It has a following. It's just that the market believes that...

It has a following. It's just that the market believes that there's a significant chance that this project will not go ahead.

You might be new here, but I and a few other people here bought and held this stock since 2010/11 at around $2-$3. Between 2010 and 2014, REX raised a couple of hundreds of millions to do a feasibility study for this project. They wasted A LOT of money (every single dollar they raised at the time) on consultants (with ties to the directors), excessive office rent in the middle of CBD etc. which is (at best) an extremely incompetent move for a junior explorer can make.

They banked on the project going ahead, but I ended up being cut in half. Then they spent another 4 years trying to get their PEPR approved (which was the longest any mining operation ever!). they ran out of cash and had to raise money at as low as a few cents to finish the PEPR.

now they are drilling again to get double the project back to the original plan... and there is no assurance that they will go ahead with the final investment decision.

This project might be great, but the management has a very very poor record (to put it nicely). Even though RXM is under new management and refreshed BOD, too many people have been burned to trust REX, until they see some points on the board.