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The drop in SP is due to several reasons. I sold my shares last month.

Blastfurnace has partially hit the nail on the head when he/she blames the negative local sentiment on the use of Proper Bay wharf. I believe that the "no news" on the long awaited Baotou deal to raise $40 million is also affecting the SP.

And now we have the the release of 117 million unlisted shares and 41 million unlisted options from escrow. With a SP of 50 cents, the market cap (diluted with the 55 million options) was $ 158 million. At the current SP of 40 cents, the MC (diluted) is now $126 million.

Some could see this as a little too high at this stage of CXM's development.

The positive side is the Hematite Resource, the highly prospective Magnetite areas and they also have a long lease on a wharf located just outside of Port Lincoln. This wharf lease could give CXM some leverage on anyone else in Port Lincoln who wishes to use this wharf in the future (eg Tuna Boats). And one more plus is CXM management. They are one of CXM's best assets.