Ann: Quarterly Activities / Appendix 5B Cashflow Report, page-85

Burnt is market vernacular meaning Spent.

So if they haven't 'spent' it, then why did they need to do something unusual and tap AC for a capital facility?

An investment is only an investment if you can take the potential of an asset and convert it to a revenue generating asset. Otherwise its simply a potential asset.

The conversion requires off takes at the right margin + build capital. 10 years on, we don't have either. The price of the share is a reflection of the confidence to convert. Sometimes it takes time for hopium to wash out and reality to kick in. I guess that is what has happened recently and over the last few years.