Good morning to everyone, and welcome to our operational update for Q4 2022, as well as for the full year ended 31st December 2022. Thank you very much for dialing in. Apologies for the delayed start, which was caused by some technical challenges. Now, over the course of 2022, Bushveld has seen a record level of production with 3,842 MTV, which is only slightly below our lower end of guidance of 3,900 MTV. This minor deficit was the result of the extended unscheduled load shedding in South Africa, with ramifications seen particularly at Vanchem, where our calculations show that over 200 MTV was lost in the second half of 2022 alone due to load shedding. Vametco, however, exceeded the upper end of production guidance of 2,650 MTV for the year, delivering 2,705 MTV for the year. At both Vametco and Vanchem, we approach to report quarter-on-quarter increases in production with a record 1,184 MTV for the group in the last quarter of the 2022 financial year. This performance is a reflection of work, a lot of work that has gone into stabilizing and optimizing operations, particularly at Vametco, which over the past 18 months has now demonstrated fairly stable operations. Group production cash cost for the year averaged at $27.7 per kg vanadium, up from 2021. The increase is due to higher energy and raw material costs, partially offset by higher production volumes. In Q4, the group production cash cost was $25.10 per kg V. This was $4.20 lower than Q3 2022, just emphasizing and underscoring the impact of increased production throughput at both operations. Despite the continued logistical challenges experienced worldwide during the year, which have resulted in relatively high stocks of material being in transit sales for the year. Sales for the year were up 8.1% at 3,584 MTV. We are confident and plan to sell all the stock, which is approximately 250 MTV that was not sold in 2022 during the course of 2023. Looking forward to the year ahead and to Bushveld's production guidance, we anticipate a total figure between 4,200 and 4,500 MTV, with volumes weighted towards the second half of 2023. While we continue to maintain our target of a production run rate of 5,000 to 5,400 per annum, as noted in previous quarterly reports, the current load shedding situation in South Africa has meant that we need to be more conservative in our expectations for production, and as such, we have adopted this conservative view. This is particularly the case at Vanchem, where the load shedding in Q3 and Q4 severely impacted our efforts to optimize Kiln 3, processing, performance. In November, Bushveld and the eMalahleni Municipality agreed a load curtailment solution that's aimed at preventing Vanchem from experiencing total power loss during scheduled load shedding. Vanchem, as we have mentioned, has experienced most of the impact of load shedding. While we still envisage some impact, this arrangement, we expect, will reduce the effect of the power outage and enable Vanchem to continue to ramp up towards steady state production. With a countrywide electricity price hike of 19% coming into effect in April 2023, as well as inflationary factors on several inputs like raw materials, we anticipate a group production cash cost of between $26.10 and $27 per kg vanadium. This guidance also reflects the further impact of increased load shedding in the country. Construction at the Bushveld Electrolyte Company, BELCO, the electrolyte manufacturing plant, is well underway and we expect to be operational in the first half of 2023. This plant has a targeted annual capacity of 8 million liters of vanadium electrolyte. It will provide a further product platform from which we anticipate to enter new markets. BELCO is currently undergoing a qualification process with several VRFB manufacturers to use the electrolyte. Progress, too, has been made at Vametco, where we are constructing the hybrid mini grid. We will provide the market with further updates on these two projects in due course. On the capital investment front in 2022, we completed Vanchem's Kiln 3 refurbishment. Importantly, as a result of completing this project, notwithstanding the optimization work that is still underway, the capital expenditure budget for 2023 of $9.2 million-$9.7 million is primarily related to sustaining capital, with most of that CapEx being denominated in South African rands. We see the vanadium market for the year ahead remaining relatively buoyant, particularly in the aerospace and specialty chemical sectors, including the electrolyte space. As such, we are looking to optimize ourselves to ensure returns from these high-value markets, particularly in North America. That being said, we continue to maintain a global footprint with a presence in all markets. Our agreement with Orion Mine Finance, which included a $35 million convertible loan note with a 10% coupon over a three-year term, which financing was secured to support the critical refurbishment at Vanchem. This agreement reaches maturity in November of this year, and with this approaching, Bushveld has commenced discussions with Orion and other potential funding partners on the refinancing options available in order to determine a sustainable capital