Welcome to the Bushveld Minerals full- year results. I'd like to pass to you over to Fortune Mojapelo. Fortune, please go ahead. Thank you very much. Good morning to everyone, and welcome to our full- year results presentation. Thank you for joining Tanya and I, who will be assisting me in today's presentation. Before we move to the first slide, I just would like to start with just a few high-level comments. Perhaps even before those comments, if we can just please note the disclaimers that we need to put out. Thank you, Scott. Now to a few high-level comments. These annual results coincide with the tenth anniversary of the listing of Bushveld Minerals Limited on the AIM market of the London Stock Exchange. It's an approaching time in our journey to pause and reflect. In that time, we have successfully transitioned from an exploration company with a diversified portfolio, including vanadium, tin, coal, at some point, titanium and iron ore assets, into a sizable margin positive primary vanadium producer with global distribution networks and with significant growth potential. We've established a quality portfolio of tin assets, which we unbundled and listed as AfriTin on AIM. We have achieved this transition to a vanadium primary producer through a brownfield strategy that has seen us acquire two of only four operating primary vanadium processing plants in the world in 2017 and 2019 respectively. We have to acknowledge that it has taken time to bed down these acquisitions. We have now invested significant refurbishment capital into the plants, including the recently completed refurbishment of Kiln 3 at Vanchem, and their connection to some of the world's largest and highest primary vanadium grade deposits has allowed our assets to provide a low-cost production platform. With potential for further cost improvements, we have been bedding down the acquisitions, and in 2021, our focus particularly was on operational stability. We have experienced some highs and lows, typified by the volatility of the vanadium price, which we tend to be very strongly correlated with. These vanadium prices have touched over $100 per kgV at times. While the vanadium market remains volatile, our cost positioning in this market, which will be more clearly demonstrated once the group is producing at over 5,000 mtVp.a. by the end of 2022 financial year, presents a sustainable cash generation opportunity over the sample. Ultimately, our view is when you have a volatile commodity, your best protection is making sure that you are a low cost producer. Certainly, our resource base, with the grades we have and with the production scale that we're looking at, provide us the opportunity to do that. We have grown this formidable asset base with a relatively heavy reliance on debt markets and very limited call on shareholders for equity financing. This reliance on debt, particularly convertible loan note instruments to grow our assets, has, however, seen allocations of equity at future points during a time that was increasingly dilutive due to our falling share price over the past 18 months or so. We acknowledge that the recipients of this equity were unlikely to be long-term holders, but given the limited cash resources at a time of significant capital investments, we had to be creative in structuring the transactions that we did. It would be understandable to question the capital structure we used under these circumstances, but when you take a snapshot today, you can ask what have we accomplished. Today, we have a scalable and flexible primary production platform with a net asset value of $150 million. An achievement we are proud of as we started off with a market cap of only $20 million. Our market share of just over 3% of the global market, vanadium market, is set to grow to around 5% once Kiln 3 is fully ramped up by the end of this year. This platform, which has been strengthened with our focus on operational stability in 2021, delivered underlying EBITDA of $3.3 million in H2 2021 and has been EBITDA positive for the last 12 months to June 2022. It's safe to say that we are not pleased with the share price performance that we have seen, and I have to thank our loyal shareholders for their support through what must be a very difficult time. We are very clear also of where we are heading, and we choose to focus on ensuring that the underlying fundamentals of our business are strong. We believe that in time, the share price of the company will reflect this. While we strongly believe that the share price is not in line with the fundamentals of our business, we acknowledge that we are not stock market experts, and we defer to the various analysts who cover our stock. It's worth noting that the valuations of the analysts is significantly higher than the current share prices that we see. We have reached a very important juncture in our journey, and we shall carry on delivering an increasing positive EBITDA as we have done for the last 12 months to June 2022. I'm pleased to point out several important developments which will provide much needed support in the next phase. These include changes to our board of directors with four new appointments who bring a diverse and complementary skill and experience set. The appointment of Royal Bank of Canada as a broker and financial advisor to the company. I'm delighted to welcome RBC, who bring breadth and depth of capital markets advisory and support to the company at a particularly crucial time in our development. Going forward, we believe that we will be in a better position to leverage the capital markets from the foundation that we now have built. I'm excited as we embark on the next phase of growth. As outlined in the recently announced technical studies, the full production potential of our assets is much greater than the production run rate of 5,400. The recently announced studies provide a well-structured long-term incremental growth path to a production rate of 8,000 mtV per annum, ensuring a permanent and reliable feedstock to both Vametco and Vanchem, while also reducing our production unit costs. The option to implement this growth path in phases that are each value accretive substantially reduces the upfront capital requirements and is further testament to our brownfields growth strategy. As we have full flexibility in relation to this growth, any decisions in this regard will be