In every single quarterly report? Go back two or three years,...

In every single quarterly report? Go back two or three years, and there'll be plenty of evidence any investor had access to.

They all stated something like this (and I'm making up numbers here):

Proceeds from sales 16M
Production cost (15M)

The above seems an apparent profit. Then comes:

Admin (2M)
Development (5M) <-- this include developing the decline!
Exploration (3M)

Work out your losses now...

Loss for the quarterly: generally 7.5M
Add cash 'generated' from share placement or pulling it out of the loan facility and that's how they kept ticking it along.
Ticking as in ticking time bomb.