Good day everyone, and thank you for finding the time to join the call today at relatively short notice. I'm Tanya Chikanza, Finance Director of Bushveld Minerals, and I'll be presenting today's announcement. Following our news on the restructuring of the Orion convertible note a few months ago, I am pleased that today we are able to announce another important agreement with Southern Point Resources. This new transaction proposes the injection of fresh capital into the business, which will provide the necessary near-term working capital, assist in reducing overall debt, and support the business in meeting its short to longer term capital expenditure and optimization requirements. While there are several components to the proposed investment, I'll briefly summarize the main ones. Firstly, our new partners, Southern Point Resources, will provide us with an interim working capital facility of ZAR 150 million. That's approximately $8.1 million. This will be directed toward the Vanchem plant to alleviate Bushveld's cash flow constraints, while the other transactions are still underway. This facility will be offset against proceeds from the sale of Vanchem and Mokopane. Secondly, Southern Point Resources will purchase 50% of the subsidiary that owns Vanchem, as well as our 64% controlling stake in the Mokopane greenfield project, for a total of $25 million. Thirdly, Southern Point Resources have agreed to provide $12.5 million as an equity investment into the company at the same equity subscription price as Orion Mine Finance. Fourthly, a new marketing and sales agreement of $25 million-$30 million, under which Southern Point Resources will carry out all marketing and sales of product for Bushveld, has been entered into. Some existing marketing arrangements expire at the end of December 2023, but to accommodate the frame agreements we have with our important customers, we are making arrangements to extend this to the end of December 2024, and all parties are on board in this regard. Additionally, Southern Point Resources have agreed on a potential future investment of between $7 million and $10 million in Vanchem for the recommissioning of Kiln One, to increase output and reduce overall unit costs, providing a pathway for the group to increase production beyond the base case and therefore add further value. Upon completion of the transaction, Bushveld Minerals will continue to manage the Vanchem operation with the assistance of the technical team of Southern Point Resources. Bushveld and Southern Point Resources will endeavor to utilize their respective areas of expertise to ensure continued business improvement at Vanchem. Future synergies will also arise from Vanchem being able to access a steady supply of slag with high vanadium content as a feedstock mix from the Highveld Steel Industrial Park, based on the resuscitation of the Highveld steel plant by its new owners. Finally, going back to the Orion, Orion agreement that we announced, we continue to work towards closing this transaction before the November due date. Thank you for your time, and I'd like to pause now to take questions. Thank you. Ladies and gentlemen, if you wish to ask a question at this time, please signal by pressing star one on your telephone keypad. Please make sure your mute function on your phone is switched on to allow a signal to reach our equipment. Again, please press star one to ask a question. Our first question comes from Marina Calero from RBC Capital Markets. Please go ahead. Good morning. Thanks for the call. Can you please give us more details about the marketing and sales agreement you have signed? In particular, can you give us more color about what kind of commissions you will be paying to SPR? Thank you. Thanks, Marina. The marketing agreements are competitive to what we already have in place. So what we will benefit from this arrangement, obviously it's coming as a package, is that, you know, the facility is $25 million-$30 million, so that is a, that is an upscale, and really takes into account the improvement we expect to see around, you know, production in the medium to longer term, which can accommodate those kind of levels. But in terms of commissions, they're competitive. They're on a pretty similar basis. Okay. That's very helpful. And one more, if I may. Is there any lockup period for the equity investment of $12.5 million? The equity, we're going to do documentation around that. And so in the process of all that, we'll be looking at all those kind of, you know, legal and, and really do expect to use the same commercial basis that would ordinarily prevail for a company that's listed on the London Stock Exchange. Okay. That's all I have. Thank you. Thank you. As a reminder, to ask a question, please signal by pressing star one. We will pause for just a moment to allow you to signal. We will now take our next question from Thomas Martin, from BNP. Please go ahead. Hi, morning, Tanya. Thanks for taking the call. I had a few questions, I think. First of all, the working capital facility requires consent, I think, from the existing funders, presumably Orion's an important part of that. So I just wondered, have they already been presented with this plan, or is today the first that they're hearing of it? I was trying to understand if you have any insight as to their views around it. O h, no, they're very much aware of it, so we are working through those concerns. So I mean, our stakeholders are very important to us, and we have endeavored to make sure that they are working with us in this process. Thanks. In terms of the, yeah, dilution impact for existing shareholders, obviously, the Orion debt conversion price is key in that, more so post to the announcement perhaps. Will we get any more certainty around about that price before the November due date that you're working towards on the overall Orion