Ann: RXM Equity Raising Investor Presentation, page-38

Looks like we all agree that the management could have been more frugal with the spending of shareholders monies, that being said they had a lot of obstacles in their way to make this a functional mine.
They had to prove the mineral resource, tackle the GFC and resulting downturn and local resentment of the mine.
This has taken time, much more time than the management would have envisaged, time costs money.
With hindsight I'm sure they would have done things differently.

As Obiwan has shown on his graph, this spend is typical of many startup resource companies.

Investing in penny shares is not for the faint hearted, it needs a risk / reward assessment, the risks on this mine are slowly being reduced, it appears that it has enough local support, it has a mining license, it has a submitted PEPR, it appears that the cycle of copper prices is rising and the need of the metal is increasing.

Once the PEPR is approved this becomes an asset, a potential copper mine with all approvals, then it will either be a takeover target, a JV with someone?, a 100% owned mine with financing or another CR, but hopefully it will become a mine.( that is the gamble )

As I have previously mentioned, I am a substantial holder of shares, I applied through the board for 500k shares of this latest raising, this request was forwarded to Baillaiu stockbrokers and to date have not heard from them, I can only assume that all the shares have already been allocated to "sofisticated investors". This to me indicates that there is still high interest in this project.

If the mine goes ahead, the rewards will be substantial for current shareholders at the present price, this is where hindsight would be a useful tool, we will all know soon enough, in 12 mths time all will be revealed

GLTAH.