It will be interesting to see whether the ASX queries CTO on...

It will be interesting to see whether the ASX queries CTO on their view that a massive production shortfall is "immaterial." Seems to be a new spin on the meaning of the word to me.

How can it be "immaterial" when:

1. This production shortfall means CTO is seriously cashflow negative? That looks pretty "material" to me.

2. As a result the share price is of course being adversely affected. That looks pretty "material" to me.

3. This means any cash raised by CTO via placements will result in a "material" dilution for shareholders as so many more shares have to be issued due to the much lower share price.