Large shareholders who supported the board now own over 50% and can call the shots. They have just provided a couple of million for working capital and have links to recent board appointments. I suspect any one of them could write a cheque for the whole company at the current MC.
I doubt such deep pockets are interested in a moderately successful mill build, which might take years, or never, to generate enough cash to explore for the discoveries which would really move the SP. My guess is they are more interested in the possibility of a big win through exploration.
We have already had a year in which the attempted spill hammered the company's ability to raise exploration funds and weighed the SP down. If the PFS has been a bit underplayed - in particular leaving out one of the three mining centres - resulting in shaking loose the last of the "build the mill regardless of any other considerations" crew from the register, that might not be a bad thing. The spill attempt was never going to succeed as a spill, but it consumed a lot of management time and effort. If harmed the company. Remnant sniping is still unhelpful.
Every share bought while it is trading around .05 is going to someone who has faith in the current direction, which if nothing else reduces the likelihood of another vexed AGM. That said, the numbers being sold are pretty inconsequential - it is far from a rush to exits.
You would think there will be more announcements before the AGM, assuming there is an actual plan to fund the quest to increase the inventory.
Personally I am hoping a path (ie funding) that puts us in the hunt for some exploration success emerges, with plan B being the POG of gold rising, and reinstatement of the 3rd mining centre, leading to an OK project.
