Thank you very much and a very good morning to everyone. Thank you very much for joining us, today, as we present our quarterly update call. I am gonna be assisted as usual today, by Tanya Chikanza, our, CFO, group CFO. I'm very pleased to report a strong start to the 2022 financial year with another solid set of quarterly operating results. Notwithstanding the challenges at the beginning of the previous year, 2021. I'm pleased that we have successfully produced four quarters of consistent performance, particularly at Vametco, where we've been building on the operational improvements and enhanced safety initiatives. Before we get into the production numbers, I'd like to first highlight some further improvements in our safety statistics, where the total injury frequency rate of 5.38 represents a 37% improvement on the comparable quarter last year. This improvement was a result of a focus on hazard identification awareness, continuous risk assessments ahead of performing tasks, planned task observations, and increased visible felt leadership. Something that we expect and intend to continue going forward. In addition, I'm pleased to report a marked decline in COVID-19 cases at both operations. With one case per month recorded at Vametco only. Vaccination rates have also increased to levels above 66% in Q1, 2022. Something we're particularly pleased with and congratulate the employees who have responded so positively. Now let's talk about operational numbers for the quarter. Group vanadium production was 972 mtV, which was 1% higher than the fourth quarter of 2021. Importantly, this stable production level provides the platform to support growth and sustainable volume increases going forward. You'll remember that after Q1 2021, we made a particular effort to focus and prioritize stability in our operations. I'm pleased that quarter-on-quarter we have demonstrated the results of this focus. Addressing the operations individually. Vametco's Q1 2022 production of 749 mtV was a 90% improvement compared to the same quarter in 2021. But we must note that 2021 was affected by a 35-day plant maintenance shutdown at the time, in Q1 last year. The first quarter C1 production cash cost of $22.10 per kgV was 17% lower than Q1 2021. Also a result of the higher production volumes in 2022. An 11-day unscheduled kiln refractory repair was performed in January 2022 at Vametco. The now reduced plant annual maintenance shutdown for this year is now scheduled for 26 days in June 2022. Production guidance for the year has been maintained at between 2,450 mtV and 2,550 mtV. Production cash cost guidance remains unchanged. Moving on to Vanchem. Recoveries were negatively affected in the quarter due to the refractory condition of Kiln 1 in the period. A repair during March is expected to help maintain production as we transition to the larger Kiln 3, which comes online in May of this year. Vanchem's Q1 production at 224 mtV was also affected by the ramp-up issues of the Upper seam project, which have since been resolved in February. As well as load shedding, which negatively affected plant stability in the period. Despite this lower production and the increased costs in Q1, the commissioning of Kiln 3, its increased production and the resultant dilutive effect on fixed costs means we are able to maintain Vanchem's production and cost guidance for the year at between 1,750 mtV and 1,850 mtV. With costs of between $27.70 per kgV and $28.40 per kgV. From a sales perspective, challenges in the domestic and international logistics chain persisted during this period. However, with an anticipated shutdown in June, we anticipate that these elevated inventory levels should be supportive of us meeting our client obligations during the period of the shutdown. Despite these group sales of 857 mtV were 9% higher than the previous quarter of the previous year. There was still a marginal inventory buildup of 25 mtV, with finished products cumulative inventory now at 850 mtV located throughout the logistics chain. The commissioning of Kiln 3 has already commenced, and we are on track to significantly increase the group's production run rate to between 5,000 and 5,400 mtV per annum by the end of this year. This will be a significant increase from the total production of 3,592 mtV recorded in 2021, and demonstrates the growth potential of our assets. This reinforces our confidence to pursue further growth through the exploitation of our massive resource, the portfolio, which is one of the largest high-grade primary vanadium resource bases in the world, with many decades of mining potential. Post-quarter end, you will have noted the recent disastrous floods in KwaZulu-Natal, and these have severely affected operations at the Port of Durban, with shipments being delayed by between 14 and 21 days. To mitigate this, Bushveld is in the process of diverting exports through alternative South African ports, including Cape Town. The current elevated stock levels throughout the logistics chain are cushioning the negative effects this natural disaster may have on group sales. Looking at the vanadium market, listeners will no doubt have seen vanadium strong gains in the period under review, with FeV prices averaging $46.13 per kgV in Q1 2022, about 33% more than same period a year ago. Demand for vanadium in major markets remains buoyant. Prices across three major markets, North America, Europe and Asia, are expected to converge around Asian benchmark prices over the remainder of Q2 2022. We have seen, however, a significant divergence in prices between the different markets, with the U.S. registering around $75 per kgV, while Asia reported in the mid-$40s. We expect this divergence, however, to taper down as we move forward, and a point of significance that this is another example of volatility that characterizes the vanadium market. Now, while the higher prices are welcome and we appreciate them, we remain focused as a company on driving our costs low to ensure that we are margin positive even when prices are south of