It tells me there is work in progress.
There are results, maybe not the result you prefer, but there are results. Facing problems and overcome them is a result too. A test pour is a result, Yes they aren't as fast as the big 10 of Gold producers who have been producing for many years, but those big boys wasted more time on paper work too before they went into production. Also they are much more experienced, with a lot more expenses. Yes it might be with better chance for succes, but you don't buy their shares at these levels too.