From Carnarvon to JKA., page-3

It would be hard for them to buy anything, they don't have the money. There is a limit to how much a $16M market cap company with two existing funding commitments (Aje and HW ST) can look at to buy, especially with the capital markets for juniors still so terrible.

So it's reasonable to suppose they are looking at merging, especially since they've already tried that once before (and it didn't fail for JKA's side). It's the only way to take this company forward IMO.

The Hardman crew have clearly lost interest in their new baby too, they've all been leaving since the HW disaster and the subsequent wealth-destroying cap raising. They only seem to be staying because JKA can't yet fully replace them. I'd say the remaining board and senior management members just want to get it merged or better yet taken over. Which is disappointing for a stock that had so much potential prior to HW-3.