Welcome to the webcast presentation of our results for the year ended 30 June 2024. I am Nico Muller, the CEO of Implats. This presentation provides a high-level overview of our group's performance over the financial 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 and the key features. This will lead into a more detailed account of the group's operational performance presented by Patrick Morutlwa, our Chief Operating Officer, followed by the financial results presented by Meroonisha Kerber, our Chief Financial Officer, and then Sifiso Sibiya, our Group Executive for Refining and Marketing, who will provide an overview of the PGM markets before I finish off with our key focus areas and the outlook for FY 2025. Ensuring the health and safety of our employees is a non-negotiable, and we remain steadfast in our commitment to our goal of achieving zero harm. It is therefore with profound sadness and disappointment that we report 19 employee fatalities at our managed operations during the period, with 13 deaths resulting from the tragic accident at 11 shaft at the end of November 2023. In a period overshadowed by the devastating loss of life, we acknowledge the improvement in safety delivered across our managed and joint venture portfolio, which led to a 1% improvement in the group's lost time injury frequency rate and a 10% improvement in total injury frequency rate for the year. The disconnect between the steady reduction in the number of injuries achieved over time and the severity of injuries when they do occur remains a key challenge. We need to be able to shift the culture and practices that govern risk prevention in key operating functions, including falls of ground, winches and machinery to achieve the fundamental change needed to lower the potential for fatalities across our operations. Our team is singularly focused on reversing deterioration in key fatality metrics by building momentum towards a culture of safe work and compliance across the group. Implats seeks to demonstrate best practice in environmental management, guided by our updated environmental strategy and ESG framework, and I am proud of the progress achieved in our sustainable journey during the year. We delivered a sound environmental performance with no major significant or limited impact environmental incidents, while key renewable energy and water security initiatives were advanced. We seek to leave a lasting positive legacy in the communities in which we operate. Despite significant financial constraints, Implats' focus on key high impact and strategic community investments was maintained in FY 2024. We invested in projects focused on community well-being, education and skills development, enterprise development and inclusive procurement, as well as the development of resilient infrastructure which collectively benefited more than 140,000 people and supported approximately 4,800 employment opportunities in the year. Following the conclusion of the Royal Bafokeng Platinum acquisition, we concluded a landmark Broad-Based Black Economic Empowerment transaction across our Western Limb assets at Impala Rustenburg and Impala Bafokeng. This meaningfully broadened economic participation in our mining and processing assets for key stakeholders, including our employees and communities. Implats delivered guided production volumes and commendable cost controls despite navigating several serious challenges during the year. Achieved volumes benefited from the maiden annual consolidation of Impala Bafokeng. Notable performances were achieved on a like-for-like basis at our key mining and processing assets. Refined volumes, which include sellable ounces at Impala Bafokeng and Impala Canada, benefited from the reduced severity of load curtailment in the period, but were impacted by the scheduled rebuild of the number five furnace at Rustenburg. We closed the period with excess in-process inventory of around 390,000 ounces, which we will release steadily over the course of the next three financial years. Volume and yield gains at Impala and Zimplats helped offset the impact of currency depreciation, inflationary pressures, and the inclusion of higher cost production at Impala Bafokeng, with group unit costs increasing by only 5%. Increases in capital expenditure reflect peak project spend on strategic processing expansions and the consolidation of Impala Bafokeng. Persistently low PGM pricing resulted in a constrained operating environment, significantly impacting financial metrics and free cash flow generation during a period of elevated capital investment and project activity. Reported financial metrics are negatively impacted by a series of once-off charges in the period, which Meroonisha will expand on in more detail later in the presentation. EBITDA of 12.4 billion rand includes the impact of the IFRS 2 BEE charge, with free cash outflow of 4 billion rand in the period skewed by negative working capital movements, once-off charges associated with the conclusion of the RBPlat acquisition, and peak CapEx. We returned to free cash flow generation in the second half of the financial year, ending the period with closing adjusted net cash of 6.9 billion rand. Which together with our undrawn banking facilities resulted in a balance sheet headroom of 17.7 billion rand. In line with our dividend policy and adjusted free cash outflow of ZAR 0.5 billion, no dividends were declared in the period. I will now hand over to Patrick Morutlwa, our Chief Operating Officer, who will take you through an overview of our operational performance in the year. Thank you, Nico. Our mineral resource and mineral reserve