Good day, and welcome to the Bushveld Minerals 2023 interim results presentation. I'd now like to hand the call over to your host, Craig Coltman, Chief Executive Officer. Please go ahead, sir. Thank you, George, and good afternoon, and welcome to the presentation covering our interim results for the six months ended 30 June 2023. I'll soon hand over to our Finance Director, Tanya Chikanza, to talk through the period under review. First, a few words on where we are with some of our initiatives we spoke about on the recent quarterly call. First of all, the improvement measures implemented at Vanchem early in my tenure are starting to bear fruit, evidenced by the increasing monthly production numbers. Since the implementation of these initiatives, Vanchem's performance has improved, producing 160 MTV in July, and then a further 10% on top of that for August, achieving 175 MTV. The average for July and August production represents a 63% improvement over the monthly average for the first six months of the year. August is also the highest production month since Bushveld Minerals took over the asset in 2019. Importantly, these measures were implemented safely without injuries. Now, we want to see these initiatives be maintained sustainably over a longer period, and for Vanchem to achieve the monthly rate of 180 MTV by the end of 2023. We maintain our revised production guidance of between 3.7-3.8 MTV, supported by improved operational performance at Vanchem. On the financing side of things, we continue to target the closing of the Orion transaction by December 2023, while the Southern Point Resources deal will put as much strong financial position for us going forward. On that note, we have received in the order of $8 million in working capital funds, which forms part of that transaction. I'm happy to answer questions on these and any other matters at the end of the call. But first, I'd like to hand over to Tanya to run us through the first half-year results. Tanya? Thank you, Craig. Good afternoon, everyone. For the half year to end June, we produced 1,784 MTV of vanadium, which was 9% higher than a year earlier. We also continued to sell down inventories, resulting in 2,096 MTV being sold in the period. Cost per unit sold was $33.4 per kgV. This represents a 12% decrease relative to the prior year, primarily as a result of higher sales volumes and a weaker rand to US dollar exchange rate. Adjusted EBITDA profit was down 34% to $10.3 million due to a lower realized price, an increase in cost of sales, and other operating costs. This had an effect on operating cash flows, which were negative $0.9 million, taxes paid. As a result of the negative operating cash flow, the group ended the period with negative free cash flow of $2.7 million. We ended the first half of the year with $3.7 million in cash and cash equivalents. We are making progress on both the restructuring of the Orion convertible loan note and the Southern Point Resources transaction that Craig has just mentioned. Completion of these transactions will help strengthen the company's balance sheet and contribute towards the reduction of debt. Craig has already covered most of the points outlined in this slide. I will, however, briefly touch on the key ones. Given the ongoing improved operational performance of Vanchem and stability at Vametco, we have maintained our group production and cash cost guidance. Furthermore, the decision has been made to bring forward 8 days of maintenance for the Vanchem kiln in order to improve the kiln's performance. As a result of the shutdown, we anticipate production of circa 130 MTV for the month of September. Moving on to Vametco. July's production of 132 MTV was affected by unexpected high rainfall levels, which necessitated a plant stoppage due to constraints at the Barren Dam and the Sulphur Recovery Plant. Since then, production has been ramping up, and during the month of August, Vametco produced 215 MTV. While progress has been made on the SRP performance in Barren Dam levels, Vametco has experienced reliability challenges at the Leach Plant. We are making progress in resolving the issues. However, due to this event, Vametco is expected to produce 180 MTV in September, but from October, production is expected to return to the 200 MTV monthly run rate. Lastly, in our efforts to maximize capital allocation efficiencies, reduce costs, and simplify our business, we have reassessed the merits of pursuing the mining right application associated with the Bridge Project and concluded that we should not be pursuing it. With Vametco's life of mine, conservatively estimated to be in excess of 30 years, the company wants to focus its efforts on what we already have as secured assets. Turning to the income statement. The waterfall chart on this slide refers to those factors that impacted adjusted EBITDA in the period. The positive contribution from the increase in sales volume was offset by the impact of lower vanadium prices and increase in overall costs, resulting in the $5.3 million decrease in Adjusted EBITDA to $10.3 million. I will go into more detail on the costs on the