FInally got around to reading their financial statements, and it...

FInally got around to reading their financial statements, and it looks like the company is spending a good chunk on exploration. However, the dwindling bank balance (excluding new issued shares) is a bloody big concern. The ground these guys are holding, and cut-off rates are good (if you actually start mining again).

It just brings to light the disappointment on the lack of communication around the toll mining operation, or even anything of substance that will actually start to generate cash. These continued operating losses can only go on for so long. I think management really need to have a look at themselves. It's all good to try and hold the gold until you can process and maximise profits, however if you don't start generating cash soon, investors will dry up or your operation becomes completely devalued with more shares going on issue.

Additionally, expenses around wages and admin seem high in comparison to progress and income. I would assume these wages are for GMD staff only, exploration wages i'd have thought would be part of the exploration expense?