I think they did explain this in a recent release.
At least some of the deposits were until recently covered by very hefty royalties.
Also something to do with gold price and costs. The cost of mining and exploration services must have dropped substantially relative to the price of gold, the pog being still near record highs in AUD.
It's always easy to be unfair on management in hindsight.
Ann: Mincor Advances Gold Strategy-MCR.AX, page-3
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