structure in relation to the group's operations and long-term ambitions for growth. We will, of course, provide further updates to the market once a decision has been reached. There continues to be factors that we cannot control, such as national load shedding, which impact our production levels and cash costs. However, we have invested capital in the refurbishment and optimization of our operations to ensure consistency, and we are pleased to note the progress that has been achieved in our pathway to further growth. The work we have put in to achieve this stability is now being reflected in our production numbers. We are committed to building Bushveld into sustainable cash generative, low cost production and processing platforms. I look forward to updating Bushveld shareholders and stakeholders on our progress at the end of the coming quarter. Before I conclude, I just wanna end off with just an important strategic reflection. We have spent substantive long-term capital over the last five years as we have built our asset base, and as a consequence of which we have, as we have often said, two of only four operating primary vanadium plants in the world. This period of extensive capital investment and refurbishment, optimization of Vametco as well, has resulted in Vametco operating consistently and producing at a steady state, while capital refurbishment at Vanchem means that Vanchem is increasingly positioned to increase production significantly as well. I'd like to just make the point that in spite of the challenges that we have experienced in the few years in the past, including COVID, which appears like a distant memory, the company has weathered these storms and is in a good position looking forward. The strategic focus of the group will continue to be on building a sustainable cash generative, low cost production bay and processing platform that supports the steel, chemical and energy sectors. We will particularly be focused this year on ensuring that we meet our production targets. We recognize the significance and importance of being a low cost producer, Focus will continue to be on ensuring that not only do we contain, but we reduce our costs. Our limited capital spending this year, mainly on sustaining CapEx, as indicated, will support the company's cash generation efforts. We anticipate resolution on the Orion convertible loan note as indicated, which we would see an elimination of the near-term debt pressures. This on top of significant movements already in the course of 2022, where we paid down the RCF, the result in Absa Bank, as well as dealt with other liabilities associated with the Vanchem acquisition. Finally, the cover out of Bushveld Energy, which is anticipated in this quarter, should leave the company with a fairly crisp, clear investment proposition around our upstream assets while the downstream assets are located in a standalone vehicle that we believe will be able to attract the necessary support, both from the capital markets in general, to ensure the success of the downstream business. I'd like to pause here and thank you all very much for your time, and I would like to take your questions. Thank you much, sir. Ladies and gentlemen, if you would like to ask an audio question, please press star 1 on your telephone keypad. Please make sure your mute function is not activated to allow you to save through to your equipment. Today's first question is coming from Marina Calvo, calling from RBC Capital Markets. Please go ahead, ma'am. Good morning, thanks for the call. I have a couple of questions. The first one is on the impact of load shedding on Vanchem. Assuming the agreement with the municipality works as expected, when would you expect the group to reach production levels of 5,000, 5,400? Thank you for that question, Marina. Assuming that the load shedding situation at Vanchem is normalized, what it means is that we can continue with our efforts to optimize the recoveries and the yields. We anticipate that that would be very much the focus of the first quarter and would anticipate that during the course of the second quarter, we'll be able to reach that run rate of 2,500-2,600. Again, I can't emphasize enough that the important thing here is to ensure that we are able to run our kilns continuously. Which would allow us then to focus on optimization efforts. Okay, that's very clear. The second question is about the convertible loan. I appreciate that the discussions are still ongoing, but can you give us more details about how the conversations are going? Are you confident you will be able to reach an agreement with Orion or obtain funding from a third party to cover the payment? Yeah. Thank you for that question. Look, we have a long-standing, very healthy relationship with Orion. I wanna just start off with that. Secondly, make the point that our discussions with Orion, I think have been going on in that spirit of the kind of healthy relationships that we have. We are fairly confident that we will be able to reach resolution. I think I must also say that what gives me confidence is the fact that we're having this conversation on the back of the capital spend on the refurbishment of Kiln 3. With some stable operations