Ann: 2024 Half Year NPAT US$12.9 million, page-3

Are we even looking at the same set of financials?

Have a look at payables. They pay for debt repayments by running up payables.... which is a death sin for a smelter (Nyrstar revisited). Basicly bailing out lenders by not paying other bills. How sustainable is that do you think?

They would have been just about break even in H1 if not for an inventory impairment reversal. If not running up payables they would have been barely cash positive, even though running at near capacity. Luckily they make money on marketing/tshipi,

Contract liabilities in the balance sheet I assume to be related to the energy contract; those are also running up, meaning they are postponing settling those too. How is that sustainable?

What decent profits? I fail to see them. They lack a solid financial structure/funding. In short they are replacing 'debt' in your definition by short term payables. You see that as an asset, I see that as a major red flag. Can't run a smelter like that. Imho that is why the share price sinks. They need a refinance or recapitalization.