There's an interview here with the CEO which may shed some light on what is going one
Agincourt Cranks Up The Pace After A Slow Start
By Our Man In Oz
High costs and difficult underground mining conditions have dogged the mid-tier Australian gold producer, Agincourt Resources, for the past year. A September quarter cash cost of A$635 / ounce from its flagship Wiluna goldmine in Western Australia best tells the story. After selling the 25,822 ounces produced at A$689/oz Agincourt was left with a notional gross profit of A$54/oz, or just A$1.4 million from three months of toil. But that result will soon be seen as an historic snapshot of the tough times. Two events have significantly changed the outlook for the Perth-based company which is fast emerging as a world-class gold producer. First was the discovery of what looks to be a major new high-grade orebody at Wiluna. Second was news of an expanded resource base at the recently-acquired Martabe project in Indonesia. If Agincourt can “connect the dots” quickly and correctly over the next six months it will be an infinitely better-looking investment proposition. .. more ..
