Good morning, and welcome to the Jubilee Metals Group PLC Investor Presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and can be submitted at any time by the Q&A tab situated in the right-hand corner of your screen. Just simply type in your questions and press Send. Due to the significant attendance on today's call, the company will not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Leon Coetzer, CEO. Good morning to you, sir. Hi. Good morning, and thank you. Thank you for everybody that has taken the time to dial in. It's such encouraging to see such a large number of interested people to come and listen to Jubilee, especially against the backdrop of this past week's news flow, and to look at where Jubilee is, what we are doing and where we are heading as a company. Thank you for that again. What I've done to assist the process, and I've got wonderful questions that I'm really eager to get to to answer to the various people that have submitted it. I've made a very short summary presentation just to set the scene, just to touch on some key items that might encourage further questions on our company that I would like to just quickly briefly present and really leave the bulk of the time to address the questions and debates that we are receiving from the various participants. In the presentation that's been prepared, I'll just jump straight into the first slide. Just again, as an upfront statement, I thought we could touch on what did we set out to achieve for the half-year focus that ended December 2022. Two significant areas in Jubilee had a key focus area for our delivery. The first was, of course, South Africa, where in our South African Platinum Group Metals and Chrome business, we had completed the previous half year a very significant expansion program to expand our chrome footprint, where we beneficiate our materials, and once the chrome is removed, that remaining portion which concentrates the PGMs, that platinum group metals are then further processed at our large new Inyoni recovery plant. Key aspect for this half year was to leverage off that enlarged capacity during a time when there were so much inflationary pressures and the well-spoken about power infrastructural challenge in South Africa. The second key component of our business was, of course, Zambia, as Zambia started taking shape. Since we've entered Zambia in 2019, we set ourselves a target of replicating the South African model, where we have a central refining footprint, and then this refining footprint is fed by various concentrators who then concentrates up the material to produce a copper concentrate, which is then refined to final metal at our refinery. We called it the Southern Copper Refining Strategy, which was the example for industry of what we actually set out to do, which is the northern rollout, which is a far larger footprint within Zambia and within the Copperbelt. A key target for this past half year, December ending December, was to integrate, and well, first of all, complete the Roan concentrator, which is the first copper concentrator we were building Greenfields in Zambia, to ramp it up and integrate it into our refinery at Sable. At the same time, we informed market that we were pursuing to introduce a second metal stream in Sable, which of course was cobalt. We gave some guidance on trying to achieve a capacity of roughly about 1,200 tons of cobalt hydroxide by year-end. Cobalt hydroxide means roughly you're running at between 25%-30% pure metal for every ton. What did we achieve over this period? First and foremost, what we achieved over the period was operational earnings, of course, as announced. Our operational earnings came in at $18.5 million, which is broadly in line with the broker notes that gave guidance to the market of an EBITDA of the order of $16.4 million, slightly above on the broker note, driven mainly by our South African operations and the performance they achieved. Operational revenues for this period, as announced, came in at $75.5 million. It was down on the broker note. If you look at the difference, the main difference in the revenue component is two areas. One, chrome metal prices were down quite significantly over the past six months. Of course, since December, January and February, chrome is a metal that is shining. It has nearly doubled in value over the period. Chrome, at the moment, is a very significant revenue generator for the group as it has appreciated significantly and continues to maintain its high levels that it has reached since January. The other, of course, big component that I'm sure we'll talk a lot about is the copper side. The copper came in with 1,800 tons short of guidance. If you look at the copper prices that on average we achieved of roughly $7,900 a ton, you can see what makes up that revenue. Why is the earnings still in line with broker guidance? Purely driven by the South African operations and the efficiencies achieved by the platinum group metals company, driven by Inyoni's expansion to be able to still deliver our ounces well below the cost guidance given through the broker note, the in-house broker, that our PGM cost per ounce came in well below that target. Of course, our PGM ounce cost is influenced by the chrome prices we achieve. Because although chrome, roughly 70% of all the chrome product we make is a