Ann: Quarterly Cash Flow Report March 2018, page-10

Trading and Investing in explorer/speculative companies isn't for the faint hearted.  The risks are high as are the rewards. They have no income so depend on capital raising investment to continue exploring and developing projects.   Over time invested funds can degrade without decent re rating finds. This can be mitigated by buying low selling high on the trends up and down over time following positive or negative news flow.

Investing in private companies is no different especially in the early years when cash is required to reach break even.   Dilution/degrading of investment can occur if the above isn't managed properly and further investment isn't made when called upon.

Looking on face value today without being emotionally hammered by this company I only see a very reasonable risk reward.  

Manage the trading the investment and you can build a position from scratch...  the longer a company stays existing and exploring the higher the incidence of a major hit.

Maximising your position for this is the key not the other way round.

JFI