The way I interpret that chart and those numbers is not that...

The way I interpret that chart and those numbers is not that there are fewer shares available, but that there have been fewer interested buyers. If the share price had gone up, then your interpretation would make more sense [low supply and high demand]. But the volume sloping down at the same time that the stock price has been free falling shows the problem is more with the demand for shares than the supply. Hopefully either thru news that things are moving forward, or a recovery of nickel and cobalt prices, buying interest will be rekindled, and then we'll see what kind of volumes are released for sale at higher prices. If, in fact, as you have made a case for, shares will be tightly held, and you make some good points, then we could see rapid price escalation. The spin off may also serve as a short term catalyst, as we get closer to it.