Baires said,

My theory:

How many other explorers can you name that have had a CEO who perpetually, repeatedly, declared that he wants to take his company into production on its own. That is, he'd rather NOT get acquired, nor do a JV or Merger.

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Baires nailed it. A CEO can never go wrong maximizing share price legally. Many experienced junior mining investors expect to have a mix from their portfolio in a bull market - some will go all the way to production, but most will get taken out at a premium to current share price. Even if the CEO never intends to sell, leaving that possibility open enhances share price and as a result, financing is cheaper and easier to obtain, and the mine gets built faster as a result. A true win-win situation.

Often it is better to say nothing at all than to say something that, although truly meant, will harm the cause. This is one of those cases IMHO.