Ann: Whaleshark Project Update, page-14

"Their last quarterly report indicated they have less than one quarter's worth of cash remaining. Running diamond drillholes that reach up to 300 meters is quite costly, and while the EIS funding helps, it's not given out upfront, but reimbursed later. So it's a bit worrying."

You answered it yourself above , its a self fulfilling prophecy , more cash burn means need more capital , means another placement normally at a discount to current shareprice , then 6 months later same again - unless they hit a big whale shark , and going by the market cap , company until now has been making what the market considers poor return on investment in drilling and admin ie the market values the assets less than the capital inputted so a lower market cap despite all the placements .