There is no mystery here. Quest cannot mine enough coal to save itself. And right now, production has been at a slow trickle at best for several months.
Also, Eugene is using shares to pay for everything. The days you see large volume is when pay day occurs. Don't expect a lot here as there is no future as I see it. The only wild card that was making this a "play" was Eugene's tricks and those have been taken away with the Wells Report.
In regards to further additional dilution, it's all cooked into the books to happen. 4.99% is dished out and replentished each time these run dry. Read about it in the Qs.