Ann: Change of Director's Interest Notice, page-24

Lots of scenarios could cause the price change but as you point out liquidity or lack there of will make hvy move quickly, and that’s both ways which we’ve seen. I would hate to see a cap raise done the traditional way (at current sp) and hope management continue with the royalty option, purely to minimise dilution and demonstrate that partners have bought in due to confidence in the project. However at some point we need more than 60M shares on the register. But I say do that when we are at $0.60 not down here (wishful thinking). The last report spoke of a few embers in the fire, they are surely close to fruition.
Additionally, looking at the volume traded over the last few weeks, 1.81M as of yesterday, it would appear someone with a lot of stock may have gotten out and the supply is over. Supply v demand may be what has spiked us today. All guess work but I think we have bottomed as a result of someone getting out and it will be a quick ride back to $0.20, possibly beyond if funding/revenue streams get sorted.