Quarterly, page-4

The following figures are taken from the March, 2015 quarterly reports for these three companies.
Now I know that BOA has not spent a lot of money on exploration yet but as mentioned by other posters, the admin expenses are very well controlled.

	Column 1	Column 2	Column 3	Column 4
0	Item	Windward	Matsa	Boadicea
1	Payments for:
2	Exploration	554,000	740,000	76,000
3	Administration	302,000	594,000	53,000

And of course there will be others that say exploration is “all about spending money” but I guess "how you spend it" is also important.