I had shares in this company a few years back. The story was...

I had shares in this company a few years back. The story was always the same ('the biggest gold deposit in QLD' or something similar). The only gold recovered during my holding was gold dust from historic processing equipment. I waited and waited until another hopeful story was published which caused a CTO price spike. I grabbed it with both hands and ran. Year after year the obvious consistent expense appeared to be the Directors remuneration costs. After reading the reports looks like little has changed.
I think your assertion that the means to extract the gold at a commercially viable cost hasn't been found for this mine. It begs the question If it could be, then why hasn't it? The Chairman has been in the job for ever and he should know.