Welcome to the webcast presentation of our results for the half year ended 31 December 2022. I am Nico Müller, the CEO of Implats. This presentation aims to provide a high-level overview of our group's performance over the half year. Before we begin, I draw your attention to our normal disclosure statement pertaining to any forward-looking statements that may be made today. I will start today's presentation with an overview of the group's performance, including safety and the key features. This will lead into a more detailed account of the operational performance of Impala Rustenburg, presented by Mark Munroe, our Impala Rustenburg chief executive, and the performance of the rest of the group presented by Gerhard Potgieter, our chief operating officer. This will be followed by the financial results presented by Meroonisha Kerber, our chief financial officer. Sifiso Sibiya, our group executive for refining and marketing, will provide an overview of the PGM market before I finish off with our outlook for financial year 2023. I am pleased to report that Implats delivered sustained production momentum. We saw strong demand for our primary products amid a robust ZAR PGM pricing environment. The period was characterized by persistent macroeconomic headwinds, high inflation, rising geopolitical tension, and some localized challenges, notably the increased calls for load curtailment at our South African operations due to national power constraints. Against this challenging backdrop, we reaped the benefits of our geographically diverse production base and welcomed the initial contributions from our suite of growth projects. We delivered robust EBITDA, earnings, and free cash flow. Advanced our sustainable development agenda, for which we again received several accolades. Safe production is not negotiable. Ensuring the safety of our employees and contract workers is essential to delivering on our commitment to zero harm. Despite much improved safety metrics from a focus on visible leadership and mine safety discipline, it is with deep regret the group reports two employee fatalities at managed operations during the period. In addition, our Two Rivers joint venture reported a fatal injury in mid-November. Post the end of the period, two further fatal incidents were recorded at managed operations. We mourn the passing of our team members and extend our sincere condolences to their families, friends, and colleagues. This retracement comes despite a 60% improvement in our fatal injury frequency rate from the previous comparable period. 13 out of the group's 17 operations finishing the period with millionaire or multi-millionaire status in terms of fatality-free shifts. Gross 6E concentrate production volumes were unchanged at 1.62 million 6E ounces. Growth at our managed operations and stable delivery from our joint ventures was offset by weaker receipts from our third-party customers. Our smelting and refining capacity was constrained by scheduled maintenance and increased load curtailment with refined volumes of 1.48 million ounces, some 9% lower, and excess stock of 140,000 ounces at the end of the period. Cash costs increased by 15%. Mining inflation of 9% was compounded by the translation of the cost base of Zimplats and Canada at weaker exchange rates. Unit cost increased by 15% to ZAR 19,346 per 6E ounce on a stock-adjusted basis. Our capital expenditure bill increased as investment accelerated on a suite of mining and processing projects at Zimplats and Impala Rustenburg. Looking now at the component of our concentrate production at an asset level reveals the following. A complex operating environment, extreme weather events, and heightened load shedding resulted in lower deliveries to IRS by third-party customers. Impala Rustenburg was challenged by industrial action in the first quarter, while changes in ore mix also impacted grade. Milling capacity at Mimosa Mining Company was limited by a short-term trial to improve process recoveries, and Marula operated well, having delivered record production in the prior comparable period. Plant expansions at each of Two Rivers Platinum Mine and Zimplats enabled volume growth, while improved operating stability at Impala Canada resulted in strong production gains. We offset the impact of weaker refined production volumes by destocking some refined platinum and palladium inventory. Rand weakness more than compensated for softer PGM pricing in the period and group revenue increased. The cost of sales was negatively impacted by inflationary pressures, as well as the translation impact of a weaker rand on the cost and asset base of Zimplats and Impala Canada. The group recorded gross profit of just over ZAR 17 billion and generated ZAR 11 billion in free cash flow. We ended the period with a debt-free balance sheet and extended the maturity of our existing debt facilities. The closing cash balance of just over ZAR 27 billion remains elevated by the liquidity and cash flow requirements of the mandatory offer for Royal Bafokeng Platinum. The achieved economics of our operations remain robust despite operational challenges and high inflation. Meroonisha Kerber will expand on the details of our