Good afternoon, 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 via the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll, I'd like to hand you over to Leon Coetzer, CEO. Good afternoon, sir. Good afternoon, thank you for the introduction, welcome to everybody that's logged in. It's been a while since I personally presented, I'm looking forward to today's discussion. Today's focus, which is of course, the Molefe mine production area, is one of many focused presentations we'll be scheduling throughout the course of this year, targeting specific operational areas, giving more clarity, color, insight into what we as Jubilee are currently implementing, rolling out, implementing in our Zambian copper strategy. Without further ado, we'll jump straight into the presentation. Maybe just before we kick off the presentation, just a quick step back, especially for everybody's understanding of where Molefe fits into the larger Jubilee strategy. We've published before what we call our three business-pillared strategy in Zambia. Our first pillar, which resembles some of the successes we had in our South African operation we sold in December, which is all about buying in third-party material, processing that third-party material, turning it into copper. It's a business model that relies on our own processing capability, which we're quite renowned for. It is our own processing capacity we've installed, capitalize and operate, then we buy in the various copper ores that we process. This business pillar is centered around our Roan operations in Zambia. The Roan operations has been in the news in our various updates on its path to where it is today, where it operates at target, a very uniquely combined processes to give flexibility to our company for the types of ore that Roan processes. Roan will be our next project presentation that we will schedule in the coming weeks to provide shareholders insight into this unique operation that we are now running, enjoying the success of that long path of development that is Roan today. The second pillar within our business was to leverage off the first pillar where we enter a market, we establish a significant processing footprint. We get to know the environment. We start producing copper. We introduce our copper cathode into the market. We're building up a brand for the quality of copper cathode that we produce as Jubilee through that processing arm. Then our second business pillar really is one anchored by own resources. It's a business profile that ensures that our processing expertise are applied onto our own resources. It's anchored by your own profile, your own life of mine, and your own resource base, which can ultimately reflect into value onto your own balance sheet and into the market. It therefore means that it replicates a traditional exploration mine to metals company. The uniqueness of this pillar is the fact that, of course, we're operational already. That by the time we commenced with the development of this Molefe mine, we were already making cathode through our first business pillar. The third business pillar that we are executing is one that replicates what we've done in South Africa, where we apply our processing expertise onto historical surface mined material. The only difference between Zambia and what we used to have in South Africa is that we own that surface material in the 240 million tons of overburden rock we secured in Zambia, in addition to rights to various other tailings resources. These are our three pillars. Today's focus is on the center pillar, which is our mining side, where we entered this mining space roughly 18 months ago with the acquisition of the rights of our Molefe project. If we look back and dial the clock back roughly 10 odd months, in August, we made a few statements on the rationale, what we aim to achieve, and then we can reflect on whether in fact we achieved what we set out under this second pillar of mine to metals. We mentioned the fact that in Zambia, we would steadily move towards an integrated mine to metals company. It is a company that relies on its own resources and applies its processing capacity onto its own resources predominantly. We said that our strategy would be aimed to dilute or move away in time from relying on third party run of mine as an anchor supply to our refinery, as the dominant supply going forward would come from our own resources. It therefore meant that Jubilee, looking forward, would replicate or look more like a traditional mine to metals company, where it has an exploration profile, it has a profile of mining operating assets, and it has a significant processing footprint in-country that turns that mined ore into cathode. A traditional large copper company. Along this way from where we are to get to that significant, we also indicated that we would be forming strategic partnerships along the way to accelerate that rollout and also make the capital requirement lighter to achieve this fully integrated mines to metal company. Where are we today? Molefe, as we've said in our previous announcements, has mined a significant amount of copper reef already. It's the unique approach we had where we said, "If we're going into mining, let's combine being operational while we develop and roll out the ore resource statements." We had that ability because Molefe is quite unique in that it has multiple copper outcrop areas. It means the copper is accessible. It's not a large overburden or a large significant amount of earth that has to be moved to dig a hole from where you ultimately expose the copper reef. The area in which Molefe is located