What's holding HAV back

Just wondering what peoples thought are as to what is holding HAV's share price from moving upward. Especially given the considerable number of good announcements in recent weeks. I have a few thoughts and wonder what you think? Is it one of or a combination of these issues or is it something else.
Highlights of the good announcements include:
-North Portia deal: $14mill (coming in over time)
-Exclusive rights for Wanbao finished. Announcement explicitly stating that there are multiple other parties interested in Kalkaroo. Negotiations with them can now begin.
-Maldorkary/Grants announcement introduces Gupta possibilities for HAV
-Copper smelter possibilities in Whyalla and specific comments from Gupta about having conversations with possible copper producers.

Possible reasons for share price not moving up:

1. Concern over bank balance/cash flow: Will HAV need to capital raise soon. Portia income stream to reduce greatly in November and who know when Hav will complete the first stage of Nth Portia's program and receive the $3.5mill check from CMC. Yes they got $1mil the other day but that's not going to last long.

2. Lack of belief that  management can pull off a deal for anything: Coming off the back of Portia not going as well as it was thought it would. Portia news sent the share price from 20c range up to 70+c range. Then the production levels fell through the floor and it's been a slow share price decline ever since. Secondly, the management scorecards that HAV put out are littered with failures to meet objectives. for example, draft PFS for Kalkaroo was given to HAV mid January. It's now mid July and they just keep putting off the date. It's now by end of year.

3. Concern over the world economy:  Investors are nervous to pull the trigger on exploration companies as there is many possible reasons for a major stock market correction/economic downturn.

4. Ore grades are  too marginal:  Without a PFS for Kalkaroo it does not look very impressive. Low Cobalt, Lowish copper grades make investors think it's marginal at best.

5. There just hasn't been a hit for six announcement yet:  Lots of if's out there. if they come off HAV will sore, but there are to many unknowns. eg COB partnership and proprietary process success. Gupta on Iron ore, Gupta on Copper, still waiting on native title and mining lease approval for Kalkaroo. PFS for Kalkaroo

What are your thoughts? Any other suggestions.
Justhavinago.