Ann: Quarterly Appendix 5B Cash Flow Report, page-14

Most probably paying bills on commercial terms that may be 20th of the next month.

The short answer - Some of the higher levels of activity noted in March were probably paid for in April

Longer answer - One element of the accountants job is to accrue expenses. Say you have a contract that is billed 6 times per year. The accountant will do accruals so that the cost is spread as 1/12th each month rather than the 6 actual payments. If E25 incurred a bunch of expenses in March but paid them in April they will be part of the March monthly expenses (through accurals) but will be part of the April cash payments. Because this is a cash flow report, it will pick up any cash payments from 1 April 2023 to 30 June 2023. Its picking up when the cash was paid, not when the activity that created the requirement to make the payment occurred. Given the quarter end is also the end of the financial year, there may have been an element of paying some historical bills so that when E25 publish the balance sheet as at 30 June 2023 in the Annual Report it looks clean and doesn't have large payables.

There could also be an element of suppliers looking at the Manganese price and saying I'd like payment upfront thank you. This wouldn't increase monthly expenses but it would increase cash payments in the quarter.