Good morning. Good morning. Good morning, ladies and gentlemen. If we can start settling down. Thank you. Good morning again, ladies and gentlemen, and welcome to Exxaro's 2026 Capital Markets Day. Thank you for joining us today, both in person and online. To all our shareholders, the investment community, business partners, our colleagues, we welcome you. My name is Anda Mwanda, the manager of investor relations at Exxaro, and I have the privilege of facilitating this session today. Before we begin, there's just a brief safety announcement that we'd like to make. Please note that we have not planned any emergency drill for today. If the alarm is activated, please remain calm and wait for the Exxaro floor marshals, wearing red reflective vests, to lead you to the assembly point. It's in front of the building at the parking area, where the roll call will be conducted. We will all remain at the assembly point until instructions are issued to reenter the building by an Exxaro safety official. If you feel unwell at any time, please inform your host, who will escort you to the on-site clinic for medical assistance. In the event of this situation, please note that visitors should always be accompanied by their host. For our ablution facilities, if you exit the auditorium, you will turn right. The ablution facilities are clearly marked, and they will be on your passage to the left. In terms of the use of cell phones, at Exxaro, we do not allow people to text while walking. Therefore, if you receive a call or a text, please move to a safe space and answer your call. Please, we would kindly request that for this session, all cell phones are put on silent. Please take note of our disclaimer. Today's program provides a comprehensive view of Exxaro's portfolio, our strategic priorities, and the opportunities we see to create long-term value. We will begin today with a strategic overview from our CEO. This will be followed by presentations across coal, metals, the renewable energy businesses. After lunch, we will cover business development, our pathway towards carbon neutrality by 2050, and capital allocation. Earlier this morning, we released our FD pre-close message. Our finance director will provide additional context after the CEO at the end. We have built in several opportunities for questions and answers throughout the day, and I'll take you through these quickly. The first Q&A session will be after the coal section, the second one after Cennergi, and then after decarbonization at the end of the Capital Markets Day. We will have two comfort breaks. The first one is after the metals section, the second one will be after decarbonization. At 1:00 P.M., we will have our lunch. The timing of comfort breaks and the lunch is as follows. All comfort breaks will be about 15 minutes, and our lunch session will be about 45 minutes. Thank you for your indulgence. Now, to the business of the day. To formally open today's Capital Markets Day and share his perspective on Exxaro's strategic overview, please join me in welcoming our CEO, Ben Magara. Celebrate this night with me. Although it's not the last time. Thank you, Anda, and good morning, everyone. Thank you so much for joining us today. I realize some of you are online, and some are here present with us today. We are very certain it's not because this was your only option this morning. We know you had so much, and you do have so much on your own diaries. Just having you here from all the distances you have traveled and making the time online, we absolutely appreciate your continued interest in Exxaro, and thank you for joining us. For many of you, a little bit older than some of us, I know what that means, but the last Capital Markets Day was hosted in 2021. This is five years on, and we're very pleased that we're able to spend time with you today. It's your company, and we look forward to hearing your thoughts on it as well. At the time we introduced then in 2021 our sustainable growth and impact strategy. We outlined our ambition to diversify our portfolio and reposition Exxaro for a low-carbon future. Today provides an opportunity to reflect on the progress that we have made against those ambitions and the changes in the environment since then and how we have accelerated our disciplined execution of our strategy. This always works within the context of the various macro and local macroeconomics that we all face today. I would like to share a few stories around the pictures you see on this particular slide number four. It shows four pictures there, and they tell a full story. Top left is our leadership workshop of the top 200 of this company, Exxaro, reflecting on our ambitions, reflecting on the culture, drawing the line on ethics, and making a clear and focused ignition on our culture and what excites us. That's the top left picture. On the top right, you will see a long train loading at Tshipi, loading manganese at Tshipi. Bottom right is an anchor for a wind turbine. The diameter of that concrete excavated area is about 25 meters. The steel center takes about 16 tons of steel, and the base itself takes about 60 tons of steel. There's 76 tons of steel in there to anchor a wind turbine that will produce 6 megawatts at Karreebosch. It takes 600 cubic meters of concrete. The fourth one, which is bottom left, is our solar plant at Lephalale, now supplying 68 megawatts on a reasonably good intense day to our own operation. We now have 68 megawatts of green electrons, a first in Exxaro, to our own operations. You will see the 20th anniversary, and we're talking about how we are celebrating Exxaro for the past 20 years. We listed on the Johannesburg Stock Exchange in November 2006, and we have provided opportunities to many, to our own employees, communities, and you name it. Exxaro has provided opportunities for us to reflect on this impact that the company has given us today on this Capital Markets Day. We have gone beyond the minerals we extract, the resources we mine, and the ore bodies that we mine. Our shareholders have walked this journey with us. Since listing, through your support, Exxaro has created meaningful impact over the past two decades. I'm not going through every number, but we thought this would be a wonderful read either as you fly back to Cape Town or drive around with somebody. We are really proud of the value we have created and the contribution we have made to our employees, to our communities, and to the wider South African economy. These figures on this slide tell part of that story. They reflect a business that supports more than 20,500 employees, including contractors. Multiply that by six or 10 in terms of economic linkages and our contribution to society. We have invested ZAR 5 billion in the last 20 years in learning and development, and we continue to do so to create opportunities through education, enterprise development, and community initiatives. Underpinning all this is our unwavering commitment to safety. My 22,500 colleagues know our commitment to safety and to zero harm, ensuring that every employee and contractor or even visitor, as you would have heard from Anda this morning, that they are able to return home safely every day, and we take that very seriously. A safe mine is also a profitable business. I cannot forget Tim Clark's last comments at our results in March, where he says, "If I see safety improving, if I see costs improving, I know the business is well," and we continue to focus in those areas. Consequently, we have created significant value for our shareholders, and Exxaro remains a consistent dividend payer with over ZAR 200 billion of stakeholder value created since our listing, distributing over ZAR 85 billion in dividends. Yes, please, Magara, you can clap a bit. All that is a company that today is a ZAR 75 billion market cap company. I can remind you that at listing in 2006, we were ZAR 20 billion. Last year, January, February, we were ZAR 51 billion. It doesn't come without hard work, and while we are proud of what has been achieved over the past 20 years, today's Capital Markets Day is about the future. It is about how we build on this great foundation that our forefathers and mothers did. It is about how we are accelerating disciplined execution of Exxaro's strategy. On the next slide, number six, before reflecting on that progress that I've shared with you, it is important that we possibly recognize the environment in which we operate. The world today is materially different from the one we faced in 2021. Globally, we are seeing increasing competition for critical metals, and as a result, increasing geopolitical fragmentation and trade realignment. However, headwinds for some commodities are also tailwinds for some. Most relevant for Exxaro, the coal we mine stays the lifeline for energy security globally and even in our domestic market. We remain the lifeline. When trouble hits, people run back to coal, and we can see today that even international energy agencies and many experts highlight that coal will go beyond 2050. We are seeing a pragmatic approach to this energy transition, and these trends reinforce the importance of the strategic choices that we have made. As the world adopts a more pragmatic approach to energy security, Exxaro's own long-life coal assets remain critical in supporting global and domestic energy needs, generating cash flows which are critical to invest in the future growth and the diversification strategy that you see us going through right now. Again, let me emphasize that we believe that the runway for coal goes beyond 2050. Ladies and gentlemen, I don't need to tell you that South Africa is endowed with world-class mineral resources, exceptional solar and wind resources, and an established industrial infrastructure. As a business, we are encouraged by the progress being made through the reforms both in the energy and logistics sectors. I am, however, concerned about the relentless attack on our country's ethical fabric, and as Exxaro, we are doing all we have to to keep the integrity of our supply chains. The imminent local government elections and attendant service delivery challenges pose real short-term risks for us and as a country. Our diversification is adding manganese and renewable energy to our strong coal base, driving attractive long-term growth opportunities while our commitment to carbon neutrality by 2050 stays unchanged. We are unwavering at making sure we are carbon neutral by 2050. Through an accelerated and workable decarbonization roadmap and diversification of our earnings, we are reducing Exxaro's carbon intensity. The diversification strategy is to add to coal, the manganese and future-facing minerals in order to reduce our group carbon intensity per earnings that we make. We are positioning Exxaro for the long-term relevance and sustainability in a long-term carbon future. Delivering on this strategy requires capable leadership, clear accountability, and relentless focus on disciplined execution. Let me introduce our team as I go through this now to deliver on this next phase. You can see them all young and mature. Agile. We had to create a structure and a team that's focused on the future that we want to deliver. Over the past year, we have strengthened our executive team and aligned the organization around strategic priorities, and today, we have dedicated leadership across each of the three pillars of coal, manganese, and renewable energy. Those are our three profit and loss pillars. The executives in charge of those, we all call them bosses because they bring the money. We also have strong functional capabilities in sustainability, in strategy, technical services, people, and governance, and I think you can see Michelle doing a lot of our heavy lifting on ethics and governance, Caroline, coal, metals, Johan, energy with Leon, Neo with sustainability, Richard with strategy and business development, Joseph with P&P or human resources, and Mervin Govender, our technical services, and Fortune with commercial. I deliberately left the man with deep pockets and short hands because to deliver on this requires clear accountability and capital allocation framework that has helped us deliver the dividends we are continuing to do so for the past two years. [Non-English content]. Th is structure is aligned to our strategy. It enables efficient decision-making, stronger cross-functional collaboration, and greater accountability for delivery. It is important that it has also strengthened both our leadership bench but also our succession plans, ensuring that Exxaro has the capability to execute through this next phase of our growth. Ultimately, leadership is not measured in the structure I'm showing you, and my team knows that. It is measured in the results that we deliver. Over the past year, this team has focused on restoring stability, strengthening the foundations, and accelerated the disciplined and prudent execution of our strategy. Let me now turn to some of the key milestones and achievements that this team has delivered in the past year. We successfully concluded the manganese transaction. We doubled our renewable energy business. We secured a long-term contract, coal supply contract at Matla. We advanced our logistics initiatives that support the long-term competitiveness and sustainability of our coal business. There are many I could highlight, but we also strengthened the resilience of our business by refinancing our largest corporate facilities, concluding also an insurance program on much more favorable terms. Importantly, we delivered on our commitment to shareholders. I remember standing here when we got many questions, Nemanja, Abhishek, and everybody, we traveled around, whether it in Pretoria or Jo'burg or Cape Town, and they kept saying, "Just give us the ZAR 18 billion. We think we can do more with it." We had committed that we'll diversify the portfolio, we have done that. We also committed that we will not need the ZAR 12 billion to ZAR 15 billion cash that we had once we have delivered on the majority of the manganese transactions that we finally did. Therefore, importantly, we have delivered on our commitment to shareholders that we will be reviewing our capital allocation framework and enhanced the dividend policy to return more capital to our shareholders. Alongside these achievements, we delivered our best safety performance on record and maintained operational discipline. We continue to do the best work of our lives at Exxaro because Nandi wants me to say because we dig Africa. Together, these milestones demonstrate a more agile and execution-focused organization. If you look at the next one, we just simply highlight the three portfolios. We have simplified our portfolio through disposal of non-core assets such as ferroalloys. I will not steal Richard's thunder about some of the assets we have declared to be non-core. Richard will talk about that. We have also structured our team in these three focused business pillars, and I must emphasize that we do see the coal runway beyond 2050. Therefore, coal stays the foundation of our portfolio. It is a long life, high-quality, cash-generative business that provides a defensive earnings base with exceptional export optionality. Michelle Phillips know this because we talk on a weekly basis, monthly basis, and at morning or night if needs be because Exxaro has the capacity to even double our exports if the rail logistics would work because that is the most cost-effective route to port. As we continue to generate the cash flows required to invest in our future growth. Our future-facing mineral business, metals business, provides exposure to commodities that are essential, as you know, to infrastructure development and also to energy transition. We are building a scalable business positioned for long-term demand growth and enhanced portfolio diversification. Leon and his renewable team, our renewable business represents an important growth platform, providing increased exposure to stable, predictable, and inflation-linked earnings while supporting South Africa's transition to a low-carbon economy. Together, these three businesses create a diversified natural resources portfolio that balances cash generation, growth, and sustainability. Underpinning these pillars is our foundation, is our people. These are the glue, the nuts and bolts, the engine room that makes Exxaro tick, and their unwavering commitment to safety and ethics and focused growth and focusing on impact beyond the surface remains our bedrock, which will catapult Exxaro on this next phase of growth that we have. These principles guide how we allocate capital. Our people drive that. How we operate our assets, and our people drive that. How we create long-term value to all our stakeholders and our stewardship, and our people drive that. As I get to a close from my introduction, and I'll be back again as I conclude in the afternoon. The portfolio we are building is also changing the composition of our earnings. This is quite an important slide for me, apart from the pillars that I showed you earlier. This slide shows how the various earnings from various businesses are delivering value to us. We all know we also have equity accounted investments in iron ore and zinc. The addition of manganese and the growth of our renewable energy business strengthens the diversification of our portfolio. Looking ahead to 2030, from 2021, where coal was providing the majority of earnings, we still expect in 2030 for coal to continue to provide the earnings that it continues to provide. However, looking ahead to 2030, we expect energy and our future-facing metals to contribute more than half of the total group earnings. Not by shrinking coal, but by growing others. Importantly, coal stays the foundation of our portfolio, generating the cash flows required to fund the growth and support our shareholder commitments and returns that we've already highlighted. As energy and metals grow, we will contribute a larger share of earnings from manganese and energy, including the iron ore assets I spoke about, to enhance that diversification and drive the resilience of our earnings, most importantly, reducing the carbon intensity of our earnings profile. That's the aim for this diversification program. This shift reflects growth in these businesses rather than a decline in coal, as I said, we expect coal to remain a significant contributor to the portfolio, even as its share of earnings decreases over time. Going into the presentation of the day and how we are going to cover this morning. You will see that I've got numbers on deliver, diversify, decarbonize, and impact and strategic levers. We don't have a number on people, which is our slide number 11. We know they say culture eats strategy for breakfast. Thank you, Zimingi. Our people is our strength, and safety, health, and ethics are critical. We are creating a One Exxaro Way with our culture programs, business transformation, as we drive to standardize the group in order to make sure we have a One Exxaro Way in everywhere we operate. That's our bedrock. Today, we're going to focus on those four areas I've highlighted and showcase our leadership in those areas. For me, it's really about introducing that team with Caroline coming through just now on coal and Johan on manganese. We will continue to diversify with Leon coming through on renewable energy and Richard doing business development. Neo will come through with decarbonize and impact, what we are making and how we are impacting society. Riaan typically will then bring in the bottom line impact. To take you through the coal opportunities that we see ahead, I am pleased to hand over to Caroline Shirindza, our Executive Head of Coal. As I said earlier on, just call her boss. Thank you. Some of us are of normal height. Thank you, Ben. Good morning, everyone. My name is Caroline Shirindza, and I look after the coal business. Coal remains the foundation of Exxaro's portfolio. Ben has alluded to that. Coal still provides the cash flows that support shareholder returns, diversification, and future growth. Today, I will take you through the market outlook, the strength of our asset base, and the opportunities we see to create long-term value. Let me start with the global context. To better understand the long-term outlook for coal, we commissioned an independent assessment of global coal market fundamentals, drawing on the views of leading market forecasters. While these organizations that we consulted with differ in their assumptions and scenarios, they are broadly aligned on one point. The fact that coal demand is expected to decline over time. This is as countries advance their energy transition plans. However, the analysis also highlights that coal demand does not disappear. It continues to play a role in global energy systems well beyond 2050, particularly in markets where affordability, reliability, and energy security remain priorities. The most important finding is that supply is declining faster than demand. As mines deplete and investment in replacement capacity is constrained, significant new capacity will still be required for us to maintain supply. The chart shows by 2050, only around 20% of today's mining capacity remains. 