"a company doing no drilling or not having any project with...

"a company doing no drilling or not having any project with meaningful exploration going on" --- They spent 5.84m usd in exploration in the past year with bhp. Yes I am disappointed that figure drops to 3.5m usd this year however it is still exploration that no other junior can do for virtually free. They are hunting for whales in a large ocean and unfortunately that requires a long term plan which they've been upfront about. You can't turn up some with 3800sqkm of tenement (roughly an area of 62km by 62km -- think about it) and start drilling in random spots like you want them to do. Now that would be a waste of money.