Ann: Quarterly Activities Report and Appendix 5B, page-131

Much of what @Merchant2000 and you say could be true for 9 out of 10 small cap stocks in the current market. Yes it's difficult for small caps to raise money and continue operating in the current market while trying to get projects of the ground. The majority of small caps have been battered. Some won't survive, and some are near the bottom. I don't understand why you are relentlessly attacking Minbos. How can you deny that it is holding up quite well in comparison to small cap peers. It's actually quite disgusting that you post more frequently when there is a share price drop even on small volume. Just shows you are hoping shareholders fail here and return to gloat even though your "victory" may be short-lived. If you really do your research, you will see Minbos is on the brink of becoming a producer with just $12m finance required.

As for revisions in share price projections, all analysts periodically adjust their valuations. Market dynamics, commodity prices, market sentiment, missed timelines are just some of the possible reasons for companies to be reassessed.

I do agree with @riverflows that the company has let shareholders do own with missed timelines. However, it is my opinion that factoring the relatively small funding required, the equipment on site and plant so close to being assembled, the importance to Angola and seemingly cooperative government, successful field trials, there is a high reward possible for the risk. It is a different proposition to other small caps most of which will never reach production.
Cyprium Metals failed at the finance stage for a refurbished copper plant but they were seeking something like $400m at a time when global economic growth was a concern.
Ofcourse anything is possible and this could end up failing for any number of reasons. If it was guaranteed we wouldn't be sitting where we are but as frustrating as it is waiting for finance, I feel this is worth the risk reward.