price manipulation

Ok, for weeks I have been watching someone manipulating the price down on AXO by dropping tiny parcels onto any gaps below the market.

I doubt it is the vendor of the $10m placement facility, because it is mak 300k drawdown per week.

So any ideas who it is, and what their intention is?

Is it simply a miffed HC poster, or is this a broker acting on instructions from either the company, or a chinese steel mill/MCC?

I suspect the last, but is this legal? Will AXO simply issue 20% equity to MCC at 30c or less and dilute long term holders despite the huge upside to the project?

Why do the ASX and ASIC allow this sort of price setting to occur?