dependent on market conditions and subject to capital availability. Our business model and production at a run rate of 5,000 to 5,400 mtV by the end of 2022 is sustainable without the need for additional growth and provides Bushveld with cash generation potential. We think that this is very significant. Now, if we can go to the slides, I would like to move on and provide just an overview. If we can just go to slide number 4, please. Sorry. Can I just ask you that we move the slides forward? Forgive me. Can you just confirm which slide you'd like to be on, please? Slide number 4, please. Introduction slide. Yes. You are showing just the cover slide. I beg your pardon. If you just give us a second, please. Thank you very much. This slide is just a high-level overview of the year. In the year, we achieved production at the upper end of our revised guidance. With a total group production of 3,592 metric tons of vanadium. The stable operational performance in H1 2022 continued in H2 2022, with the commissioning of Kiln 3 completed in June 2022, and we anticipate that this will continue to support delivering a positive underlying EBITDA. We've maintained our cost control and capital discipline. We reduced the group's liabilities by repaying part of the acquisition legacy debt, and we do not require any further growth capital expenditure with the target production run rate of 5,000 to 5,400 that we've set for ourselves by the end of 2022. This will support lower unit costs and improve margins, as I mentioned earlier. We announced with these results our intention to carve out Bushveld Energy as a standalone entity, with Bushveld Minerals retaining a significant strategic shareholding, which would allow us to still maintain our vertical integration structure. In the period, as I indicated as well, we have built an asset base with a net asset value of $150 million. If we can move to the next slide, please. In terms of the operational highlights, our production in the second half of 2021 was 2,018 mtV, 28.2% higher than H1 of 2021, which is 1,574. This was largely on the back of operational improvements implemented. Higher throughput in the second half resulted in lower unit costs for H2 2021, which enabled us to meet our production case post revised guidance. The group recorded a 52% improvement in total injury frequency rate to 7.8 relative to the previous year as a result of decreased number of incidents recorded and continuous effort to improve our safety environment. While these improvements are welcome, safety continues to be an area of focus for Bushveld to ensure that we can sustain and continue a strong safety record. The Upper Seam Project development to supply ore to Vanchem was commissioned in Q4 2021. During commissioning and ramp-up, ore quality was at times below requirements due to heavy rains that we experienced and mining constraints, and this resulted in operational challenges in the Vanchem Kiln. The project team will continue to optimize the plant performance to ensure that the supply of ore from the Upper Seam and Vametco to Vanchem is supportive of Vanchem's operational requirements. If we can go to Slide 6. That talks to the financial highlights. I will give very high level, and Tanya will talk to this in more detail. Revenue generated $106.9 million. Just 18% higher than 2020. This was driven by an improved average realized price of $32.20 per kgV. I must highlight that we still see these prices of $32 to be relatively low. Certainly, we have seen higher prices going into 2022. This was partly offset, this revenue performance, and particularly the higher average realized price was partly offset by lower sales volume at 13.7% lower than in 2020, with sales of 3,314 mtV. This was due to challenges in international logistics channels that arose from the COVID-19 pandemic. The unrest in South Africa in July, which caused significant disruptions at our local ports as well. We made an underlying EBITDA loss of $7.5 million for the year, but the higher throughput in the second half translated into an improved financial performance with positive underlying EBITDA of $3.3 million in H2 2021, compared with an H1 2021 underlying EBITDA loss of $10.8 million. I'm pleased that this positive EBITDA performance has been maintained into 2022 financial year. At the end of the year, the group ended with the cash and cash equivalents position of $15.4 million, as we prioritized significant investment, including growth initiatives at Vanchem, Bushveld Energy investments, as well as debt repayments, with our gross debts decreasing to $82 million. Tanyaradzwa Chikanza will unpack the details of the investments and debt repayments later on. Now if we can go to slide number 8, and we'll talk about the operational group performance. We announced last year that we were rebasing production, particularly at Vametco, with a strong emphasis on operational stability. This has seen the company produce solid successive quarterly performances since the shutdown in March 2021, illustrating our success in bedding down improvements. I am pleased to report that this has continued into the current year. We expect that as we continue to pursue incremental operational improvements and further emphasize our values and culture at Bushveld, over a sustained period, the effects will begin to reflect in our guidance and production numbers. We expect group production of between 4,200 and 4,400 mtV in 2022, with volumes weighted towards the second half as Kiln 3s ramped up by year-end. We therefore expect to attain group production run rate of 5,000 to 5,400 mtV towards the end of the fourth quarter. Now, we will talk in slide number 9, specifically to Vametco and to Vanchem. As seen on the slides, Vametco achieved an annual production of 2,453 mtV, 8% lower than in 2020, and this was largely due to the lower production in H1 of the year. The weaker performance in the first half of the year was due to slower than expected ramp up post the completion of the plant 35-day maintenance shutdown, along with an unprotected industrial action that took place in April 2021. Thus from April 2021, our primary focus shifted to increasing maintenance investments, sustaining capital to ensure the reliability of mining and plant equipment. Moreover, we implemented greater discipline in our proactive maintenance practices, instilled an organized