Ann: Renewals of Exploration Licences Not Granted, page-22

You are ignoring the fact that they have been able to survive on the smell of an oily rag for ages now. There are still shares available at 0.002 from a previous raise that can be used - and have been - to keep the place running. So no need for a "another" raise at this time.

Its all about risk/reward. You have a different view of this ratio than those of us investing here. But "your opinion" of the company going broke is still not supported by any evidence. Whereas a few calculations based on likely tonnages and grades supports the view that the break even of 80g/day can be easily exceeded.