A week ago the share price had HHR at a market cap of about...

A week ago the share price had HHR at a market cap of about $50M.
someone since has sold less than $800,000 worth of shares yet the market cap has dropped by about 1/2 or $25 million.
the biggest drop in the company's history has come as a result of presumably a single party selling around a 1% holding. Far bigger parcels have sold in previous periods with less impact.

Ive seen holders selling 5% or 10% holdings in other asx companies (e.g. perenti just this week) and it has just had a small 10-15% negative result.

the biggest problem with HHR is it is an illiquid stock so getting out on volume is very costly. Hence why big funds with inflexible trading policies avoid these investments regardless of their financial merits.

at the end of the day it is an exploration company that has found a very valuable deposit, is closer to production than most exploration companies and has $28M of cash in the bank but for some reason is valued at less than cash value. There are literally thousands of exploration companies on exchanges that are trading on valuations of twice, three times or even ten times with less proven resources and almost no cash.

it is a risk like all these other exploration companies but is it really as dire as the last week trading would suggest? My opinion is no. I'd imagine the buyers of that $800,000 worth of stock might agree with me.