You have much better understanding than me but I think a lot of the volume was stale retail holders like me waiting to see what the end game looked like after Sept dividend and took 3c now instead of 2.7 in July.
Personally I brought a few more at 3c. Valuing the shell at $0.003 seems a reasonable punt.
See what happens today but you are right was a lot of volume for a small float.
REF Price at posting:
3.0¢ Sentiment: Hold Disclosure: Held