20%. Even in declining demand environment, approximately 3 billion tons of new capacity will still be required to replace depleted production. Turning to South Africa, we do acknowledge and appreciate that the energy transition is progressing, and it must. This slide highlights an important reality for the South African energy market. While the Integrated Resource Plan continues to forecast a gradual reduction in coal-fired generation as we see renewables and alternate sources being introduced, the transition is admittedly slower than originally projected. The pace at which energy generation technologies are deployed remains very uncertain. Ladies and gentlemen, coal still represents about 69% of installed generation capacity today, significantly higher than earlier forecasts suggested. This highlights the reality that South Africa must balance its decarbonization ambitions with its immediate context, with energy security, but importantly also with affordability. Without investment in replacement mines, South Africa's coal production capacity declines materially from the early 2030s. While domestic demand gradually declines, supply declines even faster. This creates a future supply gap, particularly in export markets, where additional volumes are required from the early 2030s. From 2032 onward, we see that the additional volumes are required to meet export demand, by 2045, only a small portion of export supply would still be coming from today's existing mines. Firstly, the global seaborne coal demand is declining, but we see supply is declining faster. Secondly, in South Africa, the pace of the energy transition is more gradual than initially anticipated. When we look at Mpumalanga, the Mpumalanga coal fields become progressively harder and more expensive to mine as we see stripping ratios increase and yields deteriorate. Against this backdrop, resource quality and longevity matter more than ever. Luckily, Exxaro is uniquely positioned. We are uniquely positioned because we've got more than nine billion tons of long-life resource. We are the only producer with an established production footprint in the Waterberg. We know that the Waterberg hosts more than 50% of South Africa's remaining coal reserves. We have high-quality infrastructure. This infrastructure can support operations well beyond the tenure of our mining rights. We've got an established rail allocation. We've got access to domestic and export markets. We've got premium coal products. Over time, as supply tightens and other assets are constrained, Exxaro becomes increasingly strategic. In the next couple of slides, I'll explore with you these opportunities. Our coal business has consistently delivered strong operational and financial performance, as you can see. This is a business with a proven track record of industry-leading safety, with premium product quality, strong price realization, and cost-competitive operations. These strengths show up in resilient EBITDA margins that are above 25%. Our return on capital is above 20%. Our performance underpins our ability to definitely create shareholder value. Our performance is supported by a defensive base of long-term contracted volumes, giving the business stability and protection through the changing market conditions. Over time, the coal business has demonstrated that it can operate well, we can generate quality earnings, and convert our strengths into real value. Thank you. I'm well taken care of. But for safety reasons, I'll sip and put down. The strategic position I've just described is underpinned by a high-quality coal portfolio. Today, Exxaro operates five operating mines with a combined life of more than 45 years, both in Mpumalanga and Limpopo. Our operations are supported by infrastructure that has been developed over decades and can sustain long life production profiles. The portfolio provides a strong defensive earnings base, supplying approximately 30% of South Africa's coal-fired electricity demand through long-term supply contracts. I already mentioned, ladies and gentlemen, that we produce premium quality export coal. We have the capacity to supply the seaborne market for decades. Looking ahead, the logistics reforms that we're participating in create opportunities to unlock additional value, while life extension opportunities provide further optionality across the portfolio. At the core of this business is Grootegeluk complex. If there's one asset that best represents the depth of Exxaro's coal position, it is Grootegeluk. Grootegeluk provides us with scale, longevity, a product range, and strategic relevance. It has a resource base of 4.2 billion tons, world-class beneficiation infrastructure, and a broad product range that spans power station coal, metallurgical, and semi-soft coking coal. Also, not forgetting the premium RB1 export coal that we get from Grootegeluk. We also supply Medupi and Matimba Power Station, supporting more than eight gigawatts of South Africa's base load generation from Grootegeluk. Beyond that, it has export linkage and meaningful upside as rail reforms continue. As such, Grootegeluk is not just the largest asset in the portfolio. It is the defensive bedrock of the coal business, an asset that anchors current value and helps define the longer-term future of coal in Exxaro. We also have Mpumalanga. Mpumalanga plays a completely different but equally important role. Where Grootegeluk gives us scale and longevity, Mpumalanga gives us flexibility. It gives us the product mix and export leverage. The Mpumalanga region has a combined resource base of about 3 billion, about 31 years of combined life. We've got four established mines, strong beneficiation infrastructure. We also have domestic and linked access to RBCT and Maputo for our export market. It also brings strategic alternatives because it sits close to the industrial demand centers and gives us blending flexibility. It also provides regional processing and market advantages that support both domestic supply and export participation. Ladies and gentlemen, the portfolio works. It works because the regions play different but equally important roles. The Waterberg anchors the long-term story, while Mpumalanga strengthens flexibility. Near to medium-term export leverage and is well-positioned to supply and serve varied customers well into the future. Before I get into our operational performance, I would like to spend a moment unpacking how value is created through our coal business. Coal mining is often viewed as simply extracting tons from the ground. In reality, value is generated across an integrated pit-to-market value chain, where each stage contributes to our ability to deliver sustainable returns and remain cost-competitive. As you can see, the process begins with our resource base, where the quality, the scale, and the longevity of our reserves provide the foundation for long-term value creation and support the sustainability of our operation. We move through the mining process, where we drill, we blast, we load and haul our coal. This is where operational excellence, equipment productivity, and cost discipline become critical drivers of performance. The next stage is crushing and screening, and then beneficiate and product handling. Here, we transform the run-of-mine coal into marketable products that meet specific customer requirements. All our mines have specific customer requirements that we need to achieve. Beneficiation plays an important role in maximizing value from our resource base. We also have a blending approach, which is another key capability for us. It allows us to optimize product specification, it allows us to improve resource utilization and ensure that we consistently adapt and meet customer quality requirements while maximizing realized value. Once the product is ready for market, logistics becomes a critical component. Whether in supplying domestic customers, in supplying Eskom power station or our export market, efficient rail and transport infrastructure becomes essential. The final stage is delivery to our customers, and here product quality, reliability of supply, and the proactive management of customer relations ultimately determine the value we realize in the market. The reason I wanted to include this slide is that it is important for us to remember that our performance is not determined by any single point in the process. Rather, it is the result of how effectively we manage and optimize the entire value chain from pit to the customer. Our mines are well-positioned on the industry cost curve, particularly at Grootegeluk, where we've got scale, quality and infrastructure. There, we're creating a real advantage. Across Mpumalanga, we are focused on improving the margins through operational optimization, through cost discipline, and better product mix. Competitiveness as an operation is only part of the job. The bigger task is converting that strength into realized value. That is why logistics matter so much. The real value of a ton is not decided only at the mine. It is decided by what reaches the market, at what cost, and at what margin. Protecting a leading cost position and unlocking export value go hand in hand. One without the other is not enough. The future of coal in Exxaro is not only built on the current operations. It is also built on having a runway. The extension of the life of our existing operations is important because it is one of the clearest ways to create additional value from assets and infrastructure we already have. Infrastructure we already understand very well. We are not going to simply add years of mining to our assets. We're going to make sure the assets are extended in the right sequence at the right capital intensity. That is especially meaningful in a market where future supply is tightening. LifeEx is about shaping the future quality of the coal portfolio and protecting Exxaro's commitment to keep participating in a changing market. One of the clearest signs of future value in coal sits in the Waterberg. The resource base extends well beyond current Eskom coal supply agreements. That gives us a strategic horizon that is much longer than the current contract book. It creates room for future supply flexibility, for future export participation, and broader industrial optionality as South Africa works through the balance between energy security, affordability, and decarbonization. For Exxaro, the message is simple. The future of coal is not bound by the current contract book. Waterberg gives us much longer strategic horizon. The improved Waterberg line will unlock Grootegeluk's export value. That is why we view logistics as a strategic lever, not just an external dependency we can simply wait on. We are actively participating in industry initiatives that will help improve rail performance while positioning ourselves for long-term structural reform. Better rail performance, additional allocation, alternative routes, and broader reform all have a direct bearing on how much more value this business can unlock from the resource base that we already have. What we see on this slide is that Mpumalanga exports are directly linked to the improvements shown in TFR. This is, however, not true for the Waterberg region, as the line from Grootegeluk to Richards Bay Coal Terminal continues to be constrained. Instead, we've had to use multimodal channels to evacuate our coal through a combination of trucking and rail. This puts pressure on our margins. The export upside only matters if it remains profitable after logistics, product mix, the exchange rate, and the price are taken into account. As the rail reforms take shape, we can move coal on cheaper rail, and we will be able to reduce volumes channeled through multimodal systems, which have proven to be more expensive than the direct lane. You can agree with me how important the Waterberg line is to our portfolio. This slide will show the diversification within our coal portfolio. The foundation of our earnings is highly defensive, with about two-thirds of coal revenue coming from utilities, supported by long-term take-or-pay and our cost-plus structures. This part of the portfolio gives us stable, predictable earnings and limits direct exposure to short-term coal price swings. Beyond that defensive base, the remaining revenue comes from businesses that enhance value and give us more upside. Industrial customers that we have provide a medium-term contracted revenue stream that is linked to South African industrial activity. We've seen the steel industry sales give us higher margin exposure through semi-soft coking coal and the metallurgical linked pricing. Export gives us access to seaborne pricing with additional upside as the logistics reform improves our ability to move more product efficiently. We have a balanced earnings base within coal. We are stable at the core, but with enough commercial flexibility to enhance value over time. Before I conclude, I would like to show you our capital profile to 2030, as we have done this in our financial results in March. The increase you see in 2026 is mainly driven by truck and shovel replacement at Grootegeluk mine. That is done to sustain production levels, to drive operational efficiency, to improve reliability, availability, and sustainability, and reduce the total cost of ownership. Beyond 2027, sustaining capital normalizes while supporting strong free cash flow generation. To ensure a strong coal business, we need disciplined sustaining capital, well-sequenced, tied to assets that continue to carry value with a focus on protecting the reliability of our core assets, the continuity of our operations, and the extensions of our coal runway. Let me conclude. Coal remains the foundation of Exxaro's earnings. We can generate cash, we've proven that, and we can have sustainable returns. We have long life resource exposure. We've got strategic support for South Africa's energy system. 30% comes from Exxaro. We have a defensive, stable, and predictable domestic earnings, strong free cash flow generation. We still have potential upside when the logistics challenges that we're experiencing in the Waterberg become cleared up. The logistics, our value unlock lever. Thank you. Thank you. Thank you so much, Caroline. We are right at 11:12 minutes past 11. Now we're going to be transitioning into our questions and answers that both Ben and Caroline will take. Caroline will take. That's why she's on the center. As we normally do it. I'll take. We'll start here in the room. Please, if you have any questions, kindly raise your hand and the mic is going to be transferred to you. Before you ask your question, kindly introduce yourself. We'll move from the room, go to online, back to the room, and go back to online. Thank you. Brian, I see your hand is up. Well, thanks, Anda. It's Brian Morgan, RMB Morgan Stanley. Thanks for the time. Hello. I really appreciate these engagements. Just a question, maybe a bigger picture question is, you presented a fairly bullish picture on long-term supply and demand in the global coal markets. I suppose it makes sense that you're looking at life of mine extensions and you're highlighting your resources outside of your reserves. It all makes sense. I'd have thought in that sort of scenario, or growth might make sense, be it organic or requisite growth might make sense. Could you just chat to us a little bit about that strategy? Why are we not hearing about it? If that might be something that you'd look at in the future. Okay. Did you get that? We'll take another one. Ms. Katleho, please, can we Good morning. Nkateko Mathonsi, Investec Bank, it's a follow-up from Brian's question. I agree with him that you've painted such a bullish picture as far as the market is concerned. I cover the commodities, and they can't talk about 2050. As far as coal is concerned, we're talking it will remain very relevant beyond 2050. My question as well was around growth and why we're not hearing about growth. Adding on to what Brian has asked, I think what you've also painted is a picture of how instrumental Grootegeluk will be in that declining supply environment. If you can talk a little bit more around the rail capacity from the Waterberg, because that could easily become the constraint, and what investment would need to go into that if supply starts to decline and you want to produce more out of Grootegeluk, how much volume can actually move within that line? Then also, I have a question on Leeuwpan and your cost curve. I mean, Leeuwpan is so high on the cost curve. What optionality do you have to actually shift it a bit into the left if even possible? Thank you. Okay. Amber, I can answer this one. Thank you, Caroline. Yes, you can answer the question. Let me start with the question on coal growth. As you know, all our mines, we've identified coal within close proximity to our reserves for LifeEx optionality. Utilizing our existing infrastructure, all the mines we're looking at opportunity to do that. If you look in the Waterberg, we've got a whole reserve there that we call Thabametsi. The LifeEx of Grootegeluk, we've always limited it to 17 years, looking at the current mining right. When you look at the total resource base, we've got unscheduled reserves within Grootegeluk plus Thabametsi Reserve, which takes us beyond the mining right, beyond the contracted tons that we have with the power station. Giving us a life well beyond 46 years. Okay. We are looking at growth in terms of LifeEx for each operation. All the mines, we're seeing an increase because of LifeEx. With the LifeEx operations, we're not targeting to mine the current base and then extend. There'll be an overlap with some of the LifeEx projects that can be mined much earlier while we're mining the current reserves, and that will give us that additional volumes. Okay. Let me talk about the rail capacity at GG. Our direct line from Waterberg to RBCT is constrained. It is true. It's constrained in terms of capacity. The capacity currently takes us to 3.9 million tons. Coal is not our problem. At GG, we've got plenty of coal that we can actually export Way beyond the 3.9. Currently, from that line, we hardly even get to 2 million tons. That's why the rail reforms and our participation with Transnet and other players, Yeah producers who can also use that line. That's why we're collaborating and are in partnership to improve the performance of that line. We also still have an opportunity for multimodal, where should we need to export much more than the 3.9 million tons from Grootegeluk, we can use that optionality to do so. Thank you, Caroline. Okay, there's the last question on Leeuwpan. Yes, on Leeuwpan. Yeah. You have seen Leeuwpan, it's way out in terms of cost. We've just concluded the Section 189 process, that work has been concluded. We are busy with transitioning the mine to contractor mining model. That will give us a bit of flexibility. But we're also working on efficiencies, we're also working on our cost competitiveness to be able to bring Leeuwpan closer to the third and in the future to even the second quartile. We are working on Leeuwpan. We already have mines within our portfolio that are doing so well in terms of cost. The learnings are internal. Maybe just to add on what Caroline has just covered. On the growth, I think she covered it very clearly around Thabametsi is our growth in Grootegeluk. If it's only underground, it could possibly do a good three, five million tons on its own. If we get an IPP who wants to produce power there, then we can have an open-pit mine. Otherwise, it would stay an underground mine for export only. To unlock all that, as Caroline highlighted, the public sector participation with Transnet is critical. Doubling that 3.9, she's much more accurate than me, I call it 4 million tons a year. Doubling that depends on logistics. Our growth is really about logistics and no doubt, as we see possibly the RBCT entitlement is available. If Transnet continues to improve, we expect that the coal industry is not able to meet that entitlement, and Exxaro will be more than able to fill some of the gaps that would exist. I think you're absolutely correct, Brian, about the opportunity for growth is there. We need to unlock logistics, and I think Nkateko, you have just touched on that. Our efforts are driving logistics, particularly from Lephalale to Mpumalanga. That is the belt because it's much more expensive on this multimodal system, and we think that that growth will come from that area. Excellent. Are there any further questions in the room before we go online? Yes, Brian. Sorry, Ben, if I can just follow up on that. There's always the opportunity to allocate capital to acquisitions. Yeah. You're talking about it from an organic perspective, but if you're that excited about the coal market in the long run. Yeah Surely acquisitions make sense. Do you have a target for us? I think these are the kind of conversations we would possibly have in our own engine rooms. We definitely see a prospective, an exciting coal industry, in South Africa, that we don't think our expansion plans are outside South Africa and those growth plans around what is possible. I think knowing that it can come with rail, it can come with export, with port capacity- I think it's something that we know Exxaro will be interested. Thank you. This is a sector that is very cash generative. Yeah. We want to be very clear with our capital discipline, because Riaan is already looking at me. It's very important that it's cash generative, and we have promised our shareholders the money they must continue to benefit. Okay. We're not going to compromise on that. Okay. Thank you. We have a question here with Nemanja, then we're going to go to Andrew on the other side. Yes, Nemanja. Hi, everyone. Nemanja from PSG Asset Management. I'd like to ask that question from a different angle. As you're speaking, Ben, it seems to me that with the Mpumalanga mine, obviously you're the natural producer within that region, but the reason thereof as to you're not able to double production is because of the logistics capacity constraints, and obviously that rests on an exogenous factor that management can't control. Maybe ask the question from an organic expansion optionality, because it feels like to me that's the obvious. growth optionality that sits within Exxaro. Is it possible for you guys to find alternative means of being able to, I guess, improve your ability to- Be able to take product out of Lephalale, because Lephalale product is obviously much better on the cost curve. Obviously, then you utilize the optionalities that Ben was talking about, where if other people within the Mpumalanga regions aren't able to actually meet their own allocation of exports as their mine lives actually come into ending, that you actually are able to do that. To me, what it feels like, it obviously must be organic growth optionality first, given the asset that has the ability to actually give you that is actually also your anchor asset. Are you thinking about that alternative means because perhaps the return on invested capital that you can actually achieve by improving the flexibility of the Lephalale asset could actually, by design, be a better optionality than actually buying another mine that obviously will be in the Mpumalanga region that you've highlighted the challenges that are structural, that seems to be structural, that exist within that region. Thanks. Thank you. Thanks, Nemanja. I think there are two things, Caroline touched on the intermodal system that we use in how we move coal from Lephalale to Mpumalanga before Transnet then picks up whatever we will not have managed to move through the railway line from Lephalale. When she touched on that, it depends on things that, as you put it, outside management control, like diesel prices. I think we have seen diesel prices this year go up by, I think, about 70%. Right. The impact of that on intermodal becomes more, they continuously monitor the margins you make out of that logistics, such that you know whether intermodal still works or doesn't. That gets monitored by Caroline and her team continuously, and the commercial team. They also look at intermodal up to Maputo as another route rather than Richards Bay. All that, they monitor to see whether the price, the exchange rate, and diesel costs still make the margins we want out of this business. I think there are many options that they're looking at. If you think of organic growth, I think the future benefit of why the turnaround at Leeuwpan is not only to extract value out of Leeuwpan alone, but it's a beautiful, and Caroline coined it, beautiful processing hub and also coal handling hub. From all the coal from Mpumalanga, from Lephalale, it can come in there, and we can use it. The uniqueness of GG that we have not highlighted is they produce that coal at about 30 CV. Any low energy coal in Mpumalanga, which generally also gives us, I think, a lower sulfur, we are able to blend. Where GG might have high sulfur, it's got high energy. That blend is something no one else has because we are able to do that and actually sell a premium RB1 or RB2, when most can only sell RB3, which is much lower margin. I think the organic opportunity is to beef up our processing plans right now. What we will see happening is, I think we're seeing a trend you'd have seen in our pre-close that at Transnet this year is at about 60. As that 60 goes to 66, 72, or 75, we think some peers will start faltering, not able to meet their requirements. Only then would they sometimes release capacity to others, because if they release it at 60, the problem is not the port. They'll be releasing railing. No one has got enough railing because of that. I think hopefully we continue to monitor that. Maybe, Caroline, you might have more insights I might have left out. No, I think you've covered it. We continue to look at opportunities. That's why when we had challenges, and we still have challenges with Transnet, we've actually looked at other opportunities to take our coal to Maputo, and also the trucking optionality. It's all dependent on the margins. Thank you. Thank you, Caroline. We'll take Andrew quickly, then we move online. I've got a number of questions online. It's just a quick one in terms of reconciling return on capital with your LifeEx guidance that you gave on your slide 23. I am surprised that from looks like 2028, you've got a LifeEx program at Leeuwpan, given your comments earlier, and given your comments about a focus on return on capital. Maybe you could square that circle for me. Also, if we just look at your CapEx guidance on slide 28, it's quite noticeable that your guidance and what you actually achieved for the last few years is quite a big divergence. We're seeing this big spend on truck and shovel. It almost suggests of a lack of planning or some other reason. Maybe you could just explain why the big disconnect between guidance and what you delivered, and how much of that future guidance out to 2030 are you factoring in LifeEx within that? What sort of lead time on that LifeEx do we need to allow on the CapEx spend profile? Thank you. Thank you. Thank you, Andrew. I think maybe Caroline can touch on the CapEx guidance, because we also did say in our results that indeed. The truck and replacement- Next year. Yeah, to that, yeah. Okay. What you're seeing in 2026, 2027, it's because of the truck and shovel replacement strategy. The capital then