Ann: Kamperman RC Drilling Delivers 35 metres grading 3.81g/t Au, page-24

Rick Rule, a prominent figure in the resource investment industry, has been vocal about **general and administrative (G&A) expenses** within mining companies. Let's delve into his perspective:1. **Historical Precedence**: Rick Rule has expressed concern about the **excessive levels of G&A** in the resource industry. He stated that he has **never seen corporate compensation** as a percentage of assets or total expenditures come close to the current levels, which he finds **deplorable**¹. Specifically, he believes that the severance payments associated with changes in control have hindered industry consolidation, which is necessary for survival¹.2. **Statistics**: A study conducted by Sprott, focusing on **sub-$10 million market cap junior mining companies**, revealed that **57-58% of the capital raised** over a 5-year period went toward G&A expenses. In contrast, major mining companies like Teck Resources typically allocate only **12-15% of project expenditures** to G&A².3. **Industry Transformation**: Rick Rule advocates for trimming the **G&A fat** from the industry. His stance is that reducing excessive administrative costs will lead to **fewer but more solvent players**. He even humorously suggests that companies should be sent to "company heaven" rather than receiving additional funding¹.In summary, Rick Rule emphasizes the need to **curtail G&A expenses** and create a leaner, more efficient mining sector. His insights highlight the importance of financial discipline and prudent resource allocation.Source: Conversation with Bing

so the question Anthony is whether AAR squanders money needlessly or unwisely.
Dissecting financial reports isn't my forte but I don't think we're badly placed compared to some other lifestyle outfits.
just a conversation starter.
gltah.