It's hard to say as we don't know what the plans are...

It's hard to say as we don't know what the plans are going forward, but with $1.7m IMO that should be enough to complete first pass, wide spaced drilling and testing of targets where the current seismic survey is under way. Then evaluate the plan of attack pending results from all the drilling.

Surely the company will need to raise funds in the future as there are many large targets to test.

There are also unquoted 3c options in the money, should extra funds need to be raised which could come in handy.

Another note, Quarterback geological consultants who are managing/leading the exploration are remunerated on success only and not for cash. This is one less expense for the company, as most of the funds can be used for drilling targets.
It also shows that they must have some confidence of making a discovery to be remunerated by shares and are invested in the success of the company.
My observations IMO and not financial advice.