Vendron if you check out the Company's response of 3 May to an ASX query it explains how they are covering current operating expenses and how they hope to fund a proposed mine.
In short, they have approx $12m left to draw down from a convertible note, for operating expenses, and are looking for a cornerstone investor to come in for a mine start up.
The current price is certainly concerning, however it is on relatively low volumes. I wonder if the price is being manipulated!
farm buy, page-10
Currently unlisted. Proposed listing date: APPLICATION WITHDRAWN ON 28 MARCH 2024