financial performance later in the presentation. In November 2021, we launched the proposed acquisition of Royal Bafokeng Platinum. This transaction has the potential to transform the outlook of our key Western limb assets at Impala Rustenburg, unlocking significant value from the neighboring operations and contiguous ore bodies and ensuring sustainable socioeconomic benefits for the Rustenburg region and its communities. The Competition Tribunal of South Africa approved the transaction on 16 November 2022. The remaining conditions precedent outstanding to declare the offer unconditional is the issuance of a compliance certificate by the Takeover Regulation Panel and the administrative approval by the JSE of the additional listing of Implats shares. At 31 December 2022, the group held 40.71% in Royal Bafokeng Platinum. We continue to engage with all relevant stakeholders to successfully conclude the transaction. The long-term viability of the business is linked to the well-being of our host communities who face high levels of unemployment, frustration with poor service delivery, and growing inequality. We seek to deliver a lasting positive contribution in our sphere of influence. Good progress was made to improve social performance maturity, reporting, and stakeholder engagement. Several projects were completed to address key socioeconomic challenges, benefiting more than 130,000 people and supporting more than 4,700 job opportunities in the period. Several community school and water infrastructure projects were completed, positively impacting the lives of more than 7,800 people in the Marula adjacent communities alone, and we continued to deliver on our industry leading housing and home ownership programs. Inclusive procurement and SMME support remains a priority. SMME initiatives across the group support more than 4,300 job opportunities. Implats embeds sustainability into the way it works, and we apply industry leading ESG practices. We delivered a sound environmental performance during the first half. There were no major or level 5 or significant level 4 environmental incidents and four limited impact or level 3 incidents. We achieved a group wide water recycling reuse rate of 50%. We are active members in public-private partnerships to support the development of new long-term water infrastructure that will also supply bulk water to adjacent communities and allow for non-potable water off-take agreements for commercial users. We are committed to achieving carbon neutrality by 2050 with a short-term target of 30% reduction of our carbon emissions by 2030. The switch to renewable electricity will play an important role in achieving these goals and in mitigating worsening electricity supply disruptions. All our Southern African operations are initiating or progressing low carbon alternative and renewable power projects. Our efforts in sustainable development continue to be recognized by several independent agencies and annual reviews. We are delighted to be one of only four JSE-listed metals and mining companies to be included in the S&P Global Sustainability Yearbook in 2023. The efforts of our sustainability team have been rewarded by the MSCI with our ESG score maintained at an A rating for the second consecutive year, and we achieved our fourth consecutive annual inclusion in the Bloomberg Gender-Equality Index in 2023. Mark will now report on Impala Rustenburg. Thank you, Nico. Impala Rustenburg's strategy remains focused on transitioning the business to a lower cost and more sustainable operation. During the period we navigated a disrupted operating environment, challenges associated with the socioeconomic pressures facing our people, communities, and the municipal, provincial, and national administrations added complexity, while increased load curtailment was a notable feature. Total development declined by 4% due to a scheduled reduction in the number of development teams. Mineable face length increased by 1% to 25.6 km with pleasing increases at 16 Shaft and 20 Shaft. Tonnes milled increased as we benefited from an improved safety performance. However, grade was impacted by the increase in off-reef mining due to geological conditions, and tailings retreatment was limited by load curtailment, resulting in 2% lower concentrate volumes. We maintained a keen focus on cost management, and despite higher maintenance spend, we limited the increase in our total cost to 7%, while the impact of lower volumes resulted in a 10% increase in reported unit costs. Capital expenditure rose to ZAR 2 billion, with ZAR 547 million spent at our smelters and refineries where a number of projects are underway. Free cash flow generation benefited from positive working capital moves, higher interest received, and lower tax payments, which helped offset the impact of lower sales volume, inflationary pressure, and increased capital investment. Turning now to the specific contributions to PGM production from the different operations. This chart details the movement in stock adjusted refined production. There was a pleasing increase in production at 16 Shaft following extensive safety stoppages in the prior period. 