portfolio benefited from the maiden inclusion of Impala Bafokeng's considerable mineral inventory. This reduced the average depth of our portfolio and increased the percentage of resources amenable to mechanized mining, a strategic imperative for the group. The benefit to mineral reserves was partially offset by the decisions to mine both the Two Rivers Merensky project, hold the North Hill project at Mimosa, and rebase production at Impala Canada. We navigated a complex operating environment and elevated project activity to deliver credible production and cost performance in the period. Production at our managed operations increased by 21% and was 2% higher on a like-for-like basis. Production from our JVs increased by 1% and a drop in third party deliveries reflects the impact of two contracts which concluded in the prior comparable period. Capacity at our processing operations benefited from a reduction in load curtailment in the period, but was impacted by the scheduled rebuild of the number five furnace at Rustenburg, and our excess in-process inventory increased to 390,060 ounces at year-end. Our capital expenditure reflects the acceleration of spend on replacement and expansion project and the inclusion of CapEx at Impala Bafokeng. Turning now to the specific contributions to group PGM production from the different operations. Impala Rustenburg increased production by 4%, with positive operational momentum offsetting the impact of the roughly 50,060 ounces forgone due to safety stoppages in the wake of the 11 shaft tragedy. Zimplats benefited from the full annual contribution of milling capacity as a third concentrator and matte production rose 6%. Operating momentum at Marula was impacted by safety stoppages, constrained mining flexibility, and turnover in key leadership positions, lagging expectations. The operation is a key focus area for our team in FY 2025. Impala Canada operated well during the period with the 4% decline in production in line with its rebased production profile. At Mimosa, the benefit of the plant optimization project increased milling capacity and process recoveries, resulting in a 4% rise in concentrate production. At Two Rivers, constrained mining flexibility and geological features offset the benefit of batch milling, limited quantities of Merensky ore, and production declined by 1%. A maiden annual contribution of 483,000 ounces was recorded at Impala Bafokeng. While BRPM delivered well in the period, Styldrift continued to face challenges. Over the past five years, Implats has invested significantly in a series of mine replacement, growth, and environmental and processing projects to strengthen the competitiveness of its portfolio. The focus during the year was on prioritizing delivery of those growth and replacement projects that enhance mining flexibility, secure processing flexibility, and reduce our carbon footprint, utility costs, and energy dependency. Meroonisha Kerber, our Chief Financial Officer, will now outline the group's financial performance for the year. Thank you, Patrick. The significant retracement in received PGM pricing was the defining feature of the group's financial performance in the period. Financial metrics were negatively impacted by the combination of sharply lower palladium and rhodium pricing, which more than offset the positive impact of strong sales volumes and a weaker rand, resulting in materially lower revenue. The maiden annual consolidation of Impala Bafokeng's higher cost base, together with several once-off costs incurred on the conclusion of the RBPlat acquisition. Mining inflation of 5.6%, which moderated from the prior year, but was compounded by the translation of the dollar cost base of Impala Canada and Zimplats at a weaker exchange rate, offsetting to some extent the benefit of lower royalties and the cost of metals purchased. Implats accounted for several significant once-off non-cash items in the year. A ZAR 1.9 billion IFRS 2 BEE charge on the empowerment transaction concluded at our Western Limb assets was included in both EBITDA and headline earnings, while impairments of ZAR 21.9 billion were incurred at the managed operations of Impala Rustenburg and Impala Canada, and attributable post-tax impairments of ZAR 1.7 billion at the JV operations of Two Rivers and Mimosa weighed on reported basic earnings. The effective tax rate in the period was elevated by the impact of the non-deductible IFRS 2 charge, but benefited from a deferred tax credit on the reversal of withholding taxes on undistributed profits at Zimplats. Collectively, these factors contributed to a decline in reported EBITDA to ZAR 12.4 billion, headline earnings of ZAR 2.69 per share and a basic reported loss of ZAR 19.29 per share. Group stock adjusted unit costs increased by 5% or ZAR 1,088 per 6E ounce. Group mining inflation of 5.6% at our managed operations accounted for ZAR 1,075 per ounce of the increase, while the translation of the dollar cost base of Impala Canada and Zimplats at a weaker exchange rate contributed a further 1% rise or ZAR 266 per ounce. The 3% gained in mined volumes at managed operations together with improved grade in processing recoveries, resulted in a cumulative ZAR 969 per ounce benefit to unit costs. The maiden annual consolidation of Impala Bafokeng resulted in an ZAR 881 per ounce increase with PGM in concentrate production adjusted for offtake terms in the calculation of group unit costs. On a like-for-like basis, normalized unit costs, excluding Impala Bafokeng and the benefit of the once-off employee payment in the prior period, rose by only 3% to ZAR 20,041 per ounce. Maintaining