The shares will be consolidated by a factor of 30. So each share...

The shares will be consolidated by a factor of 30. So each share will be divided by 30, is the easiest way of looking at it. If you have 1 million shares, at 0.01c, it will become 300 000 shares at 0.03c.

The board reckons they cannot attract investors at 0.01c, I cry bullsh*t. Plenty of companies have started out at that price and moved up the share ladder. The issue is two fold.
1. The board has done nothing for a year and squandered a million dollars. The only income they made was $10k, which was the interest on the money in the bank, that is no longer there. The shares will move in value to 0.03c a share, after consolidation, but that now gives it room to drop further. So, if you purchased at 0.02c, like I did and immediately lost 50% value, you are going to see another halving. As the shares are weighed heavily at 0.01c, over 70million at the last time of checking.
Coming back to the board, I think they're pretty useless. They don't have the finesse to turn this around and the next AGM will be interesting. I think an extraordinary meeting should be called and I wish another company would do a hostile takeover, which I would definately support. Terry Streeter is on the board and despite his "over 30 years of service", I think he is long past pasture time. He used to be with Moho resources and something similar happened there.

I can tell you that there are still shares being purchased at 0.01c, sometimes at a 1 million shares at a time, including today. I don't think the AGM can come about quick enough.

I strongly suggest not selling out, I think the board needs to go to task with raising capital. Companies, such as SHN should be approached for farm-in agreements or take over. If I remember correctly, they're in the same state anyway and they've begun copper production with their own processing plant, recently purchased.