and sequential maintenance methodology, introduced more short interval process controls for the technical team, and invested significantly in our people development strategy. Since the implementation of these measures, we have seen stable and consistent production at Vametco, which has carried on into the first half of 2022 and bodes well for the year 2022. Production guidance at Vametco is set at between 2,450 and 2,550 mtV, with cash cost guidance of between $22.70 and $23.50 per kgV. Meanwhile, following the acquisition in 2019, Vanchem continued operating with the smaller Kiln 1 at a steady state that belies its significant need for significant capital expenditure as part of the company's refurbishment program. During 2021, Vanchem achieved an annual production of 1,138 mtV, a 15% increase compared to 2020. This was as a result of Vanchem ramping up production in 2020 and running at capacity in 2021. Vanchem met its revised production guidance while refurbishment work on the larger Kiln 3 was underway. With Kiln 1 reaching the end of its useful life, however, this affected online time in the first quarter of 2022 prior to the commissioning of Kiln 3 in June 2022. Kiln 3 has now been commissioned and is going through the stabilization and optimization process phase expected after such a major refurbishment. The pace of ramp up of Kiln 3 has been slower than planned, impacted by, among others, electricity load shedding and technical issues that are consistent with the ramp up. We are experiencing high load shedding of up to 3x a day at Vanchem at the moment. I must say that so far, South Africa this year has seen record levels of load shedding that have not been seen before. Even though we have backup generators, the switchover and the resulting nuisance trips and instrumentation and electrical issues that come with that are not necessarily very helpful. We are hopeful that we will see the incidence of load shedding subside as we get out of the winter period going forward. We expect to increase production during the first three to four months following commissioning, as this will result in the group reaching its target of steady-state production run rate of 5,000 to 5,400 per annum by the end of 2022 financial year. Accordingly, Vanchem production will be heavily weighted towards the last quarter. Despite the lower production and increased costs in the first half of 2022, the ramp up of Kiln 3 and increased production and the resulting dilutive effect on fixed costs means we are able to maintain Vanchem's production and cost guidance for the year between 1,750 mtV and 1,850 mtV. At costs of between $27.70 and $28.40 per kgV. When we see the full- year production at Vanchem with Kiln 3 in 2023 onwards, we expect that those unit costs will further go down as the impact of that increased production throughput comes through. Now I'd like to talk a little bit more about the Vametco cost performance, which is shown in the slide in front of you. 2021 production cash cost of $24 was 31% higher relative to 2020. This was impacted by the stronger South African rand-USD exchange rate, lower production due to production rebasing and increased expenditure on costs such as sustaining and maintenance spend to improve operational stability. Increase in mining costs associated with bringing the Upper Seam Project online to supply ore to Vanchem. As you can see in the production cost bridge, the impact of the strong rand, the lower volumes and the increase in same business CapEx contributed the most to the increase in total cash costs. Slide 11 provides similarly a cost analysis for Vanchem. Vanchem achieved C1 production cash cost, cash cost of $30.60 per kgV and a total cash cost of $42.20 per kgV, impacted by the stronger South African US dollar exchange rate as well, and increases in raw material costs to optimize process parameters and the increase in sustaining CapEx. The unit cost of production reflects the weighted average cost across all the various product categories. Chemical products, including specialist V2O5 powders, are produced typically at higher unit cost than the cost of V2O5 flake and ferrovanadium. I must mention that these products also fetch higher prices and better margin. As you can see on the production cost bridge, the growth CapEx and the impact of the strong rand contributed the most to the increases in the total cash costs. Now I'd like to move to talking about Bushveld Energy. The momentum of the energy transition away from fossil fuels to clean energy continued unabated in 2021, and we expect this momentum to continue going forward. This was given further impetus by the positive outcome of COP26 Climate Change Conference in Glasgow that took place during the year. This certainly presents a significant opportunity for Bushveld Energy, which since inception in 2016 has made significant inroads in establishing the case for VRFBs in the growing energy storage market through its focus on key activities along the VRFB value chain, structured along three key areas. One, investments in VRFB manufacturing, where we acquired an effective shareholding of 25.25% into VRFB manufacturer CellCube, a grid-scale and microgrid energy storage battery manufacturer headquartered in Austria. We invested $10 million this year to bring our total investment to $12 million, and some of the installations are highlighted, which include a 6 MWh contract with an Austrian fish farm. Worth mentioning that CellCube will be supplying the 4 MWh battery to our mini-grid at Vametco. We are also very pleased that we are able to successfully defend the litigation initiated during 2021 by Garnet, our partner in CellCube, against VRFB Holdings and Enerox Holdings Limited, which concerned allegations of breaches of the joint venture agreement by VRFB-H. These alleged breaches pertains to the investment by Mustang into VRFB-H. That we are able to successfully defend this litigation is certainly positive news, and it means, among other things, that the investment by Mustang into VRFB-H stands. The second area of focus for Bushveld Energy is the deployment of VRFB projects. We completed the development and achieved financial closing for a 3.5 MW solar PV generation farm and 4 MWh of VRFB energy storage at Vanchem, at Vametco Mine, which we call the Vametco Mini-Grid. Site clearing has commenced and commissioning is targeted for H1 2023. 