coming through at Vanchem, you will expect to see an operation that is generating cash. As you can imagine, you know, with the cash generating operations, it just enhances our options in terms of dealing with the convertible loan note. If you ask me the question, am I confident that we'll reach an acceptable solution? The answer to that is yes, we are confident. Yep. That's it for me. Thank you very much. Thank you, ma'am. We'll now go to John Meyer calling from SP Angel. Please go ahead. Oh, hi. Yeah, it's John Meyer. Well done on reaching a form of stability in a difficult operating environment. As you say, COVID is a bit of a long-distance memory, and load shedding is hopefully now under some form of control. The next biggest issues for us analysts to look at are clearly inflationary factors and pricing. What I see when I look at prices around the world is an enormous divergence between the various prices given by the London Metal Bulletin or Ryan's Notes or Asian Metals. Some of this reflects, I think, pricing disparities between ferrovanadium and maybe other vanadium products and what's going on in different markets. Can you give us a bit more of a view on where you think the prices are going and how Bushveld is gonna manage that? Clearly you're able to set direct some more shipments into the US for bigger prices there. I guess you might be able to play around a bit with the mix of products that you're able to sell because there's such a big divergence in these prices. Perhaps you could give a bit of a view on where you think you might be with pricing through 2023. As a second part to this question, can you give us a view on orders for BELCO Electrolyte and how you see the vanadium redox battery market developing this year? Thanks, Jonathan. Sorry, John. Let me start with the first part of the question, which is the pricing diverge. Well, let me start with the inflationary factors. These are real, I think, across the entire industry. We have seen general inflation in the mining industry, for example, you know, of high teens over the course of last year. You know, in South Africa, we were striving that on the one hand is increasing energy costs, but also is the other input costs that we've seen prices increase quite significantly. Where any of these inputs are dollar-denominated, it's an issue. Fortunately, most of our input costs are rand-denominated. Why that's important is because, of course, we earn our revenues in dollars, number one. Also number 2, in a highly inflationary environment, you know, we pay quite close attention to the exchange rate between the South African rand and the US dollar. Already we are seeing a weaker rand, driven by a number of structural factors, including these inflationary factors. That weaker rand will come in quite handy, we believe, particularly given how conservative we are in our budgeting processes around the exchange rate. It's a reality we have to live with. You know, fortunately, we do have a few things in our favor that will help to counter the impact of inflation. On your comment, and on that point, again, I just wanna emphasize the significant importance of throughput, as I said earlier on when I was giving the update. Just in Q4, we saw as much as a $4 reduction in the cash costs compared with Q3. That's just sort of the kind of impact that you can get from increasing your throughput. As we do that, we think that's gonna also help counter some of the inflationary factors we're dealing with. On the question of divergence in prices, you're right. We have seen quite a significant divergence initially just between the US on the one side and Europe and China on the other side. In fact, some people would have expected that, to close that gap, we would see US prices come down, towards European and Chinese prices. Informing that sort of conservative view would have been a number of factors. One is the impact of the zero-COVID policy in China. Two is a property sector in China that was under some pressure. Three, of course, the war in Ukraine. Now, what has happened since is we've seen the Chinese government relax the zero-COVID policy. We have seen some relaxation on some fairly stringent policy positions around the property sector, both of which have actually been quite positive for vanadium prices. We've seen Chinese prices move to levels where today they are closer to $42 per kg V. In the meantime, European prices have also inched upwards. I think today we're looking at prices in the order of about $37 per kg V. At the same time, prices in the US have continued to hold relatively steady, and that's notwithstanding relatively low levels of utilization of steel plants there. When I look at all of that together, I think that going forward as plant utilizations in the US increase in support of infrastructure spending, we expect to see more support to vanadium prices. By the way, all of this is before we factored in the influence or the impact of demand from the VRFB, which talks to your second question. I don't know if you've noticed this, there's certainly been a ramping up of supply chain for VRFBs in particularly in China. We've started to see some supply chain developments in Europe as well. I always