RE:End gameWhy would they bother with a takeout bid? They are steadily increasing their share very cheaply as they drill. They have no obligation to put MXI out of its insolvency position. Development of a mine may be several years away so as long as they keep drilling that 19% ownership will steadily increase at these low rates. The only hope is good drilling results that brings in new investors to MXI but the whole gold (and mining) sector is so ugly these days that is unlikely.
The best thing we can hope for is a financial crisis that send gold prices through the roof. That's a pretty faint hope.
The only strategy right now is to practically eliminate all overheads, do a rights offering, and hunker down until something better breaks.