Thank you for the detailed post. There are just a couple bits...

Thank you for the detailed post. There are just a couple bits from your post that I'd like to address and/or question.

"- More than A$2 million on purchasing tenements (you'd expect some good results, wouldn't you?)"

I mean, every explorer would want some good results from tenements they are buying, assumedly that is why they are buying them and exploring them. Is it not naive to say they should "expect" good results? Isn't it usually around 50% of explorers are de-listed or taken over after 10 years because they don't make a discovery (Could be more or less, but exploration is unforgiving, and a decent amount never succeed).

"- Close to A$4.2 million on staff and admin costs (cough, splutter... what?)"

This does seem like a lot and arguably could be too much considering lack of success. I'd point out at least a majority of the cash is still going towards tenements and exploring. I agree with the sentiment that I'd like to see more results considering the expenditure.

"6. But, it gets worse - over the 2020-24 period, the genius management team managed to blow out the capital structure from a tidy 298 million shares in July 2020 to an embarrassing 2+ BILLION shares in January 2024."

I'm unsure what you are saying here. I mean they needed to raise money to continue exploration and purchase tenements. Are you implying they did objectively bad capital raises or that they should have not raised and just called it quits for the business? Or is this just reiterating the previous point about staff and admin costs, and they wouldn't need to raise as much if those costs weren't so high?

"They then further destroyed shareholder value by dropping in a 30 to 1 consolidation in March-April 2024 - WTH?"
"...with the sp bottoming out at untradable $0.001 in November 2023 before the consolidation in April 2024..."

These two comments confused me. How does a consolidation destroy shareholder value when ultimately your investment is worth the same before and after? A cap raise, sure that dilutes your position, but a consolidation? In the first comment you bash the consolidation and in the second one you state that the stock at that price is "untradable". Are you saying they should have left the stock untradable? (WTH?) or they should have done a different ratio for the consolidation? (Which wouldn't matter all that much as long as the stock was at a tradable price) or again just called it quits for the business?

Anyway, thank you for your post because it is worth discussing these things. I'm generally not a huge fan of the malicious and greedy director narrative (not implying you are claiming that, but I know some are). Where they are just pocketing all the money for themselves and purposefully not looking to make a discovery. The narrative doesn't make much sense when if they did actually make a discovery, they would make far more money. Perhaps it is that exploration can just be an unforgiving business where one must pivot when things aren't working out for a particular location or metal. I believe this team do want to make a discovery and do well by investors and as a result themselves, hopefully they can pull it off.