next slide. While an operating profit of $2.1 million was recorded, this was $4 million lower than the prior year, due to the lower realized sales prices, offset to some extent by higher sales volumes. As you can see, other big contributors to the $12.5 million net loss were the increased finance costs of $7.1 million, primarily due to the interest on the Orion production finance agreement and Orion convertible loan note. The $3.4 million in other losses relates to the fair value loss recognized on the Mustang convertible loan notes and the additional funding provided to CellCube. So delving into the cost side of things, the group cost per unit sold for the half year, including sustaining capital expenditure, was $33.4 per kgV. This represents a 12% improvement relative to the prior year, as a result of the higher sales volumes of 2,096 MTV, which I mentioned earlier. Fueled by the inventory sales and a weaker exchange rate, and partially offset by the increase in cost of sales and other operating costs. Cost of sales increased due to several factors, including an increase in volume sold, increases in use and prices of raw materials, higher maintenance costs at both Vametco and Vanchem, due to plant breakdowns during the period, and higher energy costs due to the increased prices, as well as an increase in diesel usage due to the unscheduled power disruptions at Vanchem. Other operating costs increased by $2.2 million due to items such as higher distribution costs on account of the higher sales, an increase in idle plant costs, and the write-down of work-in-progress inventory at Vanchem of around $1.3 million. Looking at the cash flow and capital expenditure. In the six-month period, the group had a cash outflow from the operating activities of $0.9 million, compared with operating cash inflow of eight point seven million a year ago. This outflow, along with capital expenditure incurred of $4.3 million, the $2.2 million payment of finance costs on the Orion production finance, were the main factors behind the decrease in overall cash and cash equivalents to the $3.7 million. Capital expenditures was almost half of the prior year period, as in 2022, we marked the end of a substantive capital investment phase, during which we undertook extensive refurbishment and optimization of Vametco and Vanchem, and constructed the Belco Electrolyte Plant. Turning to debt. Total debt, excluding lease liabilities of $87.9 million, increased by $4.8 million compared to the previous year, primarily due to the capitalization of interest of $6.3 million. Proceeds received an additional funding from NESA and the IDC of $1.3 million. All of this was partially offset by the repayment of finance costs to the Orion PFA of $2.2 million. Net debt increased by $11.1 million compared to the prior year, primarily due to the factors I've just mentioned, and the decrease in the cash and cash equivalent balance of $3.7 million.$2, $3.7 million. The funding from the Southern Point Resources transaction will provide the opportunity to de-gear the balance sheet by retiring, either entirely or partially, certain existing financing instruments. Just touching on the proposed investment by SPR. We briefly here just summarize the recently announced funding with Southern Point Resources that I just referred to. This 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. First, our new partner, Southern Point Resources, have provided us with an interim working capital facility of ZAR 150 million, around $8.1 million, directed towards the Vanchem plant and alleviating Bushveld's short-term cash flow constraints. Second, Southern Point Resources will purchase 60% of the subsidiary that owns Vanchem, as well as 64% stake of Mokopane Greenfield project, combined for $25 million. Thirdly, Southern Point Resources have agreed to provide $12.5 million as an investment in an equity into- as equity in Topco.... for the new marketing arrangement, including a $25-$30 million trade finance facility, under which Southern Point Resources will carry out all the marketing and sales of products from Bushveld. This is expected to occur over a 5- 17 month period, as and when the existing arrangements with our current partners expire. We also have the opportunity, as part of this partnership with SPR, to evaluate the business case to recommission Vanchem's Kiln One. From a going concern perspective for the group, the group's ability to continue as a going concern is dependent on its ability to complete the refinance of the Orion convertible loan note and completion of the remaining transaction aspects with SPR. The current cash flow forecast indicate that the group requires additional liquidity to fund its obligations and activities during the next 12 months. We have identified and are proactively exercising levers within our control, which will provide the group's liquidity. Importantly, the transactions with SPR will result in a significant injection of cash into the group and will represent a major step towards resolving this issue. Thank you. I'll now pass back to Craig. Thank you, Tanya. I'll briefly provide