normalises. We will remain within the guidance even with LifeEx included. What you saw with Leeuwpan with the first block that we're going to include as LifeEx, that block is basically within where we're mining. We're going to have to mine around it. Acquiring it earlier helps us straighten our pit, and then we actually just continue mining with that block in. That's why we needed the block much sooner. Otherwise, we'd have to mine around and then come back to mine it. When it makes business sense, we will invest and bring the timing to where it needs to be. Our capital will normalize, and we will remain within guidance when we look at the other years as well. Okay. Indeed. I think maybe I could add that if you just look at our spend for 2022-2025, you will see that, yes, there's a bit of a hockey stick because actually we underspent consistently for those four years, and that is the lump that we have got in the two years in 2026 and 2027. Accepting that that underspend is actually just simply moved the hockey stick to the 2026-2027 period. The truck and shovel approval then came in 2025 last year. If I was ticking some of the big achievements we did last year, it's making sure that those trucks and shovels come in on time. I'm very pleased that we have that bunch, but it's actually critical to create the assets we need to deliver. On average, if you look at the total number, we're still hovering around the guidance that we have given. Also 2020, 2028, 2029, 2030, you'll actually see that we're slightly underspending than our previous guidance. On average, we are equal. I think Riaan can always cover that a little bit later. You spoke a bit about return on capital, and I think that's an important aspect, so I'm really glad you raised that on slide 23. What we are doing with this life extension is we are not putting capital in new plant capacity, equipment, and plant. If you think of Belfast, which is producing at about 3.5 million tons, [Rissy]? Yes, 3.5. Million tons a year. The processing plant was designed, I think, at about three, and we're maximizing now at 3.5. We will maintain that 3.5 without spending more capital. What we're seeing with our neighbors is their contiguous coal deposits that provide us with life extension opportunity. There's no incentive for them to put a new plant. It's much easier for them because it's better for us and it's more cost-effective for them to sell those deposits to us in the farm boundaries so that we can extract using our infrastructure. It's not new capital, it's simply spend on farm acquisitions to bring in production that extends life of our mines. It's not key today to be thinking of upgrading Belfast from 3.5 to four because there's no logistics. If there was, there may be. I think at this juncture, given the life of Belfast, we think you sweat that asset and infrastructure better by making sure the plant lasts as long as you need it to, and then you watch it from then. Thank you. Thank you. I have no doubt the deep-pocketed Ben will come in later and share some more insights. Okay. Thank you. Thank you so much. Thanks, Ben. Going online, there's a question from Philip Petelo Kashane from Dipopo Hub, and his question is: With coal usage holding a larger than forecasted share of the energy mix heading towards 2030, what does this mean for the workforce stability, skills retention, and entry-level employment opportunities within the coal division? That's the first one. The second one is from Thobela Bixa at Nedbank, and his question is: What does the light-shaded copper and zinc mean in slide nine? That's for Ben. Does this mean zinc is back? Previously, Exxaro wanted to sell their zinc exposure. I'll start with that. Yes Give to the boss on the labor issues. And- Thobela, you would know that we are invested in zinc and lead through Black Mountain. I did not want to steal Richard Stander by declaring what the plan is. That gray shaded is saying it is non-core, it remains non-core. If there's a buyer at a price, there's always the right price for a seller and a buyer. It's non-core to Exxaro, and we think that our attention is better placed in the assets we have chosen. Black Mountain is non-core, that's why it's gray. Copper is still prospective. We don't expect to require to spend too much money. We're looking for an advanced exploration project which we can take up the value curve. The singer for this is Richard, and now he gets paid for that part, so he must deliver on his case. Thank you. Thanks, Thobela. I think Caroline can touch on the labor and the prospects for our region. Caroline, before you go there's another question along the same lines, it says: "Hi, Caroline. Caroline makes an important point from that slide that supply is contracting faster than demand. The gap widens from 2032, and by 2045, only 6% of South Africa's export supply comes from today's existing capacity. At what point in the supply tightening curve, measured by mine closure announcements, seaborne supply volumes or API4 price, et cetera, would you expect the market to re-rate Exxaro's coal assets from ESG-impaired to strategic energy security asset? Is there anything Exxaro can do to accelerate that re-rating, or is it entirely dependent on events outside your control?" It's a difficult one. Caroline, take whatever you want. I'll take the rest. Okay. Let me start with the easier one of the energy mix and what that means for Exxaro. We are in a very unique position as Exxaro. We are unique in the sense of our long-term contracts that we have with the power utility. When we look at the plans where there's depletion of mines, yes, there's power stations that will be decommissioned. The Exxaro power stations that we supply coal to, they are actually the ones that goes much further. We're seeing the first one will be Matla that comes to depletion. It's well beyond 2040. Then we'll see Medupi and Matimba. The capacity that's shown as the base of South African coal in that capacity until the very end, that is Exxaro. Our people, our skills, our portfolio, we remain intact because precisely of that advantage that we have that other companies don't have. That 2071, we are there as Exxaro. Thank you, Caroline. Perfect. I am just also- No, I'll do the next one. Okay. Yeah, you can do the next one, quickly, we're going to show I think maybe let me just say there's maybe one or two questions that are not answered here. Because of time, we'll address them at the end of the session- The end. Perfect just to manage our time because Johan is also now ready to come in on the metal section. Caroline, you can quickly just- Okay. Please read that question again. The re-rating one. It says I'll actually just say, "At what point in the supply tightening curve, measured by mine closure announcement, would you expect the market to re-rate Exxaro from ESG-impaired to strategic energy security? And is there anything that Exxaro can do to accelerate that re-rating? May I put that one to you to answer? Okay. Over to you. We've got an opportunity that we've got strong resources. Our 9 billion tons secures us well into the future. As the mines deplete, as resources get constrained in other areas, as markets change, we've got long-term contracts. That benefit actually says with Exxaro, we are comfortable that we'll still be participating in both domestic and exports into the future. Okay. Yeah. Thank you, Caroline. Maybe let me just add that in the re-rating, it's a day like today that we are hoping our investors see how attractive our coal business is. Our job is to do exactly that, and hopefully, our investors vote with their money. We have a distinguished asset base, long life, and in South Africa, Medupi and Matimba are the lowest cost power producers in the country. We'll be the last ones to be touched in any journey. We remain very responsible in our stewardship in driving and accelerating carbon neutrality by 2050. Neo Monareng will touch on that later. It's really about are we attractive enough to beat the competition? I think that's the foot Caroline has been putting this morning. Thank you. Thank you. Thank you, Ben, and thank you for all the questions. We will now allow you to go, Johan, from a Metals perspective, to tell the story. Thank you. Thank you. My name is Johan, and I'm actually wearing green, not because of Bafana Bafana or the Springboks. We also have green for 20 years in Exxaro, who knows what the next 20 years will look like. I will be unpacking Exxaro's Metals portfolio with a particular focus of our new manganese business. Manganese is in the house. Yeah. I'm glad to know that I'm also being called boss. The portfolio is comprised of high-quality, long-life assets that generate cash today while creating future growth opportunities for Exxaro. I will discuss the market outlook, our asset base, operational performance, and the priorities that we will drive to create value for all our stakeholders, not only now, but also into the future. Our Metals portfolio consists of the new manganese assets, investments in crushing iron ore since 2006, and selected non-core interests like we discussed just now, such as Black Mountain Mining interests, but it still needs to be managed today as part of our Metals portfolio. The portfolio combines long-life resource and reserves, strong cash generation with these bulk commodities, I think that emphasis on long-term, whether it's iron ore or manganese, needs to be acknowledged. Both manganese and iron ore are both important ingredients for steelmaking and stainless steel-making. Being an ex-steelmaking and stainless steel manufacturer in my life, I do understand the importance of both iron ore and manganese. These businesses will continue to provide attractive dividend flows for Exxaro's metals portfolio going forward. This slide is telling a story. South Africa is the dominant global manganese jurisdiction, holding about 80% of global resources and contributing only 42% at this point in time to world production. This resource endowment provides strategic advantage going forward for us in South Africa, but very importantly for us as Exxaro. Tshipi, with production of approximately 3.5 million tons per year, is one of the largest global producers and well-positioned to benefit from the long-term manganese demand and growth. As said, manganese remains primarily a steelmaking commodity, with 97% currently being utilized in the steel and stainless steel manufacturing production. Batteries, which is widely spoken about, represents an emerging source of future demand, and we acknowledge that. The Tshipi manganese ore is predominantly used in the production of silico-manganese, which is used and widely used in the construction industry. It's foundational to the steel and stainless steel industry, which has a long-term horizon. Steel is expected to remain the dominant end-use market for manganese through 2050, as depicted on the slide. Although the mix of steel products is evolving, manganese remains an essential alloying element, with limited replacement and recycling capability. In parallel, as discussed, batteries and other emerging applications are expected to contribute on the incremental demand and growth. Obviously we will watch technologies as they evolve going forward. This supports a constructive long-term demand outlook for commodities and reinforce the strategic value of these high-quality manganese assets, including our iron assets, iron ore assets as well. On this slide, China is currently the largest consumer of manganese products and dominates the alloy production. We need to recognize at the same time, India is emerging as the growth market supported by rapid industrialization and increasing steel production. We do monitor that also from a coal perspective, also feeding that market. This geographic diversification and broadening the demand base supports a constructive long-term outlook for the manganese and creates opportunities for producers like Tshipi to access multiple growth markets. We now move a little bit closer to what did we buy? As you would be aware, Exxaro's invested in a world-class manganese position through Tshipi and related assets in the manganese field. Similar to what Caroline has discussed on Grootegeluk, Tshipi is a long-life operation with substantial resource and reserves producing 3.5 tons annually, as mentioned. Our shareholding in Jupiter Mines is 19.9%, and our own marketing capabilities that we have obviously onboarded now as Exxaro Manganese Marketing and Trading with 100% ownership. Situated in Singapore, EMMT strengthens our strategic position, enhances our ability to capture value and influence across the manganese value chain. Collectively, these world-class manganese assets position Exxaro as the world's fourth-largest manganese producer as we have it today. The Tshipi mine value chain is typically bulk opencast mining, similar to our coal operations. It's actually great to see that it complements the coal and the manganese that we're going to mine into the future. Ore is being mined in accordance with life of mine plans before being crushed and screened to size. Quality manganese ore is then loaded via Tshipi rapid loader station designed for 5 million tons per annum or via road transport to ports, I'll elaborate on those optionalities a little bit later on. The manganese ore product is further shipped to customers and predominantly sold in a cost, insurance, and freight or CIF terms, which is slightly different to what we have been doing in coal, but we acknowledge our journey there. As a result, value creation extends beyond the mine, with operational performance, logistics optimization, and marketing capabilities, all representing an important value drivers and the profitability of our manganese business. Our focus at Tshipi is centered about four priorities. We want to take this at a right place because we also have to learn a lot from what we just acquired. Firstly, integration and disciplined resource and reserve management and life of mine planning. That we will do together. Second, governance structures that ensures continuity and effective oversight. Third, logistics partnerships to improve product flow and reduce cost. Lastly, margin optimization through operational efficiency improvements and disciplined cost management. We have a clear plan in the short term to make sure that we learn from these assets as we build the future. On the next slide, the governance framework at Tshipi provides institutional continuity, strong shareholder alignment, and balanced representation. Strategic and material decisions require shareholder approval, supported by clearly defined governance and escalated processes to manage potential deadlocks, which we hope we don't have because we want to work together. To ensure board continuity, at board level, Mr. Macozoma, the former chair of Tshipi, has been appointed as Exxaro nominated chair for a year to enable that business continuity to work together as we unfold the journey going forward. This governance structure supports effective and disciplined decision-making, operational stability, and long-term value creation for all stakeholders. I do apologize not representing you tomorrow on site visits because we have a board meeting tomorrow. If you don't see me tomorrow, we have to attend board meetings because we have governance that we need to do on Tshipi. Tshipi has consistently delivered strong operational performance. Safety performance has improved significantly, production and sales have remained in line with mine plan, and operation has maintained competitive cost position over time. It was mentioned before by our CEO, safety and production and quality, I think it's a good asset that we can see that we are delivering the results early on participating on this journey. Despite periods of commodity price volatility, Tshipi has continued to generate healthy margins, demonstrating the resilience and quality of the asset through the different market cycles of manganese. This slide must give you comfort regarding our logistics optionality for Tshipi and the manganese field. Logistics represents one of the most significant potential opportunities for us to unlock additional value within the manganese business. Like in coal and in manganese, we have to move the tons with our partners. While a significant portion of our product continues to be transported by road, rail offers a meaningful cost advantage through the MECA or the Manganese Export Capacity Allocation framework. By increasing rail allocation and improving logistics efficiency through Transnet partnerships, which was mentioned before by Caroline, this partnership, we can reduce cost, expand margin, and strengthen the competitiveness of our manganese business. Rail and logistics and marketing are essential to unlocking the value for the manganese business. In conclusion, Exxaro has established a high-quality, now differentiated and global significant manganese platform with a clear path for long-term value creation. The portfolio combines high quality, long-life assets, resilient cost position through strong marketing capabilities, and future growth opportunities. Disciplined execution and logistics optimization remain the key value levers that we need to unlock for the business and build optionality in future-facing metals, ultimately creating sustainable value for shareholders over the long term. I thank you. Thank you, Johan. Thank you so much, Johan. You can go. Thank you so much. All right, ladies and gentlemen, we are a bit ahead on time now, Johan has actually bought us some time. We are at 11:54, just six minutes ahead of our comfort break. I do recommend that we do take that comfort break, and then we will be back here in 15 minutes, roughly. Around 10 past 12. Thank you. We will have the opportunity to ask, Johan is going to come up on stage with Leon after Leon does the synergy section. Thank you so much. We will come back at 10 past. Right. Sound everybody online ready? Right. Good stuff. I am unmuted as well. Right. Good afternoon, ladies and gentlemen, and welcome to the Renewable Energy element of our capital markets day. It is really good to have all of you here. Did not expect such a big crowd. Good stuff. I will start by reflecting on the progress that we have made, and then I will share our view of the market that we find ourselves in, explain how we are going to address that, and close off as to how we are executing today to build a stronger energy business for the future. If you look at renewables, as Caroline has said, renewables are becoming increasingly relevant in South Africa's energy mix, and this is consistent with the global energy trends, but there is also a need for resilience and low-carbon systems as well. What we are looking at, wind, solar, and battery storage remains core to what we are busy with. The balance of the future, though, is mixed, and that will require technologies that support both affordability and reliability, and that includes coal. Just to be very clear about that. There is no silver bullet in this world. The growth that we are seeing is driven by three practical things, and one of that is cost. It is not just sexy, it is energy security, and it is decarbonization. Currently, the immediate grid that we are facing is grid capacity. Firstly, the grid needs to be expanded. Currently, we are starting to see constraints in the grid. As you see more renewables penetrating the grid, you'll have to invest in different technologies to stabilize the grid, and that's where you will see the advent of gas and battery energy storage more and more in our business. As we move towards a more liberalized market, we're seeing that regulatory reform is opening the market and is an enabler for the broader ecosystem. You'll see more of us independent power producers there, private off-takers and energy solutions which are different to what we've seen in the past. We are seeing a lot of activity in the public sector as well as increasing public off-take. You'll see that in our storyline also coming to a head. There's growing energy or interest in battery storage, especially on the Eskom side. We see that in the private sector, and I think that's a good thing because it balances the opportunities for clients. If you look at scale in South Africa, the renewable energy pipeline is very large. You look at the NERSA registration, there is some 220 gigawatts of projects registered, so that's fairly significant. From an off-taker perspective, that's wonderful. What we do need to solve, though, is the grid. There are plans underway. There's an ITP program which is underway. Preferred bidders have been awarded. It's also important to note that private sector is playing its part. The execution risk and timing is not certain. We are working, everybody's working hard at this, and we're monitoring this space very closely. With us, talking to the market now, let's talk about what our plans are. What's our strategy? What we are building with Cennergi is more than a collection of projects. We're building a scaled energy solutions business. Where we are active, we are active in the public sector such as REIPPPP. REIPPPP is good, and then private sector as well, and that's where we include Exxaro, and we'll talk a bit about Exxaro's role in our life. It's important, but it's not the only role. Alongside that, I'll talk later in terms of our asset rollout. We are building an asset management company and also ops and maintenance capability, which strengthens our long-term value proposition. What's really important for us, it's not just about megawatts, and you'll see that with a lot of our competitors. There's a lot of chase in terms of getting megawatts on board. For us, it's solving problems for customers. Getting back to our strategy, lower cost, lower emissions, security of supply. That's what we're striving for. From a tech perspective, wind and solar is first and foremost our focus. We see battery storage is becoming increasingly cheaper, and you see that with the Eskom grid windows as well. That certainly bodes well for the offtaker. What we believe makes us a bit different in terms of our growth approach is that we've got both a buy and a build strategy. A lot of our competitors do not have that. We are developing our own pipeline, organically. That makes sense for us. But M&A we also do, and where the risk and reward makes financial and strategic sense, we certainly do that. Paging on to saying is now we've talked strategy, now we're saying is, "Okay, what have you done?" I'm very happy this picture gives me immense pride. It's up there with Russia and the Boks winning. This slide shows you, on the next slide we'll do that furthermore, is to show that our growth is deliberate and disciplined, and you'll hear the D word a lot, discipline. We're not only focusing on adding capacity, we are focusing on building a high-quality, high margin portfolio. Share a bit about the margins later. Portfolio quality is central to the investment case. Long-term PPAs provide this. It's predictable earnings, we have very nice EBITDA margins, 75%-80%. That's not something to be scoffed at. At the same time, Cennergi is becoming increasingly material to Exxaro's earnings with a clear trajectory with our current projects that are in construction and under consideration of north of ZAR 3 billion by 2030, it's not small change. Diversification is another important strength. We're not reliant on a single customer or segment. The portfolio is balanced, it's balanced in mining, utility, and private sector customers. The growth is also aligned with Exxaro's broader objectives, one of those very key ones is decarbonization. Strengthening energy security and long-term cost competitiveness is quite important, that is what we can provide to our offtakers, including Exxaro. Overall, the business is scaling with discipline, anchored in strong fundamentals, and positioned for sustained value accretive growth. Let's look at our track record, enough about the concepts. Let's see what we practically put down. The first one, which we're very proud of, is LSP. It's an important milestone for us. It's Exxaro's first Scope 2 decarbonization project, delivering the group's first green electrons and describing our ability then to execute. Secondly, you'll see the next