Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-38

Pretty sure the large cost project you refer to is actually the 30ktp with expansion options to 75ktpa. This is separate to the 10ktpa you refer to in your post - just thought I'd clarify so people didn't mistakenly assume that funding was for the 10ktpa facility.

And I'm not sure why you are surprised that they are 'burning cash' - it costs money to do anything. If I'm building a rental property, guess what, I'll be paying for materials and labour and design work all before I see any rental income. And I won't be paying the full cost up front - I'll be paying as milestones are hit. (So that $870m cost is actually spread out and allows for other revenue streams to come in and support the costs) Pretty sure the way NVX spending money is pretty common for any company building a multi-billion dollar business up from the ground.

They have always been open that they wouldn't be making meaningful revenue until they had the 10ktpa plant up and running - which should be next year.

I'm honestly struggling to understand what your concerns are?

Balance sheet looks bloody red hot! 10ktpa from next year. Huge government grant. Looking at DOE loans to support further developments where needed.