what we are seeing today. We also note that there seems to remain a consensus around increased infrastructure spending and the outlook, which we'd expect to continue supporting demand. The fundamentals remain sound from a demand perspective. The growing recognition of long-duration energy storage will continue to support demand upside. We are pleased to see that Sumitomo has now delivered its second VRFB installation at 51 MWh, which is another example of the growing momentum behind VRFB adoption. We are also pleased to see initiatives like the establishment of the Long Duration Energy Storage Council, which we think will drive quite a number of systemic levers in the marketplace for long-duration energy storage. Accordingly, we remain relatively bullish about the demand outlook for vanadium, which remains anchored in steel production, which we see continuing to support demand robustly with the significant upside from applications in the long-duration energy storage, as I've just explained. We think that supply will continue to be faced with constraints going forward, particularly with co-producers, as we have often mentioned. The stronger prices in 2022, of course, have a positive impact on Bushveld's cash flow generation. Unaudited cash and cash equivalents were $12.7 million as at 31 March 2022, with positive cash generation from operations, which, however, was impacted by, among other things, capital expenditure, loan repayments, and increasing working capital requirements. We are about to enter an exciting period with the commissioning of Kiln 3 and the expected step change in production growth that comes with it. For this reason, our production guidance is weighted towards the second half. I will look forward to reporting to you on the progress in the coming weeks and months. Finally, you will note that this update is focused exclusively on our vanadium production operations. I do note that at our last production update, we did mention that we would provide a separate Bushveld Energy update. While I apologize that this has not yet been provided, it is by no means an indication of lack of progress across the different operations of Bushveld Energy. Indeed, there is progress, and we will in due course be providing an update to the market in this respect. I thank you very much for your time, and I would like to pause now to take questions. Thank you very much. We will now take our first question from John Meyer from SP Angel. Please go ahead. Hi, Fortune and everyone. Thank you for the presentation. It's a very interesting quarter with vanadium prices rising so much on the London Metal Bulletin price. I wonder if you can just talk us through a bit more about what was driving that, and if you can say how well the prices that you are actually receiving relate to the prices that are quoted by London Metal Bulletin. Also, if you could give us a view on what's the value of your inventory now that that's built to quite a high level. Thank you, John. Look, I think I should highlight that at the start of the year already, we were seeing vanadium prices start to move north, which is something that was encouraging. A big driver of that, in our view, was that the market remained very much a tight market in terms of market balance. We've always maintained the view that demand from the steel sector will continue to be fairly robust. It has continued to be fairly robust, even in an environment of subdued steel production growth. I'm very pleased to see the significant increases in VRFB installations around the world, and certainly the inquiries we do get from that sector for vanadium supply do suggest that we're starting to see good momentum in that space. Yet, when you look at the production side, we haven't seen any significant increases in production. Again, I think the point to make is that structurally, co-producers' ability to respond to the vanadium price uptick or vanadium demand increase is always going to be limited. In fact, I think one of the things we look at is what the utilization levels of these plants are. It has been quite elevated for a while now. That's the underlying vanadium market thesis that was already working in favor of vanadium prices. The invasion of Ukraine by Russia and that whole war there, of course, has had a marked impact. Russia, we know, is a significant supplier of vanadium, accounting for about 17% of the global market. So you know, this war has invariably introduced a lot more uncertainty as far as supply is concerned. Yes, it's true that Evraz is not subject to sanctions per se. I think it's safe to say that production of vanadium coming out of Russia is still impacted all the same. That's one of the reasons we think we've seen a big jump up in vanadium prices. It is notable that prices in the U.S., you know, have diverged quite a lot from the rest of the world, with prices, you know, averaging about $70 going as high as $75 per kgV. Whereas prices in China, for example, are in their mid-$40s. We don't think that kind of divergence, as I said earlier on, can be sustained. It creates inevitable arbitrage opportunities, and we expect it to taper down. I think those disruptions caused by the war are gonna be around for a while still. I would expect that the pressure on vanadium prices will continue to be upwards. In terms of prices that we do realize, I just need to highlight and remind you that, you know, when we sell vanadium to our customers, we typically realize a price that is not the spot prices, but prices that are 1-2 months back. You know, where you've got midpoint average prices in the order of about $41 for the quarter, I mean, our realized average price for the quarter has been in the order of $40. But keep in mind that prices at the beginning of the year were in the range of about $33 per kg V. It's in the coming months that we expect to see, you know, more and more of these high vanadium prices coming through and reflecting in our sales numbers. In respect of that, the 850-odd tons of inventory we have, we're expected to be