is blessed with multiple areas where the copper actually breaks through and is visible from surface. As part of forming a strategic partnership, we launched a drilling program of this resource to update and review what the formal mine plan for this opportunity should be. Ultimately supported by fully JORC compliant or SAMREC coded, depending on your jurisdiction, would describe the resource from a Competent Person's Report. In addition, while this is being developed, while we are expanding the Molefe mine, we also created on surface a stockpile of medium to low-grade copper. The strategy at Molefe was always that the higher grade copper would be trucked directly to our refinery because we're in this position where we already have a copper refinery. This is not the typical development of an exploration right into, ultimately, a mining right into a mining plan, a mine, and then capitalize into processing. We kick start life with an operating refinery already producing copper cathode. This stockpiled material for the size of this mine is already exceeding nearly 2.3 million, closing, reaching 2.5 million tons of rock on surface. In its own right, a very significant value if you just extrapolate to some of the values we've told the market that we've attained on some of the surface materials we hold rights to. Phase 2 of this development is the phase 2 drilling program that once we've now drilled the resource sufficiently to implement a formal mine plan, is to continue the drilling program as we define the remaining resource to a compliant statement. Maybe just a quick overview for Zambia for those that don't quite know where Zambia is. At the bottom there, South Africa was where our main focus was. In Africa, just above Botswana and Zimbabwe, you've got Zambia. In Zambia, all our assets are in that center area of Zambia, within that central province. It borders the northwestern side, which is the new frontier of copper, and it borders the northeastern side, where there are quite a number of established copper mines. In the center there, you'll see a Sable Refinery, where it is our central refinery where our various concentrated materials are trucked to where we then produce our copper cathode. The refinery's capacity is being expanded, and the expansion rate is married to the development rate of our Molefe mine and area, so that its capacity is linked to the requirement to refine the various ores coming from our operations. The refinery has got two copper tank houses. Those are the areas where you plate your copper. We're currently operating on the one tank house. The capacity step up will be that the second tank house is brought into operation. The infrastructure for this second tank house, including the buildings, are already in existence. Roan Concentrator sits just to the north of Sable, while Molefe sits slightly to the east of Sable. Roan is where the two kidneys of Zambia comes together, and Roan is a fully operating facility. It's been capitalized over a prolonged period as we've adjusted that process to be able to process the materials that Roan currently focuses on. These materials are predominantly copper oxide materials, which by their very nature are more complex, are more variable in quality and content, and Roan's process has adjusted to be able to process that very efficiently. The last addition Roan received has been what we call the new dewatering system for one of its products. Roan makes three products, and the dewatering system is one that accelerates the drying of one of those products, being the very fine concentrate. It is a particularly unique approach to be able to dewater what most companies find extremely difficult when particles are that fine to separate water from particles becomes particularly challenging. Roan has solved that problem only for Roan, but very likely has solved that problem for the industry on how do you actually produce a dewatered concentrate from that product. It therefore means that Roan is now able to send more copper product to Sable for refining into cathode. The last one there at the bottom is the Molefe, we call it the greater Molefe district. The reason for that is that beyond Molefe mine, that certainly isn't our only target. We've acquired rights to vast greater properties than Molefe itself. Molefe running at about 400 hectares on surface. We've gone and taken that through our rights to thousands of hectares that we have secured, which we will now target our exploration project to roll out to. These properties were selected because from the visual inspection, the aerial inspections, they seem to replicate the potential success that Molefe has been. As we discussed and touched on, it may be some often not quite communicated accurately through our announcements, there is a particular value differentiator when you look at Jubilee and copper. When most companies enter copper and they bring the opportunity to market, it is driven by an asset that is explored, developed into mining, and follows the chain of production. Jubilee is very different because of our three business pillars. We are a company with a well-established processing platform. In that processing platform, we have two operating assets that are processing, operating, and producing high-quality cathode in Roan and our Sable refinery. We have a significant in-country presence. It is probably the most valuable investment in our portfolio is to be in country and have been in country for a few years. The lessons that have been learned, the obstacles that had to be overcome to produce copper are invaluable lessons, invaluable assets in