Good morning to all of you, a warm welcome to the 2021 Pan African interim results presentation. Thank you very much for taking time out of your schedules to join us. Today marks the second results presentation delivered virtually. Hopefully, we are able to meet in person again soon. The last six months have again seen good progress with Pan African's strategy of positioning ourselves as a safe and sustainable high margin and long life gold producer. Joining me in presenting today will be Deon Louw, our Financial Director, Barry Naicker, our Head of ESG, and Itumeleng Phoshoko, our Group Projects Engineer. Rest assured that we will keep the presentation fairly brief, and that there will be an opportunity for questions afterwards. Please refer to our SENS and RNS announcement and to the supplementary information available on the Pan African website should you require detail not dealt with in today's presentation. As per usual, our disclaimer and detail on forward-looking statements can be found on page two and three. On slide four, an overview of the presentation. We will spend time on the impact of, and our response to COVID-19, and follow with some of the highlights and features of the half year past. We will detail our plans to further reduce the group's all-in sustaining costs, and also discuss how we continue to reinvest in our mining assets via capital spend. As the mining industry, we need to communicate better on how we make a positive difference to all of the stakeholders in the areas where we operate. Barry will give us more color on our environmental, social, and governance initiatives. Deon will analyze our H1 numbers and financials, including detail on a very robust financial performance in the first half, and on the group's continued de-gearing. Itumeleng will focus on recent progress with Egoli, South Africa's newest underground gold mining project. We will then conclude with some thoughts on the Mintails opportunity, and by demonstrating that Pan African is firmly on track in meeting our FY 2021 deliverables. Moving along. Slide six. Firstly, our thoughts and prayers go out to all of those who have lost loved ones to COVID-19, including two of our colleagues. I would like to thank all of the people of the Pan African Group, and your families, for your hard work and dedication in what has been an incredibly difficult time in dealing with the pandemic. As you know, our mining sector has operated close to full capacity since the start of the pandemic. South Africa has now been hard hit by two waves of the virus. Our people do not have the luxury of working remotely, but Pan African's operational performance is testament to their commitment to continued delivery. I have to say that in my view, the South African mining sector has done very well in managing the impact of the virus. Less than 5% of Pan African's employees have been affected to date. In terms of mitigating measures and response plans, we continue to maintain and update all of our procedures and protocols with ongoing education and provision of PPE to our staff. In terms of the numbers, it is encouraging to see our current cases declining. As of last week, we only had three active cases in the group, with an overall recovery of more than 97%. Finally, on the matter of COVID, I believe our mining sector can play an important role in the vaccination drive when this happens, utilizing our medical facilities and resources to get the job done faster and more efficiently. The next section of the presentation deals with some of the key features from the half year past. On slide number eight, the gold price in U.S. dollars and South African rand. Now, one is always in two minds as to whether to include a gold price graph in a results presentation. We don't try and forecast the gold price. We use fairly conservative estimates when we do our budget planning to ensure our operating margins are robust, and that we do not overstress our balance sheet. We then focus on those aspects of our business over which we can exercise more control, which is costs, productivity and efficiencies, and production planning and flexibility. Suffice to say that the recent gold price strength has benefited Pan African. Not only have we almost doubled our profitability, we have managed to de-gear our balance sheet faster than previously anticipated, pay a record rand dividend to shareholders, whilst also investing in our mining assets and into our ESG initiatives, which is part of our philosophy of mining for a future. On slide number nine, the gold price wasn't the only highlight of the current reporting period. We delivered a robust production performance, with gold produced up almost 6%. The Barberton team deserves special mention. Production from Fairview, Sheba, and Consort was up more than 15%. Barberton is now well on track to deliver into its 100,000 ounces production guidance for the full year. Deon will speak more about the financial performance, but we achieved a record profit for the half. Which one does not get to report on too often. From a cost performance perspective, our lower cost operations, which now comprise some 80% of our production portfolio, delivered very close to our $1,000 per ounce all-in sustaining cost target. We know that the Evander 8 