ann: processing of high grade ore, page-17

""should" - yes

but it isn't"

Depends on your time frame Reiner. Over a 1-2 year time frame, it is strongly outperforming its peers and outperforming most producers. On a volatile stock in a volatile sector there is little point in looking at short time periods to determine relative performance (other than for short term trading purposes).
Starting from earlier last year when I started buying after the maiden jorc on OP, my ave buy in price on my original holdings was 4.3c. It's now 3.8c. Very few have fallen by that small an amount over a similar time. SLR was around $3.50 and is now under $1 and that's fairly typical. XGD has roughly halved over that time- after this bounce.