think that supply chain developments are a very good pointer to how Chinese policy is playing out. There's certainly very strong support for VRFBs in China. We've seen construction of electrolyte plants. We've seen joint ventures with the big vanadium producers that are looking to establish electrolyte production capacity. We've seen AMG announce a 6 million liter electrolyte facility in Germany, which they're currently constructing. What all of this says to me is to support the narrative of a growing VRFB demand. Certainly, if you also look at projects that have been announced in the last 6-12 months, these are significant, large, you're talking gigawatt scale projects, which obviously are gonna require a lot of vanadium. What we have done as BELCO is, obviously we're busy with the product qualification process with various OEMs, and we have taken a fairly conservative view in terms of ramp up this year. We are seeing strong interest, which gives us a lot of confidence that we will be able to sell products that comes out of BELCO. Thank you. Thank you much, sir. John, I hope that answers your question. We'll now move to Mr. Nick Chalmers-Clough from ARC. Please go ahead, sir. Morning, Fortune. I hope you're well. Would you be able to elaborate a little bit on the steps you're taking at Vametco to find a solution to the to mitigate load shedding issues? Does that involve putting in any backup power generation? Thanks for the question, Nick. Just so you understand the difference between Vanchem and Vametco. Vametco has got a direct contract with Eskom, in terms of which, in terms of load shedding, all that is requested of Vanchem together with other high-end, large power users, is to reduce, hence curtailment, their consumption. That's typically, that reduction hardly ever goes above 25%. It allows, you know, plants to work around this. At Vanchem on the other hand, because we were, one, on a municipal grid, and two, we didn't have actually a curtailment contract in place. The consequence of which is that during load shedding we were losing power completely, hence that terrible impact we had during the course of 2022. Our approach to resolving that has been, I'd say threefold. On one hand, we do have some standby generators. Remember, this is a facility that uses as much as 10 megawatts of power, so you can't run a facility like that on just generators. We've used generators only in critical areas. Of course, you'll note that that is also quite expensive. The second thing that we did is to negotiate with the municipality, eMalahleni, to get onto a curtailment solution. That solution was only implemented in December. It goes a long way to alleviating the power shortages. I'd say in January already, we've seen substantial improvement. We are currently going through daily load shedding, but at our operations we are not at Vanchem. What we are working on is curtailment. That's great. However, in reality what we have also seen is that in times of severe stress on the grid, some municipalities will rank behind others, and consequent to that is even with the curtailment solution at eMalahleni, we can still end up being load shed, even though that the occurrence of that is much, much reduced. As I said, we have been seeing that really in the month of January so far. That alone is a huge step forward. Ultimately what we wanna get to ideally is a relationship with Eskom, like other large power users, that ensures that we're guaranteed of curtailment rather than load shedding. Yeah, would agreeing that sort of, provide standalone contract with Eskom, would that be a prerequisite to embarking on any further, production capacity expansion at Vanchem through further refurbishment? It's a good question. It's certainly very, very key that you have a reliable power supply, I think before you embark on any other expansion initiatives. The answer to that is yes. I should also just highlight that we're not leaving everything to Eskom. We have stated before that with implementing of the hybrid mini grid at Vametco, we're able to demonstrate that you can pair renewable energy with VRFBs and actually supply power on a cost competitive basis to our operations and on a reliable basis. Our Bushveld Energy team is hard at work to also develop the self-generation solutions, as well as which include application of long-duration energy storage solutions at our operations. The relaxed regulatory environment that has now been ushered in is something we certainly do intend to take advantage of like many other mining companies. In that way, at least you have the destiny in your own hands. That is something that we are prioritizing going forward, especially on the back of a successful execution of the Vametco mini-grid. Yeah. Makes sense. One final question from me. You talked earlier about sales volumes lagging production a little bit. I didn't quite hear the number you mentioned. Was it 200-250 tons volumes behind production? Was that correct? That was in 2022. We accumulated quite a significant inventory. That was largely because of the logistical challenges that we were dealing with much of last year. As we said, we're comfortable that those volumes we'll be able to sell them