@TabPerkins They have around 300 employees more or less, probably more by now. That gives an average cost of 100k euros/year. A bit high but think that this stage of the project is heavy in engineers and specialists (think that the overall cost for a company is 2x that of their salary with taxes and social security included). This has gone slightly down compared with the 8M per quarter last year.
Also curious about what's included in the Corporate costs, which have almost doubled from 3,75M per quarter during last year.
If I had to guess I would say that they have outsourced some services instead of hiring or keeping long term staff due to the uncertainty, this makes it a bit more expensive but also gives flexibility to stop the service whenever they want. Things like financing is probably being outsourced to consultants which is expensive. They have done some M&A, which is also outsourced most probably. They are also doing drilling operations which I guess are included in Development, but it could be that some are input in corporate expenses.
All in all, it doesn't seem to me that they are burning excessive cash, the problem is that the production start date keeps being pushed, which means they need to burn though more cash before they start receiving revenues.
But if we look at the yearly burn rate, we are talking about 40M less per year more or less, but will be less once they are done with financing and M&A activities. Part of the financing is to achieve a 400Me credit facility to help with the costs during the construction and ramp up period.
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