one. You'll just see KB. That's Karreebosch. It's a 140 MW wind project, which is under construction. COD is planned for early next year, there's a 20-year PPA with Northam, that talks to the private customer segment that we are targeting. We have Sishen and Gouda. We are in the process of acquiring that from Acciona, a majority stake. What we did in line with our strategy as well is we increased our stake in O&M capacity. We bought the majority stake in the O&M company. That's directly allowing to both generating capacity and also the services business that we want to expand. Corona, the last asset there is a Bid Window 7 project. It's in the public space, it includes our exposure and also with to government. Remember, all government deals are backed by National Treasury. From a credit perspective, that's quite a good thing to have. Our partner there is an international partner that is well renowned, that certainly helps us in terms of gaining those learnings. If you see as our customer base is evolving. We are anchored in the public sector with utility opportunities, we are increasingly expanding our private sector clients, this includes Exxaro as well. This improves resilience and additional growth avenues for us. The key message here is we are converting pipeline into high-quality earnings-generating assets while strengthening the business behind these assets. Now we're done with looking over the shoulder. Now let's see where we think the growth will come from because everybody has these lofty targets. Do we. This slide brings together how we intend the Cennergi business to 2030, but in a highly disciplined way. Our growth ambitions are clear. Every megawatt, and Kopis is here, he keeps me very honest, strict investment criteria, nothing for Mahala. We're not chasing growth for its own sake. We're focusing on opportunities that meet the return thresholds and that meet our strategic priorities. Central to this, and you'll see that in the middle block, is Exxaro's decarbonization aspirations for Scope 2. These projects are strategically important to the group, both in terms of emissions, but as with Kopis' instructions, also long-term cost competitiveness. The investment in Scope 2 project is not just an ESG project, it does help in terms of saving cost. Just to give you a sense of what it's going to cost, this is reflected in our capital allocation with approximately ZAR 2 billion of equity earmarked from Exxaro's commitments. In the broader growth pipeline, there's a ZAR 3 billion per annum allocated for our growth pipeline. At the same time, here's the centerpiece to saying is we're supplying to Exxaro through various means. It does not mean if you look at the blue block, are we stepping away from the market? The answer is no. We continue to pursue attractive external opportunities across private and public sectors to maintain our growth momentum, diversify earnings, and capture value in this market that is rapidly evolving. The balance is clear. We will prioritize strategic internal demand from Exxaro and in the wider market where returns and risk are compelling to us. Then I repeat the D word again. What underpins this is disciplined execution, deploying capital very carefully that translate into sustainable high growth earnings over time. Let's talk pipeline. It's good to have these projects. Usually what you need to do is a pipeline to see how our pipeline stacks up. Let me take you through the pipeline. The slide highlights both the depth and quality of our pipeline and how it supports sustained growth beyond 2030. This is a long-term game. The pipeline is diversified across development stages from early stage, far left, to projects that are closer to construction. The balance is important because it supports a consistent flow of projects into execution over time. Renewable energy development, not as long as mining, but it takes its time depending on when in the journey you are and how close to financial close you need to be. Anything from 12 months to 60 months. A deep pipeline therefore gives us visibility and resilience in our growth. From a technology perspective, you'll see that it's well-balanced between PV and wind. If you look at where we find ourselves, I think the wind portion in our portfolio is particularly pleasing. This also allows us to look at site conditions where the grid is not constrained. We've taken a proactive view on that. We've deliberately located those opportunities in areas where the grid is available. This helps with execution risk. We can go to the next slide. One of the things I think a closing argument on this is to saying is what we see happening in this market is that there will be consolidation as well. You'll recall that I said that there will be M&A opportunities. We believe we are well-positioned. We've done that twice now before when we bought out the minority stake from Tata and now buying out the majority stake from Acciona as well. We're cutting our teeth in this space as well. Let's talk at how do you unlock value. We talked about strategy, now we talked about how we're going to grow, where we're going to get this. The question is, where you're going to make the money. If you look at it, this slide is really about how we unlock value across the full life cycle of our projects and not just at the point of generation. Part and parcel of this is we're a long-term investor. A key differentiator that is that we are not just an asset owner. We play across the value chain from development on the far left side, through to portfolio operations and portfolio optimization, should that become necessary. At the front, you need to get it right. We create value through disciplined project development. This is where early-stage expertise and execution in a disciplined manner is quite important. As these projects move into operations, the value becomes more stable and recurring, and there are long-term cash flows, and we support them with O&M and asset management capability. There are also things we do to unlock value over time. Some of that is refinancing. You'll see that the bankers are giving better terms to us. Farm downs, should the need be there for capital recycling and selective divestments. There's also other sources of revenue, including services offering. Because we're a long-term shareholder, we can extend the life of these assets well beyond the PPA horizon. What ties this together? Discipline again. We are deliberate in how and when we realize value, ensuring that we are aligned with portfolio return targets, Kopis, rather than being transactional and just chasing gigawatts. The outcome of all of this, oftentimes, we don't measure ourselves in ROCE. We measure it in equity IRR over time, and you'll see the sum of the parts being a long-term shareholder playing across the value chain. That is how we get to the margins, and that's how we ensure that we get to the returns that we promised. The message is that Cennergi is extracting value at every stage. Building the business that is growing, both in scale, quality also very key in this process. All right. This one also, it's way up there. It's not with Rassie, it's with the blue bulls. Let's look at the cash flows here. The slide is about how the portfolio transitions into strong cash flow generation platform over time, and why it matters for sustainable growth and shareholder returns. Firstly, renewable assets are by nature long-term investments. In the early years, cash flow is largely dedicated to servicing debt. Once the debt is repaid, the profile changes. That you can see here. Post 2030, we see that there's a clear shift in the cash flow profile. That is when our Bid Window 2 assets, which we've long-term invested in, Amakhala, Tsitsikamma, Gouda, and Sishen, they're now fully de-geared, unlocking significant cash flows at a portfolio level. This creates an important inflection point for our business. It provides the opportunity for us to self-fund equity contributions into new projects. We have then less reliance on external capital, and we can support the growth efficiently. Another D word, but you love this one. It underpins more divies. Certainly, we can pay more divies once there is free cash flow. That's an important perspective. The last one is, in this business, we don't have a lot of stay in business capital. Effectively, what happens is, the EBITDA translates directly into free cash flow, whether you service debt or you return it to capital and to shareholders. The key takeaway here is that our journey requires patience, not a short-term gain, disciplined capital deployment, and this results eventually, if you're patient in the business, that delivers a lot of cash, and increasingly allows its ability to grow itself. If we look at the unpacking of the Cennergi by the numbers in this space. I'll talk you through the detail at the very back of the slides. I think it's slide 92. There's also more detail about the portfolio, in terms of cost, megawatts, gearing, et cetera. To understand the quality of the business, it's useful to look at what's under the hood of the current operating assets, and we use Tsitsikamma and Amakhala. It's in the public domain. Let's give you a sense of what's happened there is. In 2025, we generated 703 gigawatt hours of electricity, with 98% of availability. 98% is high for wind. That translated into ZAR 1.4 billion of revenue. A 79%, I'll speak like Ben, I'll talk about 80% margin. I like to round up a bit. That's stable, high margin profile. We're looking to replicate this on scale. The first value driver is appropriate and predictable cost structure. Costs are usually determined at financial close, and in our case, with our current two assets, it's approximately 20% of revenue. That gives you visibility of returns. The second value driver is debt amortization. Project finance cost is significant, so you've got to manage this. In the early years, as debt is repaid over the PPA, the cash flows were previously servicing debt, and now it gets to the bottom line where you actually start distributing that to shareholder. The third one is the cash conversion, which I spoke about. That EBITDA effectively translates. There's not a big working capital element or stay in business. That is very good. In this case, more than ZAR 1 billion of EBITDA translated into cash from operations, which is quite a hefty sum of money. EBITDA, as I've spoken about, converts very well into free cash flow over time. This is fully aligned with the Capital Markets Day theme of accelerating disciplined strategy execution, high-quality business, in our case, very defensive, but predictable and meaningful growth. In all of these businesses, you've got to do risk management. We live in a world which is topsy-turvy, to say the least. Here we highlight that risk management is embedded in how we structure. They've got a fancy word in our world. They call it risk allocation where it is best suited. Make of that what you want. It's how we structure our business, and it's central to protecting our value across the portfolio. On revenue, the biggest contributor. Currently, the assets in our portfolio are 100% take or pay, and the tenures range anything from eight years, those are the REIPPPP assets, to 25 years. Those are the newer assets. This provides a high degree of revenue certainty with inflation-linked PPAs that offer a natural hedge against the cost escalation as well. From an offtaker perspective, the portfolio is supported by strong counterparties, investment-grade private customers, and also the public sector, which is backed by National Treasury. On the cost side, downside protection in construction is supported by contracting and hedging strategies, in particular for interest and FX. That makes an important component for us to observe to manage the risk. Our contracting strategy also plays an important part. Maintenance are in place for the key components of the commercial life of the assets. Whilst EPC structure transfer appropriate construction risk and delivery risk to contractors. On the resource risk, we've done this with most acquisitions before we buy, we have a look at the resource. It's not uncommon, like in mining companies, we do extensive studies before we make the investment decision. That reduces variability and improves your confidence in the long-term asset. Our debt funding structures are designed to enhance returns and manage downside risk. They are typically high gearing in this game because it's predictable. You can gear it high. You'll see it in the backup slides as well, there's limited recourse financing. Effectively what this means is that we don't have to look at the mothership to bail us out. Lender participation is also an additional layer of rigorous due diligence. Going through lenders legal and lenders technical is not easy, that's good for us. The overall message is yes, we're growing, but it's not only built for growth, we're really looking at de-risking our portfolio. It's structured for resilience. There's multiple layers of protection across revenue, cost, contracts, resources, and funding. I conclude, very proudly so. We've shown you an energy business that has moved from strategic intent. From 2021, we had a nice story. It moved now into a stable cash generative reality. We are operating a high-performing portfolio that supports Exxaro's decarbonization strategy while we are delivering earnings value growth. The strength of the portfolio lies in its defensive positioning. Long-term PPAs with utilities and private offtakers reduce exposure. We don't have commodity price volatility, it provides predictability in terms of earnings. We're delivering a double mandate as well. Exxaro's decarb strategy, as well as contributing to South Africa's broad energy transition. Our pathway to 1,600 megawatts by 2030 is about scale, but it's also about disciplined execution and integration into the value chain. Ultimately, we're trying to build a very high-quality cash generative business that supports Exxaro's valuation, what Ben alluded to now. As the debt amortizes and the value unlock becomes increasingly meaningful, creating opportunities for self-funded growth and sustainable shareholder returns. In simple terms, we are not just adding megawatts, we're building a resilient, yielding, generating platform. Its execution is with discipline. We believe that this business will be one of the cornerstones of Exxaro's diversified future. Thank you very much. Thank you, Leon. Thank you, Leon. Thank you so much. We see Exxaro is harnessing wind, harnessing solar, and we are mining the ore bodies underneath the ground. That brings us to our Q&A session right now, covering Cennergi and metals. I see Brian's the first one to raise his hand. All the time. We're going to give you, Brian. Thanks, Anda. It's Brian Morgan again from RMB Morgan Stanley. Johan, if you can just chat to us now that you've taken ownership of Tshipi. Chat us about the mine and the mine plan. If you can give us a bit of color on stripping ratios, the next five to 10 years, when do you need to go underground? How should we be thinking about this and modeling this one medium term? Thank you. Are there any other questions in the room? We've got one. Thank you. My name is Hlengiwe Motaung from McCloskey Dow Jones. I've got a three-part question, and that's directed to Johan. First, the pending Mokala deal. Can you provide an update on the sale transaction? What are the key hurdles there? How much additional CapEx should you pencil in for this integration? Secondly, my question is on rail and infrastructure on the manganese. 46% of manganese from Tshipi is transported on road. How does Exxaro plan to leverage the existing relationship with Transnet to optimize your exports there? Essentially, what is the MPC's current deal with logistics and expansion plans? Lastly, Johan, your presentation shows a demand for manganese in batteries. As part of your sustainable growth plan, are you considering to pivot a portion of the manganese portfolio towards battery-grade manganese sulfate or any other downstream beneficiation? Maybe to throw in a bonus question. Given that Exxaro now owns a portion or nearly 20% of Jupiter Mines, of course, with a direct stake in Tshipi, what is the long-term vision for this partnership? What are we seeing there? Are there any commercial synergies you can unlock by aligning your marketing rights with theirs? What do we see with this relationship going forward? Thank you. Four questions. Thanks. Can I answer? Thanks, Brian Morgan. I think one thing that we have taken over, it's a well-run business for 10 years by a well-structured CEO management team knowing how to manage that mine. Stripping ratios aside for now, between 10 and 12, which is bigger than what we know from a coal perspective, but that has been the plan. This outlines a life of mine plan nearly to 2050 for an open cast mine. Thereafter only we have long-term resources even to go underground mining. That has been factored into the life of mine. Here's the 25 years, including stripping ratios, associated cost, including logistical cost, long-term forecast on price, which we manage the cost and to manage accordingly. Very proud to see, looking at the life of mine, that we have a good 25 years ahead of us, and all dependent on what the prices will do going forward. We do need to acknowledge that Tshipi is one of the last open cast mines with that type of longevity because most of the others potentially don't have that life of mine. Which gives us the opportunity while others have to go underground, that we can still operate at a good cash cost margin, given that we're still on open cast mining. Hopefully, that gives you some color, but very confident that there's a good resource in the reserves. Obviously, with our technical services and what we bring to the table, we will see how we can, similar to Total Coal or Namakwa Sands that we bought over, we're going to see how we're going to leverage and still create more value if we can. Yeah. On the Mokala sale transaction, that has been announced. It's still in progress, and I think as part of a business development, I don't want to steal the thunder of Richard. Richard did say it to me beforehand, "Don't pass all the questions to me." I think the Mokala matter is clearly there. From an operations point of view, I do the integration on the sales. As they come through, it's like playing the ball in the rugby team. Once that is done, it's handed over to us, and we have a plan. We have a plan for Mokala in the eventuality that the deal has gone through. From operations point of view, we really do understand the asset. We do know how to manage that, similar to Tshipi. Once day one arrives, we'll have a plan to integrate. I think on the Mokala matter, Richard will deal with that in a little bit more color. On the rail versus road. If I think about iron ore, sitting on the board of SIOC on behalf of Exxaro, sitting on our newly manganese is in the house, our coal, I think we are quite a big, substantial voice, together with Transnet, to build this country. It's not about rail as well. I just want to make that very clear. Manganese has a port issue as well. To actually efficiently load these volumes on port is rudimentary compared to coal. There's a lot of opportunities that we have to work with Transnet to see whether we cannot unlock value through the logistics market. And one step ahead, it's also what ship sizes we can utilize to actually utilize going forward, because that has a price impact on CIF. There's a long-term partnership, including the MPC, how we built the PE export channel. But understanding export channels, we are nearly 1,000 kilometers on all the export challenge. Have optionality. We just learned from GEMCO where one of their ports was impacted by a storm. Keep the optionalities that you just don't bank on one port alone and make sure that you have export channels throughout. That I think Tshipi has done very well to have quite substantial export channels. Demand on battery grades, that will come with time. We need to acknowledge we are a silico-manganese player. Battery minerals are actually looking at 44% manganese qualities. But we have the value in use is not fully understood yet, and that's the part I think. The same that we brought in the Kumba days, the value in use for that ZAR 15 that Kumba got for the quality. Maybe we can add that type of thinking towards the KMF journey as well. Because battery manufacturers are predominantly looking at 44% rather than the 36%. We acknowledge that. But as this portfolio grows, who knows what that means for us. On the JMS side, 99.9, I work with what I have currently. We are joined by the hips 50/50 nearly per JV, and we're working together. And I must say, there's a healthy relationship between myself and Brad and the JMS team, working together to give direction to the CEO, Ezekiel, and his team. That's where I'm at this point in time, creating the value that we already have bought into, and Kopis will remind me it's a lot of money, so we need to bring back the money and pay back the money. Future optionalities will be determined as we unfold. I think the similar analogy I want to give, the Exxaro Mineral Sands with Tronox Limited, over time, it took 5 years. There's some thinking around that we have been on this journey before, I think we need to take it day by day. For now, deliver the value of the money that we've spent. Quite right. Thank you. Thanks, Leon. Nkateko has got a question there. If we can get a mic to her. I'm just checking. It's afternoon. Nkateko Mathonsi, Investec Bank. My question is for Leon on the margins of the current renewable energy business, which is around 79%-80%. If you can talk to the new energy business that are coming through and what margins they're coming at, including even the latest Bid Round. Over time, what is happening to those margins? That would be very helpful. You also talked about the potential for you to extend life beyond the PPA period. If you can just talk to at what CapEx level that would actually happen at, maybe relative to the CapEx that was invested initially. Thank you. Thank you. Easy question as always. On the margins, it's true. If you look at an [LGM] we measure equity IRR. Is there downward pressure on that? Yes. When we started Bid Window 2, it was not uncommon to get to 20% on your 20-year PPA. Early days, nobody knew what was going to happen, so that risk was absorbed. Nowadays, it's probably in the range of 11%-13%. That's what we see. Does the margin then reduce? From a modeling perspective, I would take those numbers and back solve it. The only way then for us as integrated players to make those margins is to play in that whole value chain. You take that bit by bit, you include a refi, you include a development fee, you participate in the O&M bit, and over time, you gain your margins there. You also do the refinancing, and you'll see the terms. If you look at the back end with Kopis' analysis of the debt is if you look at what we paid for debt early on and what we paid for debt now is a lot different. Also the tenor of the debt is a lot longer. I would give you that guidance to say is that's more or less what you need to think about in terms of the business. If you look at the, I think, the value between or post PPA, these assets are designed to get to probably 30 years. I think you can possibly get 25-30 years from solar, maybe slightly longer on wind. There are different ways and means of achieving that. What we're seeing from the repowers from overseas, where they're leading the charge, some of them completely repower, they have less wind turbines at the sites, and they just use higher generating units that create that. That's almost a new build. There are different ways, and I think that's where we are well set up from the Exxaro perspective is essentially, especially on the wind side, it's mechanical equipment. With our long history of coal, how we manage the truck fleet, how we manage the shovel fleets. That is part of the DNA that we want to transfer to this business. If you run it longer, you can either make it completely new, get higher generating capacity, or you can just run it longer. What you typically see is the solar does continue to degrade, and you'll replace the panels, et cetera, over