Your gold producer example is trivial and the point isn't any clearer by being put in bold.
The relevant point is that a business like this has cash flows and changes in cash flows coming that are not in balance sheet. There's a lot of complex assumptions, some I've posted above, eg Swinton revenue loss, redundancy costs, productivity, on top of the usual cash forecasting issues around seasonality and the cash costs and income not in balance sheet - they don't sit there in a balance sheet as "current." They're incurred or earned day to day.
But to run with your tiny simple gold producer example, which is too oversimplified, what you're essentially saying is that SGH cash flow H1 was negative because there was a big positive change in (properly accounted for WIP). That's the "gold". But your analysis doesn't even consider change in WIP. You take a static WIP number instead of WIP delta. If properly accounted for WIP has not gone up, or SGH got some other new gold stockpile produced H1, then all that's happened H1 is the business made a loss and bled cash, and there's no good reason this is changing any time soon. Signs point the other way.
The decision for lenders coming up is whether to throw good money after bad, or try recover what they can from here.
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