Consolidation has a massive psychological impact and people act...

Consolidation has a massive psychological impact and people act accordingly - it sends clear messages
1. you raised money previously and blew it
2. your consolidating with the full intent of being in a position to issue shares and raise capital again
Shareholders factor these into the 'new' consolidated share price which explains its tendency to drift lower.
If they consolidate I will do what most do, dump and expect to buy back in after the new price has drifted lower.
I think others are right, focus on discovering a mineral asset. That's it. At the moment all they have is a plot of land and some hype about what someone else found on theirs. Discover, otherwise, nothing else matters. And I do hope the company uses its cash wisely.