time. That's a fairly new build. On wind, it's less so. I think a lot of the structures will last. I think you can probably work at 40%, but it depends still. I think in SA Inc., we will probably get to that stage 20, early 2030s, where people will have to start making decisions, and that will also be determined by SAWEM, because in a liberalized market, you will have to decide what capacities you are chasing and what availabilities are important to you. It's a different market dynamic. I think there are various optionalities, and depending on what you're solving for, those are there. Good. Thank you. Are there? Okay. There's Makhosi. Tim, we're going to go to Tim first and then Makhosi and then. I'm sorry. We're going to go Tim and then Steve and then Makhosi. Thanks very much. It's Tim Clark from SBG Securities. Just one question for each of you. On manganese, it's a contracted mine, right? It's all contracted mine, I would imagine that Jupiter doesn't want to recapitalize the mine. I just wonder if you could speak to that contracted model, and whether it's optimal for you or whether you would reconsider or look at owner. The real value that Exxaro spoke about bringing to the mines was its ability to run open-pit mines efficiently, bring costs down et cetera. That's the first question. Maybe just on top of that, with the 46% trucking, some of it's partially trucked, I think. It's not trucked all the way to port; it's trucked to a rail siding. If you could give us a bit more detail for the modeling, that'll help us a little bit more granularity on trucking versus-- because it's such a big portion of costs. Then, Leon, just on the renewables business, I suppose the concern that I've got for the business is that, yes, it does turn cash flow positive early 2030s as you get to the last four years or five years of your PPA contract. You've also outlined a wonderful growth profile and pipeline, it kind of doesn't look like you're going to generate cash for the center or for shareholders and for dividends for shareholders for quite a long time. I just want to make sure that that understanding is fair. There's two things. There's the growth and then the cash flow and obviously-- Are you sort of committed to giving Riaan some money or a certain level of money before you invest, as a limiting factor to investing? Right. Then I think we can take you, Steve. Yeah, thanks. It's Steve Friedman from UBS. My question really is probably directed a bit more towards Ben, but maybe Leon and Johan. Leon, you highlighted an IRR target of 15%, I'm just curious to see how you guys evaluate the various sort of opportunities in manganese versus renewables, how you look at deploying that capital and that relative to returning the cash to shareholders, just given the different structures of those businesses. Thank you. I think maybe we can take those questions. Well, let's take Okay. Yes. Makhosi. Makhosi Nyamela from FNB Wealth and Investments. My question is just to clarify the capital requirements for the energy business. You mentioned on slide 49 that the CapEx requirement's about ZAR 3 billion per annum. I just want to clarify that that's the gross bill value, so that would include kind of the debt financing component, or is that for the full equity value? Thank you. Okay. Thank you, Makhosi. I think let's start with you, Johan. Yeah. Then we come to Leon, and then Ben is going to touch on the question from Steve. Thank you, Tim, for the question. I think a very valid question. We need to acknowledge that the contractor mining was the plan that we bought into, and Tshipi has been at 10 years, and there is a contract established for that until middle of next year, which the board and the management is currently considering how to do that. Like we did with Belfast or any other mine, for that matter, we're reevaluating, and it's always backed against the owner mining type of methodology. We spent this type of money. We have to work what we have currently, and we're not intending to now immediately go out there and say we want to buy our own trucks, et cetera, because we have this relationship already with the contractor mining. Given that we have a life of mine of 25 years, we have to do the study. There has been done various studies, obviously it has impact on cost, our cash flow, which is the shareholder matter. If you contract with any mining contractor, you also have to replay new equipment. If you look at the owner mining versus contract mining, I think it's definitely something that Exxaro's going to look into the medium term. On the short term, we're going to manage the contract mining. At the right time, we'll see how. It has to make business sense at the right time. Hopefully, that. In the timing-wise, where we are currently, I think we're just journeying along with the JV partner and making sure that we do the right studies at the right time and bring it back to the Tshipi board for evaluation. On the optimal trucking versus rail, I think we need to make sure that we have a strategy long term to say, can we not put everything on rail? If you look at the infrastructure that was developed at Tshipi, 5 million tons, which we are underutilizing less than 50% of, one should move that to rail. It has the same challenges, like moving it to port and offloading at port into harbor, hence the trucking is being utilized. I think the analogy of 46% trucking for now is a broad reference for modeling purposes. Do appreciate that we're going to work with Transnet to see whether we can issue more on rail. Obviously, the Lüderitz example is going to be trucked. That comes at a cost going through border control, et cetera, that's an optionality. Sometimes you will still have trucking because you want to have that optionality going forward. Over time, we will explore and give you guidance on what we're going to put on rail versus trucking. We do understand the impact on the business. Hopefully, that gives some color. On the IRR, et cetera, I'll leave that to the broader outcome. Comes to Leon. Okay. I'm starting. You can go, Leon, and then we'll go to online, please, to give the opportunity for those that are also interested in questions. Tim, your question, is it unbridled growth or is there some discipline in the process? The principle in this company is simple: Exxaro owns the cash, Exxaro decides where it wants to distribute the cash. Currently, Riaan is already through the group model. We're already paying dividends as part of the model, and we will continue to do this. There is no unilateral declaration of independence where we say, "Well, it's our money, our cash." We're very aware that Exxaro has helped this business to be where it is in the future. We will be guided by the growth. I think the comfort that we're trying to give to the market is that we can pay a decent dividend and still growth. The tempo at that point in time will be determined by the circumstances of the company. What we will have then is a company of size and a company of optionalities. Having optionality certainly helps us to decide what is best for the company, but also fully recognizing that we're a full subsidiary of Exxaro. Maybe I could just add that, Leon, that you'll possibly see in Riaan's presentation later around how we look at the whole business, including what Steve mentioned earlier. That each business, from what we can see, coal versus metals versus renewable energy, we tend to have quite different multiples and returns. Therefore, the capital allocation needs to consider each of those business units with its competitors versus its own competitors and versus its own competition for capital. We expect each BU, each commodity as coal and as metals alone and as renewable energy alone, to deliver value within its competitive environment so that the capital allocation is more justifiable. Because I think we do realize that the multiples are quite different, it's important that they are generative themselves for their own returns. One of the graphs that Leon showed was critical in showing at what point can he swim alone. That is quite critical in terms of how we look at capital allocation for each of the business units. Okay. Thanks. Leon can then go and address, Makhosi's question? Makhosi's question, yes. The ZAR 3 billion is the equity portion. We typically, you're looking at between 70%-85% gearing. That ZAR 3 billion per annum is our equity portion, and that's been done with the capital allocation model, with the needs of coal on Caroline's side, with Johan's needs on manganese and other offerings. We're balancing all of that. There's quite a detailed process that we go through in terms of the corporate model to ensure that we've got a robust still remaining cash flow. And for shareholders, we've got a new revised dividend policy of one and a half to two and a half covers. That's right. In that process, that's one of the key filters of that. Okay. Thank you. Going to online. Let me group the questions related to manganese. Johan, I'm just also mindful of the time now that we are eating into our lunch. Please bear with us a little bit, so that we can just conclude a bit of these questions. We've got a question from Jean-Pierre Tessier from Umthombo Wealth, and his question is on manganese, and he's asking, are you not concerned that the increased rail allocation for manganese would further oversupply the manganese market given how large South African supply is versus the total global demand? And while you take note of that, Johan, I also want to give to Leon the question that is, at what margin and returns is the pipeline expected to come at? This is from Thobeka Pieters from Nedbank. Will the energy business continue to be managed off balance sheet? That's the question. I think Sihle Siswana's question was already answered, talking about the margins versus, I mean, Amakhala and from a continuity perspective, what margins are we expecting? I think that one was largely covered. Could you please elaborate on unlocking margins at Tshipi through logistics? How much improvement are you targeting? How much reduction in trucking can we expect? What is the CapEx that you are expecting on a per megawatt basis for future renewable energy business? That's for you, Leon. We've got two questions. It says, can we please elaborate on unlocking margins at Tshipi Logistics and how much improvement are you targeting? How much reduction in trucking can we expect? For you, Leon, what is the CapEx you're targeting on a per megawatt basis for future renewable energy business? Thank you. I'll handle the first two just to complete the manganese journey. As I said, unlocking the value for the manganese business includes marketing and logistics. With that comes a disciplined approach, how you're going to feed the market at the right price, including the logistics that we have. Unlocking the long-term view of moving it by rail definitely improves our South African competitiveness against others in the world. We cannot shy away from that we're competing in the world. We have to be more competitive and obviously disciplined to the market to ensure that we can create value. For me and for Exxaro, I think unlocking it and creating more value through the rail allocation definitely is going to unlock value for the KMF. We need to make sure from a marketing point of view that we also have an approach. How are we going to make sure that we maintain the value over the long term? It's a long-term game on the rail, because you don't just switch the finger or clip with them tomorrow, we can move everything by rail because it's a long-term relationship that we need to build. On the improvement on logistics, it's three months. I think give us time to understand it's a good question, a number needs to be cast into what's the improvement optionalities that we have at Tshipi. For now, business continuity is top of mind, that decisions are made, and that we maintain the outcome that we want. We do want to improve, and that we will give guidance on whether it's on the rail allocation versus road versus cost on mine, owner mining versus contract mining. All of these we're going to look at to see what value we can bring. We have some plans in place, and that will be playing out together with our joint venture partners into the budgets that we need to jointly approve going forward. We have not yet guided on what unlocking margins means and then quantified it, so it's not something we could comment on today. We can see the opportunities, and Johan has gone to length around that what we are finding is we are finding exactly what we bought, and we are making good money out of it, and the prices seem to be slightly smiling. I think we are getting what we bought, and we are very excited that we can unlock value with the synergies and competencies we have, and I think Johan highlighted that. On the railing capacity, maybe I could just add a comment that we are involved in the Manganese Producers Consortium, is that correct? Correct. Any increase in railing is actually quite beneficial, not just for our margins, but also for the community roads in that area. It will take away from road trucking to railing. That should be more efficient, but if anything else, it should be safer for our roads. We welcome any increase in railing capacity and ports that may be coming through in line with the consortium that we are part of as Exxaro. Thanks. Yeah. Leon, over to you. Okay, let's look at will operating margins in future decrease? I think the answer is yes. These were Bid Window 2 projects, our first two. It's suffice to say, I don't think we'll get the 20% IRRs, more or less, that we got there. You can expect the margins to decrease as if you do a back solve in terms of your equity IRR. On the Capex we continue this in terms of off-balance sheet, the answer is yes. There's no ways that this business can be competitive only on an equity basis. You will always introduce gearing into the business, and the reason for that is because the income stream is predictable. The moment it is less predictable, you'll have less gearing in it, and your cost of debt is always lower than the cost of equity. Now, on the cost, it's difficult to tell you what the CapEx per megawatt is. I think what you can see is if you just read the press, I think possibly slightly north of ZAR 30 million per megawatt for wind and probably ZAR 15 million-ZAR 18 million for solar. Solar is lower. Your capacity usage on solar is less. Wind is higher. Yeah. It generates a lot more per installed megawatt than solar. Hope that helps. Sure. Thank you. Thank you. Thank you, ladies and gentlemen. I think now we've actually come to the lunchtime. Please, just in terms of orientating yourselves to the lunch venue, we get out straight, then by the coffee shop, we turn right, and that's where we're going to have our lunch. We should be back in 45 minutes. We apologize to those that are watching us online, 45 minutes from now, we will be back again. 2:00 P.M. Around 2:00 P.M. No, not around. Yes, at 2:00 P.M. We're back at 2:00 P.M. We'll be back at 2:00 P.M. for our afternoon session. Thank you. Thank you so much. [Foreign language] J'ai toujours au fond de moi l'espoir d'un jour te revoir. L'espoir d'un jour te revoir. J'ai toujours au fond de moi l'espoir d'un jour te revoir. J'ai toujours au fond de moi l'espoir d'un jour te revoir. Good afternoon, everyone. Good afternoon. All good? I hope everyone had a good lunch. What do they say, Johan? [Foreign language] This is a strategically placed session. I am Richard Lilleike. I am the Executive Head of Strategy and Business Development at Exxaro. I have the unenviable task of presenting business development, where I need to balance the sharing of information with my corporate legal team only taking one inhaler per slide. Let's get going. In this session, I will be expanding on the strategic priorities discussed earlier with a focus on how business development is driving the execution of our growth strategy, supporting Exxaro's growth ambitions, and portfolio evolution. Over the past three years, we have made significant progress in delivering on our sustainable growth and impact strategy, reshaping the portfolio through disciplined capital allocation, strategic transactions, and active portfolio management. As Johan highlighted earlier, we announced a transformational milestone in March this year. That was the completion of the Ntsimbintle Holdings transaction, acquiring, amongst others, a 50.1% strategic interest in the world-class Tshipi Borwa mine. We entered a sector where transactions have been contemplated by many over the last decade, and I hesitate to say none have concluded successfully. This transaction provides Exxaro with a meaningful position in a globally significant commodity, which is strategically important for both steel production and domestic steel, while simultaneously establishing a platform from which Exxaro can build scale in a sector where size, quality assets, and market position matter. Importantly, this transaction reflects the type of opportunities we are seeking: high-quality assets in attractive commodities where we can leverage our operational expertise and create long-term shareholder value. In 2025, we disposed of our ferro alloys business to a consortium consisting of a level 1 BEE entity, management, and employees to deliver on our promise of closing a truly empowered deal. In 2024, alongside Anglo American, we completed the sale of a portion of the Moranbah South mining lease to neighboring Stanmore Resources for $75 million, unlocking value from a non-core asset that demonstrates our disciplined approach to portfolio optimization. This transaction is in addition to the ongoing sales process being managed by Anglo American for the Australian coal assets, with an offer from Dhilmar for Moranbah South expected shortly. You may recall our involvement in the Khoemacau copper process in 2023, where together with another South African strategic partner and a development finance institution, we were able to demonstrate South Africa's competitiveness in a global auction process. While we submitted a final offer, we ultimately elected not to proceed once the transaction no longer met our risk-adjusted return requirements following the final bids submitted by an international competitor. While we were not successful in that process, it demonstrated both our ability to compete for world-class assets and our willingness to walk away when value cannot be justified. We view the ability to walk away from transactions as an important element of disciplined capital allocation. Turning to Mokala, I had a much longer speech, but I see it's been redacted. Let's see what's left. Mokala, as you know, is a joint venture between Glencore and Ntsimbintle and remains a strategically attractive asset within the manganese sector. As previously disclosed, discussions remain ongoing with the relevant shareholders regarding the valuation of certain contractual arrangements associated with the transaction. Consistent with our disciplined investment approach, we remain committed to the valuation parameters committed to the market when the transaction was announced in May 2025. Exxaro maintains a clear and disciplined growth strategy, with manganese and copper remaining our preferred commodities. While our manganese strategy is focused on building scale and market relevance, our copper focus has evolved towards earlier-stage opportunities, particularly in exploration, where we believe attractive long-term value can be added. These two commodities align well with our expertise in bulk mining, including both open pit and underground mining, with relevant technical expertise in primary beneficiation. Within our vision of becoming a diversified natural resources champion, we have a clear aspiration of becoming a market leader in the manganese sector, but not at any cost and not within any time frame. This ambition will be pursued with the same capital discipline that underpins all of our investment decisions. In unpacking what it means to be a natural resources champion in Africa, we continue to consider a long-term vision of a commodity profile which enables us to be globally significant. This longer-term ambition provides direction, it does not detract from our near and medium-term priorities, which remain focused on disciplined execution and value creation. We also remain open to strategic partnerships where they are complementary to our investment aspirations. The mineral investments criteria approved by the Exxaro Board remain largely unchanged from those presented at the previous Capital Markets Day in 2021, reflecting the consistency of our strategic approach and investment discipline. A number of refinements have, however, been made. Most notably, we have updated our definitions of key earnings contributors, point number two, which will require investments to generate returns greater than our cost of capital. Previously, this was set at 1.5 times our weighted average cost of capital, which in hindsight was a conservative position. We have also retained our portfolio-level requirement on achieving a return on capital employed in excess of 20% for the group. Within the life cycle criteria, point number five, we have now expanded the framework to include exploration opportunities, primarily to support our copper strategy, recognizing that acquisitions of producing copper mines have become increasingly challenging given elevated valuations that we are seeing right now. Our previous approach considered opportunities globally, we are now prioritizing South Africa and surrounding Southern African jurisdictions. We believe Exxaro has a competitive advantage being an African mining entity in this region and a clear, strong, and differentiated competitive position in South Africa. Let me now turn to manganese. Following the completion of the Ntsimbintle transaction, Exxaro has established itself as a meaningful manganese producer and marketer, requiring us to refine our manganese strategy to reflect our enhanced position in the sector. As Johan highlighted earlier, we continue to hold a strong and fundamentally positive outlook on the commodity. At the same time, we find ourselves, not unsurprisingly, in a world of fragmented supply and coordinated demand. South Africa hosts the bulk of the world's manganese reserves, but given the fragmented supply, does not realize the full benefits of the strategic position. Therefore, success in manganese requires moving beyond a passive mining approach to becoming an active market shaper with integrated capabilities across the value chain. This can only be achieved by creating scale to unlock this value. There's value to be created in the mining, logistics, and freight value chains. This slide illustrates the market dynamics that continue to shape the manganese sector. Given the importance of logistics within the global supply chain, disruptions can have a significant impact on market pricing. This can be seen during the COVID-19 period, the 2022, 2023 Gabonese rail impact, and more recently, the Tropical Cyclone Megan in 2025, which destroyed port infrastructure affecting Australian supply. The key point to note is that after every peak, the manganese price experiences a sharp correction as a result of this fragmented supply base and flooding the market with lower-grade product. In our view, scale is an important differentiator in this environment. Larger, lower-cost producers are generally better positioned to manage through commodity cycles, optimize production and marketing decisions, and capture value across the broader supply chain. It is also important to maintain a long-term perspective. Over the period 2019 to 2025, manganese prices averaged approximately ZAR 4.6 to ZAR 4.8 per dmtu on a CIF basis. As Johan referenced earlier, the cost curve places CP CIF costs at around ZAR 3 per dmtu, demonstrating the asset's ability to remain profitable throughout the cycle. Consistent with the assumptions used at the time of the transaction announcement and still relevant today, Exxaro's long-term semi-carbonate FOB price assumption remains ZAR 4.2 per dmtu, which is broadly aligned with current spot prices. What does it take to become a market leader in manganese? Scale is certainly part of the answer, but