1 Shaft benefited from stable industrial relations. These gains were offset by lower volumes across the remainder of the complex and reflect the broad impact of the general operating environment on production. All operations continued to deliver healthy margins and cash profits post-capital investment. It was another challenging period for our people, but we remain steadfast in our resolve to return to our winning ways and restore positive operating momentum over the coming months. We are pleased by improved safety performance and the momentum which characterized the start of the new calendar year. The building blocks to deliver sustainable production at a competitive cost are in place. I will now hand over to Gerhard Potgieter, who will discuss the performance of our other operating units. Thank you, Mark. Marula delivered to plan in the period with stable community relations and sustained operational momentum despite the impact of increased load curtailment. Production retraced marginally from record volumes in the prior period, which benefited from high-grade sweepings. Cash costs were skewed by additional headcount, maintenance costs, and a high inflationary environment, and increased by 16%, with unit cost performance impacted by lower concentrate volumes. CapEx accelerated with initial spend on the Phase II project, but free cash flow benefited from ZAR PGM strength and a moderation in negative provisional pricing adjustments and increased to ZAR 2 billion. Zimplats benefited from the commissioning of the third concentrator and delivered consistent operating momentum, despite significant inflationary pressures and increased capital project activity across its mining and processing assets. Tonnes mined increased by 9% and tonnes milled rose by 8%, while grade was impacted by the closure of the high-grade Rukuzi mine at the end of FY 2022. Concentrate volumes increased by 6% to 309,000 ounces. Cash costs increased by 21%, reflecting the cost of staffing the new concentrator, higher throughput, and the impact of 10% mining inflation, with a 42% increase in the electricity tariff levied in the period. Volume gains helped mitigate the impact of inflation and unit costs increased by 16%. Project development at Zimplats is focused on harnessing the mining flexibility and optionality offered by this tier 1 asset. The projects underway will increase mining volumes, processing capacity, downstream beneficiation, and improve Zimplats' environmental performance. Free cash was impacted by the lower U.S. PGM pricing, higher capital expenditure, and higher prepayments associated with the capital expansions underway. Impala Canada saw improved operational stability and reduced supply constraints, delivering a step change in production volumes in the period. Mined volumes increased and the plant decoupling project resulted in improved processing performance. Cash costs were impacted by mining inflation of 9%, which was elevated by the mechanized cost base at Impala Canada and structural exposure to energy and consumables pricing. Capital investment moderated as the plant decoupling project was completed, while rand weakness offset softer palladium pricing. Higher sales supported improved free cash flow generation. Operational results at IRS in the prior period were elevated by the deferred delivery of accumulated concentrates from Zimplats. While in the current period, weaker third-party deliveries due to operational challenges across the PGM peer group weighed in on reported volumes. Refined volumes were negatively impacted by lower receipts and the built-in inventory from furnace maintenance at Impala, as well as the increased severity of load curtailment. Free cash flow benefited from higher ZAR PGM pricing, but was negatively impacted by higher tax payments and adverse working capital movements. Two third-party contracts were concluded at the end of the period and will lead to lower expected deliveries in the second half of the financial year. Two Rivers navigated several challenges with extended safety stoppages, equipment failures, and power supply interruptions due to localized infrastructure failures and increased load curtailment. The mine delivered a 32% improvement in tonnes mined, including initial volumes from the Merensky workings. While the increase in installed milling capacity led to an 8% increase in tonnes milled. Grade was negatively impacted by development volumes and the treatment of stockpiled ore to mitigate the impact of DMR safety stoppages, resulting in a marginal increase in concentrate production. Absolute cash costs reflected the impact of higher production volumes and exposure to consumables and energy costs due to the mechanized nature of Two Rivers mining operations. CapEx increased to ZAR 1.3 billion as spend accumulated on the Merensky project. Strong ZAR PGM pricing and higher sales resulted in ZAR 1 billion in free cash flow generation in the period. Mimosa operated well despite the intermittent impact of power interruptions and the inflationary environment. Production was constrained by the decision to implement a short-term trial of milled volumes at nameplate capacity to validate achievable recoveries. The plant optimization