Apparently, lunch meat, they have not spent enough since they have yet to make any.

Maybe not in absolute terms(Hinge bulk sample not withstanding), but when you consider the price of drilling is constant, 1 share of San Gold produced $1.50 of drilling in October of 2008 and in % terms was a bigger hit to dilution. Fast forward to today's date, 1 share of San Gold gets 2.7x more drilling and is less dilutive in relative terms. The non linear function that drilling produces is the blue sky and if $25 million adds $500 million to the market cap, I'd say that's a great move.