Broker Data, page-649

I suspect that a large fraction of the sell-off in WA1 over the last month is attributable to general macro risk-off factor moves within metals & mining, particularly Aussie, rather than idiosyncratic to WA1. Clearly a broad range of resources have been dragged down in a similar fashion - once adjusted for volatility (as an early stage co, realized WA1 volatility is typically ~>2-3x that of more mature mining cos), the moves are of a similar magnitude. The sell-off also seems to have coincided roughly with the blow-off in copper price. Of course, the actual economic coupling between WA1 and these macro factors is unclear, but this kind of realized correlation during risk-off is typical.