What is stage-weighted factor scoring for miners?

Stage-weighted scoring changes the weights of the nine valuation factors as a company moves along the developer → hybrid → producer arc, because what re-rates a pre-revenue developer (share structure, dilution) is not what re-rates a cash-generating producer (cost structure, margin).

Two weights move the most across the arc: share-structure weight falls (16% → 14% → 12%) as financing risk recedes, while cost-structure weight rises (12% → 14% → 16%) as a forecast cost becomes an audited margin.

The other factors hold roughly steady — the discipline is to move only the weights the stage transition demonstrably changes, not to re-fit all nine (over-fitting) or leave them static (mispricing the transition).

A single fixed weighting mis-prices exactly the moment a name re-rates — the developer-to-producer graduation.

Worked example

WDO.TO — a producer (9-Factor 77.0, cost-structure-dominant) — set it against TDRRF (a developer, 71.8, share-structure-dominant): same framework, different weight profile, both public.
TDRRF — the developer side of the same contrast.

Related methodology

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