an optimal capital structure and a strong and flexible balance sheet through the cycle remains a key strategic priority. Cash generation in the period was constrained by sharply lower received ZAR PGM pricing, significant transaction related costs on the conclusion of the RBPlat transaction, elevated capital expenditure as spent on strategic growth projects at Zimplats accelerated, and several working capital adjustments relating to the timing of a sales receipt and the accumulation of in-process inventory. Excess stock increased to 390,000 6E ounces from 245,000 ounces over the period as a result of the scheduled rebuild at our number 5 furnace. Dividend payments of ZAR 1.8 billion were made during the period to Implats shareholders and to the minority shareholders of both Zimplats and Impala Chrome. ZAR 11.4 billion was spent on the acquisition of the remaining RBPlat equity with a further ZAR 947 million incurred on acquisition related costs, including the Impala Bafokeng share incentive scheme. After including the deferred revenue on the gold stream at Impala Bafokeng and the $60 million drawn on the Zimplats borrowing facility, Implats closed the period with closing cash balances of ZAR 9.6 billion and adjusted cash net of debt of ZAR 6.9 billion. Our total committed revolving credit facility of ZAR 8.3 billion remain undrawn at year-end, resulting in closing liquidity headroom of ZAR 17.7 billion. Our capital allocation framework aims to deliver, sustain, and grow meaningful value for all our stakeholders. As a reminder, we adjust free cash flow in each period for non-discretionary outflows and add back expansion capital. We allocate the resultant free cash across three broad pillars of balance sheet strength, growth and investment, and shareholder returns with our dividend policy based on a minimum allocation of 30% of free cash flow generated in the period after adjusting for growth capital incurred. Implats recorded an adjusted free cash outflow of half a billion ZAR in the period. Cash balances were reduced by 16.4 billion ZAR with outflows associated with the completion of the RBPlat acquisition, inclusive of transaction related costs and funding our operational and capital requirements. 15.6 billion ZAR was incurred to fund growth and investment, including our investment in RBPlat, expansion capital of 4.1 billion ZAR, and our contributions to AP Ventures. 304 million ZAR was distributed in dividends to the minorities at Zimplats and Impala Chrome in the period. Given the adjusted free cash outflow in the period, in line with the group's dividend policy, no ordinary dividend was declared. Sifiso will now discuss the PGM market. Thank you, Meroonisha. Precious metal pricing continues to be heavily influenced by the uncertain global macroeconomic outlook and simplistically the outlook for U.S. interest rates. Despite headline market deficits, pricing dislocations caused by destocking by industrial and automotive end users, shifts in market liquidity, and rising open interest and speculative short positioning have driven a material retracement in PGM pricing. We achieve notably lower average palladium, rhodium, and nickel pricing in FY 2024 with relative outperformance by platinum, the minor PGMs, and chrome. Rand depreciation provided only a marginal buffer to revenue, while our dollar received basket price declined by 34% to $1,350 per 6E ounce. Rand revenue at ZAR 25,257 per 6E ounce was 30% lower. Lacklustre primary production and softer-than-expected secondary supply resulted in tighter than expected PGM markets in 2023, with deficits in each of platinum, palladium, and rhodium markets. In 2024, all three major PGMs are likely to remain in deficit, our forecast indicate market shortfalls will moderate from those we saw in 2023. Against the backdrop of low and slow global growth, the automotive demand is forecast to ease while industrial demand is set to decline marginally as capacity expansions slow. Conversely, we expect supply to rise with modest recovery in auto catalyst scrap offsetting weaker guided Russian primary production and anemic South African refined output. The global light vehicle market delivered a significant volume improvements in 2023, boosted by pent-up demand and fading supply constraints. Light vehicle production, with increase by 10% in 2023, is expected to expand by 1% in each of 2024 and 2025 as backlogs and inventories normalize, exposing production to cooler underlying light vehicle demand due to tight economic conditions. PGM demand is expected to decline marginally, with forecast growth still skewed to battery electric vehicle output and as OEMs continue to shift catalyst loadings between emission stages. Slowing sales growth in BEVs has made headlines in 2024, with growth in aggregate electrified vehicles outstripping that of BEVs as various types of hybrid electric vehicles have gained notable sales traction. While Chinese BEV penetration continues apace, near-term outlooks for BEV sales in many developed markets have been trimmed, displaced by hybrid vehicles, incrementally increasing the demand outlook for PGMs. Platinum automotive demand will outperform both palladium and rhodium, supported by higher switching and growth in heavy-duty market. Industrial demand for PGMs is expected to ease but remain elevated in 2024, supported by robust chemical demand and modest recovery in demand from both electronic devices and renewed investment in data storage. These underlying growth drivers will help compensate for a slowing cycle of capacity expansions in key demand sectors, including glass, chemicals, petrochemicals, which