Whoever did Pretium’s accounting did something subtle: they decided to re-classify the current portion of the offtake obligation from “accounts payable and accrued liabilities” (the Q3 classification) to “Current portion of long-term debt” (the Q4 classification).
Why this matters: In Q3, Pretium included the offtake in its working capital calculation (“working capital surplus of $7.2 million“). For Q4, Pretium is suggesting to investors that they should omit it from their working capital calculation.
Pretium’s pretext is that its credit facility won’t be a near-term cash outflow. This is true if Pretium pays a fee and extends its credit facility’s maturity to Dec 2019 (or refinances the facility). However, investors might mistakenly think that Pretium has working capital of $40.6 million if they ignore the credit facility and the offtake obligation that Pretium doesn’t talk about. From Pretium’s press release (emphasis mine):
As at December 31, 2017, the Company has working capital of $40.6 million excluding the current portion of long-term debt. The current portion of long-term debt includes the senior secured term credit facility including principal and accumulated interest totaling $365.9 million.
The $40.6 million figure ignores two things, but the press release only talks about why one of those things should be ignored. It does not explain why investors should ignore the current portion of the offtake obligation because it doesn’t talk about the offtake obligation at all. In reality, Pretium has working capital of $31.5M if you include the current portion of the offtake obligation ($9,076k) and ignore the credit facility.
Congratulations to Pretium’s accounting team for coming up with something subtle and ingenious.
*Disclosure: I am short PVG.
Glenn Chan's Random Notes on Investing 
Does it really matter? Now they they overstate NWC but are more financially levered!?
It seems designed to mislead investors into thinking that the working capital position is better than it actually is.
How they report the numbers doesn’t affect how levered the company actually is.
My post didn’t discuss the 2.5% repayment fee that Pretium would have to pay if they wanted to extend the credit facility. So that should be taken into account when looking at their working capital.