Ann: 2024 Half Year NPAT US$12.9 million, page-4

That's only true for part of the repayment.
You are right that not all of the repayment is from cashflow this half but most of it is.
The line that is of most importance to me is that one :



The business after all liabilities, inventories, payables and receivables variations are taken into account, is generating 44m$US in a half-year, in a not so favorable macro-environment.
They only get low profits because they have 15m$US in interests and they accounted 14m$US for depreciation to lower their taxes.

That's 130m$ AU generated annually in a low price environment.
Which is a good indicator of what it could be in a few years, almost debt free and when the metSI production starts and the alloy prices bounce back.

Again, their financials keep getting better, slowly but surely, and since the business is effectively generating good cash from operations, short from a global commodity crash, it's bound to be in a very good position in a not so distant future.