<My question...what is the explanation for SSRI's dramatic underperformance over the past 12 months?>

i believe the market is still holding a "wait and see" attitude toward the pirquitas project. the company has stumbled in its efforts to bring pirquitas into production with one delay after another, and has missed its guidance numbers so many times that investors wont believe it until the company actually delivers profits.

there has been plenty of good news from snowfield and other projects, but i think the market is still waiting to make sure they can successfully make the transition from development company to profitable procducer. the delays at pirquitas cost quartermain his job, and now the new boss is on the hot seat, and has to deliver before the stock price will be re-rated higher. at least thats how i see it.