Commenting on the sell off, Peter Epstein of consultancy Mockingjay said that while he doesn’t follow Zenyatta closely, his sense is that investors were disappointed by two main issues. First, they had been expecting a preliminary economic assessment (PEA) for Albany by the end of the year, and “now that looks to be unlikely” — though Tuesday’s release doesn’t say it won’t arrive by that time, it also doesn’t give a timeline for its publication.

Second, investors were disappointed by the flotation concentrate grade announced by the company. It’s up to 92.5 percent graphitic carbon (Cg) from the previous figure of 78.3 percent Cg, but for many that was not high enough.