Shaft will do a lot better in H2 of this year. In terms of our safety performance, we again have to express our condolences to the family and friends of our colleague that lost his life in a fatal accident at Barberton in July of last year, a month after the operation achieved 3 million fatality-free shifts. Elikhulu has now gone for 18 months without a single reportable or lost time injury. We have again demonstrated an improvement in all reportable accident rates across the group. I'm convinced that we can achieve our goal of zero harm in the next years, as Elikhulu has demonstrated is possible. If we proceed to an overview of our operations and operating environment on slide eleven. In terms of a track record of operating successfully in South Africa, Pan African's Barberton has a pedigree second to none. This mining complex has been mining continuously for more than 130 years. What investors should realize is that few jurisdictions are without challenges. It is therefore key that you have quality assets and a management team experienced and equipped to deal with problems and challenges as they arise, or even more ideally, preempt and avoid some of these challenges altogether. We continuously seek ways of making our business less susceptible to adverse external impacts in South Africa. In terms of electricity, we are constructing our first 10-megawatt solar plant at Elikhulu, and I see our solar power generation very quickly increasing to at least 30 megawatts in the years ahead, with also possibly storage added at a later stage. On mining tenure, Evander's mining right is valid until 2038, and we expect Barberton's mining right renewal is imminent. I'm very proud of the way in which we have professionalized our security function in the last years. We have accepted that it is a core function that we have to do really well. Stakeholder engagement and ESG, these are also now core to our business, and Barry will discuss some very exciting developments in this regard in the ESG section. On slide 12, Pan African's business represents a unique combination of surface re-mining and underground mining. The surface mining reduces costs and production variability, whilst the underground provides exceptionally long life of mines, solid returns as a result of a large sunk capital base, and also attractive optionality, as recently evidenced by the fantastic find at our new Consort operation. On slide 13, is a bit of a simplified way of summarizing our business. You have Elikhulu and BTRP, our surface operations. These plants are highly automated and have generated fantastic returns for the group. Elikhulu will repay its capital investment in three years, and BTRP repaid its capital in 18 months. Barberton Mines, as I've said, is one of the oldest mining operations in the world, still with a 20-year life, and the Evander 8 Shaft will now require very limited capital and generate attractive cash flows in the years ahead. If we move on to the next section, let's spend a couple of minutes on the operational performance of each of our core assets. Elikhulu on slide 15. Now, in the reporting period, we were constrained on tonnage throughput as a result of remedial works to one of our deposition compartments. We therefore could not compensate for the drop in recoveries, which were as a result of the areas where we were mining, by increasing throughput. In the next period, we will be re-mining more of Kinross Dam 3 with higher recoveries, which combined with higher throughput, is expected to improve Elikhulu's gold production. Elikhulu is one of the lowest cost producers of gold in Southern Africa, and the 10-megawatt solar plant we are constructing on-site will make this asset even more attractive and sustainable. On slide 16, the current reporting period saw a decent performance from BTRP, with the asset generating more than ZAR 8 million in EBITDA. We processed significantly more material at BTRP, and the costs were higher as a result of increased transport costs for the new feedstock and lower recoveries. BTRP can continue for many more years, but in order to maximize margins from this plant, we will look to convert it to treat material from Royal Sheba in the years ahead. We will do our first Royal Sheba bulk sample in the next 12 months. Similar to Elikhulu, BTRP also reduces the tailings footprint for Barberton Mines, turning rehabilitation liabilities into profits. Slides 17 to 19 provides more detail on the Barberton underground operations. Again, credit to our geology and mining teams for the excellent performance in H1. In terms of mineral resource management, in addition to technological advances and implementing industry-based practice, our recent focus has been on structural mapping and interpretation at the Barberton underground. This has resulted in additional mineralization being discovered and accessed, both at Fairview's 64 level Hope Reef, and then also at the 66 level Main Reef Complex, also called the 11 Block. I have to say that slide 18 has us quite excited. In the last 10 years, Fairview Mine has not had this level of mineable reserves. Look at how we have increased the size of our mineable areas on our current platforms, with grades that continue to be world-class. Current grades in the MRC are between 