Ann: Half Year Accounts, page-4

$15.6m of it refers to the amounts they have spent exploring their various tenements and is not considered a current asset (ie readily converted into cash within a year) or a 'tangible' asset in the sense that nobody is going to 'buy' somebody else's exploration expenditure. 

Approximately $1.1m of it refers to an actual mine although I'm not sure which mine they might be referring to. I thought Teal had ceased mining operations.