While I see where you're coming from Lockitt, I think a small explorer that announced it was ceasing to explore to conserve its cash just to keep the company running would find its share price very much 'slaughtered' as you say.
Part of the reason for the recent selloff in my opinion is the lull in announcements when the market is expecting news. Announcing you were stopping the drills altogether until the world gets itself in order would be a recipe for a sub-1c share price pretty quickly I reckon. Better to keep drilling and hope our MD is up to the task of hitting paydirt.
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