It's really just speculation but I think a few points would...

It's really just speculation but I think a few points would be:

1. generally the small cap market sentiment seems to be pretty bad at the moment
2. Ree pricing making most projects look quite in attractive
3. IXR seems to have quite a lot of traders from who I saw post and the names that pop up around milestone announcements too not be seen again. I feel like there's quite a bit of sell the news going on but that's just my take
4. Loss of faith from some after the mining license delays, causing negative sentiment (not that I was bothered, unfortunately things happen outside your control)
5. We are in the boring part of the curve, post the exciting exploration and still pre production