RE:somewhat surprisingCompanies holding deposits are usually fairly disconnected with short term movements in gold prices because a deposit is affected only by gold prices several years out. However, gold prices are good for IMG and what's good for IMG is good for MXI. Also you are perfectly correct that MXI is getting close to knowing what they have in Diakha so it should start getting market valuations based on what's in the ground.
One very interesting aspect this wekk is the sell side of Level 2 on Tuesday and Wednesday. At the close of Tuesday, the first 10 sell orders featured order #10 at .36. We haven't seen .36 on Level 2 for a long long time. Usually .25 is the highest sell order we see.
Then on Wednesday after the close, we could see sells up to .37. Three of the 10 sell orders were in the .30's. In fact, a market order for 200k shares at opening this morning would have kicked the price up to .36.
Of course sellers always appear when buyers are cautious and trying to get the best price. It's just that the market depth indicates that selling interest is very weak and this stock could easily pop into the .30's given the right circumstances because the resistance is so weak.