Stockwatch Aug 31Chuck Fipke and Chad Ulansky's Metalex Ventures Ltd. (MTX) rose one-half cent to 6.5 cents on 3,000 shares. The company spent nearly $2-million on exploration in fiscal 2022, which ended April 30, including over $230,000 on its U2 kimberlite project at Kyle Lake in Northern Ontario. At least that is what its financials say -- the company has also been saying for years that it "does not plan to undertake further work on this project" until it reaches an agreement with the local First Nations. In fact, this year's expenses look much like last year's outlays, with much of the expenses charged to "shipping, freight and storage." Given the inaction, storage appears the most likely option. Metalex has been racking up comparable expenses year after year just to keep Kyle Lake ensconced in mothballs, but Mr. Fipke and his crew remain unwilling to write off the project, on which the company has now spent over $47-million in the past 20 years.