our group. That barrier of entry is set so much higher for other companies who wish to enter into a jurisdiction that is maybe not well understood and its challenges not well understood. The second component is on the back of that success that we have now achieved, and lessons we have now learned, and the knowledge on how to operate in this country. We are now transitioning into a resource-backed copper entity on the back of secured rights in exploration rights and operating mining right on the back of, as we said, operating processing platforms. It therefore means that our long-term value is driven by two drivers. We have a near-term production of copper cathode, which now steps up on the back of these two assets that are currently operational. We have our long-term value underpinned by a resource growth and a resource statement to underpin our mine life expansions. We have both the mining upside being combined with an existing processing capability. If you were to look at the typical capitalization of a mine, it is multiples above what we have at Molefe because we have your existing processing platform already operating, which is normally a significant capital component on the mining projects. Molefe in picture there. This picture is a couple of months old, a couple of weeks old, actually. What you are looking at is a top view. In view there is the. It is the overburden or the pre-stripping program we announced in April and accelerated through May. This stems from the drilling program that designed our mine, that restated our mining targets and our mining operational model in partnership with Galileo. What you are looking at there is pit 2. It is being developed down to the bottom of the picture, where it ultimately will extend into pit 3 to become one mega-pit that we mine. From that photo, you can see the shallowness, how near surface the reef is. The reef is being exposed. The steps you are seeing is the trenching as we pre-sample reef before mining and loading it. You can also see from the picture that it is what they call free dig. We are not yet drilling and blasting. It currently is free digging, which makes it even cheaper to mine. The phase 2 drilling program, which we will show the picture for you later, is now extending down to the southeast as we explore the reef as it bends down to the southeast. There are a total of nine pits on this property, previously mined by various companies in more of an informal manner. It gives you a sense, if you look at that picture and you just let your eyes drift up, you will see what looks like a dam. It is actually a jagged original pit dug by the mining company before us. You will see there is no structure to it. It is quite narrow. Therefore, your access of trucks and loaders to step up the mining rate is challenged, and nor is it of a safety standard that you would expect from a listed company and a company such as Jubilee. The drilling program as we spoke. The first is the phase 1 and partially phase 2 drilling holes across that property. It gives you the sense of the extent of the mines, or the previous pits that were opened at Molefe mine, and to the right of this picture. Just shows you as we bend down southeast, as the reef bends down to that natural shape. The next drilling program has been undertaken. Those holes shown there are already drilled just to define the reef direction. It now will increase in the number of drilling with fixed spacing to be compliant for our resource statement we spoke about. Molefe is in a particular development program. It's a very structured program we are following through on Molefe. Just giving a pictorial view. Phase 1 is done. Phase 1's biggest outcome was the mine plan that was designed, implemented, and of course, the difference between this mine plan and an exploration drilling and then mine plan is the fact that we're already operational. We have thousands of samples from operations from our pre-trenching to confirm the accuracy of our mine plan. That's a particular advantage to be in, that you are able to confirm what you've drilled through actual operation and taking ore into cathode. The outcome of phase 2, the biggest outcome of that would be a resource statement to finally put to market the value of this property, to finally bring it onto our balance sheet and get recognition for that value and investment that has gone into this operation. Thereafter, of course, is the expansion. As I said, we're going from hundreds of hectares to thousands of hectares we've secured for the expansion of the regional drilling and exploration area of Molefe. Phase 1 drilling we've touched on. It was quite a significant drilling program, as we say there, 3,500 roughly meters of drilling done. It's particularly significant if you think of how shallow this reef is. This gives you an overview there on the right. It's a very old picture as the pre-stripping program commenced. Phase 1 drilling, as we said, new mine plan, pit 2 and 3 being combined into a single mega-pit. That is ongoing. Pit 2's expansion is now completed. That was the announcement as we commenced delivery of a run of mine ore from that pit to our Sable Refinery last week. Already for the month of June, as announced, the tonnage from this mine steps up by nearly 80% from its previous mining rate. From there it continues where we are going up by a factor of 3x-4x the amount of material from this mine on a sustained basis. The updated mine plan we've discussed. The figure there that maybe for people not quite understanding the technical terms. The average stripping ratio of the mine plan at 6:1 is