"You certainly have a knack for conflating one announced issue...

"You certainly have a knack for conflating one announced issue into multiple issues." - anyone with a trace of brain understands we are speculating as it is very clear both ASM and ALK are falling with ASM looking very bad now... SP that is. Anyone with a trace of brain can see this but you, somehow can't.

"Alkane will miss the lower end of their guidance by between 2,000 and 5,000 oz." - % is what matters but for someone like you I think this is too hard to work out if the miss is bad or not. 2k - 5k miss is about 5% (rough middle number) and that is decent miss. And the main point is the miss was not driven by rain or any other weather event that was out of control. Again, very obvious to anyone with a trace of brain.

"And your 100% perfect hindsight is also deeply insightful - IG would have been better off doing a CR when the share price was around $13." - no hindsight needed if one has trace of brain. ASM was not making any money or hardly any so it was and still is promising company with very little cash-flow. At that time when SP hit $13 it was very clear to anyone who can count (anyone with any brains) that ASM will need to do CR at some point so why not when SP is levitating well above where it should be.

Are you suggesting ASM had a path to profitability over the next 12 months back then so there was no need for CR? What was that path? If there was no path to profitability then they always knew there will be a need for CR or two or three. So any prudent MD and BoDs would have considered CR at fav terms and $13 were very fav terms.