not at any cost. Our objective is to build a portfolio of complementary assets that can create a sustained competitive advantage and deliver attractive returns throughout the commodity cycle. As we evaluate growth opportunities, we focus on three investment criteria in addition to the underlying technical attributes of the asset. The first being cost positioning. The Kalahari Manganese semi-carbonate producers are all generally positioned quite close to each other on the cost curve. However, value in use can become a differentiator. In other words, having a higher-grade product, lower iron content, or oxide ores, for example, can all contribute to an appealing basket of products which could attract premium pricing. The second is scale in logistics and marketing access. Rail and shipping impacts costing, and given that more than 60% of CIF costs sit in the freight and logistics disciplines, cost management in these areas becomes an important source of competitive advantage. The third is the ability to unlock synergies. As we build scale, this must be demonstrated across any acquisition or merger. Ultimately, growth must be pursued within the same disciplined capital allocation framework that underpins all of Exxaro's investment decisions. Riaan will cover this in more detail later. Scale alone is not the only objective. Creating sustainable shareholder value is. As mentioned earlier, copper remains a strategic focus for Exxaro. Following our participation in the Khoemacau process in 2023, we refined our approach to the sector with the focus having shifted away from producing assets towards exploration. Exxaro's exploration team has decades of institutional knowledge, having been very active in mapping and assessing the Southern African geotechnical landscape and assets within those regions. We have a very strong geological understanding of the copper belt spanning the DRC, Zambia, Botswana and Namibia. Our initial focus was on advanced stage feasibility projects with suitably de-risked opportunities. It soon became apparent that many projects in this phase had already had access to strategic partners or capital. Over the last year, we have increasingly focused on earlier stage projects where there is naturally increased risk, however, at the same time, lower investment outlays and the ability to provide longer-term support for Exxaro to unlock value. We currently have promising opportunities that have progressed to advanced discussions, and we are hoping to advance these select opportunities further over the course of the next year. Lastly, how are we thinking about our existing minority investments? At a high level, Sishen Iron Ore Company, where Exxaro is a 20.6% shareholder, remains a core investment. SIOC is a producer of high-quality iron ore and has been a consistent dividend payer. The pass-through of the SIOC dividend enhances our shareholder returns. Kumba, our partner in SIOC, is building a longer-term business case, which could see production and positive cash generation beyond 2050. This is being facilitated by the UHDMS process or project currently being tested and constructed on-site. We note the developments with the Anglo Teck merger and look forward to partnering with the new majority shareholder of Kumba for the next 20 years and more. In contrast, our interest in Moranbah South metallurgical coal joint venture in Australia and our 26% stake in Black Mountain Zinc Mine and Plant are currently not considered core to Exxaro's longer-term strategy. Zinc does not form part of our long-term commodity focus. As communicated at our previous Capital Markets Day, we continue to evaluate options regarding our investment in Black Mountain, and therefore an exit of our stake is still being considered. Vedanta remains on track to develop one of the world's largest zinc refineries with the expansion of the Gamsberg complex, a development we have supported and can be proud of as a country. That brings me to the end of the business development overview. I hope that this has demonstrated that our continued value-accretive growth aspirations are in line with the strategy. However, they are not at any cost. Our approach continues to be guided by disciplined capital allocation, strategic focus, and long-term value creation. With that, I now hand over to Neo, who will take you through our decarbonization strategy. Thanks, Neo. Thank you, Richard. Good afternoon, everyone. I'm Neo Monareng, the executive accountable for sustainability. I'm here to talk about another D in Exxaro, which is decarbonization. My segment for today focuses on Exxaro's decarbonization position, our pathway to carbon neutrality by 2050, and how we are balancing climate ambition with operational resilience and a just transition. Exxaro's carbon emissions management approach follows a clear mitigation hierarchy. First, we seek to avoid emissions where possible. Where avoidance is not operationally feasible, we focus on reducing emissions through technology, renewable energy, fleet optimization, and improved energy management across our operations. For residual emissions, we use carbon offsets as a final layer of mitigation. These include afforestation and other clean energy solutions that support both reduction and biodiversity enhancement. This approach ensures that our offset expenditure represents genuine last resort mitigation rather than a shortcut around structural changes. It provides shareholders with assurance that our capital is directed first to the most impactful emissions reduction opportunities. Our strategic objective to achieve carbon neutrality by 2050 rests on five pillars, each playing a distinct role in reshaping the portfolio over time. The first pillar is asset reconfiguration. This is where we deploy practical technologies, including renewable energy, fleet optimization, and energy management to structurally reduce Scope 1 and Scope 2 emissions at our operations. The second pillar is portfolio diversification. Growth in our renewable energy business Cennergi and exposure to future-facing minerals such as manganese will help reduce the carbon intensity of Exxaro's portfolio over time. Our examples include the acquisition of selected manganese assets from Ntsimbintle Holdings and Cennergi projects such as the Karreebosch Wind Farm on the western and northern Cape border. The third and fourth pillars are carbon offsets and value chain partnerships. These addresses residual and hard-to-abate emissions where collaboration is essential. The fifth pillar is our contribution to a just energy transition in South Africa. For Exxaro, this means optimizing our coal assets responsibly, investing in lower carbon growth platforms, and working with our suppliers, customers, government, communities, and other social partners. Our short and medium-term emissions targets remain viable, a 40% reduction by 2030 and a 75% reduction by 2040. Our roadmap has been rebaselined to reflect the operations fully owned by Exxaro, the life extension opportunities as outlined by Caroline, and also the expected portfolio depletion. The roadmap further illustrates that our Scope 2 footprint is higher than our Scope 1 footprint, mainly due to electricity consumptions at our operations. This is why Leon is important. Our renewable energy remains one of the most important near-term levers in our decarbonization plan. Various technological interventions as well as energy efficiency projects will be implemented to mitigate Scope 1 emissions. Our Scope 2 profile is significantly mitigated through our renewable energy projects, especially in the short term. For example, the Lephalale solar plant, which is a behind-the-meter solar PV at Grootegeluk that significantly reduces our reliance on carbon-intensive grid electricity. In line with the mitigation hierarchy, carbon offset projects will be used to address residual emissions that remain after avoidance and reduction measures have been implemented. The reduction of Scope 3 emissions remains an imperative to our business, despite the challenges associated with the use of our sold product by customers. Our response is a reliance on value chain influence through our MoU partners. We've got Eskom and the Council for Geoscience. We are participating in research and development work that they're doing, especially on the carbon capture, utilization, and storage technology. In conclusion, our targets remain credible and on track. The 40% reduction by 2030 and 75% by 2040. This also includes our carbon neutrality by 2050. This strategy is executable. It is not just aspirational. However, Scope 2 realization demands partnerships. Coal's carbon-intensive end use means we cannot decarbonize unilaterally. Partnerships with Eskom and the Council for Geoscience remain central to our value chain strategy and Scope 3 mitigation plan. We view carbon offsets as a strategic instrument, not a shortcut. They are sized to match residual emissions and generating removal credits beyond 2050. This is a deliberate final layer in a sequenced mitigation hierarchy. Looking ahead, success for us means deploying technology intentionally and growing our renewable energy solutions business. Also looking at our future-facing metals portfolio while we ensure that the transition delivers for the employees and the community who depend on our operations. Exxaro is deliberately reshaping itself for a lower carbon world. Thank you. I will now hand over to Riaan. Actually- It's not Riaan. No, it's not Riaan yet. It is. We are going to go to the questions quickly, and then Riaan's only going to come after the Q&A for metals and decarbonization. Brilliant. Again, we will take questions in the room, then we will go to online platforms. Please, if you may raise your hand if you would like to answer a question. See Tim. Thanks. Richard, a question for you. I appreciate that you can't share much more on Mokala, but just in terms of activity in your division, just in terms of how busy you guys have done. You've done a transformational deal, right? You've brought manganese in, and Johan's shown us a very nicely diversified pie chart of sort of diversification across the group. I suppose the question is, every mining company is looking at opportunities all the time. Then there's active desire and kind of not just opportunistic, but active desire to effect another transaction because you need to achieve something like a diversification goal. Can you give us a sense of how much of this is active versus kind of opportunistic or let's say more passive, which is what most companies are doing most of the time? Thank you. Thanks, Tim. I think as you would have seen, we've dropped the targets of X% of EBITDA by a certain time. There isn't this pressure that we have to do deals by a certain time. There's an aspiration to become more diversified, within that, we have the capacity to think about what the next deals are. I think to answer your question, having done the manganese deal, it leads its way into a couple of other deals which now become more, call it the visibility is better. We don't stop working. We carry on with a number of opportunities to see if we can unlock value. A lot of them, we can't, and there's the challenges we found before with different shareholders, different interests, et cetera, are still there. The risks or the challenges haven't gone away, but there's a pathway of work that we are working towards to say, if we want to be bigger in manganese, what is it? What are the copper opportunities that we are having good engagements with? If they lead somewhere, that's great. They'll still need to meet our hurdle rates, et cetera. We'll invest. There's a strong pipeline of opportunities which feed into our diversification strategy, but they're measured, so we don't feel that we're under pressure to do anything by a certain time. Yeah. Thank you. We will take Brian. Thanks. Please can you also send the mic to Nkateko. Hi, Richard. On Moranbah South, the ZAR 3.9 billion that Anglo agreed, I believe that was just included their 50% share of Moranbah. Do you have a tag along? If so, what would the value be that you would be looking for your share of Moranbah South? The short answer is we don't have a tag. We only have preemptive rights. What that means is, at the appropriate time, we'll receive the offer that Anglo has received for their 50% stake, and we'll have to opine on the valuation and decide whether we want to preempt or not. That hasn't arrived, at this stage, we don't know what the value is. Given that the offer's in the public, we are expecting that any day now. Okay. Nkateko. Good afternoon. Nkateko Mathonsi from Investec Bank. The question is for Richard. You talked a lot about manganese needing scale for you to generate sufficient value. What level of scale, or what is the minimum as far as scale is concerned, where you will be comfortable that you will be able to manage this risk that you have seen related to prices and supply? Can I tell you when we get there? Come on, Richard. So- Tell us more. Just a little. Is there a number? Yes, there is a number, Ben's more than welcome to tell you what it is. I think it's one of these aspirational, what is big enough, what's too big? At what point do you run into competition issues? At what point do you start not seeing benefits in scale in South Africa? I think there's a lot to unpack in what scale means to us. There is a number. I'm not going to say it now. Oh. I think, Tegwa, the reality is, I think market analysts have all spoken around the importance of consolidation in the manganese sector. I think we can all see the bleeding of our own economy and our own jobs, and the fact that the fragmentation is not helpful to the supply-demand dynamics. We said when we announced that this is a foot in the door, and we're very pleased that we bought into low-cost assets, that we think if we maintain that low-cost position, if there's anything that can be added to give us that competitive position of low cost and drive the logistics as well, it is attractive. Fortunately, we have told our investors, and we're very happy to give back the cash as we promised, and that's not going to change. I think what may change is, if you said what would be your aspiration, I think if we are not top 3, we would not be happy. Thank you. Okay, we've got a question. Nemanja. Ben, just to clarify on that point, if you're not top three, then you won't be happy. Is it fair to say that Tshipi is the largest transaction that you've made, and it's not feasible for you to buy an asset that's bigger than Tshipi? Just given the fact that, from a capital allocation point of view, you've promised investors that you won't build the cash. You already have the ZAR 4 billion that's earmarked for the asset that's pending with Glencore, and then obviously you bought another asset. I just want to get a sense of the guardrails of this M&A strategy that you've got. Even though you can't communicate with us- Yeah as to what's the ambition in terms of volumes, only you can make a promise to shareholders that the Tshipi asset was the largest that it gets. Can you give us a sense of that from a spending point of view? I think it's a challenge, I think you would understand why, I'm glad you're saying you can't quite give us direction, you're right. I think the bottom line is that Richard was very clear, I think I couldn't have put it better saying we're not chasing size at any cost. We know we have a very stringent investment criteria, we know how we have spent our shareholders' money. We must make the money back that we have already spent on the assets we have. Our priority is if you looked at what are we going to worry about in the next two years, it's about making sure we make money that we spend on our assets to make sure our shareholders are comfortable with the value we are making out of it. It's not at any cost, it's not for any size, we realize market commentary, that consolidation is possibly better for the fundamentals of managing supply and demand and getting the benefits out of that for all our stakeholders. I think that's the best we can give you today. Yes, I think not at any cost, we really think the industry does need a market leader. Okay. Thanks. Just two very quick follow-up questions. The first one is, have you spoken to Kumba recently about going towards listed level? That was a conversation that happened a while ago, I believe, and the prior CFO of Kumba wasn't so keen. The changes at Anglo and the group, I just wondered if that's come along. Secondly, can you just remind us if the tag is taken at Mokala, which we assume it is, and you're doing commercial discussions around offtake or marketing or whatever, what's the total amount or the maximum amount of cash that you'd have to spend on Mokala? Was it ZAR one and a half and then double that to ZAR three? Is that around about the number? Yeah. Do you want to answer the first part? Well, on Mokala, you're absolutely right. It's ZAR one and a half, around about there, which would double up. The point is, we said to the market, the total transaction side would not exceed ZAR 14.6. I think we're going to come under that because we settled or we closed Ntsimbintle earlier, so the escalation has stopped ticking on that. We're going to come under that, and there's no world in which we're prepared to pay more than that. Yes, that's on the tag. That would be our price expectation on Mokala. On the Kumba flipper? On the Kumba, I think as you all know, we're watching the Anglo Teck transaction. We definitely think it's a good asset for us. It's been paying very good dividends that we pass through to our shareholders. I think in that sense, we'll see how the dominoes fall, but we really think that it remains a very good earnings business for Kumba and for ourselves. Right. Maybe let's go online quickly. The question from Sihle Siswana says, "Slide 60 argues that the manganese market structure provides compelling case for further growth because supply is fragmented. Demand is coordinated, Chinese [ILO] producer in brackets, and there is unrealized opportunity to provide benefit for all stakeholders. The conclusion states that success requires moving beyond a passive mining approach, becoming active market shaper. Does this imply there will be efforts to consolidate the market? History of the commodity market consolidation attempts is that producers who attempt to consolidate supply on the assumption of coordinated pricing discover that the new entrants and Chinese state-owned miners do not cooperate with the consolidation thesis, thereby leaving market with lots of supply." The question is, does this imply there will be efforts to consolidate the market? I actually thought his first paragraph, he could easily have been working for Exxaro. I think, you know what, a lot of these things will have to come into wash. It's a matter of time. We watch what we see. What we have right now, we are very pleased with the transaction we have secured. Tshipi is a low-cost producer and with very good earnings. The railing facilities are in place. Johan is busy maximizing value out of that, and we want to return our money to shareholders. I think Tim touched on the contractor model that we see there. We are continuously doing concept studies around, is it better to mine ourselves so that there is more value to our own shareholders? There are many things that we can play around with, and we definitely agree with the thesis that we think supply-demand dynamics do not favor our Kalahari manganese field. Thank you, Ben. Then just to close the loop, Necessity, you asked the question- Did you have anything you might have wanted to add? No, I think the statement says it all. In the semi-carbonate space, you have five or six mines all selling the same product. Yeah to a coordinated market, and it's used against us. How do we change the dynamics in the market? At that MPC, there were three marketing companies marketing the same ore prior to us arriving. There's a lot that we can do better in this space. We can assure you it's top of mind for us, but we are not going to do it at any cost. Wonderful. Thank you. Richard, you've taken the question of take-along rights at Moranbah. That answers Necessity from Aluwani Capital. We have another question from Nomandla in the room. Please let me just remind everyone online to remember to post your questions on the online platform so that they can be sufficiently taken care of on the floor. Thank you, Nomandla. Cool. Two follow-up questions from my side. From the slide that Ben, I guess, presented earlier on where the ambition is to get to 20% of earnings contribution from the metals, what are M&As assumed there from a manganese perspective, and is a potential copper acquisition also part of that journey to get to that 20%? How should we think about that? The second question is, can you tell us about the alignment that you've got in terms of your consolidation ambitions with your partner, Jupiter Mines? From an Exxaro shareholder, obviously, if there's alignment within the shareholder, then there's a case to be made that perhaps you can de-risk your own consolidation ambitions because you've got an asset that's standalone, that you bought, that runs a net cash balance sheet, and can actually in theory fund its acquisition if it buys assets that are potentially smaller than it. Is the aspiration to consolidate, is the framing that this is a pure Exxaro trying to buy asset on its own, in which case you would be using the balance sheets of Exxaro almost entirely. Could you give us a sense on the capital structure as you think about this consolidation effort and how we should think about it? Good. I think the pie chart with ore at 40. As I keep saying around miners, we can't count much, so we say 40/20/20/20, as you would have seen on that earlier slide. If you look at Riaan's numbers, which are more an accountant's numbers, you'll possibly see that the under 50% is about 47, possibly playing to 40 at some point. As we all know, prices will do what commodities price do, and sometimes coal is against manganese, and sometimes manganese is against iron ore. We do appreciate the pie chart will keep moving from the numbers that we've spoken about. On average, we expect coal to still deliver between 50% and 40%, and it will play around that. We expect the other commodities, including renewable energy, provide over the 50% in terms of earnings by 2030, give or take the various prices. You talk about the consolidation. I think if you did a pro forma of that pie chart in 2025, as if the assets we targeted have now been in the house fully, you'll possibly find that that number sits somewhere around 18, 14% if it's just Tshipi. If you top up Mokala, which is still remaining redacted, as Richard said, it will possibly up a little bit. Is there scope for synergies? Yes. Is there scope for optimizing and efficiencies and what additional value we can make? Is there another asset in there? We think so. I don't think we can say it's over with what we see. However, we think we do not need to break a bank and compromise our investors with whatever opportunities we need to do, given we remain a very cash-generative business and will continue to do so. If you did the pro forma for 2025, you'd possibly see that it's slightly lower. If you did the pro forma for 2026, 2027, you can assume whether Mokala is in or not, you'll see that uptick. Could there be something else to take us to the 20? Maybe manganese would be sitting somewhere between 15%-20%, depending on where the world sits, because we're not going to pay for any price. We are not fixated on size, but we definitely believe we can play around that 15%-20% range. The pro forma does show that there may still be another puzzle to fix before 2030. Thank you. Ben? Riaan will cover a little bit more around that, and we can see again when it comes through. Richard, is there anything else I might have missed around Jupiter? On the Jupiter side, Johan has talked about our working relationship there. It is an interesting question you ask because given the existing shareholder relationship we're walking into, Jupiter does have rights to co-invest on further opportunities. Some are excluded where there was already an investment by Ntsimbintle, but in general, they have these