Ann: Annual Report to shareholders 2024, page-10

You are assuming that payables do not include any orders for assets that can be financed by lending. Why assume they are all for operating costs?

Inventories have already been mined so the costs have already been incurred and are valued at the lower of cost and net realisable value (including sale costs). That is building up inventories in start up reduces the cash flow. The level of inventories will influence cash flow in the quarterlies. Stabilising inventories would improve the quarterly cash flow compared with recent quarters when rising inventories will have reduced cash flow (costs are included in the quarterlies, but the revenue not yet received.

It is wrong to suggest the ONLY ways to preserve cash flow is to stop production and run down inventories, do something illegal, or increase payables.
There are plenty of other options. Some of the payables may be for assets and be paid from loans. They can move into operating surplus. They could increase cash flow by continuing production, but with stable or lower inventories (which will bounce around at any point in time).

A cash raise may be needed, but we do not have the information to know if it is inevitable as you insist.