The fact is that MHM rose to way over $1 on the...

The fact is that MHM rose to way over $1 on the belief/speculation that the Alcoa site visit was imminent, with U.S contracts to follow. Anyone who was holding then knows that and a read through the October threads will prove it.
Had this transpired, we'd be looking at a very different share price now.
Claims can be made as to the reason for the drop since then, but the pond approval related Alcoa delays are the real cause.

When it became clear that any deal with Alcoa would be delayed, people started moving their money out.

Support was strong at $1 and very strong at 89c. This was proved yesterday and if the Nikkei collapse hadn't occurred, it seemed that the SP would have moved back towards $1 as buying was rapid and orders were being placed quickly.

Once the ponds are complete, or nearly complete, it's likely that Alcoa speculation will all start again, even if that doesn't happen, the actual visit and deals will produce the lift for which long term holders have been waiting.