Ann: 2019 Half Year Results Announcement, page-54

You only need to look at the price GXY is receiving for its spod compared to its peers to realise that its product is inferior. Even, I think, PLS sold at USD$640 when GXY was getting a hopeless US$584. MIN was getting even higher. To make matters worse, GXY has had its customers for years and even that doesn't contribute to more favourable pricing. Or maybe it has and they would have got worse pricing if it wasn't for the fact that they have a customer tied up to a multi-year contract.

Also, look at the quarterly production reports. The last quarter was an abnormally high quality quarter (1.4), but it is going back to digging up rubbish grades again this quarter, closer to reserve grade (1.15). There's only so much lipstick (refinement) you can put on a pig (low grades).