It could be people who bought shares and warrants over the last couple of years at a fraction of today's price.  Or it could be games being played in a super thin market.  There could also be some, once again, selling their position in advance of anticipated PPs so they have cash ready to participate in the always-cheaper-priced PPs.  Get more shares and warrants for free.

Wait 'till we have a couple of million shares trading every day.  We should get a better sense of what the correct valuation of the company should be.   Current price of $0.22 ($126 M market cap) is about 5% of NPV, IMHO.  Crazy upside...if the company could ever prove they can monetize an asset.