They missed the target of the end of last year to get a...

They missed the target of the end of last year to get a commercial contract signed up. hence the sell - combined with directors taking some off the table and a lack of news flow.

A commercial contract with any major party will (most likely) be highly lucrative and save a hell of a lot of $ on aircraft maintenance. There is no competition to them that is anywhere near - the approval process was 5+ years (someone correct me if wrong).

Combine all that with exceptionally low overheads and a well managed company (the SP hasn't been well managed of late mind you!!), and you have SMN.

And just FYI for a new comer, the directors have sold a small % of their shares because they have not been paid for a very long time. They need to feed themselves.