26 metric tons of vanadium electrolyte for the battery has been secured from Vametco. The Vametco Mini-Grid will serve to demonstrate the technical and commercial viability of hybrid mini-grids using solar PV and VRFB technology. In the process, we believe this will open up substantial opportunities for the deployment of such solutions in an environment that is increasingly encouraging self-generation for large energy users. In addition, we identified captive opportunities within the group of up to 120 MW of solar and 180 MWh of VRFB storage. These projects will also reduce the group's reliance on Eskom and help control electricity cost increases while reducing the carbon footprint of our vanadium production as part of a broader sustainability strategy. Third aspect of Bushveld Energy's work pertains to the construction of the vanadium electrolyte manufacturing plant in East London, which we call BELCO. The construction of the building for the plant was completed in April 2022, and the EPC contract work is underway. The vanadium electrolyte manufacturing plant, targeting an initial capacity of 8 million L, will be one of the largest plants outside of China. We're scaling up the electrolyte rental product. I beg your pardon. We are scaling up the electrolyte rental product offering with new rental opportunities and creating an off-balance-sheet funding platform for the vanadium electrolyte. I beg your pardon for that fire alarm. We are scaling up the electrolyte rental product offering with renew rental opportunities and creating an off-balance sheet funding platform for the vanadium electrolyte. We see this as a very important catalyst for VRFBs globally. Now, if we can move to slide number 13. We recently announced a carve-out of Bushveld Energy. Our strategy for developing Bushveld Energy was based on the need to resolve two risk factors, the security of supply and the security of cost of vanadium. I beg your pardon. Can I just ask that, Tanya, perhaps you take us through on slide number 13 while we address this fire alarm. Thanks, Fortune. Just looking at why we have decided to carve out Bushveld Energy into a standalone company. The original strategy was always to develop Bushveld Energy, taking into account two risk factors, the security of vanadium supply and the security of cost of the vanadium. It was always the intention to have a vertical integration. As the group really grew and as Bushveld Energy grew, so did our capital requirements. If one just sort of looks back at what we've seen in the last couple of years, the competition for that capital has been fierce within the group. The pressures around capital allocation have grown. The positioning of Bushveld Minerals as an operating company in the mining sector has increased and limited the access to energy-focused investments. In a way, what we have found is that those who enjoy mining, who understand mining, and we need to grow that business. Those who understand energy do not have necessarily the same appetite around mining. This has limited the access of energy-focused investments into our story. Also we found that it has limited the coverage of energy-focused analysts with appropriate valuation models. This is where we have now come to the view that we've developed Bushveld Energy such that it has got sufficient critical mass to be able to stand on its own. We are carving it out, and we'll position it as appropriate as an energy-focused capital market sector. It will allow it to leverage in terms of its capital investment in a single vehicle, and allow it to scale on up its investment platform. We will remain involved in as far as being a shareholder in, you know, going forward, so that we retain that vertical integration which our whole thesis is formed from. Details will follow around how that carve-out will actually play out in the future. Thank you, Tanya, for that. I just need to make the point that there is a significant distinction between the carve out we're talking about here and the carve out we did earlier on with respect to AfriTin. We certainly do intend to maintain that strategic relationship and shareholding in Bushveld Energy and retaining that vertical integration model in our growth. Thank you, Tanya. If we can then move on to the next slide, and that's a perfect timing to reintroduce you back, Tanya, to talk to the financial results. Thank you very much. Thank you, Fortune. Good morning, ladies and gentlemen. I should have said good morning before. I just launched into that previous slide. I will now give you an overview of our financial results for the year ended 31 December 2021. We generated revenue of $107 million, up from last year's $90 million, supported by improved average realized prices of $32.2 per kgV, up from $23.4 per kgV in 2020. This was partly offset by the lower sales volumes, 13.7% lower than in 2020, as 3,314. You will see that our stock levels at the end of that year speak to that and unfinished goods. Part of the, you know, the contributing factors to this were the challenges in international logistics arising from COVID-19, and I know we were not alone around that. We also experienced unrest in South Africa and disruptions, in particular in the local ports that we use, in July and August 2021, and that contributed to that lower sales. Cost of sales excluding depreciation increased to $83.4 million, $10 million up from 2020, and I will elaborate on this increase in the next slide. Adjusted EBITDA loss was $9.9 million for the period, an improvement of $5 million when compared to the Adjusted EBITDA loss of $14.4 million for 2020. We delivered an underlying EBITDA loss of $7.5 million, an improvement of $7.4 million from the 2020 underlying EBITDA loss of $14.9 million. I think let me just take some time to just explain what our definitions around, the EBITDA is. Underlying EBITDA is Adjusted EBITDA excluding impairment charges of $2.4 million, for which there wasn't any last year. An Adjusted EBITDA is EBITDA excluding the group's share of losses from joint ventures of $4.4 million. Again, there wasn't any last year. The remeasurement of financial liabilities of $1.9 million, which again, we did not have in 2020. We don't consider losses from joint venture revaluation and losses from the remeasurement of financial liabilities as a measure of our operating profitability, hence