Where did all the $$ go?

From a peak cash holding of nearly $180m in 2022 to now around $30m - how did Lake manage to spend circa $150m?! Is there anything to show for this?

The capital position improved vastly in 2021-22 when punters were participating in multiple capital raising and converting options - but an even more spectacular cash burn rate IMO.

What business value was gained from this expenditure? Was this responsible and prudent financial management?

I wonder how much Lilac spent on Kachi... my best guess would be a 'little bit less' than Lake