does the company understand mr market

Frustration !!

Great underlying asset they appear to be sitting on, not a big share registry, technically competent management it would seem from their very occasional exploration reports, but we just keep going down in share price to unfathomable levels even for a speccy

Yes its a tight register and therefore illiquid trading so is prone to exaggereate share price moves.

Company needs to provide support with more frequent and above all undertandable exploration reports for the masses to digest. I'm a metallurgist ( now retired) and even I have to spend ages to understand their reports.
Mr Market does not have the patience or often the aptitude possibly to interpret these reports, hence the languishing share price at a time they are trying to raise a mediocre amount of funding

Directors did buy on market recently ( their purchases are out of the money on todays intraday price)

Moral of this story for the company. Keep the news flowing as things progress ( not every 3 months) and keep the reports simple, repeat simple please, so Mr Market can better understand the results and their significance going forward.