excluding these from EBITDA. Our operation and financial performance in 2021 was a story of two halves. In H1, you'll recall our underlying EBITDA amounted to a loss of $10.8 million, primarily due to a stronger rand to US dollar exchange rate, which impacted costs, exacerbated by the weak production performance in Vametco in the first four months, which Fortune spoke to earlier on. In the second half of the year, the group achieved an underlying EBITDA profit of $3.3 million on the back of strong production performance at both Vametco and Vanchem and a higher realized price. This positive profitability has been maintained into the 2022 financial year to date. As you can see from the underlying EBITDA waterfall on our right, foreign exchange had a material impact on cost during the year, with the rand strengthening from 16.46 rands to the dollar to 14.79 in that period. This gave rise to a net adverse exchange impact of $11.6 million on underlying EBITDA, illustrated in the chart with both $7.3 million in the first half and $4.3 million in the second half. Excluding the adverse exchange rate impact then, we would have achieved a positive underlying EBITDA profit of $4.1 million for the year on a like-for-like exchange rate. Recognizing the potential significant impact of the movement of the rand to the US dollar, on our results, we are constantly reviewing our hedging policy, and we do feel that will be better placed to implement this once we attain steady state production in 2023. The net finance cost increased to $11.2 million compared to $4.7 million in 2020 as a result of the interest cost of the Orion Mine Finance PFA and the convertible loan notes with Duferco and Orion. You will recall this is the first year we are incurring fully the Orion costs. The income tax credit of $4.7 million benefited from deferred tax movement of $5.1 million. We closed off the year by a loss of $42 million, which I think if we just look back to what I've just been speaking about, again explains why that loss has gone up. As I mentioned, we saw the cost of sales escalate by. Move one slide. Next slide, please. Sorry. Thank you. As I mentioned, we saw the cost of sales escalate by $10 million, with the stronger rand against the dollar contributing $8.5 million of the increase. Our maintenance costs increased by 36% to $16.5 million from $12.1 million in 2020, as we sought to sustain the plants and improve operational stability. Energy and raw materials increased by 11% to $40.7 million in 2020, while mining costs associated with bringing the Upper Seam Project in Vametco online to supply ore to Vanchem increased to $5.4 million from $3.2 million in 2020. Looking at the line, other operating and administration costs, group administration expenses increased by $1.1 million to $20.9 million from $19.8 million in 2020. On a like-for-like exchange rate basis, the cost would have reduced by $2 million, demonstrating the success of the cost containment measures we initiated in 2020. Sustaining capital was up $7.2 million, owing to plant maintenance of the assets in line with the group's maintenance plan to improve operational stability that we set off on after Q1. The group cost per unit sold, including sustaining capital for the period, was $37.4 per kgV, up from $28.8 per kgV in 2020. I think it's worth noting that at the half year, this cost was actually standing at $39.70. If I move on to the next slide. Thank you. The cost per unit sold increased to $37.4 in 2021 from $28.8 per kgV, an increase of $8.6. The impact of this stronger rand to the U.S. dollar exchange rate in 2021 accounted for $3.8 per kgV, while the impact of the lower volumes accounted for $4.6 per kgV. These two make up most of the increase in unit costs. As I mentioned, we will be looking at our foreign exchange hedging policy. Turning to Slide 18. Just want to comment on the gross debt here for, as you can see, there has been some movement on our gross debt. During the year, we settled $11.5 million of the Duferco loan using $2.5 million of our own cash and converted $9 million of the debt into equity. We also retired the legacy payment on Evraz. We paid $1.7 million towards that, and we also paid $2.2 million on the Nedbank RCF, which is due to come to an end in November 2022. $1.1 million was paid to Orion PFA. You'll recall the PFA is made of a capital repayment of $1 million, just $1 million per annum. That is exactly what that payment is. It includes just a little portion of our 2020 payment in there. This reduction that we achieved during the year was offset by the IFRS nine impact of $4.76 million on the Orion financing loan, as it had to be revalued. It has also been offset by the $3.5 million interest accrual on the Orion convertible, which is included in that $4.2 million figure. Turning to Slide 19, just looking at the cash flow. That cash flow table summarizes the main components of the cash flow during the period, with the cash flow decreasing based on the operational reasons already outlined in previous slides. We will continue to balance cash conservation and capital requirements, and there was a lot of focus on this in 2021, with net cash outflows of $36.3 million, which included an improvement of $5 million when you compare the $12.1 cash outflow from operations there compared to $17.1 in 2020. In respect to capital expenditure and investing activities, we spent around $19 million, an increase of $4.2 million as we prioritized the Vanchem Kiln 3, BELCO and invested the $10 million into further into CellCube during 2021. Again, as I mentioned earlier on, the net cash from financing activities was an outflow of $7 million, which was Nedbank repayment and some of the Duferco loan repayment, as well as the Orion debt as well. Just turning to group capital expenditure on the next slide. I just want to, in closing, briefly touch on our capital expenditure. I think managing the balance, and I think Fortune spoke to this early on in terms of how we've been growing the business and managing cash being very important but prioritizing capital expenditure, which will allow us to see growth in the business. We remain focused on that strategy to sustainably increase production, and we prioritize the refurbishment of Vanchem Kiln 3 and the stabilization of Vanchem. You see that in 2021 we spent $7.7 million on Vanchem, and 2022 is $8.5 million