I haven't looked at AGO in years so not entirely up to date with the story but from what I gather is that there is a shit load more shares on issue but simply put....
~2012
MC: $1.5B
Debt: $0
Iron Ore Price: ~$120+
~2017
MC: $350M
Debt: $110M
Iron Ore Price: ~$80+
what am I missing?