have you been duped?, page-11

Putting this stock into the same class as MUN /BCD is IMO, a tad harsh. Nothing has impacted the treatment plant, the equipment or all the underground development, apart from not having grade ore to mine and treat. Those assets' may well equal present market cap. Failure in the small reefs seems to have introduced fear of failure in what was always the main game, where management is saying they are now focused.
Keep in mind these reefs are not nice regular bodies with sharp defined boundaries. The edges duck and dive and mining waste is, as Snowyjim says, going to reduce grade. Mining waste is part of the game here as the "edge" rock, adjacent to waste, can carry high grades. Once mined you want to treat it all just in case there's some value there. The method used in former times was for miners to hand sort on visual, educated view of ore quality or waste, with the waste stacked underground. Result historic grades high, modern grade lower.
As I noted before this is going to be a wild ride as they race to the mill fed with better mineralisation, hoping to establish profitable production before funds expire. Anyone scared of white knuckles and risk is likely to bail (or has), anyone brave enough to catch a falling knife may be a hero.