project is set to be commissioned in the second half of the financial year and should facilitate improved residence time and recoveries at the operation. Cash costs were impacted by high inflation, additional metallurgical test work, increased reagents, and higher Intermediated Money Transfer Tax. Capital expenditure increased as spend continued on the plant optimization project and the tailings storage facility. Cash flow was impacted by softer USD PGM pricing, inflationary pressures, and higher capital expenditure. This concludes the operational review. Meroonisha Kerber will now outline the group's financial performance for the year. Thank you, Gerhard. The group's financial performance was supported by robust ZAR PGM pricing and some destocking of refined metal inventory to offset the impact of lower refined production. Despite navigating a challenging operational context, Implats delivered robust EBITDA earnings and free cash flow in the period. Nevertheless, our results reflect the impact of well-documented and broad-based inflation, which was exacerbated by notable ZAR depreciation and the translation impact of this on the USD cost base of our Zimbabwean and Canadian operations. The scheduled rebuild of our Number 4 furnace and heightened load curtailment led to elevated work-in-progress inventory. Consequently, we closed the period with 140,006 oz of inventory in excess of our normal levels. Our balance sheet remains debt-free with elevated cash balances of ZAR 27 billion due to the cash commitments required by our mandatory offer for Royal Bafokeng Platinum. Implats generated revenue of ZAR 58 billion with a 2% decrease in 6E sales volumes offset by higher average received ZAR PGM pricing. Pricing for all PGMs softened year-on-year, but we benefited from changes in our sales mix, higher nickel revenues, and a weaker ZAR. Turning to cost of sales. Inflationary pressures continue to make headlines globally, with notable increases in the price of consumables and energy. Implats recorded mining inflation of circa 9%. Our reported cash costs increased by 15%, reflecting the impact of the translation of our foreign subsidiaries' cost base at a weaker average ZAR. Higher ZAR PGM pricing more than offset the impact of lower volumes received by IRS and resulted in a 9% increase in the cost of metals purchased. Lower levels of refined stock were offset by increased levels of in-process stock, and the higher cost of mine production resulting in a ZAR 2.5 billion credit to the cost of sales. Depreciation increased by 30%, impacted by higher mine volumes, ZAR depreciation, and a revision in estimates at Impala Canada. In total, the group's cost of sales rose 8% to ZAR 41 billion. Earnings benefited from higher foreign exchange translation gains and net interest income while income from associates declined by 7%. Implats benefited from a ZAR 409 million earnings contribution from its holding in Royal Bafokeng Platinum. However, this was offset by lower income from both Two Rivers and Mimosa, as earnings in the prior comparable period were elevated by the reversal of significant unrealized profits in inventory. Pleasingly, Implats sustained healthy operating margins, generating ZAR 24.5 billion in EBITDA at an EBITDA margin of 42%. Headline earnings increased to ZAR 14 billion. Headline earnings per share declined by 2% to ZAR 16.54 per share due to a 30 million increase in the weighted average share count following an equity issue in part settlement of our acquisition of 40.7% in Royal Bafokeng Platinum. Group stock adjusted unit costs increased by 15% or ZAR 2,590 per 6E oz. Group mining inflation of 9% at our managed operations contributed ZAR 1,430 per oz. Inflation of 8.6% at our South African operations was broadly in line with the 8.5% realized in the prior comparable period. The higher relative exposure to consumables and energy at our mechanized operations abroad resulted in CAD inflation of 9.3% at Impala Canada and USD inflation of 10.8% at Zimplats. The translation of our foreign subsidiaries cash costs contributed ZAR 553, or 3%, to the reported unit cost increase. The benefit of higher mill throughput was offset by lower grade and weaker refined volumes. The second payment of the discretionary employee bonus amounted to ZAR 420 per ounce for the period, while we also achieved some savings on our COVID spend. Cash generation from operations was impacted by negative movements in working capital due to higher in-process inventory and prepayments associated with capital projects at Zimplats. Our capital expenditure increased to ZAR 4.8 billion, rising by 40% as we accelerated spend at Zimplats and on life of mine extension and processing projects at Impala. In total, we generated free cash flow of ZAR 11 billion. A total of ZAR 0.8 billion was spent on further acquisitions of RBPlat shares, with associated issuance of 2.5 million Impala shares with a market value of ZAR 0.5 billion. Dividends of ZAR 8.9 billion were paid to shareholders during the period, with a further ZAR 607 million distributed to the minority shareholders at Zimplats and Marula. Implats ended the half year debt-free and with a closing cash