15- 35 grams per ton on average. The current platforms should give us at least three years of life, with the 258 platform also accessed before the end of the financial year. Slide 19. Consort Mine is currently shooting the lights out, so to speak. The 42-level find made international headlines. We have reduced all-in sustaining costs from $2,000 to ZAR 1,200, as promised, with production in the reporting period exceeding targets by more than 30%. The old lady Consort really has a new lease on life. If we conclude on our operations, slide 20. The Evander 8 Shaft pillar, I have to say, was a disappointment in the current reporting period. We encountered issues with the pseudopacks utilized for support, and then a fracturing of the shaft lining, which has taken almost three months to repair, also set us back. These issues have been addressed, and we have confidence in our Evander team. The 8 Shaft pillar will generate very attractive cash flows for the group in the next three years. We now have the momentum, and we have to make our investment and hard work count. On slide 21, all-in sustaining cost. 80% of our portfolio now pretty much delivers on the all-in sustaining cost target of ZAR 1,000 per ounce. Importantly, we now include all of Barberton's underground in the lower cost operations. The math on the Evander underground is quite simple. We produce the ounces in the half year ahead, and the unit costs will come into line. A final word on costs on slide 22, I think demonstrates that our cost performance on core operations is very much in line with the global sector. On slide 23, group capital expenditure. We continue to invest in our assets. In the last six months, we invested a bit more than previously anticipated, including into a circuit to extract PGMs, specifically osmium and iridium, out of Evander ore, and also for further drilling at Evander 9A block. In a lower gold price environment, we can cut CapEx to maintain margins. For the time being, we are able to balance a fairly large capital reinvestment into our assets with debt reduction and increased dividends. The next section of the presentation relates to ESG. Now for Pan African, ESG and sustainability is not a drag or an imposition on our business. It is actually an enhancement, in many instances, forcing us to look at ways of improving operations and utilizing existing but dormant assets, such as agricultural land, to benefit all of our stakeholders. Barry Naicker will now take you through some of Pan African's existing and current ESG initiatives. Thanks, Cobus. I will be presenting slide 25, Environment, Social, and Governance. I would like to firstly provide a context of the current ESG space the organization is currently operating under and proceed into the detail of our implementation plan on our ESG projects. In recent years, Environment, Social, and Governance, ESG initiatives, and sustainability development goals have gained momentum within most companies. However, recently, the risk and opportunities on ESG matters have been elevated due to the impacts of the global pandemic. COVID-19 has highlighted our social vulnerabilities in our health and safe well-being at our homes, workplaces, and communities, and thus our drive to be more impactful as an organization. The group has made significant progress on projects targeting social and environmental impacts, including climate change and biodiversity, mine closure and environmental rehabilitation, and as well as water management solutions. Workplace health and safety initiatives emphasize the latest COVID-19 prevention and mitigation measures, while progress with social and economic development projects continues in our host communities. Our environmental projects. Climate change and renewable energy. Evander Mines has appointed JUWI Renewable Energies Proprietary Limited to construct a 10-megawatt solar plant. Construction will commence during the first quarter of 2021, with the commissioning anticipated in the third calendar quarter of 2021. The solar plant will provide an estimated 30% of Elikhulu's power requirement, resulting in a reduction of scope to greenhouse gas emissions of more than 26,000 tons and reducing the group's carbon footprint by an estimated 3%-5% annually. The total cost of the solar plant is an estimated $9.5 million, with a payback on investment of less than five years. A feasibility study for a similar 10-megawatt plant at Barberton Mines is currently being undertaken. Water management. Water is a strategic natural resource for South Africa and is vital to Pan African Resources' business. The group's commitment to responsible and sustainable water use is embedded in our water management policy and water use licenses. In December 2020, a feasibility study on a water treatment plant was concluded. The study investigated recycling water pumped from Evander Mines' underground workings. The proposed plant design is to treat approximately three megaliters of water a day using reverse osmosis technology, producing potable water for daily consumption and replacing municipally sourced water. The plant's anticipated savings in water cost and in recycling will result in a positive environmental impact. Biodiversity and conservation. The group conservation initiatives focuses