straight toll basis, it doesn't have any exposure to chrome price. But roughly about 30% of the chrome we produce has full price exposure or price exposure. And as that price appreciates, the contribution from the operation, chrome operation is significant and increases and subsidizes, in essence, the PGM operations. Coming through the numbers as well, if you calculate out the shortfall on copper tons, based on guidance versus the actual margin we declared, it calculates to roughly a $2.75 million earnings drop or shortfall in copper because of the lower throughput that came through in end November, December period. That's why the operational earnings still met guidance. One can only imagine how much we could have exceeded operational guidance if our copper had performed and added that additional roughly 1,800 tons into the production profile, where we would have added and well achieved above guidance. As spoken a lot over this week, and in the announcement, Jubilee faced some significant challenges in Zambia, brought on unexpectedly through an inter-country problem that occurred between Zambia and Zimbabwe, where a power allocation that is secured for Zambia was no longer available at a time when Zambia continued with a power maintenance strategy that will come to an end in middle March of this year, where three power facilities were affected. It meant that Zambia, overnight and unplanned, lost 35% of their power generating capacity, which threw industry into chaos. It meant that power was no longer available, and if available, there was no certainty on how long that power might be available. The knock-on effect for any company where water and power is such a vital component, especially the type of metals and minerals we recover, where stability of your process is very important, meant that our concentrating facility, Roan, which was most exposed, could not run stably, nor when operated, would we know for how long it would operate to ensure we could plan the stoppage of the plant. Stopping a plant in mid-operation has number of knock-on effects on the mechanical part of the plant. You can imagine it's like driving your car at 60 miles per hour and trying to force it into reverse gear while the momentum is forward. Similarly, in our facilities, when we are feeding 100 tons of rock every hour into the facility, when power is cut unexpectedly, that rock and sand has to settle somewhere. If you restart and during that restart process, you stop unexpectedly again, it means your gearbox, your drivetrains are all trying to move or lift these tonnages, and that cause the knock-on effects in our plant. We had to move very quickly. It took an enormous effort, but we did move very quickly, and we've overcome very successfully that challenge in Zambia. We did two things. One, as we informed the market, we took the decision of the license that was finally awarded through intervention at the very highest level in Zambia to award a license to us to own our own private water infrastructure. It allowed us the opportunity to implement water reticulation systems, which meant that we could draw our own water, pump the water, pressurize the water, and transfer the water and circulate the water into our facility independent of government infrastructure, which solved that problem of infrastructure very successfully. It also allows us to expand that infrastructure very simply at Roan. The power, the intervention was two-fold. The first and most critical part that we had to secure was to ensure that the strategic value of Jubilee's operational footprint, the employment that we give nearly 650 direct employment in Zambia, and the critical part that this plays in the overall Zambian strategy to meet their copper expansion targets, is recognized to elevate our Roan and Sable Refinery into a strategic level. At strategic level, it meant that as a facility, our power was more secured. It meant companies who fell outside of that strategic recognition had less power, less security of power. While we were able to successfully, in January, secure that status for our industry. To further show their commitment to our strategy and to our expansion, which we look forward to in the North, governments went further and implemented and upgraded the power infrastructure at Roan. In addition, to offer us and entice us to not lose momentum on our expansion, offered us more power. Since then, the news flow you would have seen, these three power facilities that have gone off-line, two are back online, so the impact on the overall power grid is far less, even though at where Roan is now, it has very limited, if any, power constraints under its new status and with the upgrade of the power infrastructure, which was fully completed by government during February. Exceptional response from them. Yes, it took time to get to that status, but an exceptional commitment from the Zambian authorities to, within that short period, not only commit, but actually action the upgrade of that power. I often quote, I received a call from the president's contingent out of Davos to ask in January whether in fact the power infrastructure was being upgraded. That's the level and seriousness the government took it. Equally in the background, what we had done as a company during this half year, we accelerated our cobalt hydroxide implementation, where