Ann: Quarterly Activities Report, page-3

'All-in sustaining cost (“AISC” was US$1,932/oz (YTD: US$1,815/oz).
Average GEO selling price was US$1,725/oz in Q3 2022 (YTD: US$1,826/oz)'

Cost more to mine the gold than they sell it for.

'Net Financial Debt of US$12 million and net current liabilities of US$10.7 million (US$0.7 million excluding US$10.0 million of short-term financial debt) at the end of Q3 2022.'

Lots of debt relative to the volume of sales.

'Cash and cash equivalents of US$0.7 million. Combined with the fair value of ~1,000 unsold and unrefined gold equivalent ounces in inventory totaled US$2.4 million.'

Not much cash left, will need to raise perhaps soon.

A year ago, AGD was producing 22.4koz @ $1380 and selling at $1795/oz
Today, they produce 19.7koz @ $1932 and selling at $1725/oz

This explains the share price. Most Gold miners doing it hard right now due to inflationary increases in production/energy costs plus the decrease in gold price from its high. So costly operation like this, without a cash reserve behind them, are risky propositions.