My guess is the market is pricing in a low chance of coper...

My guess is the market is pricing in a low chance of coper project going ahead. In addition, they are pricing in an imminent equity raising, because rex is going to run out of cash soon-ish. On top of that the only tangible asset that is worth something that has been mortgaged off to the directors to secure a loan that charges 10%+ interest, which is 15x the current risk-free rate of 0.65%. Any proceeds from the next equity raising will go towards repaying that debt and the interest first.

I will just remind everyone that this company was given over $250m from shareholders and squandered it all.