Directors have been been buying on market since it went below 40...

Directors have been been buying on market since it went below 40 and far more aggressively below 30 and then 25.

Director purchases so far amount to 3.34m shares for a total value of $1,243,497 at a vwap of 37.c. Also notice the last 3 have only been around $10k so it appears exhaustion point for them. Its a lot of buying.

If a takeover offer comes they can just argue they knew nothing and bought because they saw too much value while the shares were dropping. I don't think there is any set rule where a takeover offer can be revoked or avoided due to a director purchase. And its been happening for months.

I have added the weekly chart here with a weighted moving average. Look at that big engulfing bearish weekly candle. Sure appears like mission complete. Including cboe and asx the 90 day vwap as it stands is lower than I thought it was. Around 25c. And the 30 day is 22c. I think in the small cap space most of these end up get over the line with at least 100% over the 90 day vwap of share trading - which would be 50c. And at that price would represent about 125% premium over 30 day price. That sounds like an amazing deal - but its a fkn dud- unfortunately brutalized shareholders want out so will probably be relieving. Values the entire company and resource at $60m. And throw in $11-12m cash. Whoever buys, if its a script deal, their shares will go up multiples of that because its an $830m resource NPV as it stands and they are better equipped at doing something with it when policy changes. Mulga hill similar resource size and location went for like $500m. Would be an absolute coup.

It just smells so bad, the price action says it all. And possibly the run up to 28c on volume and algo induced smack with volume thereafter was to run down the vwap from those higher levels. Once again this is pure speculation from my end