Ann: Merger Presentation, page-434

That burn rate is definitely a frustration with the merger..

From the outside but always assessing AVL as a potential investment again, I thought it was very un-prudent how much they paid out in directors fees and options and recently celebrating moving to huge expensive new offices when they are still years from any income..

It felt like that old money tip rang true over there, the more $ in your pocket, the less care you take when spending it..

And I say that directly out of my appreciation for how frugal Ian has been getting from listing to drilling to BFS.
We can say it as a toss away thing, low SOI here vs register blow out next door, but this was absolutely due to the different ethos by each company on how long it should take to do something, and how much it should cost.
Ian minimised both, Vince took forever and spent money as if the well was full and could be dipped into again at any time.. a few billions shares vs a few hundred million is not by coincidence.

Maybe it's less of a concern with the cash situation after merger, and any future register expansion will only come through actual construction funding, not simple running expenses, but so far this looks to be a pretty expensive staff roster alone, for a company that is still years from income..

This is just personal observation and opinion.
It doesn't need rebuttal.