Ann: Drilling Big Hill Presentation, page-5

Here's the associated note 5 to those accounts you're using: Exploration expenditure of A$679,444. Compare with the Admin & Corporate expenses of A$146,725 which is really not too bad for 6 months of an ASX listed company.

I won't defend the share price performance which is certainly poor if you bought at peak, but it's also fairly typical for a drill or bust style company... and when you take a wholistic approach, then this was actually a 4-bagger, that still sits as a 2 bagger if you bought the low. Timing (and perspective) being everything of course !