I agree with your thoughts here ElZ.
I have been particularly gutted with the placer mining, and the fact they made such a mess of it. Even right at the start when the gold price was good they still managed to lose a bunch of cash. I don't know why, but I suspect you are right and incompetence has played a large role.
I had gambled a bit that it was at least going to make a bit of cash, but in the end it has been quite the opposite.
All n all, very disappointing.
Lets see if they can stay afloat to get any benefit out of WKP and Neavesville....