exceptional. What it means is that for the amount of material you have to mine, 1 ton out of every 6 tons is actually reef. It shows you how the mine plan drives efficiencies. That the amount of ore, and therefore the amount of copper you mine for every ton uplifted, has significantly increased to where we previously were hovering at 14 tons mined for every ton of reef, coming down to the 6 tons for a ton of reef. Very significant on your cost, efficiency, number of equipment you need to implement the mine plan, and consistency and safety of mining from this mine plan. Just some numbers because quite often to put 6:1 and stripping ratios and tonnage rates into actual tonnages. You'll see on the table there it's roughly broken into quarters from commencing our stripping. To give you a sense at the bottom line what the actual copper units are that will be delivered to our refinery from this mine, and what are the copper units delivered to surface. As you can see, it's a significant step up driven by the width of the new pit, driven by the accessibility of that reef, the shallow dipping of the reef, which means it gets deeper very slowly. The consistency of that reef supported by the drilling program. Molefe becomes, there were questions around why we're calling it an anchor. The reason we call it an anchor of our strategy is because of its consistent increased contribution to our copper production. You can see where it plateaus. Two Molefes are already bigger than all of our copper cathode production. Three Molefes is a multiple higher than our current production. If you look at the size of our current Molefe property at a couple of hundred hectares compared to the thousands of hectares we have secured, one can see that there's a potential for a significant number of Molefe mines to be established within our existing exploration portfolio. What comes next for this mine? What we've discussed and spoke about in some of our announcements is the development of the on-site processing capability. At the moment, Molefe, which is quite close, roughly 52 km-54 km from our refinery on a dedicated road, bridges that we've constructed. We only take the high grades. That's 1.6% roughly, ultimately copper ore to our refinery. We still have a significant amount of copper ore which is being stockpiled in the lower grades, it's 0.8%-0.6% copper, still significant copper grades on site. That material is stockpiled for on-site processing. On-site processing means two distinct processes. The first is what we call ore sorting. Ore sorting means that we automatically and using online technology, are able to select the ore into high grade, medium grade, lower grade and waste on site. It means it does not have to be done manually. It doesn't have to affect the mining. It is done on surface to allocate accurately the ore for trucking direct to Sable, as well as the different grade profiles which each requires a specific processing solution. The on-site ore selection or ore sorting program has already commenced. The first ore sorter is in Zambia. To implement the process goes through very specific steps. Not to go too technical, the first step is actually defining the recipe or defining the data set for the ore sorter to ensure that what it measures through its various techniques actually has a statistical accurate link to the copper grade. That is the first part of the project. This takes roughly about eight to 10 weeks of intense work, bulk samples going through this facility, as we define that data set before we complete the detailed design on site. It's light on power, light on capital, it's not a particular complex installation once that first phase has been successfully completed. The second phase, which is more involved, is the actual chemical extraction of the copper. The size of that modular unit, as we called it, has gone through various reviews driven by the new mine plan, driven by the drilling outcome, and equally driven by the sharp increases in, as you've seen with the current challenges the world is facing on diesel costs and asset costs, that we had to adjust our project to accommodate these higher prices. It would mean that what you truck to Roan has to be more accurate and of a specific grade to ensure your transport cost doesn't destroy a significant component of the contained copper value. That program is currently being reviewed. Johnny, through our financial and commercial team, is ensuring that the capitalization and returns of that project remains to expectation. That will probably take another two, three months to complete to be able to accurately define for the market, this is the size, this is the timeline, and this is the capital that that modular units will require. The modular units that we are designing are by design very capital light. By design, learning from our South African experience, where we so successfully rolled out our modular units. It's about reaching an economical grade of copper to transport it to Roan. It's not about producing a saleable product. That's the reason why it's so capital light, because you have this advantage where only 53 km, 54 km away, you have a fully capitalized operating refinery already. That's what the modular units seek to do to ensure that transport cost is a very small component of the actual carrying value per ton. Phase 2 we've discussed. It's all about the expansion of our drilling program. The outcome that we're chasing so hard of our phase 2 is a JORC as we call it, or SAMREC-coded statement of our resource so that people can recognize the value, people can compare it to other mining companies, people