andash early-mid may, page-83

"Let's concentrate on Burnakura. At these levels it's approaching a buy. I was concerned a few weeks ago that it still had room to fall. Still does, but it's getting close to bargain teritory now."

Thats been my view for a while now (value this on the Murchison for now and wait and see with Andash).
I think the main reason it has become this cheap is that other gold stocks have also become very cheap and the delay to Andash allowed KGL to play catch-up and fall by a similar amount.
I think you guys are reading too much into the fine details.
Andash delayed, KGL falls in line with the sector. I think its that simple.
Sector recovers, so too will KGL (possibly lagging the larger goldies as the smaller ones usually do).