$bux you said it, last 6 months speak for themselves.  nothing really going to plan, but mgmt would never admit to that.  latest buying buy Ryan certainly just to show that 'everything's OK'.  Could be that whoever's selling just simply needs the money.  Not all directors are in the same financial situation.  Only 4 directors so maybe Garth Braun or Magnus.  Magnus obviously was a key guy behind finding the deposit, but that doesn't necessarily mean he's made much $ off it.  So who knows, but I don't think I'm going to put too much thought into an insider selling at the bottom.  Anything they know now they would've known Feb 8th when Espig bought 50K shares.

As far as the asset being safe from being appropriated by Waterton, I think that is still a valid concern.  The interest payments are quite high, and there have been plenty of hiccups so far.  Listened to Ryan at Cambridge and he seemed to be fairly proud about his decision a few years back to put things into production without updated 43-101 resources.  Maybe he should've done it differently?

MY HUNCH:  they are getting less $ back from the smelter than they hoped/anticpated, and this information has leaked and is driving down the SP (along with the dilution)