Well, hematite is regarded as a safe bet then capital intensive...

Well, hematite is regarded as a safe bet then capital intensive magnetite. Although a lot of DSO is not really DSO if taking into account road and railway building.

How badly the magnetite hopefuls with development plan are falling from their all time high?

ARH: -42%
GRR: -55%
GBG: -61%

AND:

AXO: -58%

Interestingly, the AXO's capital intensity might be amount the lowest: ($/annual tone):
AXO: 75
GBG: 94
GRR: 127
ARH: 150

AXO's capital intensity is close to FMG $78/annual tone). Only FMG can produce 5 times as much as DSO. But it is a $19b company. While AXO is less than 1% of the size of FMG. It is not fair, right?

Conclusion: AXO is not singled out as a bad investment or bad management. It is just traded in line with the whole magnetite hopefuls.

If iron ore story is still on, I guess both AXO and AXOG are great buys, particularly at current share price.