Ann: Stage 1 Interim Exploration Well Testing Update, page-33

one thing about charts that investors don't realise...if a stock is making all time highs it can keep heading higher easily because there is limited selling, all the holders are happy with it. GHY looked like this last week.
Through May GHY ran from a base of 1.35 very quickly to a base of near 1.80. there have been around 10mil shares traded at a VWAP close to 1.80. today those new holders find themselves down 15% very quickly (with no change in the underlying story) hence a large overhang has been created. the stock has probably got to go through 4-6 weeks of pain, grinding back & forth but most likely lower until overhang is removed & it can re-test highs.
This story really has not changed since Dec. I still believe the potential is huge but unless the share price can pull of a miracle and recover to 1.80 in next 3 days it's going to need a while to consolidate & build again