realizing more of these elevated prices, you know, between today. Thank you. Good news. We will now take our next question from Nick Chalmers from Alternative Resource Capital. Please go ahead. Morning, Fortune. I hope you're well. Just following on from John's question there on inventories. Your inventory is obviously at an elevated level compared to previous periods, due to the logistics constraints. How do you see that unwinding over the year, and what should we be thinking of as a sort of normalized inventory level as a percentage of annual production, and therefore, how should we be thinking about sales volumes for this year relative to production? Thanks, Nick, for the question. I will have Tanya assist me with this question, particularly in talking about what sort of inventory levels one would expect or should expect to work with on a normalized basis. Just an overall comment, though, is that we have a shutdown coming up in June. It's important that during that period, which is gonna be about 26 days, during which we won't be producing at Vametco. The inventory levels that we do have will come in particularly handy then. That's just one point I would highlight that yeah, we have these logistical challenges that have had an impact. I think the flip side of it is that, you know, it's helping us to ensure that we can meet our customer orders during a period when we are in shutdown. In terms of, I mean, obviously, the situation in Durban is gonna normalize. We expect it to hopefully normalize over the next month or so. You know, the other point we do mention is that the supply chains as a result of COVID, the impact of COVID on supply chains, let me put it that way, is still with us. I think that's something that we need to sort of understand and accept. The impact of that is going to be on our inventory holdings. Where you might have worked with and comfortable to hold, say, a month's worth of inventory, we're gonna need to be a lot more comfortable with higher levels of that. In terms of our modeling, I'll ask Tanya to just come in and perhaps just comment on what we see as sort of normalized levels of inventory that we'd work with. Just keep in mind, just maybe as a general guide, that you're talking about average of about eight, some instances 12, but I'd say about eight to 10 weeks perhaps, in terms of the timelines for getting product to customers. If you work sort of with those sort of guidelines, you can kind of do a back calculation to say what sort of inventory levels you'd wanna work with. Tanya, do you wanna maybe add to my comments? Thanks. Well, Nick, I think you've said the basics of it is, right. I think in terms of our inventory buildup, there's been a deliberate buildup with the expectation of Vametco's plant maintenance shutdown in June. So, you know, in a way, the buildup will start to reverse, you know, post-June. However, we do have this what we see as a short-term buildup as well from the Durban situation which is unfolding. On a, on... In a way, if you like, we sort of build up towards the end of the year. Like for the beginning of the year, depending on where we map our shutdown, we can have the stock to supply, again, adding in this point around the timeline, how long it takes for us to get our product to the end customer. On a steady-state basis, I think, you know, for now, assuming a buildup, a maintenance stock of around 600 mtV is a sensible number to work at on an average basis. Obviously, taking into account the points I just made around the buildup and then a slow but steady decline. Sure. Thanks. Just one more question for me. Sorry. I think it's just. Um- Sorry, Nick. I think if you think about our value chain, that stock is therefore in different parts of the value chain from a stock perspective. Some wouldn't have boarded ships yet, some of it is bobbing up and down on the ships, and then some is on its way to the end customers having landed in the different jurisdictions. Thanks. Is the mix of that inventory in terms of product, is it sort of proportional to the production at both operations? Do you know in terms of percentage of which is the Vanchem products and which is nitro-vanadium from Vametco? Yeah. That's an overall mix. It's a whole. Yeah A lot of combinations, depending on what we're producing. Yeah. Broadly. Yeah, go ahead. Sorry. Broadly speaking, I mean, given it's quite a diverse mix of products you have now, with Vanchem- Mm-hmm How does your group average received vanadium price on let's say an FeV basis compare with the prevailing market price? You know, putting to one side the time lag. 'Cause somehow I gather some of your products get a slight premium and some a slight discount. I mean, is the market price a prevailing market price a good benchmark to look at in terms of what your average received would be? Yeah. I think yes, because I think what we have to remember at this stage is that Vanchem is a story which we're still building up. We're, you know, developing the markets. Yes, you know, its markets and its products is much more diverse. We've often internally spoken about the [V2O5] product, which actually ends up, you know, it retails for a much higher price, but obviously it's got an added cost to get it to that sort of refined state. We're still in developing mode because we are still- Mm-hmm ...building up our sales and marketing and understanding, where, you know, basically comparing the demand, you know, pull and the pricing pull. At the moment, predominantly, given what we already have as established markets, in the U.S., that remains our main market because we've got established frame contracts which come out of Vametco. Obviously, as the group grows and we have production coming with Q3 coming on board, you can imagine that we will have production which is almost like 50/50 between Vametco and Vanchem when it comes to that. Then I think we would expect- Mm-hmm ...you know, a bit more diversity to sort of start playing in. At this stage, I think it's predominantly just very much more, you know, the