on funding biodiversity projects that ensure the sustainability of protected areas in communities we operate in. The group is currently progressing with several initiatives, including a collaboration agreement with Barberton Nature Reserve, which neighbors the Makhonjwa Mountains, recently proclaimed as a world heritage site by UNESCO for its rich biodiversity and unique geological features. In addition, we have adopted three orphan baby rhinos at a rhino sanctuary near Barberton called Care for Wild. We will keep you updated on their care and rehabilitation. Our social programs, corporate social investment, and local economic development. During the current reporting period, the group invested $1 million in its host communities and employee development programs. Barberton and Evander Mine invested in education and healthcare infrastructure projects, arts and culture programs, and other youth development initiatives. Highlights include the following. 90% progress in the construction of the Cathyville clinic within the Barberton Mines community, and a planned handover of the clinic to the Department of Health in March 2021. Finalization of the construction tender process of Barberton Mines, Cathyville,Kaapvallei Primary School. The Sakheziswe and eMbalenhle Townships public lighting projects concluded at Evander Mines, which were much needed public safety initiatives. Job creation. Barberton Blueberries, our social agri project flagship. The group has partnered with Primocane Capital, an independent company with a well-established track record in blueberry farming, to develop a 15-hectare phase one blueberry farm on land and infrastructure made available by Barberton Mines. The project was initiated late in 2020 and is on track to be commissioned during 2021. The total cost of the project is estimated at ZAR 2.7 million, and indicative of the beyond compliance approach adopted by the group in its endeavor to sustaining its communities. During the construction phase, an estimated 60 temporary jobs will be created. Post-commissioning, an estimated 20 permanent and 375 seasonal jobs will be created for members of local communities. A sizable first harvest is planned for 2022. Pan African is proud to be part of this exciting agribusiness venture, which will contribute in alleviating the high unemployment in Barberton communities. Our approach to governance. The group reviews its corporate governance practices regularly and have adopted King IV as a recognized corporate governance code to ensure that we act in the best interest of our shareholders, comply with the applicable laws and regulations, and adapt to the changes of our regulatory environment. Independent audits completed and ongoing are Carbon Tax emissions and disclosures, tailing storage facilities audit, mineral tenure compliance, SLP implementation, and water use license amendments and applications. The group will continue to assess its ESG risks and opportunities, thus maintaining its sustainability into the future. I will now hand over to our Financial Director, Deon Louw, who will be presenting the financial results. From the summary of the group's results on slide 27, noteworthy is the operational leverage with a 38% increase in turnover, giving rise to a 73% increase in adjusted EBITDA and 86% increase in attributable earnings, a historical profit record for the group. Equally compelling is the increase in cash from ZAR 7.4 million at the end of the corresponding period to ZAR 28 million at the end of this reporting period, which contributed to a decline in net debt by 47%, notwithstanding the payment of a dividend of approximately ZAR 21 million in December last year. Slide 28 illustrates the group's existing senior debt profiles and forecasts debt profiles before the set-off of any existing or future cash holdings. The red line graph depicts the contractual amortization profile of the existing RCF and Elikhulu facilities, which results in the existing senior debt being extinguished by March 2024. In comparison, the blue line graph, however, depicts the full cost rate of amortization of these facilities given the assumptions disclosed at the bottom of the slide. On this basis, the group will have extinguished its senior debt by December of this year. The green line graph depicts the anticipated drawdown rate of the new Egoli facility and its contractual amortization profile over a 24-month period post the 13-month development period. We intentionally structured the repayment profile in this manner to ensure that Egoli's debt redemption obligations do not curtail the group's ability to continue paying dividends and unlocking the potential of the existing asset portfolio through ongoing exploration and development. We expect the Egoli facility to become available in March, and the first tranche of approximately ZAR 400 million or approximately $27 million being drawn down over the next 18-month phase 1 development period. The remainder of the Egoli facility of ZAR 800 million or approximately $54 million is projected to be drawn down over the 12-month phase 2 of the project's development. Finally, the yellow line represents the solar plant facility of ZAR 140 million, which is drawn down as a single tranche and amortizes evenly over a six-year