The whole "Are they a producer, or not?" question has hung over this company the entire time. For a period last year, it looked like they might be turning the corner to making some money on the operations, and the share price responded accordingly. When that turned out not to be the case, the stock stuttered as it was "Next quarter", then "Well, the NEXT one, then."

Pirie's changing tack to promote the exploration, hardly mentioning production, has the market understanding that a positive cash flow is some time in the future - hence the sell off. It's a day late and $2 short trying to promote the exploration, after claiming to be a producer for the last 5 years, IMHO.