Hope is why people invest, but I don't disagree with your...

Hope is why people invest, but I don't disagree with your sentiment, as I held back then too and got out long ago, but still follow.
(Brad Boyle was that his name?)
I would guess it trades below cash reserves because they have a 10 year track record of spending every cent they have on corporate costs and a few drill rigs a year with no return of value to investors.
There probably are valuable assests in the ground, but ADV have no track record of strategically proving anything genuinally worthwhile up, it's in tough country which is difficult for drill rigs and hard to access for parts of the year, and not really any end point in sight where drilling becomes resource becomes offtake becomes funding.
Hope for a mega strike that wipes the markets memory and causes a huge spike so everyone can get out and make a lot of money. It can happen so I won't degrade anyone for trying either. But this was a tough hold even in the early lithium boom when they could spin a great lithium story, and looks to have been a tougher hold since.