Ann: High Grade Koolan Island Ore Reserves Increase, page-30

I suspect the primary reason is that construction risk on KI is still playing a dead hand on the share price. Until they drain the pit and show that the new sea wall is sound, there will be some doubts as to the strategy and of course the financial impact of another failure would be severe.

Time and patience - as we get closer to KI being fully operational, we will see a re-rate. Until then, there is a very conservative valuation. If you are absolutely confident on the engineering solution to KI, then this is currently a "safe" buy, but if you have doubts, you will hold off.