I disagree about the view that "it can only go onward and...

I disagree about the view that "it can only go onward and upward". The share price right now is at the absolute bottom, it's true. But if the company decides to do a share consolidation, it'll give it more room to go downwards (to be fair, I don't see them going down that path, but it has to be acknowledged as a possibility.) Alternatively, if the company burns the last of its cash on the gold prospects without any luck, it's closing its doors and going out of business. At that point, the only possibility of any return would be as a reverse takeover ploy: a backdoor listing for a company that doesn't want to do an IPO in the usual manner.

If you want to hold, or buy more, on the offchance, feel free. Just remember that it's very much an all or nothing prospect - and then, too, there's also the question of what happened before the announcement of a lack of results. It all looks rather dubious, and frankly, I'd want some solid answers out of ASIC before putting any (more) money into this company. Maybe there's a legitimate answer; maybe it's just coincidence; but for me, I think the better option is to take the hit and put the money elsewhere.

DYOR, as always.