Fair Value calculation which justifies $4 target, page-90

On an ongoing basis, and just to add to what Binwood was saying, essentially you have the operating cash flow which includes tax paid and finance costs/interest paid, then you take away the money spent on maintenance capex. That leaves you with Free Cash Flow. The FCF yield is arguable the most important metric of any for all mature businesses and doesn't get affected by non cash items/tricks of accounting.

A company will usually do one of a few things with fcf:
1) growth capex, i.e drill some more holes or build a conversion plant
2) acquisitions i.e. buy some more land
3) pay dividends
4) pay down debt

As binwood said, PLS will be paying down debt aggressively which in turn will reduce interest paid and increase OCF. At some point they will then start instituting a dividend. That decision is a while away and will be a big decision for management and will inform us about their allocation of capital.

Might be worth looking at the cash flow statements for a few other miners to see what they look like. Unfortunately most of them have very high capex, which means the money available for returning cash to shareholders is often compromised.

All the best.