This is a fundamental question of financial market theory and...

This is a fundamental question of financial market theory and one which has arguments for both sides. Yes, the market cap will only increase/decrease in line with SP movements. Right now we have found nothing and it is reasonable to assume the SP reflects that. Should something be found in this tenement, do you think it is fair to say the company has an opportunity for higher earnings in the future relative to finding nothing? I would hope your answer to that is yes. In this case, the company is logically worth more and the SP should increase.

Cheers,
PS