cash flow break even ... , page-5

Your comments are correct re cash flow lag after production start-up HT, but presumably the banks would be expert at this and take it into account when making their refinancing decision, so it shouldn't be a negative in that respect.

The huge positive for OZ cash-flow though, must be the increasing metals prices. When the provisional pricing is finally settled (a couple of months after delivery), the plus/minus adjustment is made. For a while, this has been negative (delivered at higher price, adjusted to the lower price later, so OZ needs to pay.)

All deliveries in the past month will have a positive provisional adjustment because the settlement price is now higher than the price at the time of delivery.

A huge plus.