we informed the market that we wish to, by end of this year, have a 1,200- ton capacity per annum to make cobalt hydroxide into the market, all from recycled material within Zambia, which is particularly important within the classification of your cobalt product. The success that the cobalt run operational run had over December and November motivated us to expand that production line faster. And as of February, now we have completed the expansion to a 3,500 ton per annum cobalt hydroxide. Based on our engagements with industry, specifically targeting the European car manufacturing industry, we've been motivated and asked to further expand this footprint. As we inform the market, we look to expand that now even further over the coming period to 6,500 tons of cobalt hydroxide. That calculates roughly to about 140 tons of cobalt metal contained per month. It's a significant addition to our armory in Sable. It means within the same footprint, within the same refining footprint, a very limited additional fixed cost addition, we are now able to add a second metal at significant quantities into our refinery. It is similar to our South African operations, where we now have chrome and PGMs, and as the market moves, the impact of these two metals are seen through our earnings. We're now in the same position in Zambia and our Southern Refining Strategy to have both cobalt and copper available. If we look at what does it actually mean today, where we sit, what is the actual operating capacity installed and capitalized, paid for, in Jubilee. The bars on the left gives just a graphic example of what we've done over the last three years ending December. We started on our PGM ounce capacity back then. Today, we have a 44,000 PGM ounce per annum facility in Inyoni, which is running exceptionally well, and we'll get to that and how it is exposed or not to the power. Our chrome capacity, of course, we had to expand because it's the feeder to our PGM operations, and we expanded that to 1.2 million tons of product per annum. It makes us the third largest chrome producer in South Africa, where South Africa is the world's largest producer of chrome, to put that into perspective. Our copper capacity, of course, that has gone through a dramatic change during the past period. The capacity is installed at our Sable Refinery to be able to process our twelve or deliver our 12,000 tons of copper cathode per annum. Our Roan concentrator is built, repaired after what we've gone through in December and January, fully ready to now deliver into and integrate into Sable Refinery. Then in addition, we brought the cobalt online. Previous period, which is all during the 2023 period, we made test production batches of cobalt, because the cobalt market quality is critical. Impurities are heavily penalized. If you are trying to penetrate the European market, you have to ensure the repeatability of that quality in cobalt. Cobalt contains numerous impurities and is a chemistry set of refining, as you refine out the various elements. That is the reason why we've been able to so rapidly expand it within the period, because after the first batch, we hit the quality. We made our first sale of our cobalt product in January already, and we currently are running the second batch on the expanded capacity to ensure we are able to, at the 3,500-ton capacity, can in fact meet the export quality required for the European market, in addition to the Asian market, which we already sell into our cobalt. If you look at the actual production results, 18,200 ounces made out of our Inyoni operation for the period. Slightly below we had hoped and our expectation, management expectation was to hit 19,000 ounces for this period, 19.5, with 22,000-23,000 ounces coming through in the current period. We'll talk through the slight impact on the output of Inyoni. The power is not a significant impact at all in Inyoni's life because the Inyoni PGM operation feeds its power or receives its power from the very large Samancor furnace installation. That furnace installation is a strategic power consumer within South Africa, which means that the term called load shedding, which is basically power being cut in percentages in South Africa, that we will only suffer any power outage at Inyoni if we ever exceed a level 6 load shedding, which South Africa only touched on once in December and for a short, brief period in January of this year. Other than that, Inyoni is fully buffered. To further buffer Inyoni from load shedding, we utilize this large chrome capacity we've got to run it harder so that there's a bigger feedstock available in front of Inyoni because our chrome operations are not within the strategic power grouping, and therefore, they are exposed to load shedding more than our Inyoni. Therefore, we leverage that capacity to run it harder. It's why the chrome tons exceeded guidance on the tonnages produced because we ran them harder to ensure at all times, no matter the impact of power on chrome, that the PGM facility has sufficient feed to have, as we have targeted, a three-month feed stockpile in front of it made by our chrome operations. There's a slight disproportionate cost that comes through to make that stockpile, which now goes into your PGM facility going forward. To also buffer our chrome as you do your calculation to ensure