If you bought June 2021 ($3.85) and sold Dec ($4.50) - you'd...

If you bought June 2021 ($3.85) and sold Dec ($4.50) - you'd have made money.
If you bought June 2021 ($3.85) and averaged down July 2022 ($1.80) - you'd be in the money today at $2.85 average.
The SP does not operate in a vacuum. Nobody has a crystal ball or time machine to buy and sell at exact highs or lows. Volatility is to be expected for resource stocks.
We can also point to the fact that ESS traded at 30c Dec 2022 or 41c prior to the DVP bid. Without any offers, ESS will be back in the 30s - that's according to the directors and IE.