my theory

The seemingly never ending sellers -usually about 8 - fit a pattern typical of a party who wants to keep the price low for a strategic reason; such as an opportunistic bid.

Now let's just suppose a player we all know (but I'm not allowed to say) wanted to consolidate tenements around Cloncurry, that is add to their existing portolio, well then EXS is the obvious candidate to take out.

Engineering a post Cap return price of say 0.22c and allowing for a 30% takeover premium means they could pick it up for say 0.30c a a share or $105 mill all up.

Offset against the $105m outlay the following:

cash held $53m
White dam revenue $12m
Royalty revenue $28m
Mt Colin sale -say $20m
Total $113m.

Bingo !! you have all the tenements for nothing.

Nice business if you can get it.

And all you have to do is keep your foot on the share price.

That's the sharemarket for you !!!