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.