some color on the priorities for the second half, and then we can open for questions. We've announced two significant financial transactions in recent months with both Orion and now Southern Point Resources. We have a deadline of December for Orion, and we hope to make significant progress on some of the Southern Point Resources transactions by that time. As Tanya mentioned, we are today maintaining our production guidance of 3,700-3,900 MTV for the year, and moving forward, we want Vanchem to get to a sustainable rate of 180 MTV per month, and for Vametco to operate at the circuit 200 MTV level for the rest of the year. In order to improve the group's profitability, I will be focusing on various cost-containment initiatives in parallel to the two initiatives above. I'll now pause and open the line for questions. Thank you very much, sir. Ladies and gentlemen, if you'd like to ask a question, please press star one on your telephone keypad. Please also ensure your mute function is not activated in order to let your signal reach your equipment. So once again, please press star one to ask a question. The first question today is coming from Marina Calero, calling from RBC Capital Markets. Please go ahead. Your line is open. Good morning. Thanks for the call. I just have a quick question about operational performance. You have improved materially in the third quarter. With the knowledge you have now on the progress that you've made today, what would you say are the steady state production levels for Vametco? Thank you. Sure. The line is really bad on this side. I'll tell you what I heard, and maybe, George, you can assist us. It was around operational performance, and I think the question was around: What do we think the steady state of operation is for Vanchem and Vametco? Did I hear the question correctly? Yes, that's correct. So the immediate steady state for us for Vanchem is 180 MTV. That was the target for our turnaround initiative. It was sad for us in August that we did 175 and not 180, because we lost two days due to power outages. Had that not been the case, we would have got to 180. I would be pleased if we could sustainably do 180 for the last three months of the year. We are looking at other initiatives as well, potentially different ore synergies with the Highveld Steel, that's the new owners of by SPR. When those synergies start to bear fruit, we'll be looking at numbers north of that. But until we implement those additional initiatives, steady state in the short term, between now and the near, will be 180 MTV for Vanchem. For Vametco, we've just finished some of the work on the temporary arrangement with the SPR, and freeing up some more headroom on the Barren Dam and a few other initiatives there, which again, steady state for that would be between now and the end of the year, 200 MTV. We will, in parallel to that, run an exercise on a pre-feasibility study to determine what needs to be done to take it up to the next level. But once-only once we've done that investment appraisal analysis to determine if it's worth spending additional CapEx to get numbers north of that, will we change our steady state. So in the short term, 200 MTV for Vametco. Hope that answers your question. It does. Thank you. Thank you, ma'am. We'll now go to Nick Chalmers, calling from ARC. Please go ahead. Hi, good morning, both. Or good afternoon, sorry, over there. A question on the convertible loan note refinancing. What are the key remaining hurdles that need to be overcome before that restructuring closes? And given that at least the equity component of the Southern Point transaction is to some degree contingent on that CLN refinancing closing, can we conclude that you're targeting completing the first parts of that transaction by the end of this year? Or is there a risk that that moves into next year? Tanya, do you want to take that, please? That's great. Hi, Nick. All hands, Nick, are on deck to complete these transactions this side of Christmas. The Orion transaction is due end of December this year. So, you know, it's important and, and just that twinning that we've shown in there, I mean, I think a couple of points, obviously, our growing concern that we talk about is really around Orion, so it's important that we do, we do, complete that this side. And I think that's something that the market is quite aware of. And then the twinning of the, of the pricing, that SPR will come in with a $12.5 million at the same price as Orion, in a way, you know, links those two. Orion is an important partner to our business, and therefore, even as we do the SPR transaction, it's important that, you know, we're working alongside each other. So the thing that we're really focusing now is documentation with both Orion and SPR, as far as the second aspect, the 50% disposal to Orion, and then the equity component. Okay. As far as the SPR transaction goes then, is it, do you envisage the equity component of that, the $12.5 million, and the sale of 50% of your interest in Vanchem, are they sort of going to happen concurrently? They're all happening same time, you know, same, same, same