The permit denial was what caused the share price collapse. There has been no peep from Gignac because she withdrew her price targeting/projections after the permit was denied. Her optimism was because everything looked good until then, and a total denial was not even considered a possibility.

Wellington subsequently sold off their KRY position completely. I posted it here when it happened.

KRY is a very, very speculative play. Gignac and Cramer, as well as other analysts on other stocks, can only give their opinion from the available information. Cramer changed his opinion on KRY well before Gignac and was criticized for it here. Listening to Cramer when he reversed (I didn't) doesn't look so bad now.

When the available information changes, the analyst opinion changes. Simple logic.