I think the market is assigning a significant probability to the...

I think the market is assigning a significant probability to the possibility that the Management won't be able to get this project off the ground. With a long history of broken promises, i can understand why.

If this was any other miner, the share prices would have skyrocketed, which would allow the company to do significant equity raising to then support debt financing.

For Rex, it appears the share prices probably won't move until some sort of financing is secured, which is what we need to get the financing in the first place. It looks to me that the financing will need to be sourced by selling Hogs or bringing in a JV partner.