that you've seen. You see there on the slide. It's also worth highlighting that in terms of our spend, you know, we do spend money on sustaining and environmental and legal compliance as a group, which is important. As far as BELCO is concerned, we spent $4.9 in 2021, and we'll be spending an $8.1 in 2022. It's worth noting, just as a reminder, that in BELCO, which we jointly own with IDC, and there's a component in there that will be funded from a loan facility with IDC that will come in 2022. That's all from my side. Thank you for listening. I will hand back to Fortune. Thank you, Tanya. Next I wanna talk very briefly around our growth, our growth plans going forward. As outlined at the beginning, the company is now positioned as a significant producer with ramp up to a production of 5,400 by end of 2022. We emphasize that number because we believe that at that level of production, we have a sustainable operation with good cash generation potential. It gives us then a very good platform on which to think about growth. We completed technical studies in respect of that growth, which essentially outlined a four-phased, four-staged production growth plan. The first of which is focused at Vametco with the installation of a SAG mill to establish a sustainable and reliable supply, supporting production levels of up to 6,800 mtVp.a. between the two plants. The expected capital spend of that would be about $33 million. Thereafter, as you will see here, focus will turn to Vanchem, with the refurbishment of Kiln 2 and then thereafter the refurbishment of Kiln 1, before turning back to Vametco to increase single kiln capacity. All in all, expected production of 8,000 metric tons of vanadium pentoxide with a total capital spend of about $150 million. Emphasize again is that this is capital we'll only look to spend taking into account market conditions and availability of capital. We are confident, comfortable that this growth is value accretive, with positive economics. I do note that we do not show here any particular NPVs and IRRs for this work. That information will be made available as we complete, independent verification of our financial modeling. Suffice to say that we are very comfortable and confident that this growth, in addition to just lowering our cost per kgV, will be, very value accretive. If we can move on to, the next slide, that focuses on our outlook and 2022 guidance. Now here I wanna just focus on near-term objectives, which are financial, operational, as well as strategic. We continued with cost savings program, which was introduced in 2020, and we're targeting annualized cost savings of between $2.5 million and $4 million over 12- to 24-month period from February 2022. While going forward, growing production is expected to contribute to further lowering of costs through fixed cost dilution. We'll continue to seek broader cost-saving opportunities to improve the company's unit cost performance even further. Operationally, we anticipate an encouraging six months ahead, to the end of 2022. We started the 2022 financial year with another solid set of quarterly operational results in Q1, continuing on from the performance in H2 of 2021. And this is supported by the commissioning of Kiln 3 at Vanchem. Overall, we expect group production of between 4,200 and 4,400 mtV, and with volumes weighted towards the second half as Kiln 3 is ramped up by year-end, which would allow us to get to that steady state production of 5,400 by the end of 2022. We'll progress the EPC work and construction of our BELCO plant in East London with targeted completion of H1 2023. We have commenced construction of the Vametco mini grid with completion targeting H1 2023. We intend to continue supporting the growth of CellCube, which is facing increasingly attractive prospects in terms of orders and opportunities to supply VRFBs into the energy storage market. On the strategic initiatives side, we'll provide more details as we implement the carve-out of Bushveld Energy as a standalone company focused on the VRFB value chain, as discussed earlier on. If we can just go to the final slide, and then I would like to just give some concluding remarks. The investment case of Bushveld is one that we have talked about before. Four key elements, a green commodity for the future with very strong market fundamentals that are only getting even more stronger as the demand for vanadium in the VRFB space continues to grow. Interesting to see that there is increasingly more and more, previously skeptical or previously conservative analysts that are, you know, going forward, are significantly revising their outlook on the opportunity for vanadium in the energy storage space. That strong demand, combined with supply which remains concentrated and constrained, with limited new primary supply, we think that it's gonna continue to support a positive outlook for vanadium prices. We've got a solid asset base, as we've spoken about, with a large resource base, with two of four primary operating plants, and we're positioned to grow our production on this path to 8,000 tons above a level of 5,400, which is now funded and expected by the end of 2022. The vertical integration model continues to be an important part of our story, notwithstanding the carve-out of Bushveld Energy that we've spoken about. It's been a long way since we acquired Vametco several years ago. We've come a long way since the acquisition of Vametco, and with the assets that we now have, I believe that we are really in a very, very good position. As we indicated, focus being on ensuring that with the platform we have today, we have a cash generative business. We believe that with the studies that we've done, we've now established a good pathway for further growth going forward. As well, in terms of the work that we're doing with Bushveld Energy, we believe the timing couldn't be better for this company, and we certainly look forward to its continued growth going forward. Supporting our journey, I want to just also conclude by noting a couple of things. Well, first being the appointment of Lucas Msimanga as our new Director of Operations, who commenced on the first of June 2022. The changes that we made to our board of directors with four new appointments and bringing a diverse and complementary skill set. The appointment of Royal Bank of Canada, we believe that we have actually