rights to co-invest. We would have to engage with them on if there was a smaller asset, as you say, or some deal that we'd like to do. We would engage with them to see if they'd like to co-invest and use their balance sheet to come in with us. That is an option or a right that they have, which we'd exercise on any discussion going forward. Okay. Thank you. Are there no further questions in the room? I will propose, given that we've just moved from lunch, I will propose that Riaan will come and do the capital allocation framework. I think from a timing perspective, that sort of moves nicely. Are there any further questions that we would like? Can I ask Neo a question? Neo, on the decarbonization. I think it's possibly helpful in that sense with what Richard has just hinted, that I think accelerating our decarbonization program, make sure we're carbon neutral by 2050, is quite critical. The portfolio is getting bigger. If you look at what we say around the pie chart you spoke about, you're almost seeing if coal is making ZAR 10 billion, then we're looking to be making ZAR 20 billion, including other minerals and resources. I think there's definitely more emphasis on how we are decarbonizing, how we are reducing our carbon intensity because of diversification. The offset projects become even more critical because that residual still remains. I think we're still very excited with the hard work that Neo and team are doing, and I can see Nemanja has got a comment or a question. That's true. I want to bring you a step. Question for Neo, given the fact that nobody wants to come up. Good for you. We thought you were nicely answered. Neo was spot on there. Neo? Yeah. Quick one for you. The path to carbon neutrality, as Exxaro pursued its strategy to actually, I guess, reducing its carbon intensity, how should we think about that being a contributor to a potential acceleration of the company's CapEx intensity? Because if you think about it, up until this point, say, in the last five years, what investors have seen in Exxaro is a very steady CapEx profile. If we think to 2020, 2030, and you mentioned that by that time you would have achieved 75%, how should we think about the costs now versus what you've achieved, say, in the last five years? Thank you. My job is quite easy because Caroline and Leon, they've covered that. You've seen Caroline's CapEx or stay in business costs going up. That's purely because of the trucks and the shovel replacement, but that's also making sure that we buy the right technology that supports decarbonization. That will address our Scope 1. When we look at our Scope 2, almost 70%, 80% of our Scope 2 will be addressed by the renewable business. Lephalale is already contributing green electrons, and we're looking at wheeled solar and wheeled wind. If you look at our Scope 1, Scope 2, that CapEx has already been addressed by what is included in the coal business and also what's included in the energy business. Excellent. Thank you. Thank you. I will welcome Riaan. Thank you so much, Neo and Richard. You're welcome. Thank you. Thanks, Neo. Thanks, Richard. You. Oh. Okay. Thank you. Good afternoon, ladies and gentlemen. I'll talk to you, probably the most interesting part, the capital allocation in the group and making sure we keep all of them honest. Since 2018, Exxaro has evolved its capital allocation framework in response to the portfolio diversification and also the changing market conditions. Historically, the group was focused on maintaining a strong balance sheet and funding expansion capital ahead of dividends. However, as the business diversified, the framework was repositioned to strike a balance between the sustainability of our operations and support functions to ensure asset reliability, operational continuity, and our ambition to be carbon neutral by 2050. The balance to deliver consistent and superior returns to our shareholders. Lastly, to support the growth and diversification across both minerals and the energy business. This evolution was done in a very prudent manner, ensuring that the group maintains a strong balance sheet and the flexibility required to navigate commodity cycles. Today, capital allocation remains one of the key disciplines within the group. To illustrate this, if we look at the evolution of the framework, in 2018, we enhanced the shareholder value proposition by introducing the pass-through of the SIOC dividend and implementing a dividend cover of 2.5 to 3.5 times cover on the group adjusted earnings. By 2021, the framework further shifted with dividends being prioritized ahead of growth and expansion. In 2023, we introduced the ZAR 12 billion-ZAR 15 billion cash buffer. That was an additional layer of prudence, ensuring that we've got sufficient balance sheet flexibility to support the long-term diversification and growth. This disciplined approach enabled us to fund most of the strategic initiatives, notably the manganese acquisition and the expansion of the energy business, while still maintaining consistent shareholder distributions. Our increased confidence in the group diversified earnings base, the balance sheet resilience, and long-term cash generation resulted in two key enhancements on the right-hand side of the slide. Firstly, the removal of the cash buffer, the ZAR 12 billion-ZAR 15 billion, and then a revision of the dividend cover ratio to one and a half to two and a half times cover while still maintaining the pass-through of the SIOC dividend. Importantly, these enhancements do not represent a departure from our financial discipline, but rather reflect the confidence in the resilience of the business, the strength of our balance sheet, and our enhanced liquidity position. At the center of the capital allocation framework is the group's ability to generate free cash flow across commodity cycles, supported by the diversified portfolio, our strong liquidity position, and also disciplined investment criteria for new investments. Here we illustrate how we expect to allocate our free cash flow based on internal projections. We forecast up till 2030 that about 5% to 10%, 15% will be applied towards debt servicing, 15%-25% to sustaining capital, including any sustaining capital associated with the manganese business. We expect 30%-40% to be returned as ordinary dividends through the SIOC pass-through and the enhanced dividend cover ratio of one and a half to two and a half times. This includes the earnings associated with the coal business, the minerals business, as well as the energy business. Lastly, a further 30%-40% to be allocated to growth opportunities in the new energy and also in the minerals growth businesses. To the extent that surplus capital is available, we foresee that special distributions to shareholders will still be considered either through share repurchases or through special dividends. Our commodity price forecast up until 2030 is also included in the additional slides. As pointed out earlier this morning, we believe prices for coal will remain very supportive as the role of coal continues to be reinforced in the global energy mix. Manganese, we definitely see weaker Chinese steel production to place pressure on prices in the near term. However, we anticipate supply tightening from 2030 onwards, and together with the slow but growing demand from battery technologies, will support a constructive outlook for manganese prices in future. Exxaro's capital deployment remains centered on disciplined investment, sustainable returns, and long-term value creation. The group applies this framework across five key priorities. Firstly, debt servicing, ensuring a resilient balance sheet structure, liquidity, and also financial flexibility. Secondly, sustaining capital where we invest to maintain the coal business and the other businesses' operational reliability, our safety, our environmental stewardship across the entire asset portfolio. This also includes, as we pointed out earlier, on selective life extension opportunities within our mining operations. As mentioned earlier, we expect an increase in the capital in 2026 and 2027 due to the fleet replacement at Grootegeluk. For the manganese mines, we do not forecast significant sustaining capital. As pointed out, it is mainly a contractor mining model. If you look on average over the past five years, the capital was about 60% per annum for the mine. Very important is we are also completing a feasibility study to replace our current ERP system. Our current system has been running for almost 16 years. The system will not be supported going forward. We are looking at a solution to support the integration of our business processes, also improve productivity and enhance data security insights across our businesses. We are busy with this study and will give you guidance probably by the end of the year. As I already explained, shareholder returns with ordinary dividends prioritized after sustaining capital in line with the dividend policy. Fourth on our circle is the growth and expansion, where we allocate capital to opportunities across renewable energy, the transition metals, to support our diversification aligned to our investment criteria. As pointed out, to the extent that we've got excess cash, that may be applied through special distributions, either special dividends or share buybacks. We aim to, as explained earlier, achieve a return on capital employed in excess of 20% on our mining portfolio, and equity returns in excess of 15% on the energy portfolio, while still preserving financial flexibility. On the next slide, we focus on the balance sheet and also our liquidity position. As pointed out during the year, we refinanced our ZAR 10 billion corporate facility with a new facility. The new facility is a ZAR 13 billion facility comprising of a term bullet facility, an amortizing facility, and also a revolving credit facility. Again, has a five-year tenor and provides us with flexibility and also funding capacity. This facility, when we raised it, was 1.85% oversubscribed, and we secured improved commercial terms and also a 14% improvement in the pricing margins. This successful refinancing also reflects the confidence from Exxaro's lending partners in the group's diversified portfolio, the balance sheet strength, the disciplined capital allocation, and long-term earnings resilience. As you can see on the slide, we've got total available liquidity of about ZAR 20 billion, consisting of a combination of the term loans as well as also a medium-term note program that have not been drawn down as yet. In addition to this, we also have cash on hand of about ZAR 8 billion as at the end of May. In the additional slides, we set out further details of the terms and condition of Exxaro and Cennergi's debt facilities. On this slide, we look at the risk and returns for the various portfolios. When evaluating and analyzing projects, we utilize a portfolio return framework, which is designed to align with the different risk profiles of our energy and mining businesses. Starting with the overall principle is we use a weighted average cost of capital as a key metric, ensuring that investments deliver returns in excess of WACC, consistent with the risk-return characteristics of each portfolio. For the energy business, the focus is on lower risk and stable returns, where according to our calculations, the cost of capital is probably about 3%-5% lower than the mining portfolio, reflecting the lower risk, the higher gearing potential of these assets, because these assets are infrastructure type assets with high predictability of cash flows. Normally, we typically structure them through 25% equity and 75% project finance and also mentioned by Leon, traditional metrics like ROCE are not appropriate due to the non-recourse nature of the project finance debt on the balance sheet. We target an overall equity IRR of 15% across the energy portfolio. Overall, the energy portfolio delivers long-term predictable cash flow, lower volatility on a risk-adjusted basis, and also very importantly, societal returns through our decarbonization strategy. In contrast, the mining portfolio, including coal and metals, is positioned for higher returns with higher risk exposure. We target a ROCE above 20% for these portfolios, as they are supported with favorable and supply-demand fundamentals. We're looking at cash generative assets that supply synergistic opportunities across the operations, and finally, also exposure to structurally attractive commodity markets. Unlike energy, the mining business relies more on traditional corporate funding structures, making ROCE appropriate performance metric. In conclusion, our capital allocation has evolved as we strike a balance between sustaining and decarbonizing our operations, delivering risk and superior returns to our shareholders, and positioning the business for growth in coal, energy, as well as select minerals. The balance sheet remains resilient and is pinned by strong cash flow generation and also sufficient liquidity. Through the disciplined capital allocation, we can build a diversified portfolio delivering superior risk-adjusted returns to our shareholders. Our capital allocation framework is also supported by clear financial guardrails and internal performance thresholds designed to preserve liquidity, maintain disciplined leverage, and ensure we get the required returns. Our key performance indicators that we aim to maintain as we implement our strategy is for the net debt EBITDA ratio, excluding project financing to remain below 1.5 times. Our covenant with the banks is a covenant of 3 times. The coal business, the EBITDA margin, to be at least 25%, and then a ratio of more than 20% on our mining investments and a 15% equity IRR on the energy business. The capital allocation framework, together with prudent financial management measured against these KPIs, support the diversification, our decarbonization ambitions, and positions the group to achieve a more balanced EBITDA contribution from energy and metals into the future. As Ben pointed out there you can see more or less 50% of earnings coming from energy and metals by 2030, although it is not growth at all cost. Thanks very much. Thanks, mate. Just come up here. Can you? Can I? Thank you. I'm not sure I would see the numbers that well, but thanks, Copis. Yeah, ladies and gentlemen, it really has been a great day to be with you. I will go through the conclusions. After that, we'll possibly take questions so that we can close the Capital Markets Day properly. Then we'll immediately then move and ask Riaan to go through the pre-close. If there are any questions for the pre-close that we also announced today, Riaan will then take that up, and we'll take that up after we have closed the Capital Markets Day. Yeah, in concluding this day, I really want to return to where this journey began in 2021, when we introduced our sustainable growth and impact strategy and outlined our ambition then to build a diversified natural resources business while continuing to power better lives in Africa and beyond. Today, you would have seen how that strategy has evolved, possibly from initially a dream to an ambition to reality that we have here today, the various pies you saw in that graph. The world needs responsible miners like Exxaro to mine coal responsibly, and we will mine that coal to demand. Therefore, we are strengthening our coal business with life extension opportunities in every operation, taking cognizance of the demand dynamics and making sure there's energy security, while still driving our decarbonization. We are establishing a globally significant position in manganese and are also expanding our renewable energy platform to at least get to 1,600 MW. All this we are doing maintaining our stringent term lines and focus on disciplined capital allocation as we accelerate our decarbonization by reducing our carbon intensity. Together, these achievements are really transforming Exxaro into a natural resources champion, one that is leveraging on the strength of its existing portfolio to build a more diversified, resilient and focused and sustainable business that we are all very proud of. You look at that and you can see the demand, and if you look at South Africa as a map today and where Exxaro is beginning to operate, if I had shown you earlier where it was and where in 2001 and 2021, never mind 2001, it would still have been a big difference. The difference five years ago to now, almost some of those numbers. This is really creating a diversified natural resources portfolio of long life, high quality assets that sit at the lower end of the cost curve, anchored in South Africa at a jurisdiction we know and love, and connected to the global commodity and energy markets. This is critical for us in managing risk and in managing what we can, and ensuring management concentration in the areas we operate. Our footprint gives us exposure to commodities and solutions required for energy security and industrial development, and also for the energy transition that we know we have to drive. It is about having responsible companies like Exxaro to drive that. Today, Exxaro is a diversified natural resources champion with embedded optionality. If I look at what we saw with GG and how we need to drive the logistics, we can unlock a lot of value in Exxaro just from our long life coal assets. We have a long life coal franchise providing this cash generation and really the defensive earnings that we continue to drive. A globally significant manganese platform providing that diversification is something that we think will continue to grow and, Nemanja, you'll hear it in due course. A renewable energy business that's strengthening the defensive nature of our portfolio for long-term annuities. I think I remember in my young days when Exxaro owned Arnot, and we owned quite a few around that. If you think the prospect of Matla now has given us real strength in those annuities, our renewable business is anchored not only in providing those annuities, but actually also in decarbonizing our business. We have seen that happening. The new green electrons at GG at 68 MW are reducing our electricity costs on that mine by ZAR 100 million a year. This decarbonization makes money, and I think it's through responsible and disciplined capital allocation framework with a proven track record of sustainable and superior returns that we continue to do that for our shareholders. These businesses are complementary. They are driven by a strong leadership that you have seen here today and a clear and streamlined strategic direction from the board. I want to thank the board for their support as well. Throughout this transformation, we stay committed to shareholder returns. Since listing, we have maintained a consistent dividend track record. I think we should have paid 40 dividend because of interims if it's 20 years. As you heard Riaan, we paid 46 times, which includes special dividends, some buybacks, you name it. I think we want to maintain that consistent track record in paying dividends and returning substantial capital to our shareholders who continue to support us while we are able to invest in a sustainable future that we know we need. Our objectives remain clear, balancing growth resilience, and stakeholder returns for all our stakeholders, including shareholders. Slide 84, as we close is, I would like to repeat this slide. Kopis spoke to it and I think— Riaan, for those who don't know who Kopis is. I think it is important that I repeat it again. These metrixes provide a clear framework of how we measure success in this new dawn, in the next phase of our execution. They reflect a portfolio that remains anchored by our long life quality coal assets, while we're able to grow our export business, but also driving these future-facing metals and renewable energy business. This dashboard keeps us awake. It reflects our commitment to keeping financial discipline, operational efficiency, reducing carbon intensity, and creating long-term value. As we celebrate Exxaro's 20 years since listing, we are proud of what we have achieved and the predecessors that came before us, but we're even more excited about what lies ahead, and we hope you join us in that excitement. To my 22,500 colleagues, let's keep doing the best work of our lives together safely. We dig Africa. Thank you. Anda, please come around. There'll be more questions for Riaan. Thank you. Thank you. Thank you. Thank you so much. I see Tim has already got his hand up, and we're going to go to this Q&A, then, of course, we will then transition into our FD pre-close session. Thank you very much. Just two quick questions. The first one is, can you just give us your sense and thoughts on the replacement BEE deal? Obviously, there's uncertainty on the mineral legislation and how you think about that and how we should think about it. Then secondly, just on slide 74, Riaan, if I look at the amount of dividends you've paid historically over the last few years, it's higher than the 30%-40% of dividends that you show. The difficulty I've got is a timing issue, right? Let's just say you earn some cash and you're sitting in a net cash position, but over time you want to invest more, you want to grow, you want to buy some stuff in manganese or consolidate, et cetera. Will you do those through debt? You've given away your accumulation target, so you've got this difficulty of deals taking a long time, but earnings being reported every six months. Yeah. I'm trying to work out how you're going to balance that. How we as investors should think of certainty on that. Thanks. Thank you. We'll note that. Are there any further questions? Yeah. There's Nomandla. Any further questions, please remember to raise your hand so that you can get your mic. Thank you. I guess to slightly ask the question that Tim asked on the balance sheet positioning, Riaan. If we think about your net debt to EBITDA target of less than 1.5 times, and then considering the company's consolidation efforts or growth aspirations, that 1.5 times, is it assuming that Exxaro 100% funds whatever consolidation effort? I guess what I'm trying to understand is how conservative it is within the context of the company that's trying to actually buy other businesses. The recalibration of that 1.5 times, what are the key assumptions that you've put in there for your own purposes in terms of capital allocation? The second question that I've got is, if we think about the decision-making framework that led to you guys moving from, I guess, 1.5 times WACC target on returns for growth aspirations to now saying that you just want it to be greater than WACC. What are sort of the decision-making framework that led to that? In other words, what are the key factors that actually led to Exxaro actually pushing to, I guess, evolve that decision? Yeah, that'd be very useful from an FD's perspective. Okay. Fantastic. I think you can take those questions, Riaan, we'll move to Nkateko after that. Okay. Yeah. On the BEE transaction, remember the current transaction will only unwind in the end of next year. There are ongoing discussions between us and the current shareholders. Obviously, I think transformation for us going forward is very important. They have also been with us for 20 years. We're also mindful that we don't want to incur facilitation cost, all of that again. I think we, at the moment, are in those discussions, but we're also waiting for the minerals bill. We don't know how the minerals bill will work out, whether there may be more requirements for ESOPs, for community schemes. I think although it doesn't sound like it, there is good alignment between the two parties on the way probably going forward. The other one was on by removing the cash buffer, our base case scenario is almost that we will be debt-free, cash-free always. To the extent that you do a major acquisition, that will cause us to move into a net debt position. That is how we model it. It's a normal course of business. If nothing happens, debt-free, cash-free. Acquisitions, we've got the facility, we've got the cash generation that we can apply towards that. On returns, I think in the current landscape, to always get opportunities on a standalone basis to achieve WACC times one and a half times, is very difficult. If you put them together as a