wakes up.