IMHO The market cap is down because of what Dan and the team...

IMHO The market cap is down because of what Dan and the team HAVE DONEover the last few years.

They have consistently overpaid themselves while under delivering on results.
Where they have had results which the market has been unimpressed with, they have not followed up and improved their approach or plan of attack, they have run off somewhere else to try a few holes in different ground, or for a different mineral. Then done the same again and again. They may have a lot of prospects but with insufficient capital to drill everywhere they needed to choose their targets better or re-align their focus. Their inability to do either is partly why the market is punishing them. Each time they rinse and repeat they burn more capital. There is only one source of capital - raising funds with massive dilution. They are not even raising efficiently now - witness the last raise and the huge costs for the little raised. Again, damage done to the shareholders, management still paid and insulated from any ill effects of dilution by padding their own positions with self-awarded shares.

HMX is being punished by the market for lack of rigour and inability to produce results - talking the talk but not walking the walk. Management are not taking a loss to carry the company as they are being handsomely paid, that falls on the shareholders (the ones not being awarded bonus shares to mitigate their loses). Shareholders have had enough. Surprised by the recent dead cat bounce (hopium?) but if anyone goes on the call and asks Dan how he plans to fund ongoing exploring for the year or if he expects the next cap raise to be as bad for shareholders as the last I'd be surprised if they get an answer. I'd guess it is going to be more of the same in the last presentation - load of bulldust about past work and potential future work*. Such lack of genuine communication is usually indicative of bunker mentality and I would hazard a guess any talks on the sideline would revolve around size of parachutes rather than deficiencies of pilots but again, IMHO.

* Dependent on available funds