portfolio, it's more achievable. That was the thinking. Just on a standalone basis, to get that specific opportunity is very difficult. Indeed. I think, Tim, I could just add on what Riaan said on the BEE unwind. I think while we accept that it's December 2027, we also know that this is a great BEE success story as in Exxaro. These shareholders are founding shareholders of this company. We know they have been paid handsomely for their risk and for the work they put in, and they remain very proud of Exxaro. We think they will possibly, like any shareholder out there today, I think they possibly will find that Exxaro remains the most attractive to invest in. Is there a way to continue? We definitely think that the opportunities exist to the extent it does not compromise any new legislation that comes through and anything that we think is possibly appropriate as we evolve. I think we know our employees. I think I remember Lindy was going through a meeting today around our employees and the ESOP we have, the community trusts. I think all those are things we will reflect on, but we really think that having founding members that have made their money handsomely, who are still proud to be part of this company, should find a workable arrangement that we seem to be evolving through current discussions. Okay. Thank you. Nkateko? Yes, my question is for Riaan, and it's relating to GG. To unlock greater value from that operation, I think from the presentation today, it became clear that you need rail, and over time you need higher capacity for rail. My question is, in my mind, the solution is private participation, right? My question is, could that private participation potentially require capital allocation from Exxaro? How are you thinking about that? Yeah. I think Caroline also addressed it in her presentation. We've got now the technical report on that line. Yeah. To know what capital may be required. We're currently busy studying that now. I think for GG, there's two solutions. There's the one is more a rolling stock solution, where you need more efficiency on the railway line, additional rolling stock. Those are options currently in discussion with Transnet. That should theoretically could get the line back to the four million tonnes. that we spoke about earlier. Currently, we're only moving just over 1 million tonnes. Theoretically, metal should be moving also 1 million tonnes, but that is due to the efficiencies on the line. There's obviously your longer dated opportunities to improve the total capacity on the line. What we think is they will be through these concessioning type of models where you should be able to do it not through. It could be that you've got an equity stake in the concession. Third parties could carry most of the risk. You, in exchange for that, will give offtake and pay a tariff. That is probably the base case that we assume. We think they are more competent counterparties, like train operating companies that could take those leases. We may take a slice. We can assure them of offtake, which I think might be helpful. I don't know if you covered this one. Excellent. We go to Brian. Covered it. Yeah. He's got his hand up. I just want to remind the people joining us online to remember to post their questions on the online platform, we will recognize those questions. Thank you. Thanks very much. Just those return hurdles that you provided, a 20% ROCE on mining and a 15% IRR on the energy business. That's a portfolio hurdle, it's not individual assets, right? Obviously GG's very high return business. Provides very undemanding return hurdle for the rest of the portfolio. Just your thoughts on that. Look, what you must remember, GG is now in a capital-intensive phase the next couple of years that has got an impact on your returns. We think if you look at through the cycle that the 20% is appropriate, especially now with the higher CapEx cycle coming up, 20% is appropriate. As you pointed out, we look at it over the overall portfolio. Were you also commenting that what's the story with the others, because they must be a lot lower, and what's the thinking? I would like to pass that to Riaan again. Remember, we look at it as a total portfolio. Especially with the blending of the coal, we don't look at it separately, GG from the rest of Mpumalanga. If we look at the total product that the whole portfolio can sell the returns and part of that, then we look at the overall portfolio return. That's why we don't look per mine. Yeah. It could be that one of the mines you spend capital but you use some of the GG coal to upgrade the coal to RB1, and the two in total give you 20%. Whereas if the Mpumalanga didn't get the GG coal, you couldn't actually sell that coal. Okay. I really think that's something that I think we continuously have to highlight to the market around, as we said, GG can produce at 30 CV, but slightly high sulfur, I think. We get Leeuwpan and Belfast giving us a very low sulfur but also low energy content. The blend gives us a premium RB1 for our customers, which is exceptionally high premium, and you get a price realization that's quite exceptional. I think as a portfolio, there are real benefits. That's one. The second one is, obviously, most of these, the optionality when export coal prices fly sits in Mpumalanga because those are the swing-producing assets. In the potential you're able to keep them running in high price regimes, you actually have a massive kick in the export optionality and margins that one would get. Importance is to drive their cost, drive their efficiency, and that's why I think Caroline and team are adamant around what we are doing at Leeuwpan, to make sure that as a minimum, it must wash its face. Because we know in periods like we've just seen now, if this was sustained at low diesel prices, it could be different. It could be very exciting. I think we saw that during the Russia-Ukraine time when it was only the coal price that went up and diesel prices didn't go up. This time it's slightly different because the diesel prices have also eroded the margins a bit more. I think the portfolio makes sense. Yeah. We're going to go to [Nomandla], I'm going to quickly just run the online ones, we come back to the room. Riaan, on the non-core assets that have been identified, can you give us a sense on, I guess, potential value realization, our book values that are on the balance sheets, a fair proxy of what can be anticipated, and I guess on the timing thereof of, I guess, the non-core strategy divestment? Because I guess the potential bull case scenario here is you've got a number of equity investment within RE or a number of, I guess, bolt-on acquisition within manganese, but perhaps they can be potentially funded by non-core asset that weren't giving us dividends anyway as shareholders. What are sort of your thinking on timing from these non-core assets that you've identified, and I guess the potential value that can be unlocked from, I guess, divesting out of those assets? Yeah. Okay. Firstly, obviously the Moranbah one, we need to follow now the process with Anglo. We can't really opine what the outcome of that will be. Black Mountain, I think obviously Black Mountain, it's always more difficult to dispose of these assets because it's a minority stake, and they don't come with offtake. If it's a minority asset with offtake, it's easier to dispose now. As you may recall, a couple of years ago, we were looking to sell Black Mountain, but we couldn't get the deal through. I mean, if you probably get the valuation of Black Mountain in the books is very small. Now, I think our acquisition cost for that asset was like ZAR 200 million, but obviously we're looking for something substantially higher than ZAR 200 million. That's not reflective of the value of the asset. In the financials, there may be director valuations for the assets. It will be somewhere in between those values. We are going to go online quickly, we have a question from Thobela Bixa from Nedbank, and his first question is that different businesses have different return profile targets. How do you decide on priority in allocating capital to them? That's number 1. Then number 2, you spent close to 80% of your total free cash flow since 2023 when you announced the cash buffer. Given you intend to spend only 30%-40%, does this mean we should expect potentially far less than the manganese purchase price? The first one is the different businesses have different return profile targets. How do you decide on priority? How do you prioritize capital allocation? Then the second one is you spent close to 80% of your total free cash flow. Given that you intend to spend only 30%-40%, does this mean we should expect potentially far less than the manganese purchase price? Expect less on dividends. Less acquisition. I think it's on acquisitions. I think he's saying on the current transaction, we have spent ZAR 10.6 billion- Yes on the Tshipi. Correct. We are likely to be spending a lot less than that going forward in any acquisitions. We have a ZAR 13 billion facility that we have secured on much more favorable terms. I think in most companies, like Riaan said earlier on, some element of debt is not bad, but however, we do not expect to spend the same amount we spent on the first transaction. Far from it. I think if that is his question and answer, I think we have covered that unless Riaan wants to add anything else. No. Yeah, we don't intend to be spending the same kind of check. Thank you. I think he will clarify when he needs to. Are there any further questions before we move to. The pre-close pre-close? Yes, Ntuthuko. You can send the mic to Ntuthuko. Is that there? Yeah. Yeah. It's not Nomandla this time. Ntuthuko Sithole from SBG Securities. You've clarified everything with regards to the current portfolio, but I'm still trying to kind of make sense of the plans around copper, right? It's the only one that doesn't appear to sit around the operating assets plan, and it makes sense. I'm just trying to understand how copper fits into the strategy going forward. Is it another source of production, or will you be looking at deposits and turning them into resources? You've previously looked at the Kalahari copper belt, and I'm just trying to see where does it fit into the long-term strategy? Is it production, and how much are you willing to allocate in CapEx to it? On copper. Copper, yes. We are looking at advanced exploration projects. We think we can take it up the value curve with the competencies. I think Johan was highlighting his competencies, and those are sitting in Exxaro quite strongly. We think we can take it up the value curve. Will we be spending ZAR 10 million, ZAR 30 million? It's something that we think is affordable within reach of Riaan's shorthands and without compromising investor dividend. I think I guess you never know until you find it, and it's opportunistic for us. It's not like we are desperate to go find it. We're desperate right now to make sure we get value for our manganese investment. We think that there may be opportunity that we don't compete with the majors in the portfolios they are looking at. We are looking at much easier, lower portfolios of 50,000, 100,000 tonnes of copper cathode per year in terms of its prospect from its exploration potential. I think it's not money that we think would be meaningful to impact our balance sheet. Even in the targets, copper is not in there. Yeah. It's not in those 50% numbers. No. It's not in the 50% numbers. It's really, for us, it's an entry that we think could we put some. You could think of what exploration money looks like, and I think you would not be far off. Okay. Let's take Nemanja. Sorry, Ben. Just to ask a further question on two. We know that you've got African experience in mining projects. Do you have a specific jurisdiction that you prefer? There's the DRC, there's nearby South Africa. Do you have your own priority ranking on where you would look to find copper deposits that you think you'd invest in? What's sort of the risk criteria that you and Riaan will basically toss and turn about? Yeah, I think it's opportunistic. I did operate in the DRC for three to five years, I would say. I was traveling there once a month for a week. Not that my home affairs enjoyed it's really something that I think that if you look at the grades in the DRC, they're incomparable. You look at miners mining around 0.3, 0.5 grams per ton and in the DRC, they still stockpile 1% grade of copper today in some of the assets. Is it impossible to operate? I think without a local partner, it's quite difficult to operate. I wouldn't go there alone. Again, as we said, we are looking for something to give us lessons rather than something to just go on a big bang and produce. We tried it in Khoemacau. We didn't succeed, gladly so, because I think the check was too big, and we accept that. Zambia, I think, is an attractive jurisdiction. Again, it does have prospects for assets that can produce between fifty and 100,000 and fits some of our investment criterias. Our team is continuously looking. It would be more around, I can say SADC, but that's all there is copper anyway. Therefore, that could be quite big. I think if you played around Zambia- Zambia. Let me start again. Zambia. DRC and Botswana, I think you're not far off. We are not going there alone, and we're not going to spend money where we own 100% because it's a world we need lessons on and not a lot of money to spend on something we don't know yet and take it up the value curve. I think it's opportunistic, and we're not desperate for it. We have three good pillars that we want to see value by 2030. I hope that helps. Yes, I've operated there, and it is possible. I've come out and I enjoyed there, but when I think of investors' money, I have a head for my investors. Thank you. Thank you. We have no further questions online, and I think our questions here as well, we do not have. Riaan can come and do the pre-close. Thank you so much. Thank you again. Thanks everybody for the Capital Markets Day. We look forward to seeing you again sometime, and it's really great that we have had the opportunity to spend a day with you and five years on. Riaan can touch on the Capital Markets Day, and then we could come to a close in good time. Thanks very much. I'm not going to take too much time on the FD pre-close. I think the document was published. It is on SENS. Perhaps just a couple of highlights again. I think on the safety front, going very well. Up until the end of May, our lost time injury frequency rate is sitting at 0.03, so it's even better than the 2025 performance. Very commendable performance. If we look at prices, the Richards Bay API4 price, we expect that the average price for the first six months will be about $105 per ton, compared to $92 per ton for the first half of 2025. Manganese also higher, we expect for 37 manganese that the price will be $4.73 for the six months CIF China compared to $4.07 in the first half of 2025. I think two things that we must just point out. Remember, if we look at the first half of 2025, the average ZAR-dollar was sitting at ZAR 18.38 to a ZAR per dollar. It's now sitting at ZAR 16.40. It's almost a 2-rand swing in the ZAR-dollar exchange rate, which obviously will have an impact on your export sales. The other one is also on diesel. The diesel price, the average for the year, is going to be much higher than 2025. If you look at the diesel price from the 1st of January, up till now, the diesel price is almost 70% up. It has got an impact on the operational cost of the mine. Not only the operational cost of the mine, remember, even if we do a calculation to evacuate coal via truck. That is also something that we need to take into account when we look at exports. I think if we look at the production forecast, the production forecast compared to the first half of 2025, about 8% higher that we foresee. Remember also, we had the adverse weather conditions the first half of last year that we didn't have again this year. Definitely a higher production at Grootegeluk the first six months of this year. Lower production at Leeuwpan in line with the optimization project that we put in place. Also, on metallurgical coal production, you will see higher metallurgical coal production. This is also supported by improved export demand. Remember, some of the coal that we can't now sell to the metals market anymore is now earmarked for exports. Also the ramp-up of Matla is actually going very well. Normally, the production and sales are the same. You can see on forecast, it's about 3.8 million tons for the first six months on Matla. If you look on the sales side compared to the first half of 2025, there's an uplift of about 6%, supported by, as you can see in our forecast, higher exports. We also almost see a flat position at Grootegeluk on Matimba and Medupi, because as a result of the unit 4 coming on board, there's more offtake from Medupi. We did have, there are problems at Matimba, stacking and reclaiming. We think those two will almost balance out. Metallurgical sales, as I pointed out, are lower due to the problems at ArcelorMittal, as well as the ferrochrome smelters. As I pointed out, some of that coal is now going through exports that will then get us to the higher export numbers. On CapEx side, I think we did cover the CapEx, mainly due to the fleet replacement at Grootegeluk. If we look at the full guidance for the full year, the guidance that we gave in March is still appropriate. Production and sales between 39.4 million tons-42.8 million tons for the full year, and export sales between 4.3 million tons-8 million tons. As I pointed out, we're just going to do about almost 4 million tons for the first six months of this year. We did touch on it, the performance RBCT, about a 7% improvement. On an annualized basis, up until January to May, TFR is performing at just over 60 million tons per annum through RBCT. The next one on wind. You'll recall we gave you a bit higher guidance in March, because that assumed that the acquisition of the Asihona energy assets would have been completed. The Gouda wind farm and also the Sishen wind farm. At this point in time, we're still waiting for certain of the conditions precedent to be fulfilled. At the moment, the guidance that we give here is the generation for the year of 830-860 gigawatt hour includes only our own operations as well as the Lephalale Solar Project. I think that's very broad, and we're happy to take questions if there's any detailed questions. Thank you so much. I think we can go straight into the. If there are any questions on the pre-close, we can take those. I do have a question online, this question is: What is the all-in logistics cost premium per ton, including trucking, third-party siding, handling, and related costs? The break-even netback on Grootegeluk being moved via Mpumalanga multimodal route rather than direct rail. To reach the top end of the 7.3-8 million tons export guidance, what second half 2026 direct rail run rate do you need versus the current 3-4 trains per week? Look. Sorry. The question is from Marco Rossouw from Optimum Investment Group. obviously, we almost achieved 4 million tonnes. Yeah In the first six months of the year. I assume if they continue with that run rate, we should be able to get to the 8 million tonnes for the full year. If you see a substantial increase, obviously, then you can perhaps move more through RBCT. The cost to move the Grootegeluk or the other coal through multimodal depends on various, firstly, it's the location of the operation, it's the quality of coal that you also move. We did point out in the past that to move it via road could be two and a half times more expensive than moving it through RBCT. The added complication that we have now is also the diesel cost. Cost. To move it to a central location on the road, there's also now a higher diesel cost that we need to take into account. If it was not for higher diesel costs, then it would've been easier, then you can use multimodal. Exactly. Thank you. Nomatela, you have a question. Two questions from my side. Just looking ahead to the second half of the year, can you just comment on, I guess, the market dynamics of the seaborne market? Were you seeing demand from each countries? Just I guess the level of tightness of the seaborne markets, just given the, I guess the elevated cost base that everybody's facing. The second question, I guess being Transnet improving rail capacity, how should we think about the second half for Grootegeluk specifically because there seems to still be constraints and sort of the actions that Exxaro is taking on to help improve that specific part of the rail for the remainder of the year? Now we- Yeah. I think on the-- Do you want to go ahead? Is the FD pretty close, right? Yeah. The seaborne market, as you would've seen in the last few months, given the Iran and U.S. issues, I think continuously highlight to us how important coal is and that it remains a lifeline in times of uncertainty. We saw the coal prices go up, I think, to about $130 a ton. They've now come down. Every time there is an announcement whether the deal has been brokered or not, the energy prices change. What we are seeing now with the prospect that they're saying, what we are seeing today, and maybe in the last, I don't know what has happened in the last four hours, but what we were seeing up to this morning was the fact that there's a prospect of ceasefire and a resolve, which has now brought our coal prices to somewhere around $105, $106 a ton. Thanks, Melis. Unfortunately, I think this volatility will continue until there is some level of certainty of what's happening in the Middle East. We'll continue to see that volatility. It's helpful on coal, but it's not helpful on diesel. I think that's why I said earlier on that what we saw during the Russia-Ukraine was no impact, not as much on our diesel, but it was fantastic on coal prices. Right now, we're not seeing that benefit because the diesel prices are quite high. What do we see going forward? We do see some stability because I think the marginal cost of production in this country, particularly where we compete, is possibly somewhere around the $90, $96 a ton. We think that there may be a floor price momentarily, but because sometimes you've over demand, sometimes you've got deficits, it's likely that we saw it dropping to below $80 a ton last year, and we don't know where. I think the underlying dynamic of supply-demand tension possibly should maintain this number around higher than what we are seeing today. The second question was around the Transnet. Yes, Transnet and GG. There is continual pressure around how we can get that right. We are well wired with different levels of engagements with Transnet in order to get GG at the maximum. We still think there's scope for operational improvements and efficiencies, improving cycle times of those trains without excessive and additional investment. We can operate better, and we think we can be prioritized more, and we're putting pressure to exactly do that. Prioritize more, I think we're seeing three, four, five trains a week, a day. We want more. A week, I think, is that right? A week. We want more. I think our expectation is somewhere north of eight up to 11, and we should be getting that, and we deserve it. We are not shy to call on what we think we rightfully deserve. We still think we want more. We want to see more improvement, and we think that cycle times alone and better operational management can deliver what we are expecting in the short term. In the long term, I think the study that we told you that we now have, we believe that from that study and the public sector participation and our involvement in some train operating companies that have the competence to run logistics, should give us even the longer-term optionality we expect GG to embed. Excellent. Okay, I think 4:00 is coming. Yeah. It's there, and I don't think we have any further questions. We don't have questions online. Ladies and gentlemen, this brings us to the end of our Capital Markets Day. On behalf of Exxaro, we would really like to thank you for coming and to join us and to hear what the horizon has for us and our company. Thank you so much, and we have come to the end of our meeting. Thank you