what's rdm value now ?

So the selling is continuing today and now down to 8.5c - (no doubt most sellers racking up hefty % capital losses) maybe due to just giving up to minimize the pain or taking advantage of year end tax losses.

Market Cap values the company at around $12m including a bit less than $3m cash, the market must reckon RDM's mining leases are worth a lousy $9m - and maybe even that has some blue sky in it ?

I guess the market is always right , but where do people see this thing going ? It's not as though there is a large institutional shareholder base who could be called on to fund future mining investments....apart from a couple of holders, the top 20 seem to be mainly a collection of execs / related parties, or what appear to be SMSF's on a punt like me. So far its' been a pretty sad history with nothing to show but mega accumulated losses over the past 10 years.

So who are the buyers then - do they think this is a bargain, or are they existing holders averaging down and hoping for some good news down the road ?