Now let's work on our finance sheet. We're gonna build our cash flow for debt servicing, and we're gonna do it for the operational phase starting in year four. So let's begin with EBITDA. We can get our EBITDA from the income statement, if we take the operating profit in the first year of operations and then we add back the depletion for that year as well as the amortization for that same year. And we get 235.4, the tax expense. We can also take that from our income statement all the way down. We we get a tax expense of 23.2. Of course, we're assuming that all of these taxes are cash taxes. Now the rest of the items can be taken from the cashflow statement. So let's begin with the asset retirement payments. Let's go to the cashflow statement and pull that number. Just make sure you're taking it from the very first operational year, our increase or decrease in operating working capital.

Let's take that from row 11 on the cashflow statement. Our CapEx also from the cashflow statement, just a little lower in row 14.

And right below that we have our cash soft asset expenditure. If we add all of these numbers up, we get our unlevered free cash flow. But this is not quite the cash flow available for debt service because we're going to take into account a debt service coverage ratio. Now this ratio is an assumption that we can find in the sources and uses section of the model.

We have a debt service coverage ratio of 1.3 let's lock that in. And what this means is that for every $1.30 of unlevered free cash flow, we can use only $1 to service our debt. And that includes our interest and debt repayments. So to compute our cash flow available for debt service, we can take the unle free cash flow of 194.8 and divide it by the debt service coverage ratio of 1.3. And that's gonna give us 149.8 available for debt servicing. We don't yet have our interest expense, so we're gonna skip this line for now. But we can compute our cashflow available post interest for debt repayment only as the sum of the 149 and the interest expense amount. And of course, for now it's gonna be 149.8. So the last step then to complete this section is to take all of our formulas and copy them to the right until the very last operational year.