Ann: QEM Progressing oil & vanadium Pilot Plant, page-46

Has anyone read the last Ann regarding quarterly cash flows?
Have a look at;

Year to date (9 months) $A’000
1.
Cash flows from operating activities
1.2 - payments for
a) exploration & evaluation (if expensed) - $619, 000
e) administration and corporate costs - $458,000

Then have a look at

Year to date (9 months) $A’000
2.
Cash flows from investing activities- $0

Then work that out as percentage of their cash equivalents at the beginning of period.
$1, 077, 000 (exploration + administrative)
$2,638,000 (cash equivalents)
aprox 40%

So QEM has burnt through 40% of essentially investors money over 9 months for.....
Progressing a Green Hydrogen Strategy

This company has been essentially operating since 2014 and I cant find any solid numbers regarding- Capex required- feasibility studies
Most Ann(s) are cashflow reports that read similar to the one listed above?
Can anyone see what's going on here?