I don't agree that the company is "done" if we don't discover in...

I don't agree that the company is "done" if we don't discover in the next year or two.
That's just not how it works.

The company
The assets we own have traditionally traded between $5 and $110m AUD (ref below chart).
The only way this value goes away is if we explore every inch of our tenement holdings and prove there's no economic deposits what so ever. This could cost us $1 billion and take 100 years... so not an imminent concern.
So as a company holding these assets, we will always be worth something, and imo this is how it's so easy for us to do such large and dilutive capital raisings... we have quality real estate and everyone knows it.

Shareholders
Shareholders are a different thing as the "asset" we hold are shares in AAM.
These "assets"/shares are diluted every year as we raise and go through the exercise of spending that $1 billion over 100 years.

Scenario 1:
If a shareholder purchased 3 years ago and didn't average down, then their average would be ~25-30c and they have basically been slaughtered.
If we were to get back to our historical record valuation of $110m from back in 2021, this would see us trading at about 14c ($110m / 790m SOI).

Scenario 2:
If a shareholder purchased an equally valued amount in 2021 and at each capital raising event (meaning averaging down), then they would be in a much better position.
Hypothetically speaking, if someone purchased $10,000 of the stock each year from 2021 onward then their average holding would be ~7c (ref my below calc).
Now 7c is not a bad average at all, but you need to be forking out a consistent investment amount each year ($10k in the below example).



All in my opinion and happy to be corrected.
Best of luck punters.