there's always PGM feed for your Inyoni operation, we installed a backup power system for roughly about 40% of our chrome capacity to ensure it can operate with or without power going forward from the grid. In Zambia, where yes, it was disappointing. In Zambia, although from a revenue and an earnings impact, not that large impact during this period that we've just passed, our copper tonnage was affected by the infrastructure challenge. First to overcome the water, which has been successfully done, then the unexpected requirement to overcome power. The outcome, as painful as it was during the time and as bruising as it was, the outcome is that we today sit with a footprint in Zambia with its own privately-owned water infrastructure and recently new, enlarged and upgraded power infrastructure in a far stronger position than where we were last year in November, but forced upon us during the period that we had gone through. As we discussed and touched on the cobalt hydroxide, critical that we brought that on stream and accelerated it into the operation. One, because it buffers the knock that we've taken on copper, basically a 2.5-month blip in our operational performance that has come through on copper, and that cobalt comes in and buffers. Cobalt, yes, as at the moment, the cobalt prices are soft. It's running at roughly $40,000 per ton. It's still 5x higher than copper, as a metal. We are already in the process of now expanding that cobalt circuit up to 6,500 tons per annum because it becomes a very significant potential earnings generator for our company. Especially as you can imagine, when cobalt recovers from its current slow offtake after China lifted their COVID regulations and China is opening up, and the expectation is that cobalt demand will follow with that. There's a stockpile in China that at the moment needs to be worked through before the cobalt orders, no doubt, will start coming through, for the metal. Our big target was to ensure, as a company, we're ready for that cobalt expected appreciation in the market. Just to again dip a bit deeper into Zambia, and I'm just about done through the presentations, so we can get to your questions. To just unpack Zambia again to ensure there's full understanding and appreciation for what it is in Zambia. We spoke about the Southern Copper Refining Strategy, which really is that example. It's an example for industry, which is important. It's an example for the authorities to show what can be done, and it's an example to the investment world that you can, in fact, integrate waste through a concentrator into a refinery and make A-grade copper cathode. Which is the picture there of a cathode being sold out of Sable. Simultaneously to make from waste cobalt hydroxide that meets the European market standard. That's what the southern refining strategy is all about. Roan concentrator is vital in that link. It is the feeder to our Sable refinery, and we've spoken at great length around the infrastructure that has now been fully addressed in at Roan. Yes, it is a fact that because of what we went through, we had a two-month impact, 2.5-month impact on Roan, that we had to overcome, address, and ensure it never returns to our facilities. That's where we've ended up with today. We are one of very few companies within that strategic group. We are probably the only company that received additional power, and in fact, government's commitment by upgrading our power infrastructure at Roan. As we said earlier, tried to explain, an announcement is probably the worst place to try and explain what does it now offer us. A key part of the authorities offering us more power, upgraded power infrastructure at Roan was to motivate us to utilize that additional power within an upgraded infrastructure that is now trustworthy, that offers us the opportunity to adjust our northern expansion strategy. Where originally it was about building new concentrators distributed around the country where the waste is. What the outcome is and the update to the strategy now offers us is to use this Roan footprint we've got. It's an expansive area on which Roan is built. It now has our own water infrastructure we own. It's got power infrastructure upgraded with more power being allocated to it. There cannot be a better position to upgrade and make it larger than at Roan rather than building a new concentrator fully reliant on additional infrastructure, new infrastructure, that probably likely will not be delivered to that new concentrator. That's the adjustment we were able to make. Now, it sounds obvious that it should have been done all along, but it's only doable because the infrastructure around that facility has so significantly been upgraded and invested in, and that's what it now offers to the North. It now offers us to make Roan bigger or build another Roan next to Roan and bring in the northern material that's in its catchment area into it, and therefore no need to build a dedicated concentrator out at the waste. All we're looking to do is take that waste material, which roughly runs about 0.5% copper, higher than most mines outside of Zambia and the DRC, and upgrade that to the order of 1.5%-2% copper to bring it into Roan. We were always going to upgrade it to 2% and then concentrate. It just now means the concentration will happen at Roan rather than at