established now a solid base, for the company for this next chapter going forward. I want to just take the opportunity to also thank Jeremy Friedlander, Anthony Viljoen, and of course, Mr. Ian Watson, who have been serving the board since its IPO, 10 years ago, and during which time they played an important role through a transformative period of the company. We wish to thank them for their guidance and leadership over the last decade, and certainly wish them well in the future. Finally, in 2021, we certainly lost Professor Morris Glyn, who was a technical advisor to Bushveld Minerals and who, more importantly, was one of the cofounders of VMIC, which is the company at the heart of the formation of Bushveld Minerals, together with his twin brother, Professor Richard Viljoen and Anthony Viljoen and myself. VMIC is a principal investment and advisory company focused on mining projects in Africa, and it laid the foundation for the establishment of Bushveld Minerals in Africa as fully operational mining activities. The Bushveld Minerals family will miss Professor Maurice dearly for his unwavering support, wisdom, and incredibly deep knowledge of geology. We'll forever celebrate the rich legacy that he has left in our business. On that note, I'd like to end this presentation and thank you all for your patience listening to us, and we're open for questions. Thank you. Thank you very much. If you would like to ask a question on the call today, please press star one on your telephone keypad now, please. Please ensure your line is unmuted locally, and then you'll be introduced into the call. If any questions, please press star one on your telephone keypad now, please. It does look like we have a question in the queue, and it comes from the line of John Meyer from SP Angel. Please go ahead. Good morning, and thank you for the results presentation. Given that you've got this well-reasoned series of expansions running through a series of stages, can you just talk us through where the ore is coming from? How confident you are in that? Do you have the tailings facilities and the concentration facilities to ensure that this can continue to feed Vanchem as well as Vametco going forward? Thank you. Thank you, John, for that question. Look, a couple of points on the question of ore. The Bushveld Complex is spoiled when it comes to vanadium resource space. Massive reserves on the complex. The critical barrier to entry in vanadium, you will appreciate, is the processing infrastructure, and that's the issue we've always taken. The second point I'll highlight is that within Bushveld Minerals alone, our resource base is huge, with 550 million tons of resource between Vametco, the Mokopane project, and the Brits project. We've always said that primarily we will look to our own resources to support our growth, and that remains the case, that we're comfortable that between the resources that we have, we'll be able to support this growth. The third point I will highlight is that even before you talk about Mokopane, the Vametco resource itself is quite large, and is capable of supporting Vametco and Vanchem, which is why in setting up the SAG mill, we believe that we will provide even further security to the supply of concentrates to Vanchem by allowing a single concentrate facility that can support production levels of 6,800 mtVp.a. By the way, before the SAG mill itself is in place, you will note that we implemented the Upper Seam Project at Vametco, targeting the MML layer within our resource there, which we currently support supplying to Vanchem, and that is complemented by some third-party supplies that we also do have access to. We have enough ore supply to support Vanchem over the next several years, and to a level where if we put in place the SAG mill, the SAG mill will then fill in thereafter. Again, I want to emphasize ore is not the issue at all, when it comes to Vanchem. We're comfortable that, you know, within the resources we control, we've got more than enough. Having said all of that, we continuously facing offers from several third parties that have got projects that they've been developing, and what are they gonna do with it? The only place they can really take those deposits for processing is going to be to our facilities or to the Rhovan Facility. Source availability of ore is one of the lowest risk factors, if I can put it that way, when it comes to Vanchem's production, even at the growth levels that we're talking about. Thank you. Fortune, as a second question, a lot of mining businesses are suffering a degree of cost inflation at the moment. Can you just talk us through the operating cost pressures that you are experiencing and how you are working to reduce those? Thank you. Thanks, John. A couple of points on that. You're right that I think cost inflation is something that pretty much everybody today has to be paying a lot of attention to. We use coal, for example. We use diesel, and the cost of those elements have gone up. However, I think that there are a couple of things that are helpful. The one is that we are incurring most of our costs in rand terms. We realize most of our revenues, if not all, in dollar terms. The exchange rate and the movement of the exchange rate relative to the local inflation is something that it's a little bit as a buffer. If you look, for example, our current exchange rate is sitting at about 16.40 rand to the US dollar. I mean, you don't wanna rely entirely just on that. Internally, you need to ensure that you're running your operations as efficiently as possible. The cost of the input is, in terms of, you know, the per unit cost, the cost of coal, for example, the cost of diesel. There's little you can do, as far as those costs. Those are costs that we, you know, that happen to all of us. What we can do is make sure that we're just running our operations a lot more efficiently, that the usage of those inputs is as efficient as possible. That's why earlier on, when I talked about the cost initiatives that we're doing. Procurement is one area we're focusing on, but we're also focusing on all the elements. You know, whether it's payroll or energy consumption, our raw materials, just to try and make sure that we're running our operations as efficiently as possible. As far as that's concerned, there's a dedicated work stream that we are busy with. In addition to the fact