Ann: Chairman's Address to AGM, page-2

The Chairman said:
"An obvious question you would be asking is if there have been significant improvements in production performance and resource why isn’t that reflecting in the share price. The lower commodity prices have depressed investor sentiment in the mining industry, especially with smaller companies. With recent comments and evidence regarding the underlying strength of the copper market, the Board believes this is the right time to position the Company for solid copper production into the future. At a Company level the expenditure on the Giant Pit cutback, exploration, the lower production costs, the CPS plant and the re-alignment of debt, have set up the prospects for strong returns and opportunities for a longer mine life. The Board’s goal is to maximise shareholder value."

The Board has failed. The Chairman has failed. Its not the sentiment in the mining industry that's effecting HGO's share price. Its the sentiment in HGO itself.