site, and then come into the refinery, for making it into a cathode. That's the impact and the positive outcome, that the pain we've gone through has delivered, to us and offer our investors that opportunity now. This we've spoken about. This is really my second last slide, really. Our strategy in Zambia is clear. Zambia is blessed with an enormous amount of historical waste that is centralized around four main mining areas. They're not scattered across the country. In addition to that, because of Zambia being so unexplored for copper, it's only now that companies are starting to explore again for copper. You have a thriving junior mining sector, mining small open pit areas of copper, desperate to partner with a company who's known for their processing excellence and ability to process material. The combination, as you can imagine, sounds so similar to South Africa, where we have our waste component and our third-party ROM component, and the two together gives you your business model that is so strong. That's what Zambia offers us. We're in the lead. We're the only company at the moment that is investing to implement this process. Therefore, we're the only horse in the race at the moment, and we have to act quick to secure a big slice of this opportunity for our group. In addition, we've asked many questions, where are we going to refine in the North? Because Sable has got limited capacity. In Zambia at the moment, much like Sable was at small, in the North, we have refining capacities that are standing in Zambia in a time when copper is where it is. They are standing because they have no mine connected to them or the mining component has failed or is running very inefficiently. That has offered us the opportunity to do two things, to seize onto that brownfields refining, because as we've just shown, you must invest into areas where infrastructure exists and is supported. A brownfields refinery comes with its infrastructure already available. It's a discussion we've had with government and authorities to ensure that where we target these refineries are within the infrastructure that they are committing to maintain and support. We have announced our memorandum of understanding with Mopani, where we look to put a footprint on the old area of their refinery outside of where Glencore invested for the new refinery on Mopani, because Mopani is the center of power and water in the Copperbelt. In addition, we've set our target on a second refinery, which is a significant cobalt refining capability. Those discussions are advanced, and we are pushing ahead to conclude that matter. On Mopani, it's been nearly a year and a half since the MoU was done. We have roughly two-three weeks left for our engineering team stationed at Mopani to submit the detailed design of the refinery to Mopani for final review and approval. That's where we've come to on that. It's a critical component because since waste is a core part of what we do, you must have a refinery. The refinery is the anchor that dictates the size of your concentrators. Because you're starting with such a low-grade copper in waste, your first marketable product is, in fact, your cathode, and therefore, your refinery is the anchor to your strategy in the north. That's why we say we are perfectly positioned now in Zambia. We have the government fully educated. We have a president speaking about a waste strategy we educated them on. You can see that the ZCCM-IH, which is the government-owned mining company, is now publicly putting to tender the waste by qualifying that only companies that have a track record in this area may tender for that waste. You will see if you go into their portal that the Mufulira Slag Project, it is probably the largest, highest metal-containing waste within Zambia, has gone to tender under our advice to the company. Jubilee is very well-positioned to be the successful outcome on that project. In summary, I think we've spoken to this a lot. I don't wanna waste too much time on it. Where is the South currently? Where is the North going? I think we've discussed that in detail, and happy to take a lot more questions on that for everybody. Of course, that's just a slide I put out there. Key in this, and I know there's questions around are the designs complete for the North. I can't wait to bring it to market because part of making waste work is the technical breakthroughs you need to deliver. There's a very good reason why people are not yet processing that material, not even the large companies, because you need to make technical breakthroughs that work to make them recoverable, the copper and the cobalt in that waste. We're at a position now where our pilot facilities are running in Johannesburg, running the processes we are already designing for implementation in the North. This is just a statement on Jubilee, which I feel very passionate and strong about because it's not just us saying it's what our clients are saying about us. We often spoke about in the past of large mining companies making use of Jubilee, and that's an area which I look forward to bring further updates to our shareholders on how these large companies seek to access what we do and how we do it. That's the end of the presentation. Thank you for listening. I would welcome an opportunity now to go through your questions, of which I've made