I would possibly expect to see a change notice for a substantial...

I would possibly expect to see a change notice for a substantial holder in the near future, given the extent of the sell down in the last week or so, and the size of the parcels being traded and dumped.

Might NST be selling out, or 1832 Asset Management, or another institution ?
The trading potentially looks institutional.
Do the insiders know something we don't ?

My gut feeling is it may be 1832 Asset Management who are doing the selling, and this may be related to the weakening Australian dollar. 1832 are based in Canada.

EAR should not have any trouble getting the funds for refurbishment, the payback is 1 year.

Yesterday the reported gross shorts was 23,000 (though the position may be greater).

How low will an institutional owner go to clear their stock ?
It's hard to tell with these small cap, trading is often chaotic and volatile, and the stocks been in free-fall since 23 cents.
It could go back to the yearly low of 11 cents, but I wouldn't expect it to fall much below that, unless something untoward has happened.

I would also expect for the company to receive an ASX Price Query, very soon.

Gw