I think it is helpful to consider value and SP/market cap as two...

I think it is helpful to consider value and SP/market cap as two different things. Related, but potentially quite uncoupled.

It is true that value is easier to determine if there has been a recent resource upgrade, but again, patience.There is a time gap between upgrades. I think the 1.5 M tonne target was determined partly to get to a threshold where institutions would take an interest and SP calculations more subject to value analysis by professional investors and less subject to where shoals of small investors happen to be feeding.

"Huge blows" and "tight corners" sounds like sentiment to me. I am sure sentiment affects the SP when mostly small holders are trading and the big investors are sitting tight. I don't see any huge blow or tight corners, and I don't therefore expect the company to announce any lousy deals made from a poor bargaining position. I hope I am right. Hence my earlier post.