a summary. Leon, thank you very much for your presentation. Ladies and gentlemen, please do, please continue to submit your questions just by using the Q&A tab situated on the top right-hand corner of your screen. Just while Leon takes a few moments to review those questions submitted today, I'd like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via your investor dashboard. Leon, as you can see, we received a number of questions today, and if I could just ask you to read out those questions and give responses where it's appropriate to do so, I'll pick up from you at the end. Thank you. What I've done on the questions and to make them, you know, to make sure that we cover as much of them as possible, I've grouped them into themes. A lot of the questions are similar, just using a different wording to ask a similar question. The first group of questions are around Zambia, specifically asking about the current state of the infrastructure. Is it worth investing still into Zambia with its infrastructure? Question about whether the mining, the authorities, what is their view of the mining sector? A question asked whether should we not rather than spending our money on capital and expanding in Zambia, spend our money to maintain our plants in South Africa? I'll run through that theme, quickly, before we get into the next grouping of questions. On the infrastructure in Zambia, yes, it is true. The infrastructure in Zambia is under strain. There's no doubt about it. As Jubilee today, as part of a strategic power user group, part of a task team that has direct access to the authorities on power, on the back of our own privately-owned water infrastructure, upgraded power infrastructure, we certainly can no longer use power infrastructure within the current status of Zambia as a reason for not delivering production. I'm very confident, and especially the exceptional support we received from government after engaging at all levels over this period. The way in which they have reacted, the way in which commitment has been made, implemented, and delivered, speaks to how they recognize the strategy we are looking to roll out in Zambia. The answer to your question on infrastructure in Zambia, as much as it's under strain, we as Jubilee are in a particularly good position to make use of the infrastructure that are there. I do feel sorry for companies who have not gone through this or who have not been able to successfully position themselves within the grouping or to have secured the infrastructure we now own in Zambia. The view on the mining sector is obvious. The mining sector is a vital part of the Zambian economy, and the support we as Jubilee have received is tremendous. I've been able to present at every single level of government and the administration levels to ensure that Jubilee's vision, our strategy, and how we look to implement it is understood at all levels in Zambia and well supported. It's also easy to receive such support when a company has only been in the country for such few years as we have, yet have rolled in so much capital, employed nearly 650 people already directly. Government sees what we are delivering in Zambia. The further question that was there was to explain in detail what have we done to address the infrastructural challenge? Where has the $2.5 million additional dollars gone in Zambia to address the infrastructure? Well, first and foremost was the water infrastructure. It means that for 750 meters, nearly a kilometer far, we extract our own water out of the water resource. Zambia is blessed with a lot of water. It's getting the water to your facility where the problem lies. We have installed our own filtering, own pumping, own transfer, own pressure controls and distribution of water system, and that's what we own today. Therefore, we're not limited by any other infrastructure. We're not sharing that infrastructure with communities, and various other entities who also need access to that particular infrastructure. On the power side, substations have been upgraded, overhead lines have been upgraded. Forestry around the lines which hadn't been maintained has been removed to make sure power lines do not touch trees because Zambian things grow very large. All that has been done for us now at Roan, which we've assisted. All equipment that suffered during these mechanical shocks have been upgraded, where necessary, made stronger and replaced. That's what we've done over this period. The second group of questions that are there are on Inyoni, understandably so. Inyoni is a very important part, the Platinum Group section of our company as part of our earnings generating side. Again, key questions was how exposed is Inyoni to power? I think we addressed it in the presentation. Because it's a feeder of a company that is part of the strategic power group. Inyoni only sees load shedding or power reduction at a certain level, and that level is a very high level, which is very seldom reached, if ever, in South Africa with the current interventions happening. It's only on the chrome side where we are affected. It is the reason why we built up that stock in between the two facilities, and it's also the reason why the chrome runs roughly on 30% of its capacity on back-up power. It's backup diesel generators that kick in to ensure the chrome facilities operate during