just my opinion - and a total guess - and a theorybut I believe...

just my opinion - and a total guess - and a theory

but I believe N.A funds like Crescat / Europac are the source of funny trading

as their fund components are many astonishingly illiquid holdings, they would use "market makers" (with physical addresses in say - australia) to reduce / add, this is basically funny trading

given XAU / GDX / GDXJ sentiment is terrible they would be mostly facing redemptions

aus based funds wouldn't load on exclusively illiquid pm exploration names because they anticipate a sudden " love of gold", (just buy gold or gold producers if you love gold)

we won't see a takeover until we can improve confidence in resources and spend on the studies / metallurgy to take this to reserves, and demonstrate ability to go it alone

but the technical / social / environmental risk in executing this is relatively low and not that expensive at all relative to upside

so I say hold this thought for a bit longer