that as we increase production, we expect to see, you know, fixed cost dilution, which will help our cost position as well. Thank you, Fortune. Thank you so much. Our next question comes from the line of Mark Ryan from Tower Capital. Please go ahead. Good morning. I wonder if you can give any sort of information, background, or update on Bushveld Energy's ability to apply or win any tenders or any reason why they haven't managed to secure any projects yet? Sure. I can answer that question. I think at the core, let's look at tenders that have been announced in South Africa, which we are all very aware of, and been closely monitoring. The key issue with VRFB manufacturing today is capacity. We have a company, CellCube, which manufactures world-class products, and which is delivering them into the market as we talk at megawatt scale. When you look at the tenders that were put out by Eskom, and the times of delivery that were associated with that, there's no way that, in our view, CellCube, for example, could supply those batches within that timeline. The issue that CellCube needs to address very urgently is manufacturing capacity, which is one of the reasons why we got involved with the company. We believe that they've got a product which when scaled up in terms of manufacturing capacity, they will be in a position to respond to those opportunities in due course. I should also highlight that the mini grid that we're deploying at Vametco. We did an open tender for various companies to bid, and CellCube won that tender on a competitive basis. The 4 MWh battery. We're going to see it now that we've reached financial close on that project. We ourselves, as BMN, our requirements are substantial. I just talked earlier on about the level of load shedding that we're dealing with. Just to mitigate against that, we run diesel generators at our operations. There's a very clear business case for deploying more renewable energy with energy storage, and we're certainly gonna be looking to do that. I'm not concerned that there will not be enough business to deploy for VRFBs that are produced from within the group setup. Okay. Thank you. Secondly, do you have any sort of timeframe for when you will carve out Bushveld Energy and how you will position it as an attractive investment in light of the fact that it has no revenue or projects to date? Yeah. Before I come to that question, if I can just make one additional comment on the previous point, right? I think that it's also fair to say that, you know, when people are talking energy storage today, there is still very much the preference to lithium-ion technologies. What we do certainly see is that with greater emphasis on long duration energy storage, that flow batteries are increasingly recognized as the solution. Some of it is also just a matter of timing, that we see longer duration energy storage, we're seeing more flow batteries are being deployed. I definitely think that our mini grid at Vametco is gonna be particularly a very useful catalyst because here is a solar PV and a storage hybrid play, which, once it's been set up as an SPV, has been funded by third parties from an equity perspective, has been able to also generate debt capital financing to get to financial close and delivers good economics in today's environment. We only expect, of course, that with time, the cost of these systems come down and they become that much more competitive. Also, we expect that tariffs in our country will only continue to be going upwards. What we do have is a very good use case, which we think is gonna be a very good example for others who are also looking to do self-generation to follow. To your question around timescales and positioning, I can't give you an exact time other than to say that, you know, having made the decision, we definitely are working to implement it as soon as possible. You know, that work is underway. You know, we haven't communicated a specific time by when this needs to have been completed. We certainly have aspirations to get it done as much as possible within this calendar year. In terms of positioning, we mentioned earlier on that part of the challenge we do have is when you look at Bushveld as a mining company, your preoccupation is going to be around production. It's going to be around its cost per unit, its margin, and its cash generation, and what its growth looks like, right? That's typically the lens through which you look at a mining producing platform. When you're looking at energy companies, they're typically looked at with different valuation lens. I mean, if you look at a few examples of companies that are listed that are developing energy storage space, how are they valued? Are they valued as a tech player? Are they valued as an IPP? What are the relevant valuation metrics that are applied? When you position that company in the right sector, we believe that it will attract the right levels of valuations. It will attract the right levels of energy-focused investors also who understand it and who see what the upside in that story looks like. That's very much what we are hoping for, when we're looking to convert the company and how we'll position it as an energy-focused company. Great. Thank you. Thank you very much. We have no further questions in the queue at the moment. Just as a final reminder, it's star one for any questions. Okay. Looks like there are no questions coming through, so I'll hand you back over to the hosts. Well, thank you very much for your attendance. Certainly a lot going on in the second half, as we alluded to. I look forward to providing an update as we continue implementing the strategy that we've outlined to the market. You know, we're certainly hopeful that the vanadium prices that we see continue into the second half. We certainly look forward to producing and supplying into that market. You know, we're fairly confident that come end of the year, we will have met the objectives that we set out. I certainly hope that we'll be sitting with a company whose valuation reflects much better the fundamentals that are as exciting as we believe they are, in what we have today. Thank you again for your time. Thank you for your questions, and I look forward to engaging with you further in the coming months. Certainly with the operational update for Q2, which you know you can expect in fairly soon. Thank you very much.