I still read posts by people who complain that RXL did not...

I still read posts by people who complain that RXL did not pursue its opportunity to develop the zinc mine at the Reward project in conjunction with Teck. I now recognise that there are companies that specialise in exploring and finding projects with defined resources that are good enough to sell off to some other company that wants to establish a mine and sell product. I think RXL is this kind of company. There is nothing wrong with this but investors should be aware of what kind of company they are buying into. The nascent efforts by RXL to float a gold company called Helios to take its gold resources at Mt Fisher is a good pointer to the fact that RXL is this kind of company.

Basically the company is not interested in establishing mines and entering production. It only wants to be an explorer and sell resources on to others who can then produce saleable product.

At least that is my thesis with RXL and so happy to hear other opinions.

If you invest in an "explorer only" company then the time to sell is when an attractive JORC resource is established and/or a sale is announced so that the company is cashed up. from then on the cash will drift down as the company engages in new exploration. The SP will keep dropping because cash goes down until there is a saleable resource. The best time to buy is when the company needs more money to complete a very promising exploration and the SP gets knocked down.

The question is - where is RXL at present? My guess, is that we are about in the middle of the sell- explore-sell-explore cycle. The company sold off Reward and became cashed up. It then turned to Mt Fisher and Collurabbie where it is now engaged in drilling and hopefully establishing JORC resources that are likely to be turned into reserves. The potential of reserves once resources are defined is the trigger for a sale, not proven reserves which mean economic production from the resources. 

I would ignore the Helios distraction. RXL is having trouble getting this off the ground. Another feature of exploration only companies is that the lead players like to float off new companies for new exploration with themselves in a leading position. Again, that is OK if they put  a good amount of their own money in and produce results for all the shareholders. Not sure that I can actually say this for the proposed Helios.