If you notice below that in the the quarter ended December 2012 the company compared the cash levels to the levels of the quarter previously. Yet for this quarter it refers to a period 6 months ago  in September where the cash level stood at $2.8 million.
 
So when you compare the figures of $2.8 million from september and the march 2013 figure of $963,016 the spend does not look that bad.
 
Why don't they compare it to the quarter ended December 31st 2012 where they had cash of $4.8 million?
 
I know their fiscal year begins at the end of september and this is a financial report for the 6 months ended march 2013 , but why not reference how much cash they had 3 months ago?
 
It's interesting to note that the impression of a spend of $1.8 million does not look quite as bad as spending the $3.8 million they actually spent.
 
  
Liquidity and Capital Resources
Cash Resources and Liquidity
As at December 31, 2012, the Company had cash and cash equivalents of $4,846,429 and working capital of $8,945,363 compared to cash and cash equivalents of $2,779,368 and working capital of $3,418,939 as at September 30, 2012.
 
Below is the march 2013 excerpts-
 
 
Liquidity and Capital Resources
Cash Resources and Liquidity
As at March 31, 2013, the Company had cash and cash equivalents of $963,016 and working capital of $5,962,007 compared to cash and cash equivalents of $2,779,368 and working capital of $3,418,939 as at September 30, 2012. The Company has no debt or other long-term obligations outstanding impacting liquidity or future cash flows. The Company at this stage of operations depends on equity markets to raise funds for acquisition of assets and to carry out its exploration and development operations.
 
 
So where was all the money spent? I will address that in my next post.