Also keep in mind $5m raised for Net Smelter Royalty, which effectively forms part of the cost base. Plus $3m seed capital (sunk cost?), $2m director bonuses, $1m for Admiral bay, however many million for zinc assets thrown in with admiral bay. Even with a successful IPO at $20m, slightly above break even, all costs considered. Not much to get excited about.
Why didn't they just develop the near term (shallow) zinc prospects. It's as if getting your hands dirty and doing something is against company policy.
Also keep in mind $5m raised for Net Smelter Royalty, which...
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