down during the course of this year. That's why we would expect that our sales volumes for this year will be higher than our production volumes. Got it. Got it. Thanks. Thank you much, sir. Ladies and gentlemen, once again, if you have any questions, please press star 1 on your telephone keypad. Next question is coming from Mark Rains, from Tower Capital. Please go ahead, sir. Hello, good morning. I wonder if you could explain the sales pipeline for BE, which stood at 250 megawatt hours for a number of years, but suddenly increased tenfold overnight to 2,500 megawatt hours. Obviously, you've got the mini grid coming online, but can you explain where these figures came from and the sales process? Are these potential projects real or are they just hypothetical? Are they internal or are they external? If you can lead that one first. Yeah. Let me deal with that first. Obviously, as we commission BELCO, we will start to provide more granular guidance in terms of sales numbers. This tenfold increase that you referred to should please not be deemed to be guidance. In any event, just to be clear, operating at full capacity, BELCO can only supply 200 megawatt hours worth of electrolyte. What that number relates to is a pipeline of projects that our Bushveld Energy team is developing. You'll find that's a very typical thing with energy companies, that they will talk about the scale of their pipeline. There will be a probability factor applied to that in terms of how many of those actually convert into actual transactions. The pipeline is a good indicator of the probability of actual contracts down the road, but it's not to be taken as the, you know, actual committed sales. Do you see that as being sort of disingenuous or I'm not gonna use the word deceitful, but obviously to jump from 250 megawatts where we stood for a number of years to 2,500 overnight with no explanation, no progress made or any sales made, that really shouldn't be there? Look, you make a good point, and I will look into that, certainly from a perspective of what we report from Bushveld Energy. As I said, reporting on pipelines is something that is fairly common within the energy industry, and needs to be read within that context. I take your point that perhaps it does need to come with all the necessary qualification and explanations that somebody who's not as familiar with those terminologies, you know, can they can read through those, through those lens. I also wanna make a second point, which is that obviously as we've advanced our BELCO plant, we are engaging more with OEMs, and we have inquiries that go into what we see as a reasonable pipeline of electrolyte deliveries that would come. Thirdly, we've got a deployments team whose job is to go and develop projects where VRFBs will be deployed. Now, the deployments team need not be constrained by the capacity of BELCO. If they're able to secure a project to deploy 400 megawatt hours somewhere, for example, I'm just making this to make the point. We will not be able to supply that electrolyte in a year from BELCO. I would also add that, you know, even CellCube would not be able to deliver that scale of project. Our deployments team is set up in such a way that they can work with other OEMs to ensure that, you know, the projects are deployed. What we wanna see is VRFBs gaining momentum. So we've taken a particular approach with deployments to essentially drive towards that. If it means collaboration with other parties, there will be collaboration. You know, that's a lot I'm saying here, but I take your point around, you know, how we represent pipelines, and that we need to perhaps provide a little bit more color. Thank you. Is there enough land or company-owned land around Vanchem to realistically install a mini grid or even VRFBs? The short answer to that is to install solar and VRFBs. The short answer to that question is no. Is there land around and nearby? Yes, there is. Part of what we look at is if we develop a captive solution, that captive solution would have to have a willing agreement to allow us to roll the power over to Vanchem. There's a wheeling framework that is being developed, and already we've seen some contracts that have been deployed in South Africa for renewable energy, located somewhere else and willing power to a customer who's located some distance away. We would have to use a similar framework. Having said that, we also are looking at the prospect of just battery storage and the input it can have on improving security of our power supply. The ultimate construct, the ultimate project set up, we will provide more details in due course, but that's something that our energy team is currently engaged with. Thank you. What is your relationship like with Garnet now following the court action? Look, the court action was very unfortunate. You know, when that case was concluded, we won, yes. What does that mean? It basically meant that we were told to go and figure a way of working with each other, which is exactly what we have done. I think that we have both been quite mature about it, realizing that we are both invested in the success of CellCube. From that perspective, and I think it's fair to say we don't necessarily