And there are much more popular sectors too for the warmer...

And there are much more popular sectors too for the warmer money.
Was lithium, and currently uranium.
Lots of specific companies with growing revenue earnings (not dependent on commodity prices) that doing very well too.
Many investors are now demanding/looking for cash returns from profits rather than it all being ploughed back into the business.
Byron can't do that, so the potential new shareholder pool is further reduced.

In the past, I would have piled into Byron. Now I am a far less likely to take a position as there are many other buses to catch/investment opportunitis in other sectors.
My current (possible) entry plan is to wait for the current program to be completed.
Good flowrates will probably get a pop to the share price, but it likely to then drift back a bit.
This would give an even better risk-reward entry point.
That's the (possible) entry plan.

However, there are several signs that the reality of climate change action (the rush to wind and solar) is starting to hit home.
If the wheels start to fall off, the general populace will turn, and government will change course or relinquish power.

Time will tell.

As you may be aware, I have a large position in Otto Energy.
This short-term investment is purely based on the fact that the Happel family want out, and that Otto Energy is/was priced substantially below the value of the underlying assets. They are willing sellers at fire sale prices, which still give me an excellent return.
Still a bit more upside, but getting riskier at current prices.

The point that I would make is that Byron has much better management than Otto (Allen Jetter days), and is more undervalued than OEL was at $0.012.
BYE should be trading closer to $0.20 today (and it would still be well below asset backing), but isn't for the reasons that you identified in your post.

The question is when will BYE share price be rerated, What are the catalysts.

An encouraging thing about BYE management is that that their employment track record suggests that know when to fold them.
It is possible that they will build BYE and then sell out when commodity prices are high.
This is at least several years away.

A bit of a brain dump, but I just started typing.

On a point on the other thread (I think it was your question), I had a very quick look at cashflow and P&L statements, and it is possible that the buyer pays the royalties. Again, I am not certain, and I don't think it would make a difference.