Being 6 months late with the PFS is a reality; not a perception.
Releasing a full PFS which is worse on key metrics than the base PFS is a reality.
Pushing targeted production out to 2022 is a reality.
Misalignment with Win-win's expanded production dates is a reality.
Native title still to be resolved after 20 years and the case adjourned to March 2019 is... yes, a reality.
Perhaps it is your perception that "the fundamentals have not changed". Imo, this is the most misunderstood, ill-conceived and straw grasping expression on HC. My 5 points above clearly demonstrate a change in the fundamentals, imo.
Over to you...
Ann: Options Underwriting, page-62
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