balance of ZAR 27 billion. Cash guarantees totaling ZAR 15.5 billion provided to the Takeover Regulation Panel remained in place at period end. These relate to the total potential cash consideration for our mandatory offer for the remaining shareholding in Royal Bafokeng Platinum. During the period, we amended and extended the duration of our revolving credit facility with the ZAR 8.1 billion, dual ZAR and USD facility undrawn at period end and now maturing in February 2025. Combined cash resources and undrawn facilities resulted in group liquidity headroom of ZAR 35.1 billion. Our capital allocation framework aims to deliver, sustain and grow meaningful value for all stakeholders. As a reminder, we adjust free cash flow in each period for non-discretionary outflows and add back expansion capital. We then allocate the resultant free cash across three broad pillars of balance sheet strength, growth and investment, and shareholder returns. During the period, Implats incurred ZAR 700 million on expansion capital, resulting in adjusted free cash flow available for distribution of ZAR 11.7 billion. Of this, 13%, or ZAR 1.5 billion, was allocated to growth and investment through funding the cash consideration for the group shareholding in Royal Bafokeng Platinum, investment in brownfield expansion projects at our mining and processing operations, and our contributions to AP Ventures. Free cash flow allocation to shareholder returns through the interim and final dividends and payments to minority shareholders accounted for ZAR 4.2 billion. The interim dividend accounts for 30% of half year adjusted free cash flows, with cash distributions to shareholders constrained by the liquidity requirements to support the ZAR 15.5 billion TRP guarantees related to our offer for Royal Bafokeng Platinum. Looking forward, Implats' balance sheet benefits from its strength and flexibility, and the group's current profitability and cash generated are well supported by robust PGM pricing. This provides a meaningful underpin to our ability to withstand short-term volatility while also pursuing our capital investment programs and sustaining attractive shareholder returns. Our pipeline of mining and processing projects will require elevated rates of investment in the next three years. We are well positioned to fund this growth while also pursuing enhanced allocations to shareholder returns over the investment period. With the current retained cash levels elevated by the liquidity requirements necessitated by the guarantees associated with our mandatory offer for Royal Bafokeng Platinum. That concludes the financial review. I will now hand over to Sifiso Sibiya, who will take you through the market review. Thank you, Meroonisha. We continue to reap the financial benefits of a strong PGM cycle. Dollar dominance stemming from the uncertain global macroeconomic outlook, elevated inflation and rising interest rates weighed heavily on commodity pricing. Platinum pricing continued to take its lead from investor sentiment and global macroeconomic factors. The continued flow of Russian metal to the market reduced the risk premia, which saw palladium reach record highs in the early months of 2022, compounded by the intermittent shocks to physical demand from lockdowns in China and rising speculative short position into the period. Rhodium pricing was vulnerable to the unusual flow of South African refined material due to the timing of processing maintenance and the overhang of previously accumulated inventory at the onset of the Russo-Ukrainian War. South Africa is facing a series of well-documented domestic challenges, including energy constraint, anemic growth, and political tensions. Rand depreciation over the period was largely due to external forces. Rand weakness was driven by the exceptionally strong dollar, the risk of global recession weighing on commodity prices, and the general risk-off mode of global markets. This offsets softer PGM pricing and our received rand basket increased by 5% from the comparable period. We continue to benefit from a diversified portfolio of assets, which gives us broad exposure to Merensky, UG2, Diepe Reef, and Canadian ore. Collectively, platinum, palladium, and rhodium sales contributed 88% to group revenue. In the period, we reduced refined platinum and palladium inventory to counter the impact of weaker refined production, resulting in lower relative sales of the minor PGMs. Our sales remain dominated by annual contracts with a broad spread of core customers in Asia, Europe, and the U.S. Our annual contractual negotiations were completed during the period. They confirmed continued robust appetite for our products. Turning now to our view of the fundamental supply and demand picture for platinum, palladium, and rhodium. Palladium and rhodium markets tightened in 2022 with both metals in deficit. Primary supply retraced as work-in-progress inventory releases moderated and South African processing capacity was constrained by maintenance and increased load curtailment. Automotive supply chain constraint eased and underpinned a modest recovery in light-duty vehicle production and industrial demand remained robust. Chinese jewelry