time this year, yes. We're working on everything at the same time. Okay. I can't be too specific around the exact dates to say this one is happening today, the next one, you know, tomorrow. Mm-hmm. Everything is, you know, is being worked on same time. Yeah. Sure. Next is absolutely correct. We're working on everything simultaneously, but in terms of the sequencing of those events, what we'd like to see is the sale of Vanchem happen first, and that's absolutely aligned with SPR. You know, followed thereafter with the Orion deal, and shortly thereafter, the SPR deal, for obvious reasons, because of the alignment of the share price. So we are working simultaneously, but there's no reason why the Vanchem sale can't happen in advance of the Orion deal and the SPR deal. Those. The last two need to happen very close together, but there's no reason why the other one can't happen sooner. And that's what we'll be pushing with the SPR guys. Thank you, Nick. Understood. That's great. Thanks. Thank you, Mr. Chalmers. Ladies and gentlemen, once again, if you have any questions, please press star one on your telephone keypad. We'll now move to Thomas Martin, calling from BNP Paribas. Please go ahead, sir. Hi, good afternoon. First of all, just a quick clarification. What's the Orion maturity date, originally November, and has it been moved back a month? And if so, any reasons around that? Tanya, do you want to clarify that? It's actually December. Yeah. Yeah, so actually it's a technical point, Thomas, in that we did enter into the transaction in November. But in terms of the cash actually flowing, and therefore closing of the deal, it flows into December. And so the last possible date we can pay it is actually, I think it's 21 December 2023. Okay. And just another one there. I think you mentioned in the announcement today some reliability challenges at the Leach Plant. Apologies if you covered this just at the beginning of the call. Yeah. I missed the first part. Is there any further detail around about those reliability issues, material costs to rectify? Yeah, is there any material cost to rectify that? I couldn't hear the question. Oh, sorry. Do you have another version of the question? You're coming through very faintly your side. Okay, sorry. Let me see if I can talk right into this microphone in case that's any better. I think there was a mention of reliability challenges at the Leach Plant in today's announcement. Apologies if you discussed this at the start of the call. I was tied up for a few minutes at the beginning of the call, so I didn't catch it if you discussed it. Could you give me any further information just around about those reliability challenges, and is there any material cost required to rectify those? Yeah, thank you. So when we talk about the leaching plant process, you know, it's from the time it ends at the kiln. So it's the regrinding, the leaching, and the filtration process, that whole process. There are a couple of maintenance issues with the leach itself, which have been dealt with. But what we found is the supplier, I think it was July, August, when they had their short shutdown period, who lined the inside of the mill, didn't do a proper job, and they came back in end of August, early September, to redo the lining of the mill, not at our cost, at their cost. So that's been resolved now and we, you know, we're good to go with the entire leaching plant process to get back to the 200 MTV. So a little bit of maintenance on the leaching, but the big activity was on the relining for the second time in 2 months on the mill. But that was done by the supplier at their cost because they didn't do a proper job the first time around. Very clear. Thank you very much. Final one, just you mentioned the cost saving initiatives. I wondered, can you say any more about that? Is it limited to operating cost savings, or do you think there might be the scope to also make savings on the group administrative cost side? On what side? On the overall group administrative costs, not just. Oh, okay. The asset level costs. I got you. No, no. Everything's in scope. Everything's in scope. The operating costs of the operation, and very much the activities that are in the corporate center. Whether it's costs, labor, every single activity is in scope for for consideration and cost curtailment. Thank you very much. Very clear. With my mic. Thank you, Mr. Martin. Ladies and gentlemen, as a final reminder, if you have any questions or follow-up questions, please press star one at this time. We'll pause just for a few more seconds to give you a chance to signal. Our next question is coming from Sergei Ravski, call from SP Angel. Please go ahead. Good afternoon, everybody. Thank you for your time, Craig and Tanya. Quick question. One is on your target for production at Vanchem and Vametco at for your monthly rates of 180 and 200. Just wanted to see, like, how did you. If, if you risk those numbers, how confident you are in those targets, and what sort of maybe the top risks to those numbers, as in, like, maybe reliability of power supply? How, how much of a cushion there, if, you