Ann: Investor Presentation, page-34

You've lost me there, it destroyed value of past holders perhaps who funded the drilling through capital raises namely Tom Kaplan who injected 10m a couple of times at .30 plus but he's notorious for absolutely drilling the shit out of deposits (I've researched his investments) so I guess you could argued it destroyed his value but we're at a what he may argue is almost a break even point for his money injections not adjusted for inflation.
Tom now owns 10% of 2m oz's and 10% of 80m cash so he's not doing to badly unless Ullarring and Bombora are worth zero?