RE:It's not adding up...i am not to far away from your sentiments.
But I think I have reasonable idea why these flow through unit are being held in cash. This is an unqualified opinion.
Small juniors need to make sure they don't run out of money or look as if they may. There are some large influential websites that use algorithms to rate these companies and the if ithe routine decides they have run away cash flow or otherwise in financial trouble they report very poor rating, which hit the stock and then make harder to get more cash it is a downward spiral.
You mention the recent 43-101 had a lower mre number than you thought. The way I read the more recent one made no MRE reference.