here's my take, page-3

Average buy price 24 cents, so down around 70%. CTO needs to increase now by 200% to break even.

I think they made mistakes, not knowing what they were doing. Perhaps so confident in their own ability and in the mine that they tried to keep it all in-house, and not dilute management's large holding too much. I am not making excuses for them - 'blind faith' is my call. Also they felt the need to always be positive, resulting in some spin. A better strategy would have to be upfront about the task, seek outside input and advice early, and then go to the market with a clear direction.

If there was no outside interest in the company I would sell. We don't know the exact nature of the outside interest ATM, but the Board has opened up, which is a first.

Bottom line is that there may still be a 'baby' in the bathwater. At 1% I can afford to take the risk.