The following is not meant as a personal thing, just advice in general, and it applies to a lot of people in here:
Just because you can't understand why a share price is moving (or not moving as in this case) doesn't mean there is no reason. It just means you haven't done your homework properly. In general, if you can't understand a big price swing that does not mean the share is cheap/expensive. A lot of people see share X drop 50% and go for it because it's "cheap", since they can't see any obvious reason why the price dropped. It doesn't always have to be that way. There is always a reason and many times it may be a good reason for you to stay away as well. Don't invest/trade on price moves that you can't understand. There is always someone else on the other side of the trade, someone that you _must_ believe is smarter than you, because they usually will be. Never underestimate the opposite side of the trade. Unless you can convince yourself that you have an information edge (or an investment horizon that justifies buying higher/lower than them) over the person opposite you, then you shouldn't make that trade. Being contrarian and successful at the same time is really hard, like super really hard.
As far as miners go, the overall reserves can mean something or nothing in all honesty, it's the proven reserves that hold the most sway. Besides that, proven reserves again in itself doesn't mean much unless you can actually extract them in a cost efficient way. There are many pits that are being reopened the last few years because back in the 80s or 90s it was uneconomical for them to be dug up.
I don't know anything about MC but the following questions should give you the answer to why it hasn't moved beyond £x.
What's MCs cost per oz? The real cost per oz, not the rosy one (best case scenario for the closest gold to the surface) the company will tout around. How does it compare to other similar miners? Has it ever produced gold from a gold mine before or is it a junior? What is the quality of gold, much waste or not? Are there any local disputes/concerns with tribes etc?
The biggest risk for a miner is when it switches to production. That's when things can go belly up as any failure or delay in the production phase costs real money (as in on top of the budget, which means they will have to raise more equity or debt, which means a price dillution). So, until they start producing the stuff they are high risk. Let alone the fact that many miners like to locate reserves and sell up _before_ production, because the production phase is less lucrative for them (lucrative in the sense of cost/benefit and given their personal return on equity).
I hope this helps.
