So reading between the lines, the general view here seems to be...

So reading between the lines, the general view here seems to be that there won't be any ROI until after a TO or production, the latter which may be in 2-10 years or so if we are lucky. If there are any ROI opportunities before then they will be small, and the SP will hover around 8-9c.

So on understanding this I think it explains investor behaviour. When the SP goes up >9c, people who bought in between 6-8c wanting a year-on-year return are taking the opportunity to book a small return and exit FAR, seeking other opportunities.