Ann: $21 million capital raising to underpin exploration, page-122

Think about it from the sophs / intos point of view. Even though the project is good why take a large stake now? They have no reason to commit at the moment, general sentiment across the sector is bad and price action is also bad, there's clear downwards price action so they can wait and commit to a purchase when theres a trough. Why buy now when they can buy more for less in the future. If they're too hasty with their purchase decision it might break the downtrend.

By this reason it's unlikely for large purchases to happen until they see signs of a bottom and consolidation around the bottom.