Confused about the pessimism

Am seeing a lot of negativity on this stock and throughout the gold sector in general.

I don't get it. The valuations are unbelievable and many of these surviving juniors are 95% off their 2011 peaks.
I've been following the gold space the past year or so just waiting to get in and reading everything from Rick Rule and Brent Cook, the gold bull is undoubtedly coming.

A 20m company with 3.6m oz on the verge of transitioning to a producer in a rising gold price environment, seems like a revaluation waiting to happen.

Long term:
At a conservative USD$1600 gold price
AISC at $850 but let's make it a conservative $1100
Assume a further 25% share dilution
Production of 70k oz per year

This seems to be a 200m company in the long term, a 6 bagger taking into account the dilution. Under a conservative scenario.

What's the story all you pessimists? Did you guys buy at the peak or something?

617500 shares in @ 5.84 cents average.