Where did all the $$ go?, page-5

Most the money appears to have turned into capitalised Exploration and Evaluation Costs in the balance sheet... non-current assets tend to be quite a bit less reliably valuable compared to cash and equivalents, but there you go. In terms of the cashflow statement, it looks like a combination of payments to suppliers (Operational cashflows) and Exploration and Evaluation Expenditure (Investing cashflows). This is par for the course for junior explorer developers and is really the basis for equity markets... you couldn't lend for this kind of thing. If they are successful, the investors will be very happy.