U.S. market wins the day. If I can just add, I mean, the 749 mtV production at Vametco, we can assume that's predominantly nitro-vanadium, right? We sell nitro-vanadium to frame contracts. What Vanchem then brings up is the ferrovanadium production, as well as the chemicals and these high-margin products that Tanya is talking about. It is also, you won't be surprised to know this, that there's a lot more liquidity in the ferrovanadium market, particularly when you're looking at the European market. That's where- Mm-hmm ...the flexibility we have at Vanchem is particularly useful. If the price is attractive enough and the demand is there, we can switch some production to produce more ferrovanadium. You know, suffice to say, both in terms of the kind of prices being realized in the U.S. and that being our dominant market for nitro-vanadium, I think it's safe to assume that, you know, most of Vametco's production in terms of nitro-vanadium is gonna be paying to those frame contracts. Yeah. Just one more question, if I may. You obviously had some teething issues with the Upper Seam project when it first came on, but how is that material now performing through Vanchem, both in terms of, you know, grade reconciling again against what your expectations were and plant recoveries? I think the Upper Seam project, those kind of teething problems were not entirely surprising. Just perhaps give some context. You know, what we do have is crushing, screening and dry mag sep process. We installed the dry mag separator in December 2021. When we started with the commissioning, the ramp up of the ore quality was at times below, you know, requirements. One of the big factors was the heavy rains we had. I mean, we've had some of the highest levels of rainfall in recent times. For an operation that's predicated on some dry mag separation, and also when you consider that a lot of this material is fairly friable, you know, that was one of the main issues that affected recoveries. We have since sorted that out. The plant is now optimized and to ensure that we're meeting all specifications, requirements of Vanchem. I'm happy to say that that problem is largely resolved. That's good news. Thanks, both. As a reminder, to ask a question, please press star one. We'll pause for a moment to allow everyone to signal. There are no further questions in the queue. I would now like to hand the call back to your speakers for any additional or closing remarks. Thank you. Well, thank you very much. Thank you again for your time. Just to re-emphasize that, you know, following on the difficult Q1 we had in 2021, an attitude of the management team through to the operations has been very much just putting our heads down and making sure that we are delivering a consistent production. I'm very happy that we've seen the consistent production quarter on quarter. There is certainly room to improve further, and we are seeing those opportunities for improvement and we are taking them on. I must say that I'm very pleased that, you know, we can tick that box, and we intend to certainly continue on that path. A second very important strategic priority for us is costs. Of course, it's impacted a lot by making sure that we are producing and we've got volume throughput on a consistent basis. That benefit we expect to see come through. Over and above that, however, we continue to have a very focused effort at making sure that, you know, pure costs are reduced throughout the operations. I'm very pleased also with the progress that I've seen us make in respect of those elements. When you look at the cost numbers at Vametco, you can see already some impact on that. Vanchem, as we explained, was impacted largely by the fact that, you know, Q1 is coming to the end as we look to commission Kiln 3. The stoppages that we experienced there and the production impact, in some sense is not unexpected in terms of its impact on costs. You know, very pleased that as we're commissioning Kiln 3 currently underway, that we will see, you know, also cost performance at Vanchem, going forward. A third element I just wanna emphasize is the growth piece. I mean, we have stated before that we remain committed to growing because we think the world will need more vanadium. We also thought it was important that we drive growth on the back of a platform of stable production, and which is why we put the focus we did on, achieving operational stability, number one. Number two, we also made very clear that we think at 5,000-5,400 tons per annum, we should have, and we do have a sustainable operation that is margin positive. Then we can define thereafter what our growth outlook looks like. While we remain committed to it, we're also clear that we will only then embark on that additional growth when capital is secured. That is what will take us from the 5,000-5,400 level to 8,000 tons plus per annum. The feasibility studies in respect of that, which we were doing last year, just completed now and we're getting to a place where we will provide an update to the market in terms of what that growth picture looks like, together with the associated economics. Fourth, just wanna, just while talking about areas of our priority, we have mentioned, of course, that in terms of Bushveld Energy, we'll provide an update, whether in terms of the development of the Belco plant, the developments in respect of the mini-grid at Vametco, and developments in respect of battery production, investment in Enerox, and our overall strategy there to ensure that we place Bushveld Energy at a place where, you know, it can be, it's set up for success. Details of that of course will be coming in due course. That's us and, you know, we'll continue on from here. I'm very, very pleased, I must say, with where we are in terms of our operational performance. We look forward to providing you further updates for the next quarter, which we hope will also continue to show progress for the company. Thank you very much again for your time and for your patience. We'll speak with you in due course.