@Hiddenvalue I suspect the lack of SP performance might also have something to do with geology (as well as any major shareholder enthusiasm for buying stock off-market).
There's a helpful summary in the WMX Mar'20 quarterly (pg.2) that seems to communicate a few of the main issues....
Interestingly, AXM also encountered similar geology challenges (i.e. shortfall in production of high-grade tonnes, grade dilution compared to forecast, difficult ground conditions etc.) when mining Wiluna from 2009 - 2013. The AXM Wiluna production reports can be found below (just in case you're interested in having a read about the geology)...
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