demand was negatively impacted by lockdowns. A rebound in India offtake and strong European and North American markets buffered the impact. Platinum benefited from underlying auto and industrial demand growth. ETFs returned metal to the market, leading to a post-investment surplus in 2022. The global light-duty vehicle market remains on an improving path, with recent seasonally adjusted selling rates indicating a much firmer start to 2023. A strong rebound in the global heavy-duty sector is also forecast. PGM automotive demand is therefore set to expand in 2023, with platinum benefiting disproportionately due to underlying growth in the heavy-duty segment and its increased use in light-duty gasoline catalysts. Jewelry demand is expected to remain stable in 2023, with a recovery in Chinese demand and robust growth in India likely to be offset by fading tailwinds to the European and U.S. demand. We expect a recovery in South African refined supplies in 2023, but the outlook remains vulnerable to the severity of Eskom load curtailment. A modest recovery in autocats recycling is expected to be supported by the recovery in global light-duty vehicle sales. Industry constraints due to funding costs, logistics, and capacity issues remain a challenge. As a result, we see tightening markets for all three PGMs in 2023, with another year of deficits expected in palladium and rhodium. Investor demand will be key to the final market balances for platinum. The unique characteristics of our products, their varied and evolving end use, recyclability, and our commitment to ensure we produce them in a safe, socially and environmentally responsible way underpins their appeal as the world increases its focus on the environment. There were meaningful negative revisions to planned production profile across the PGM peer group in 2022, which have served to tighten our view of market balances in the medium term. Near-term supply side risks have been elevated by infrastructure supply chain constraints in Russia and persistent power constraints in South Africa. Capital investment across the sector is elevated but aimed primarily at improving asset integrity and environmental performance. The limited industry project pipeline will serve as a source of replacement rather than growth of the existing asset base. Platinum fundamentals are steadily improving with structural demand growth and supply constraints. However, the near-term price trajectory will be likely still be dictated by investor sentiments and flow. A recovery in automotive production will underpin demand in both palladium and rhodium, with the latter benefiting from a recovery in industrial demand on recent price retracement. We continue to monitor and support end users of PGMs. We are excited by the technological advances that will diversify and support future demand. Momentum in the hydrogen economy continues to build, offering long-term support for our key products. With that, I would like to hand over to Nico to conclude the presentation. Thank you. Thank you, Sifiso. The global macroeconomic backdrop is generally expected to become more benign over the course of 2023, while PGM markets are expected to tighten. The operational focus for the remainder of the financial year is on ensuring stability at our South African mining and processing assets during an expected period of inflationary pressure and persistent load curtailment. Commissioning the refurbished Number 4 smelter in the fourth quarter of this financial year. Project activity and capital spend is set to increase in our second half as the group progresses delivery across the mining, processing, and environmental project suite currently in execution. Implats is committed to rigorous stakeholder engagement as we navigate the changeable socioeconomic environment in South Africa and Zimbabwe. Pursue the proposed acquisition of a majority stake in Royal Bafokeng Platinum. Implats' planned production in financial year 2023 remains within the boundaries of previously key guidance parameters. While some allowance has been made for the likely impact of load curtailment on South African mining volumes and group refined production, the severity of capacity constraints at Eskom remains a key risk to the near-term outlook. Broad-based inflation pressures on energy and consumables have been exacerbated by ZAR depreciation and the translation of the cost and capital base of both Zimplats and Impala Canada. A revised currency forecast has resulted in negative revisions to the unit cost outlook for the year. Group 6E refined production in financial year 2023 is estimated to be between 3 million-3.15 million ounces. Group operating costs are forecast to be between ZAR 18,500-ZAR 19,500 per 6E ounce on a stock-adjusted basis. Group capital expenditure is forecast to be between ZAR 11.5 billion-ZAR 12.5 billion. This guidance assumes exchange rates of ZAR 17 to the U.S. dollar and CAD 1.26 to the U.S. dollar respectively, that is a movement from ZAR 16 to the U.S. dollar and CAD 1.26 to the U.S. dollar from previous guidance. Thank you for taking the time to listen to this webcast. Thank you
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