It is amazing to me that the board of and CEO are content just to let this thing languish in the toilet year after year. It's like some practical joke. A while back Andina Minerals whose property was a few miles from Exeter's sold out for double its pathetic $.39 stock price. At least it was an exit. Exeter, on the other hand, seems content to just sit there and do nothing, as if they think they're playing some kind of game where they win by running out the clock.
You have to remember that the company does indeed have around $50 million. Now less face it that is nothing when it comes to bring this company to production. However that is a lot of money to be paid out to executives of this company for an extended period of time. Either way they get paid , so why would they care. I think they knew a long time ago that this miner is going to end up at a dead end. They can not seem to get any other miner interested in it. Darn the can not even find the necessary water they need for any chance of mining. Stockholders are caught between a rock and a hard spot and will either sell out or ride it down.
Lets take a look at what you are saying. Yes management of any corporation gets paid. However I can accept paying a good salary to the manager of Microsoft, or some other very profit motivated companies that are growing earnings. I am not as excited paying management of a dead end company such as this company.
Please do not mention their handling of Extore. I think eventually because of the game they played with that stock the company may be open for a class action law suit. If you recall they spun that miner off and priced at about $.20 a share and priced Exeter at around $7.00 a share.( I do not know at the moment what the exact numbers were, but I have it filed away and I think my numbers are close). As it turns out Extore was taken over at $4.00 a share and Exeter is trash and will remain so. Management knew what they were doing when they pulled that trick and shareholders really got hurt. If shareholders knew what management knew they would have unloaded their expensive Exeter shares and loaded up on Extore for mere pennies.
I think it is foolish to think that management does not want to sell this dog. Management has practically begged for a buyer and they probably can not give it away. You try holding your breath until there is another miner that is interested. You will wait a long time. Just remember they only have cash until the executives within the company managed to eat it up. There is no way they will be able to go to market for more. When this pot is empty they will put the lights out. I think will take it easy using up this cash. They are spending a small amount trying to find some water but other than that most of the cash is going to pay salaries. They know the good times can not last forever.