refinancing? Or do we just need to wait until that's completely finished before we're certain on the price? Yes, I think it's, you know, we are working all these transactions at the same time. And, you know, the fact that we've actually stated that this $12.5 will come in at the same price as what Orion is coming in, you know, speaks to that. So I guess, you know, as we conclude the Orion and conclude this, it will be on a similar basis. Perfect. Does that mean that the, with the working capital facility obviously upfront, the remainder of today's transaction, is that anticipated to complete before year-end? Or do you think that that part will actually be 2024? No, we are working to complete that before year-end. I think. I think the marker therefore will is that fact that, you know, Orion is the Orion amount is due end of November, and so we're looking to conclude Orion, as you know, at around that time. So you certainly expect to see a lot of this process to be completed, you know, by then. Okay, perfect. In today's announcement, I guess you're noting that you're selling, I think, half of Vanchem and Mokopane interest for $25 million. So I guess, are you able to discuss the rationale and valuation around that? I guess, you know, do you think that the current market price for the remaining stake is effectively $25 million? Did you market or consider marketing Vanchem stake more broadly? I think the transaction we're presenting is quite a holistic one, so it's not one which looked at, you know, different parts. The number of sums is outlined, which make up a very attractive whole. But if we look at the valuation of our assets, there's no doubt that the one thing that we do need is capital to develop to actually cause it, you know, that base to be re-rated. So if you look at it from a fair value on a base case perspective, you know, I think as we articulated, you would see from a net asset per book perspective, there's a loss of about $9.8 million for Vanchem. So, you know, I think it's a very commercial and approach that we have taken to say, what do we need to make sure that these very important and valuable assets can actually value in them can be unlocked? So we're really talking about future value here rather than what it, you know, what it looks like today. Okay, understood. There's a prior question on the marketing arrangements. Historically, you've managed to achieve, you know, quite decent premiums for LMB vanadium sales prices to be selling into North America. Is there any reason to think that would change, or should we still expect, you know, a decent portion of your product going to North America with, you know, what has been in the recent market, strong pricing versus London prices? No, we don't. I mean, our customers are all important, and our customers in the U.S. remain very important now and in the future. As I said, we have been talking to all our stakeholders as part of this transaction, to make sure that there's going to be a smooth transition, which takes into account those customers and our relationships with them, as well as our relationships with our current off-takers and the future off-takers. So we do not expect a radical change there. All clear. Perfect. Sorry, maybe just a little one or two more. The potential for SPR to provide capital to refurb Vanchem, Vanchem Kiln One, as you noted. If I recall correctly, I think the... Were the expansion programs the other way around in the past, Kiln Two first, then Kiln One? I was just wondering if anything sort of fundamentally has changed about the economics and therefore driving the phasing of Kiln One versus Kiln Two expansion. Or maybe I've made a mistake there, and this is always the planned order. Whichever order it was, I think Kiln One, just recalling that Kiln One was the one, when we acquired this asset, Kiln One was the one that was working, which we took down last year for refurbishment. So I think, you know, capital contribution towards getting that back on will be quite critical. We would expect it to, once it's refurbished, to bring in in the old studies something around 1,100 MTV a year. So that's quite an important one, and I guess we understand a lot more what needs to be done around Kiln One. And I think, you know, all of that is obviously still to come. So there, you know, there is a future commitment that will come into that, and I think that's really, that's really good news. It's positive in terms of where we see the trajectory of, our base case moving forward. Absolutely. Yeah, it'll be great to be able to look at those expansion programs with a bit more concrete view, I guess, on, on funding. Hi, Thomas, sorry. Oh, sorry. Yep. Yeah. So the sequencing of the refurbishment hasn't changed. So I think you should be able to have seen that in the studies announcement that we placed out, when was it? On the twenty-second of June. But we can take this offline if you have any more questions on the refurbishment. Nope. Thank you for correcting me. I didn't have a chance to recheck the announcement this morning from the prior one. I think I'll leave it at that. Thank you very much for your time. Thank you, Thomas. Thank you. As a final reminder to ask a question, please signal by pressing star one. We will pause for just a moment to allow you to signal. Thank you. With this, I'd like to hand the call back over to Finance Director Tanya Chikanza for any additional or closing remarks. Over to you, ma'am. Thank you. In summary, Southern Point Resources provides the group with a total funding package of between $69 million and $78 million. I'm confident today's announcement allows for the de-gearing of the group's balance sheet. It will support the sustainable growth and free cash generation of the group, all of which will support a more compelling Bushveld Minerals investment proposition. Thank you for listening.