CDE must increase over the next few months and perhaps a weakening in the aussie dollar will also help.
Say it goes to US$4 and australian dollar weakens to US80 cents.
This is equates to A$3.40.
I believe that a lot of traders think that they can get more value elsewhere in the market.
The other factor is a lot of long term holders have had enough. They bought in at 30-50c and made a multifold profit and have decided to get out.