Where did you get your numbers from? Just exploration expenditure? My view is the company only exists to discover economic ounces so should be all expenses, including staff and admin.
Have they been chipping away at this since 2010?
Looks like about $19.5m in accumulated losses since then which has resulted in actual resources of 302,000 ounces = $64/oz.
Or 302000/7 years = 43,000oz pa.
Ann: Aucu Gold Deposit-Exploration Update, page-23
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