can apply their multiple on the copper units contained, to come to a value that this mine would reflect on the balance sheet and be recognized in the market. Therefore, the drive and the pressure on completing that drill program is specifically high to ensure we reach that point so it can be recognized for what it is rather than purely on our copper production. It's a significant potential value that is sitting in our company, and will be released on the back of our resource compliant statement. As we said, Molefe, it is a validation of what we said upfront when we reviewed the opportunities in Zambia and when we looked at entering into Zambia. It's a validation of securing property that can be rapidly turned into an operating operation or project while expanding and exploring that facility. It's a proof of concept that is not common. It's a proof of concept that we saw this opportunity and seized it. It is why we secured thousands of hectares before proving up that the resource also become unaffordable to acquire. That is what Molefe is. It's on the back of our first business pillar, which is an operating facility processing other people's material into cathode that we sell and make a margin on. It's on the back of that investment, it's on the back of those lessons learned that we are able to implement Molefe, accelerate the implementation, already delivering run-of-mine material to our refinery under a structured mining plan informed by a drilling program, while we expand the drilling program for the definition of the larger resource. Absolutely, we look to replicate that success across Zambia because we're ahead of the pack in showing this. We are ahead of other competitors in showing how this can be done, because the barrier to acquire a refinery and build a concentrator is so high in capital, so long on timeline, that we have made sure that this lane we are in is secured for ourselves for a while to come. As we've said, through this, we have demonstrated our capability to operate, to overcome numerous challenges thrown at us within the country, from infrastructure to environment. Yes, very valuable lessons learned along the way. Underestimating initially what it takes to get to that operational state, and now finally arriving at that operational state. Our next phase of the business is scale. Being in copper, having a copper refinery, scale is critical. Your fixed cost structures in refining is a significant component of your cost structure. Therefore, scale is very important to ensure your margins are protected, offer significant capital return. It's that expansion drive on the back of the Molefe success and the fact that our Roan concentrator is currently operating to target that we are now able to pursue. That concludes the discussion or the presentation on Molefe. I hope that has assisted in understanding better what we are doing. I have no doubt that there are views that we could do what we do faster. We should deliver the results and deliver the value faster. It is a build-up of circumstances, it's a build-up of lessons learned, and it's a build-up of two critical operational arms finally coming together and now reflecting in our copper output. The beauty of where we are today is that you're sitting with a fully capitalized concentrator, a fully capitalized and operating refinery, and a capitalized mine that now delivers its run of mine. Very few companies in copper in Zambia can lay claim to that outcome. I thank you for listening. To avoid any further delays, I think the next phase of this presentation is I'll dig into the questions. We've received a list of questions, and there's a few questions popping up as I spoke from investors. What I am going to do is really focus the questions that are specific to Molefe. Many of the questions outside of Molefe we'll address in the next hosted presentation on our Roan facility, as well as the third phase, which of course is our large waste project. There's a few that I think is quite pertinent that I will address and touch on. To jump right in, and we'll try and get through as many as I can of these questions. Where we do not get to them, as initially said at the beginning of this presentation, we'll definitely endeavor to list them and write the answers where we can, of course. We can't use this platform to make announcements that hasn't previously been announced, but we certainly can give color and maybe explain and correct maybe misunderstandings along the way. The first grouping of questions was around the capital expenditure, which is expected to complete the next phase of the Molefe ramp-up. That's the phase of ramp-up as we announced, going from the 6,000 tons of run-of-mine high-grade for this month up to 8.5 in August and then 10 to October. On that capital, we've capitalized Molefe. The only remaining component of Molefe is working capital as the mine expands. The bigger capital drive of acquiring the mine, establishing the mine, and doing the full pre-stripping to go into operation has been completed. The next part of that question is the on-site processing strategy. I think we touched on that in the presentation, is that the first phase, which is the ore sorting, these capital as this phase now currently undergoing the definition work of the data set of the ore sorter, linking it to the data of the actual copper mineralogy of the ore. That will define the accurate capital which we'll bring to market. The second component which makes that answer slightly complicated is the fact that we yet again have to rework our models in the back of the sharp jump in diesel prices, asset prices