know, if you run into some of those again, power supply issues or maybe, like, weather issues, how confident are you in those numbers? Yeah. Thank you. I mean, I think the numbers are realistic. If we get massive headwinds that are external factors, whether it be, you know, labor unrest or power, we're at risk. But we do everything we can to mitigate that risk. We've got a really good relationship with the authorities at the, at the Vanchem local municipality, so, so that is minimal risk. We've got a really good stakeholder engagement plan with the community, and that's well managed. Again, that risk is not eliminated, but, but significantly mitigated. I think the plants have been under-maintained, you know, in recent times and, and we see some volatility. And that's something we're going to rectify with a proper planned maintenance system. So there's always an element of risk. Having said that, when we gave you the market guidance early August, we were at the time thinking of having a approximate 3-week shutdown for Vanchem in September. That didn't materialize for various reasons, and we kept that plant going. It was a calculated risk because the kiln needs to be relined every 12 months as a part of a planned maintenance system. We sweated that asset to 18 months, and in September, we found some real hot spots coming up on the kiln. We shut it down for 8 months to reline approximately 6 meters of the kiln. We're waiting for the final report of that short shutdown, but the view from the team is that we can now go on to Q1 until we have the next shutdown. Which means that although we've lost eight days in September, we're unlikely to have a need for the three-week shutdown in October. So we claw back just about two weeks. So there's a small element of headroom or for contingency, but not a lot. So I think it would be prudent to say we are, based on the current data and the current outlook, realistic to achieve that market guidance. Hope that answers your question, Sergei. Yeah, it does. I appreciate it. Thank you. And another one is probably for Tanya. It's about, if, you know, if you can give us the guidance on sort of movement in working capital for the second half and, for the tax that you expect to pay. I mean, given the, the vanadium prices are compared to the first half, I mean, one shouldn't be expecting a lot of tax payments, but just if you can give us this guidance, that'd be really helpful. Thanks, Sergei. Well, obviously, you saw what our units sold came in, our cost for the units sold came in at. What we are seeing with the market at the moment is prices, whilst they remain quite firm in the U.S., which is where most of our sales actually take place, we are seeing softer near-term prices in Europe and in China. So that obviously has an impact as far as our working capital is concerned, coupled with the CapEx that we still expect to spend in the second half. I think that's sort of that really is the, you know, the big guide, which is going to be always quite tied with what we have, what we're seeing with those softening prices. But I mean, having said that, you know, you saw that 47% of our sales are actually in the US, so that gives us a little bit of a buffer. Okay. And just to clarify, sorry, just to follow up. So you expect another like sort of negative cash flow from working capital in the second half? Or you, are you going to like this talk, and you, you have some kind of, I know, balanced or maybe some positive working capital change? If you think about where our stock was at the beginning of the year, which is why you see the sales, you know, with quite a high sales, because beginning of the year, we actually worked down a lot of our stock from the previous year, and then started doing the production. So our stock, we don't have excess stock, you know, that we have in keeping. And if you just take into account that we actually had, you know, some of the shutdowns that we had in August and the one we're having now, we don't have that excess stock that we're going to expect to sell into the market to change the scenario that I've just painted to you. So, you know, the big clear, obviously, we're very big on cost containment and just managing that unit sold per unit sold aspect. But the prices at the moment are, they are looking soft, and I think that's the guide that you need to be, you know, to be taking from that. Okay. Got you. Thank you. Thank you, Mr. Ravski. As we do not have any further questions at this time, I turn the call back over to Mr. Coltman for any additional or closing remarks. Thank you. Yeah, thank you very much. While these results reflect a difficult period for the company, I'm confident the actions we have taken already in the second half, and achieving the key priorities we've laid out today, will result in a much improved, focused business going forward, which should then start to feed into much better financial numbers. Thank you to everyone. Thank you very much, sir. Ladies and gentlemen, that will conclude today's conference. Thank you for your attendance. You may now disconnect. Have a good day and goodbye.