The issue is that when they tried to operate an iron ore mine...they lost money.
The directors are not competent managers, they lucked into some good acreage, which we are now selling in the teeth of IO running up.
When they had some cash last time, they bought moose pasture with magnesium written on the label.
The market is betting that the directors will merely piss away the cash, hence the lack of interest.
They should have sold the company to a competent operator , like Fenix or similar...
Ann: Sale of Wiluna West Iron Ore Project, page-21
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