Also wanted to add.
I think you should consider splitting the Non-Sustaining and Sustaining CAPEX for cash burn.
GMM is a great example, as per your diagram you mentioned that the cash burn was 18mil annualised.. However. if you look at their quarterly cash flow statement you will notice that the mojority of this is Non-Sustaining CAPEX. Meaning it has spent money on the development of the project (which is a necessity). To annualise this is a huge flaw in the assumption.. They wont be spending as much on development.. They are almost complete. In essence they are only burning 300k per quarter which is 1.2mil per year.. the main component being 250k on exploration and 70k admin..
Just wanted to add that..
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