period post the nine-month construction period. Slide 29 depicts the combined principal debt profile of the four senior facilities referred to in the previous slide. As mentioned, we expect the group to materially de-gear its senior debt by the end of this calendar year and fully on a net basis within the final quarter of this calendar year. As Egoli facilities draw down, the senior debt commences to increase again to a projected peak of approximately $80 million, excluding any cash holdings by June 2023, materially below the historical peak in excess of $120 million. At this stage, the revenue from the group's forecast production of 250,000 ounces should comfortably support this level of debt. From June 2025, the only remaining debt is a solar plant facility, which then amortizes over a 27-month period. Finally, slide 30 illustrates the improvement in the group's net debt to net adjusted EBITDA ratio since 2018 and the reversion to the 2016 level of a robust 0.5 for this ratio. We use a net adjusted EBITDA definition as this is consistent with the senior debt facility's covenant definitions. The only difference between this definition and the conventional EBITDA definition is the exclusion of impairment charges, which tend not to be of a cash flow nature and hedging gains and losses. The last of the gold price hedges entered into in the 2020 financial year was settled in the reporting period for a net gain of $3.4 million, and the group's gold revenue is unhedged going into the second half of the 2021 financial year. Thank you. Itumeleng will now give an overview of the Egoli project. Thanks, Deon. I'll be presenting slide number 32. The Egoli project is South Africa's newest underground gold mining project. It is a low-cost brownfield project which seeks to create 1,200 direct jobs. We inherited the Egoli project after acquiring Evander Mines from Harmony. It was previously known as the 2010 Pay Shoot. Pan African Resources commenced with a concept study into the Egoli project in 2017 and completed the feasibility study in 2019. The feasibility study demonstrated a robust and economically viable business proposition, which we are now very excited to develop. Egoli has an initial life of mine of nine years, producing 550,000 ounces of gold at an all-in sustaining cost of less than $1,000 per ounce, which fits well with Pan African's current all-in sustaining cost target of $1,000 per ounce. The underground project is expected to contribute 72,000 ounces of gold over its lifespan per annum and produce its first gold 20 months after construction begins. Egoli can increase Pan African's total annual gold production to 250,000 ounces per year once in steady state from the current market guidance of 190,000 ounces per annum. Our project execution team is comprised of individuals who have a wealth of strategic execution and operational experience, not only at Evander Mines but also at various other operations with similar mining methods. The geology around the Evander complex is well understood from the adjacent operations and from recent geological studies and drilling. The Evander Mines effectively comprises of two existing vertical shafts, one hoisting and one mining material, a 1.75-kilometer engraving distance to the start of the decline and a single decline to the ore body located 2 kilometers below surface. Ore will be processed at Kinross plant, located adjacent to the number 7 shaft surface complex. Licensing is still in place, with the mining right valid until 2038. If we proceed to slide number 33. DRA Global has been mandated to complete the detailed project scheduling and planning as part of the early works program for Egoli, which commenced in October 2020. Engineering, procurement, and construction management contract is to be completed in the next three months. We have now broken the work structures into the following key areas. The Kinross process plant, mining surface infrastructure, main power supply, 7 shaft and 15-level horizontal infrastructure, three decline, main block and east block, which include the mining and associated infrastructure. Lastly, mining equipment. Work has commenced on number 7 shaft for the early works, and comprises of optimization of the ventilation and refrigeration design, dewatering designs, and the water balance. Dimensional and non-destructive testing inspection quotations for all winders are in progress. Commencement of large-scale project construction is anticipated in March or April 2021. As Deon mentioned, the funding structure for the Egoli project is being finalized and is non-dilutive with a dedicated senior debt package from Pan African Resources's banking consortium. Debt redemptions are commercially ring-fenced to the Egoli cash flows and does not affect cash flows from any of our existing operations. Thank you. I'll now hand over back to Cobus. Slide 34, Mintails. It's not often that one can possibly acquire more than 2 million ounces of surface resources for ZAR 3 million. We've extended our Mintails study period to January 2022. The way we are approaching this opportunity is effectively as a rehabilitation project that generates attractive returns. As part of our work, we are considering ring-fenced financing options, which will not have recourse to the