the power downtimes, when we stop. There's a current collaborative project under review to change onto a solar power support for the facilities. Power supply and power, solar power. There's certain technical components we have to work through in South Africa around excess power you generate. How is that fed into the current infrastructure that through the regulatory framework has to be addressed in South Africa. There were a number of questions specifically, and I could read the frustration in the questions and fully acknowledge that around the board and the role of the board. We have a very, very renowned person as our chairman. Ollie comes with such enormous experience in the industry and wanting to ask, well, what impact is he having? What is Ollie addressing in our group? I think often when such a change happens in a group, there's two things that have to come together. One, the group has to embrace the experience that comes in because so much is there on offer. Second, the fundamental shifts that is being implemented in Jubilee takes time to come through and fundamentally change how we communicate, how we report, how often do we report our operations, how clearly and transparently do we report, how does the governance structure work and everything that goes with that. They are fundamental building blocks that through Ollie's experience is coming into a company that's gone from entrepreneurial exponential growth into a significant entity targeting a far, far greater market capitalization than what we certainly are. Those impacts are coming through the various committees that are formed, committees that are chaired. It comes in through the impact of the board structure, who's on the board. Tracey Kerr, who's come onto the board, brings the specific experience and fundamentally changing how we report, account and pursue our ESG component of our company, and how does that translate into the audit and risk that is chaired by another Non-Exec Director. The impact of Ollie, I think, will be starting to be seen in our company already, but definitely through the communications going forward as that impact now will start becoming very, very visible. Don't underestimate the changes happening inside the group from that entrepreneurial to where we are going now as a very large operational entity going forward. The next group of questions, there were three or four of them that specifically asked questions on Dilokong. Dilokong, I'm quoting Colin from Dilokong, and I just wanted to clarify. On Dilokong, there's a big portion of Dilokong that's already been processed through our facility. It was part of that record earnings we had in 2021 because it's such a valuable component of material. There is still significant amount of Dilokong material left, but that's part of our Eastern strategy. As much as this is not the platform to give market updates, the Eastern Limb strategy, which we briefly didn't even touch on, but the Eastern Limb strategy is progressing exceptionally well. The only element that we were waiting for was the environmental licensing to make sure we receive that from the authorities to implement the Eastern Limb strategy across the board. It is a whole new region of South Africa with PGMs and chrome that we haven't even yet entered. Dilokong is within that region. It is a newer region of South Africa for chrome and PGMs reefs. We have been processing reefs from the Eastern Limb at Inyoni for roughly a year now to ensure technically we've got our designs right and we've got our efficiencies correct for the implementation of that strategy. We are particularly close to bring that out to the market on how and when that will be constructed on the back of the environmental permitting being issued to Jubilee. The question on capital, there were a number of questions around the capital spent. Is it good to spend the capital within Zambia? Should you be spending it on maintaining operation? I thought just to address those four, five, six questions on that. First and foremost, our facilities in South Africa are very well capitalized. As you know, we've just expanded our Inyoni facility. Our chrome facility has been doubled in capacity. We run a very strict capitalization program around Inyoni because Inyoni's existence is around process efficiencies. It cannot not perform. It is why people utilize our chrome facilities because of our efficiencies. Capitalization of those are part of our business experience. South Africa is well capitalized. The only capital we look to add into South Africa is the expansion, of course, of the Eastern Limb, where it's a second Inyoni basically being pursued, and certain constant drive to improve our efficiencies. We have a superb technical team, envy of many companies in the industry, whose drive is to improve what we do all the time. I saw a question that was quoted, a PR firm called the Sunday Roast, mentioning the recoveries we believe is achievable in PGM waste, where our technical team spoke to them. I think it's because the Sunday Roast people actually visited our technical facility and was blown away by a company our size to have that technical facilities. We are making and are working in the background on breakthrough approaches to PGM recoveries, is what we do as a group. In Zambia, our capital invested there are Sable to refurbish and