expect our relationship to be the coziest. Certainly we have had, I think, a stable and a working relationship since. Next question. After 7 or 8 years of Bushveld Energy with very little to show for it, I wonder if you can explain exactly how you foresee and what the business model is for Bushveld Energy going forward once it's carved out. Will there be any connection with the Mustang/CellCube-Enerox arrangement? Will it all be into one, or will Bushveld Energy be completely separate from the OEM, which is CellCube-Enerox-Mustang? Let's start with the first question about Bushveld Energy after RHS. If you recall, we set up Bushveld Energy back in about 2015. With nothing more than just an ambition, the vision to support and drive the adoption of VRFBs in the stationary energy storage market. When we started all of this, even the term stationary energy storage was still a fairly foreign term that is not widely talked about. Very much the big focus was around electric vehicles and mobility. Let's talk about what is it that we have done since then. I think number one is we have driven a fairly aggressive effort to ensure that there is widespread support for VRFBs with multiple stakeholders, whether working with the World Bank, whether working with regulatory players here in South Africa, or working with the broader vanadium industry. We today have a vanadium energy storage committee that is working quite hard, its role to make sure that VRFBs have a place in the sun when it comes to energy storage. I think the impact of that effort is one that you will see in the coming years. Second thing that we did do was to actually make an investment into the VRFB space. We invested into Invinity and supported, played a key role in the formation of Invinity from the merger of redT and Avalon, which now seems quite the distant memory. We've been happy to see the success Invinity has been having in the market, and at which in many respects was enabled by an investment we made, which we also exited, by the way, with a very healthy return. We did that in order to focus our efforts more on CellCube, which is a company that we're developing, together with Garnet. Thirdly, we now are looking to commission an electrolyte plant. We were the first to build such a plant outside of China and outside of the redT facility, in the U.K., certainly at that scale. We're pleased to see the provision of that plant, which has been funded together with the IDC, and will play a significant role in the VRFB space. Third point is that we have pioneered a rental product which today is in operation. If you look at the Invinity project, the Oxford PV project, which was showcased on Sky News the other day. The electrolyte in that project is based on a rental construct which we developed, which we think is going to be a catalyst for deploying more VRFB systems around the world. Finally, of course, we have the mini-grid, which we are now constructing at Vametco, which showcases the viability of renewable and VRFB storage today, which is set to become even more attractive going forward as scale-up impact is felt. There is a lot of progress that has been made. I think that it's fair to say that that progress might be a little obscure because we are a mining company, and much of our narrative has been about our mining and our processing operations, as it should be. Hence the decision to carve out Bushveld Energy, and that process is underway. You will have seen that we announced the sale of our interest in CellCube into Mustang. We have indicated that ultimately we intend to carve out all our energy assets outside as on a standalone basis. I'm unable unfortunately to tell, to give you a lot more color in terms of the relationship of our remaining energy assets and Mustang/CellCube. We will provide the market with an update at the appropriate time if there is to be any such relationship. Suffice to say that the process to carve out the energy is well underway and is on track. Thank you much, sir. We do not appear to have any further questions. Fortune, I'd like to turn the call back over to you for any additional closing remarks. Thank you. Thank you very much everyone for your time. Again, apologies for that late start. Really appreciate all the questions, and we welcome continued engagement on this update. I look forward to speaking with you further on our Q1 2023 update. Certainly, I'm looking forward to be sharing continuing progress, both in respect of our operations in terms of meeting our production targets, our cost targets, as well as all the other strategic initiatives that we have announced, that we've told the market we're busy with. That includes the cover of Bushveld Energy, as I indicated, and ensuring that we get this business into a place where it is generating cash, with a solid balance sheet, with the near term debt pressures resolved. We certainly think that getting all of these issues in place will support this company's efforts to rerate going forward. I'm hopeful, if not confident, in fact, that these efforts will all bear fruit for all our shareholders going forward. With those words, I'd like to thank you all for your time and for your attention. Thank you very much.