Your analysis is a little unfair and starts from an inherently...

Your analysis is a little unfair and starts from an inherently incorrect position
Its a JV, AVL is not spending or managing, the other party (UPS) is.
That's why they do JV's - preserve cash, maintain focus but retain upside.
They have done all the things you are requesting.

ABOUT THE AVL JOINT VENTURE WITH UPS The joint venture agreement between AVL and UPS allows UPS the exclusive right to earn a 49% legal and beneficial interest in the tenement on a $5,000 signing fee, followed by $50,000 being spent on exploration on the tenement within the first 12 months of the agreement and $150,000 being spent during the first 24 months. When the obligations outlined above have been fulfilled, the agreement allows for UPS to acquire AVL’s Joint Venture interest for a sum of $500,000 or shares in UPS, at the election of AVL.