Correct but as with any company, not all inventories are...

Correct but as with any company, not all inventories are immediately saleable and not all payables are immediately payable.

Retailers - even high volume ones such as supermarkets don't turnover inventory immediately.

The point is the company has a working capital surplus and with the final CAPEX now being finalised it will be cash flow positive unless the POG falls significantly from here or it ramps up CAPEX on new projects.