construct Sable. The second capital was to build a brand new Roan. The third capital is to build and expand our cobalt refining facility. The capital is very targeted with a very clear outcome that we are pursuing in Zambia. I think maybe through the communication, it would have seemed as if we are prioritizing capital for new companies rather than maintaining what we've got, which certainly is not the case. There were a number of questions then around the Northern Copper Refining Strategy. Questions to say, "Well, how long are we gonna talk about a refinery deal? When are we actually gonna see this to come to fruition on the refinery? What is next on the North? Two things we are chasing, which is next in the North. Our current designs, our engineers are working overtime to update the designs to see how do we expand Roan. How do we take up this power that's been allocated to Roan? It would be silly for us not to take up the opportunity to take up the power that's nearly double of what we've got that's being offered to the Roan infrastructure. It means the first phase we're going through is to expand the front end of Roan to allow us to process both run-of-mine as well as waste simultaneously through Roan. It also is to increase the buffering capacity in Roan. It's better buffered if ever the infrastructure of Zambia collapses to the way it did again, even with the upgrade, to ensure that the knock-on effect is better protected. To ensure that we have, like in South Africa, stock at Sable, that it can run through that period no matter what happens at the front end of the concentrators. The first is that expansion. The second part, as we discussed, is to submit our final design, which is very little time left, to Mopani for review of the expansion onto their brownfields footprint. The last one is to complete the transaction that we are targeting for the Northern Refinery, which brings in the very large cobalt capability. There's one little item we have to get our heads around on that transaction, which stems from a liability that had not been disclosed. That's in discussion, and I've no doubt we'll resolve that matter as well. On how do we fund that, we are well advanced in our discussions with our debt and credit providers who see the viability of the project, and the bulk of that funding will no doubt come through debt and our own cash to execute that expansion and that transaction. The last group of questions I received was more looking forward. One, of course, was around are we going to start announcing quarterly to ensure that the development evolution we are going through is better understood by market. It doesn't react in the way it did on an announcement that actually standing back, yes, it's got some bruises, in it, but is not significant to our rollout and implementation of our plan. In fact, our earnings is above target or above guidance. Quarterly, I acknowledge, would assist in ensuring that that evolution is better tracked and understood. It's something the board will be evaluating at its next board session, and it's likely that the more developed operational footprint like South Africa clicks into its quarter. While Zambia are going through the implementation and project status goes into a project update rather than a quarterly operational update. That debate, we'll have, and we've certainly taken your recommendations and frustrations on board, to address that, especially in the manner in which we communicate and how frequently, we communicate. Just looking at the number of additional questions coming through, a lot of them have been addressed through the current status. There's a question on why have we not announced the fatality that was suffered from one of our service providers? To be honest, there's no good answer to your question other than it is part of the impact we're going through with Ollie and our team to ensure we communicate more frequently, more often, more transparently with the market, which I fully commit to, and you will see that coming through now through our group. Rather than typically as engineers, focus so much on the solution we're trying to deliver to bring out the answer to the solution rather than just where are we today. That's a commitment I certainly am making to you, our shareholders, going forward. I think that probably concludes today's questions and answers. I really urge you if there are any particular question you felt had not been answered correctly or not fully, that you would like further clarity, please access our website. Please, I'm sure, this portal will offer some feedback as well. We would really be eager to ensure that it is clearly understood how we are rolling out this exciting Zambian strategy and where and how far we've come on it. Yes, we had a blip, but we came out the other side definitely much stronger. Thank you again for your time. Thank you for taking time out of a Friday to listen to Jubilee. I truly appreciate that. Leon, thank you very much for updating investors today. Could I please ask investors not to close the session, as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, but I'm sure it'll be greatly valued by Leon and the company. On behalf of the management team of Jubilee Metals Group PLC, we'd like to thank you for attending today's presentation, and good morning to you all. Thank you.