Ann: Full Year Results FY2023 Presentation, page-28

As I understand it non cash inventory movements are when ore is mined for future quarters. The ore is put into stockpiles and is a credit to the current quarter which will then become a cost when that ore is eventually used. A good example is now with NST where ore was mined agt the superpit and put into stockpiles - that cost was a non cash credit to the quarter in which it was mined. It eventually built up to be worth about $800m and was then written off in a good year. That ore has now been written back into the NST books as they are now to spend about $1.9Bn (to 2028) to more than double their processing capacity to make the old written off ore now worth a lot of money. Make up your own mind about whether it's an accounting trick.