Hwang takes over $10 million from the brokers but delivers...

Hwang takes over $10 million from the brokers but delivers almost nothing in return. The brokers begin to see the company's true nature and its inability to generate shareholder wealth. Meanwhile, Peter taps into his loyal shareholders at record-low prices for a lousy $1m after issuing hundreds of millions of new shares and quietly securing a pay raise for himself.

This is a prime example of wealth destruction. The market knows this management team can't build a mine, Hwang can't even run a drill rig and is always blaming someone else for the continuous delays.