It was spun out of MLX so it could trade on P/E relative to...

It was spun out of MLX so it could trade on P/E relative to other gold stocks and on demand from fund managers.
I don't know the AISC is that high the plan is to target $300 to 400/oz AUD they have had some problems slower ramp up and opportunistic changes of plans.
Yes, of course I believe they will be able to get costs down as the changes are logical.
The key is to get feed to you plant(s) at sufficient grade to produce a profit a major part of this is having the ore close to the plants. As far as I'm concerned the has been some trade-off between getting longer term costs down versus shorter term and historic AISC.

Apart from any short term results you may disparage, the bringing together and rationalisation of a number of leases and operation is the key to getting the area to yield it's true bounty. I would draw a parallel of Alan Bond's rationalistions that led to the super pit at Kal but he didn't benefit from. Similarly St. Barbabra at Lavert0n/Leonora. Then again I'm not a bean counting fund manager who relies on three to six monthly returns ( an purported to support Cookie's plans at the start). I'd even go so far as to lampoon BHP's "Think big".

From your previous comments it doesn't sound like it would suit y0u but the guy has enough track record of success and enough contacts to likely make a go of it.