Well, the board don't seem to be taking too much in fees, so...

Well, the board don't seem to be taking too much in fees, so there is that, but results and share price and what happened to recent placement shares also speak volumes.
Yet of course there are those admin and consulting fees, and *somehow* it costs close to a million in admin/director fees every year for most of these juniors when I can run a private business for under $10k pa with all accounting and annual reporting, office and other costs apportioned to the business. And I only have one business.
Some of the ASX listings are running half a dozen at the same address and pulling close to a million in admin every year for each one. Totally legal of course. Just does not seem the way to build a viable business? You ought to be frugal in the "two-men-and-a-ute" model initially and have a real thirst for success, not just go through the motions with whatever acquisition comes along.
Australian microcap approach is all wrong, sometimes I wonder if the entire asx junior exploration industry has given up and is just in it for the admin fees and the occasional overpriced underspeced survey that is not fit for purpose just to show some activity.