Maybe people are selling because they are worried about the...

Maybe people are selling because they are worried about the ability of the company to continue as a going concern. The company doesn't have much cash left and management are not exactly reassuring shareholders with any updates on where they expect their cash flow to come from. It was supposed to be the quarry, but no updates have been provided since the company did a capital raising.

I haven't personally sold my holdings but I can understand why some may be selling out due to frustration. Money tied up in a company that appears to be going nowhere and running out of cash is not a good look. Opportunity cost is often overlooked when it comes to investing.