Pan African balance sheet. Technically, we believe we can make this project work. There are a number of other pieces that have to fall into place. We will continue to update the market in the year ahead. Lastly, let us conclude on slide 36. Pan African is firmly on track to meet our full-year deliverables. Key focus areas in the next six months will include continuing to manage the impact of COVID-19, certainly continuing our proactive journey to zero harm. We would like to deliver and potentially exceed our production guidance of 190,000 ounces for the year. We will reduce all-in sustaining cost at Evander number 8 shaft and at Barberton Mines' Sheba operation. We will progress Egoli and the evaluation of the Mintails opportunity, and we will endeavor to increase dividends and further reduce net debt. Thank you very much for your time this morning. We look forward to continue mining for a future in the year ahead. The team will now be available to answer questions. Thank you very much. Should we start with questions from the conference call? Thank you. At this stage, there are no questions from the line, sir. Okay. Thank you. Shall we move to the webcast? We have one question from Mr. A. Ross to the CEO. Are you going to declare an interim dividend? Deon, you can take that one. Sure, Cobus. I think it's something the board will assess on an ongoing basis. We paid a record dividend in December last year, for the 2020 financial year. Deleveraging is obviously something which also needs to be taken into account. I think in the context of that deleveraging going forward, the prospect probably becomes more tangible. It's something the board will consider on an ongoing basis. Thank you very much. We've got another question from Arnold van Graan of Nedbank CIB. Arnold says, "Good results. Well done." He's got two or three questions. Number one, "why did you not declare an interim dividend given strong results and a solid outlook? Two, please elaborate on the issues that caused the delays at Evander 8 shaft." He got cut off a bit, so he didn't hear the full explanation on that one. "Three, kindly expand on the reasons for the Elikhulu throughput issues, lower recoveries. You mentioned some remedial work. Has all the issues been addressed, and can we expect stable throughput and recoveries going forward?" Thank you. Thanks, Arnold. I think we've addressed the first question on dividends. Certainly, we de-geared the balance sheet quite materially in the last year, but we'd like to do so further. As we've always said, in terms of cash flow generation, it's a balance between reinvesting in our assets, dividends, and then de-gearing the balance sheet. Certainly, I think given the prospects, as Deon said, de-gearing to forecast to actually happen in the current year, it'll give us a lot more flexibility for dividends or interim dividends in the future. In terms of 8 shaft, as we've said, yes, on a portfolio basis, that was the one asset which was, in terms of performance, it was disappointing. Key issues was support on the pseudopacks. It took us some time to actually get that method of support to work as we'd sort of hoped it would work, and it is now very efficient. We've replaced the Elikhulu tailings that we were pumping into these packs with dry tailings and fly ash. Obviously, when one is mining a pillar, safety is your paramount concern. We're taking it a bit slower and making sure we get it right. Also we had a fracture in a ventilation shaft, and that caused quite a big delay. That's been taken care of, and we're already seeing the production increase from 8 shaft. We're certainly forecasting a much better performance from 8 shaft in the six months ahead. Despite all of the issues, if you look at the Evander complex, we still generated cash flow, a positive cash flow in the six months. Again, that demonstrates that we can do a whole lot better in the six months ahead. In terms of Elikhulu, mining is mining and you're gonna have some challenges. The drop in recoveries on Elikhulu wasn't unexpected. The grades and recoveries are variable as we mine through these dumps. As you go deeper, the material does become more preg-robbing and less oxidized. We allow ourselves some level of flexibility in terms of throughput, but with the remedial work, as we've said, so we were not able to push that button. Remedial work really comprised principally of the installation of elevated drains on the bottom compartment. That's now done, so we can increase throughput. Yes, we're expecting a better half for Elikhulu. Let's put it in context. Elikhulu is sort of probably still the lowest cost producer of gold in Southern Africa and will continue to be so. Thank you, Cobus. We've got a few more questions. They're two from Mark du Toit of Oyster Catcher. I think we've addressed the interim dividend declaration consideration. The second question is the $777 AISC for the Egoli project. Is that still attainable or is it closer to the $1,000 AISC group target? Yeah. Thank you, Mark. The studies that were done in 2019 calculated the all-in-sustaining cost of $ 777, which is obviously quite opportune or fortunate. In terms of our forecast and our planning, we're forecasting or rather budgeting or planning for a bit of a higher cost, as