in the market that our commercial team is currently reviewing. We'll bring that to market very shortly. By definition, as we said, the capitalization numbers are particularly low because of the fact that your large capital investment in your refinery has already been made. It links into your second question, which is about capital intensivity on the infrastructure and how that compares to traditional mining, or one can expect it to be particularly light. If you were to compare our capitalization of the Molefe mine compared to a traditional mine, you'd expect it to be a multiple less because of your first business pillar as well as the fact of how shallow the ore is at Molefe and the proximity of the Molefe operation to our refinery. The final component is because of the processing techniques we've developed to upgrade that ore rather than making a saleable product of that ore for our refinery. How should investors think about the longer-term production profile for Molefe beyond the initial 10,000 tons? As we said before, we are targeting up to a 20,000 tons per month of copper reef being mined at Molefe. Of course, that means it's 20x 6. If you take in the stripping ratio, the physical tons that are being mined, it's quite a large operation of that ore. Part will be processed on-site and the rest is trucked directly to Sable. A question around what production scale Molefe District can ultimately support if additional exploration successes continues. It's a question tough to answer and I certainly can't be speculating here. The only sense that gives us a great excitement is the visual view and aerial surveys we've done of the greater exploration areas, as well as that drilling that we've done towards the south-eastern side of the property. It certainly suggests there's a lot more Molefe's potential in that area. The question around Sable, flexibility and capacity in Sable. How much more can Sable be expanded to accommodate the potential of the Molefe District? Excuse me. As we discussed, currently we use one of the tank houses at Sable, so it's running roughly at half of its capacity. Both tank houses extrapolates to 14,000 tons of copper cathode per month. Expanding beyond that 14 at Sable has limited potential because of the footprint congestion that happens in that area. You potentially could by increasing further the feed grades, increasing further the upgrading at the Molefe sites, but it wouldn't be a material increase. The timing on the first production of ore sorting at Molefe. As we discussed, the first phase now, which is eight to 10 weeks, is the definition work of the ore characterization of the data to make sure it links strongly to our actual grade profiles. Thereafter, there's probably a four-month process, six months top-end, to physically implement the ore-sorting system because it is not a particularly complex supporting infrastructure that is required. How do we expect the cut-off grades to be impacted by this? It's purely the accuracy that is impacted. It makes sure that what you send to Sable is accurate, consistent, and meets that grade, and it's also far simpler to adjust that selection of ore. It means mining can potentially mine more, knowing that the ore-sorting accuracy has been taken care of. Again, the next questions are about timing, is how quickly we can replicate the modular solutions. Can the modular solutions be expanded? The short answer is yes. As most projects, your most difficult first step is the infrastructure required for the first system. Expanding infrastructure thereafter becomes far simpler, and it's part of our designs in ensuring the power allocation for the area, the road infrastructure for the area supports way more than just the first system. We will bring out the modular approach later in the year. There are a particular technique approaches there that we're not keen to publicize at this stage. There's a lot of IP in how we upgrade that ore so effectively to a significantly higher grade prior to refining it to cathode, which has been done in-house through our team. The next question is around the balance between internally mined feed and our third-party run-of-mine supply. We address it in the presentation. You will consistently see a sharp growth in our own mined material versus the third-party ROM. Yes, there is still a potential, as we discussed in the market, for a slight increase in the third-party ROM through the front end of Roan. That decision whether we bring that online in June as well to step up throughput is something we'll explain when we specifically talk through the Roan project and its potential and how its processes operate together to allow us such great flexibility. Operating synergies between Molefe mine, Roan, and Sable are significant. In copper, throughput and volume is king. In a refinery, it is important because higher copper volumes dilute fixed costs, significantly increases margins for the company, because Sable is that central anchor that takes on Molefe and takes on Roan. They are great synergies. Beyond, of course, people, technical support, et cetera. The synergies of Molefe, Roan grades, higher grades out of Molefe on-site processing means transport costs and its impact on copper margins become less as we roll out the processes, many of the process techniques already embedded at Roan into the Molefe on-site processing solution. On the next question about how do we duly expect the economics of low-grade material to change once on-site upgrading and processing has been established? Well, the answer is dramatic. We're not processing our low-grade at the moment. It's