A lot of small investors bought into the stock a little while...

A lot of small investors bought into the stock a little while ago in the hope of making some quick money I suspect. They are now exiting in small numbers due to the lack of AXO management support for the share price.
I get the feeling that management already know who is most likely to buy the project. Looking more like a Chinese buyer every day. I also suspect Management could have easily sold parts of the project to prospective small % buyer players such as AGO and MCC who are already involved to date. AGO could have picked up 10% along with say 20% for MCC then someone else 30%. This would have reduced the risk for shareholders. Waiting for one Chinese buyer is good if it works out but we are at the mercy of their timeframe which could be months.
The issue is more the lack of management effort to be proactive, compared to the current reactive state that prevails. As an example, Management could have easily arranged the AGO deal last year as I'm sure AGO have always wanted AXO's project to proceed as AGO can benefit. The current agreement seemed very last minute. I suspect that AGO approached AXO upon seeing that they were in trouble rather than the other way around. As a result, I further suspect that small investors are exiting due to lack of management effort. After all it has taken a number of years to get to this point when other companys have achieved far more in half the time frame.
The good thing is the lack of volume which shows that larger players are set and increasing their positions when ever the volume offered increases. If you want to check to see if I'm right then you would need to buy say two hundred thousand shares above the 31.5 mark and if the price holds then there is no manipulation only small investors exiting.