these things go. The project is very robust, and hence it can sustain obviously quite a large increase in cost. Not that that would be our aim, but I think we're trying to be a little bit conservative in terms of our forecast. Yes, the study number was $777, 100%. Thanks, Cobus. The next question is from Keith McLaughlin, who is now private. Keith asks, "Does the funding package at Egoli require any degree of gold hedge in place? Not initially, Keith. There's no prescribed hedge requirement until we get to the second phase of the project. There we are looking at a portion of the production, the development production, to actually subsidize the capital. There is then a hedging requirement for that portion of the production coming out of Egoli specifically to subsidize the capital build. That would make a lot of sense at that point in time to get certainty on those answers. There's no other prescribed hedging requirement. Okay. Thanks, Deon. The next question is from Mark Ansley of Argon Asset Management. Thank you for the excellent results. Have we given a target AISC for Evander 8 shaft? Yeah. Mark, effectively 90% of the costs on Evander 8 shaft is fixed. If you look at the all-in sustaining cost slide, we're forecasting about 100 kilos per month from Evander for the next six months. That's going to have a dramatic impact on the all-in sustaining cost. Also, the all-in sustaining cost for the period that's passed was skewed by the inclusion of the hedge costs. That's no longer the case for the next six months. Definitely you're going to see a big decrease in that all-in sustaining cost for Evander 8. Okay. Thanks, Cobus. The last question we have on the webcast is Donna Slater from Mining Weekly. Cobus, can you provide a little more color on the Mintails acquisition and how is the due diligence and feasibility progressing? Thanks. Yeah. Thank you. As we said in the presentation, we really view Mintails as an option. We have until January of next year to complete our work, and we've made a good progress. We've done a fatal flaw analysis, which didn't identify any fatal flaws. We're busy with a financial evaluation. Really, as we've said, the way that we're thinking about Mintails, it's an asset with a checkered history, to be kind. Is we're thinking about Mintails as a rehabilitation project that generates attractive returns. That's the way we'll look to fund it also, on a ring-fenced basis. We're progressing funding, we're progressing the studies, and we have a bit of time to make up our minds. Okay, thanks, Cobus. That's it from the webcast questions. Are there any other questions from the conference call participants? Yes, sir. I have the first question from the lines, comes from Tim Huff of Peel Hunt. Thank you very much. Well done, guys. Just a few questions. I guess the first one would be on Consort. You mentioned that you've already hit your target at $1,200 an ounce. I was wondering if you're looking at that sort of cost level at Consort as being more sustainable now, or if you're finding that it's driving even a bit lower as you go into the fiscal second half. Tim, I think we're happy with sort of ZAR 1,200 per ounce level. We don't want to over-mine that 42 level also. The way we're looking at 42 level is just sort of, I guess, the opportunity in the next two or three years of sustaining production at this level within sort of doing a lot of exploration, as we'd highlighted in the presentation, to identify new areas also. We sort of are quite happy with the ZAR 1,200 number for Consort in the next years. Okay. That's great. Thanks. Back to Egoli, the 20 months for first production sort of goal that you've got in there. I guess, how high conviction are you on that? Is that 20 months from early works, or is that 20 months from the second calendar quarter of this year? Tim, it'll be 20 months from the second calendar quarter. I suspect we're going to be able to generate a bit of gold before then. We're just being quite thorough and rigorous in terms of the studies to make sure that when we push that button on major capital, all of the boxes are ticked, and it's maybe a bit of a delay, but it's not massive. In the bigger context, I think of the project, we think it's a prudent thing to do. Okay. That's great. The last one was just on Mintails. Just one more question on that. Was that extension, is that due to COVID-related delays or anything? Maybe a change in view? Like you said, you're now looking at it as a rehab project. I was just wondering a little bit of the background behind that. Well, I think we have a good relationship with the liquidators, and they had some regulatory requirements they had to take care of, it was delaying them. After the initial assessment, we also felt that the sort of period that we had to evaluate the opportunity and come up with a proper feasibility was not sufficient. Just because of the level of work that we'd have to do on all of the aspects, including water, tailings deposition, et cetera. We're much more comfortable now that the period we have is sufficient. Okay, that's great. Well done once again. Thanks. Thanks, Tim. Thank you. There are no further questions from the lines. Thank you. Thank you, very much, and thank you for joining us today. All the best. Thank you