a working capital that sits on the mine and growing, unlocking that value where we have nearly 2.4 million tonnes already sitting on surface and growing to unlock that copper in addition, the amount of copper we add every month onto that stockpile has a significant value release for the market. It means that where we planning to currently transport 10,000 tonnes of high-grade ore through to Sable at the estimated 950 tonnes of copper cathode, it nearly increases by nearly 60-odd% the amount of copper you add to the profile from just the low-grade side. It's a significant step up coming from the Molefe area. It is that key step up as we step up from our four to five to 10 -1 5 and beyond 1,000 tonnes of copper per year as these various building blocks start linking into one another. It was a vision we had laid out in front that we target our 25,000 tonnes of copper. We now are showing the market how these blocks start building into one another as we step up those various production outputs. A question around Galileo and the role it plays in Molefe. Galileo plays a key role in Molefe. They are integrated into our executive management side. They provide the exploration knowledge as well as mining knowledge into the project. They were integral part in the development of the new mine plan, which was reviewed externally by consultants. They bring that wealth of experience through their exploration programs in multiple countries into this focused project. That skill would typically be very difficult to secure for a project the initial side of Molefe. Obviously, when Molefe expands to where it's on its way to, you'll attract more of that skill into the company. What milestones remain under the Galileo earnings structure? Basically, currently validating and auditing accounts to ensure there's an investment hurdle that has to be overcome, and secondly, there's a resource definition hurdle that has to be overcome for the Galileo side. Very key question around what are the most important operational milestones investors should look forward to or watch out for over the coming 12 months? Well, there's a few very key simple ones. Number 1, the first business pillar is around Roan. What you can expect to see is the Roan consistent delivery of its targets, the step up of copper units it is delivering now to Sable. Of course, the outcome of whether we commence that front end on top of what we do right now at Roan and the Molefe step-out. Very clear, known, we've given the targets what we have to chase from Molefe. It translates to increased copper output. That's what you expect to see. The second component is clarity on the on-site development at Molefe of the on-site processing. Ore sorting and processing, the two phases of that solution. That clarity is what you can expect to be brought out to market as we've now commenced the next phase, which is the actual bulk testing of ore through a sorter to define its data set. That'll be an outcome, for example, because it gives you the triggers for the construction timelines as well. Clear direction on our large waste project is an expectation you can have. It means we've told the market we've got two companies we're considering to partner with on that large waste project. Those discussions are well-developed, and one can expect an outcome from those discussions in the very near future on how, what we're doing on our large waste project because it's such a significant mountain of surface material that sits in our portfolio. That outcome is an expectation you can have well long before 12 months. The last component is the step-out of the future, the step-out of our refinery, the step-out as we're building our blocks on our operational step-out from Roan to Molefe to wider Molefe to greater Molefe to the next Molefe as that steps out and the large waste project clarity. That would be what investors can look forward to over the coming 12 months as that now comes through reporting, as you can expect as a typical mining company on the one side, complemented by our third-party refining. Going forward, it also means that we've been holding back on giving updated guidance. The rationale is quite simple. We've learned our lessons. This is now about giving, once we have these building blocks coming in, is to give guidance based on our operating assets rather than guidance on a project being developed to ensure that clarity to address the frustration of missing targets, about missing production targets. It's more about missing project targets and giving production targets too soon. Those lessons have culminated into a mine plan that we can put to market, given a Roan operating plant that we can give to market. That's where we are at the moment. The last question really was about the scalability of Molefe. Is it outside of the Molefe greater district? Of course, our key focus right now is the Molefe greater district. We've got our secured properties. We have to launch our exploration programs. We certainly aren't blind to further opportunities outside of that district. We are well plugged in into our jurisdiction. Our teams are well plugged in into the area. We have a significant team based in Zambia. I'm personally there most of my life. You've got an educated workforce looking at, of course, many more opportunities than what we've currently brought into operation. Just going through the latest questions, there's a few that has come up. Just touching on some of them. They're not quite around Molefe which was our key focus, but I'll just touch on a few. They speak of the South African sale and those funds that come through. We've, of