Ann: Share Purchase Plan Offer Document, page-123

Most of the SP loss occurred not following announcement of the funding package (which resulted in a 15% drop, iirc) but the several months leading up to it

You’ll probably argue it was Sprott, bankers/a ‘giant squid’ conspiring from the shadows to push down the price in this period. I don’t entirely discount the possibility (I remember Rick Rule fanning the flames with alarmist talk about insurgents near Sanbrado)

But keep in mind the downward trajectory POG was heading in the lead up to the raise. We were (seemingly) at the beginning of a series of rate hikes. USD was surging. POG seem destined to test multi-year lows. Record number of shorts etc.