Exactly buggler, profit is locked in and a rising gold price...

Exactly buggler, profit is locked in and a rising gold price puts your hedge book at a loss. I dont own stock in this company so no biggy for me. Its not so easy to just run a toll treating campaign if the mill is delayed particularly if the owners of the other mills have their own (or other's) campaigns underway or are precommitted. I dont see what the big issue is in raising capital to fund these things - it is a fairly low risk option and benefits existing shareholders if they participate in the raising.

I think a company should stand on its own merits to be a profitable producer rather than waiting for a takeover.

Who would be logical potential acquirers of CRK and why?