Explorers are assessed on the resource...

Explorers are assessed on the resource (quantity/quality/location/ease of processing) and management. The rate of cash burn is the only finance factor considered in order to avoid CR. In other words they are loss making until production. So COI has a reasonable resource but its management, who state they are experienced and well credentialed, have been unable to execute (and excite the market). It appears the management are the problem and not particularly capable. This assessment is over a long runway where they have failed to do much of anything and COI has become a lifestyle company for them.