course, as you're well aware, we've received the payments in December. Our next payment date is coming December, six months away of the next payment date of that sale of that operation, of the South African operation coming through that. It's a very nice liquidity event lying forward as we have nearly $65 million coming into the group from that sale outside of what's already been paid. As we said, that next trigger date is in December this year, is that next trigger date. There's questions around just again clarity on Project G that's part of our mining portfolio. Purely, Molefe has just overtaken Project G. It's overtaken Project G in its potential, and therefore we've zoned in our focus on Molefe to secure it, expand it, secure the properties. We haven't forgotten about Project G, but Project G's current sizing is well below that of where Molefe is right now. Every GBP we spend is better spent into Molefe than currently spending it on Project G. Project G we've parked till the latter half of this calendar year while we secure the completion of the pre-stripping program, the drilling program, and the expansion of Molefe. There's a question around the upcoming EGM that is coming on Monday. As we've published that, the EGM purely is focused on the most critical component of the EGM. We're living in a world and in Zambia specifically, where we have a vast expanding copper focus in Zambia. There's huge competition for critical people and skill in Zambia. We have put together an exceptional Zambian team. We have an exceptional technical and operational team following the successes and what we've overcome to reach where we are. It would be absolutely senseless to lose that skill and that level of commitment to competitors. One of the key components we look for incentivization of a very specific band of people is through the ability to secure these people through an incentivization scheme of potentially options because they feel they are then linked into our company and our company's success. It aligns people's thinking, it aligns their commitment. It's one of the fundamental drivers behind the EGM and a fundamental component to the continued success of our company. No company can be successful without the right people and the right commitment, especially commitment. Very intelligent, very highly skilled people without commitment has less value than highly committed individuals, and this is recognized by the companies. New entrants coming into Zambia, we've seen it in our South African business. The first door they would knock on are people with a track record, people who have overcome challenges and are still standing and is operating. That inherent knowledge and skill is invaluable in employees and is vitally important to retain for both our success and your success in the company. Just looking to make sure I haven't missed any particular area of questions that's just come through. It speaks to the Sable expansion, maybe it didn't quite explain that properly. The Sable expansion, which already has its two tank houses, the one is operational, the other tank house, the building is there, the infrastructure is there. The leach tanks are under construction for the Sable. The timing of the Sable expansion is linking into the Molefe plan. As the Molefe operational plan kicks in, that's the requirement of the Sable expansion. We're trying to be as capital efficient as we can to link the two as close as possible so that we expand alongside the expansion of Molefe, but very vitally importantly, not get caught short where we are expanding and delivering material to Sable beyond its refining capacity. That is what we are linking in very carefully. The delivery of the on-site processing facilities at Molefe is a vital step into the requirement of refining capacity because it ups the amount of copper units from Molefe so significantly. That is where the link comes in. That clarity will be part of what you'll see in rolling out the processing on-site facility at Molefe because the two link so tightly for Zambia. That, I think, concludes today. I know I've taken up a lot of your time going through this. I hope that it gives a sense of clarity of what we are pursuing in Zambia. I hope it gives a better understanding of our business pillars that we are driving. The success, yes, maybe too slow and maybe delayed, but the current success we've achieved. Here's a company who has achieved pillar one. We have a running, successful Roan operation. Unique set of new processes come together to offer solution to an industry on how to process that type of oxide run of mine. Running to target, delivering its cathode in a refinery. On the back of that, we have an expanded Molefe after a successful first-phase drilling program with a mine plan published to the market, an expanded pit that we sunk a lot of capital into to get to the success and now delivering its ore. We're now onto that expansion drive and the last remaining pillar, which is a large waste project, which we are really looking forward to bring to you all in the market on its next phase for that large waste project. I want to thank you all for the time taken, the great interest shown to be available for this presentation. Thank you for your support. That's great. Thank you for updating investors today. Can I please ask investors not to close this 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 may only take a few moments to complete and I'm sure will be greatly valued by the company. On behalf of the management team, we'd like to thank you for attending today's presentation, good afternoon to you all