via Free Dictionary - Defalcation

It would be a Defalcation to settle an agreement for tens or hundreds of millions, and then proceed to withold this information in a company that is publicly traded, where funds were raised at market. Very cut and dried.

"Defalcation implies that funds have in some way been mishandled, particularly where an officer or agent has breached his or her fiduciary duty. It is commonly applied to public officers who fail to account for money received by them in their official capacity, or to officers of corporations who misappropriate company funds for their own private use.

Colloquially, the term is used to mean any type of bad faith, deceit, misconduct, or dishonesty."

http://legal-dictionary.thefreedictionary.com/defalcation

In Canadian law, it's failing to account for funds. But it's not what you would call a fraud. I think GBN.V as a company is exposed to legal liabilities. I suppose that withholding information on operational milestones such as building and operating a second mill or re-opening mines and operating mines unannounced or conducting extensive drill programmes unannounced is similarity a Defalcation.

There isn't a day I don't look on in horror and dismay at the share price,(although buying shares at these prices is to advantage) since the $CAD gold price is overwhelmingly more than enough to arrive at profitable operations for the long term AND carry out major expansion plans.