With no debt they have no banking convenants to worry about with...

With no debt they have no banking convenants to worry about with regards to total market capitalization so there is really nothing to trigger them to care about SP movements which is why it can swing or go stagnant. Also doesnt help GRR had some bad press coverage last year in the AFR and GRR was lumped in with normal producers for sell value but remarked their cost was higher.

But the board didnt pay much attention to it as they focus on running the business and last years capex on the first Mill replacement was done on time and on budget so they tick every other box.

If you are gonna hold better be long term and have the ability to switch off when the SP moves, they wont go broke but it can give you heartburn if you watch it everyday expecting it to move up