have supported the PGM industrial demand at record levels over the recent years. The post-COVID recovery in jewelry demand is now largely complete. After a notable contraction, a modest improvement in Chinese demand is expected in 2024, albeit of a much reduced pace. Western demand is likely to edge higher, benefiting from platinum's sustained discount to gold and some modest restocking in the North American market. India is set to deliver another year of double-digit growth, resulting in regionally diverse and less price elastic sector relative to China's recent dominance. Investment demand has been mixed. Japan has been the source of bar and coin divestment, with Western world offtake challenged by low production rates of investment products in 2024. Conversely, exchange traded funds have been net buyers of both platinum and palladium in 2024 and tightening forecast market balances. Turning to supplies, persistent low PGM pricing has placed considerable pressure on South African and North American producer economics. Planned CapEx has been scaled back, with several mine closures and project deferrals announced. As a result, forecast global output is set to decline in the medium term. After a further year of contraction in 2023, secondary supplies are expected to recover marginally in 2024, with the scale and pattern of the recovery in Western world collection a key forecast risk to near-term market balances and tightness in the major PGMs. Individual PGMs face opposing market forces in the short, medium, and longer term. The resultant market outlook helps shape our corporate and market development strategy as we seek to respond to the evolving metal end use and meet the current and anticipated needs of our customer base. The near-term outlook for markets, and hence pricing, is heavily interlinked with the global macroeconomic landscape and the trajectory of global rates, which are considered integral to shifting investor and fabricator sentiments and confidence. We continue to forecast robust medium-term demand for palladium and rhodium, while the platinum market is set to grow from strength to strength, benefiting from the diversity of its end use. With a constrained outlook for primary supply, medium-term market balance lease are heavily dependent on the pace and scale of a recovery in the Western world, secondary supply, and the evolution of the nascent scrap metal market in China. The development of the hydrogen economy and the latent potential offtake for PGMs is a key underpin to our long-term view of future demand and the role our primary products will play in a changing world. The more recent pace of advancement has been slower than previously anticipated, despite major economies implementing national hydrogen strategies with associated subsidies and incentives in place. This reaffirms our view that the industry alignment, collaboration, and advocacy are essential to supporting the future demand potential of PGMs. With that, I will now hand over to Nico to conclude this presentation. Thank you. Thank you, Sifiso. Macroeconomic uncertainty and elevated political and geopolitical risks are likely to prevail for much of Impala's FY 2025, providing limited near-term support for a sustained recovery in PGM pricing. We have taken decisive action in response to the reality of weak PGM pricing, proactively adjusting production and planning parameters to sustain business viability with associated labor restructuring now largely complete. Our processing assets have been expanded and are well capitalized and able to draw down previously accumulated inventory, supporting future free cash generation. We have taken a pragmatic and prudent approach to capital investment. In the short term, there is an intensified focus on reducing sustained business capital across all our operating subsidiaries, while ensuring we preserve operational efficiency through ore reserve positioning, infrastructure integrity and statutory compliance. We have prioritized the delivery of strategic growth and replacement projects that advance our competitive position in processing and reduce our carbon footprint. Reduced capital intensity at Impala Canada and deferred spending on Marula Phase 2, together with tapered spending at several growth projects as they near completion, will result in group capital expenditure of approximately ZAR 9 billion per annum over the medium term. Several key mining and processing assets operated well in FY 2024. Some failed to deliver to expectations, and a series of interventions are underway at each of Marula, Styldrift and Two Rivers to ensure these operations revert to plan and realize their inherent potential. Following the significant setbacks in fatalities in the previous year, the focus on improving the group's safety performance and progressing the journey to zero harm remains steadfast and has been reinvigorated by several management initiatives. We believe our portfolio is well positioned to deliver value through the cycle. Our balance sheet is strong and flexible. We have implemented plans to respond timeously and appropriately to the current reality of softer ZAR PGM pricing, with operations set up to deliver free cash flow generation. Group production in FY 2025 will be supported by sustained operating momentum at each of Impala Rustenburg, Zimplats and Mimosa. Performance at Two Rivers is expected to stabilize as the Merensky project is placed on care and maintenance and UG2 production is prioritized. At Impala Bafokeng, production at Styldrift will be consolidated at a lower labor complement, while third-party receipts reflected expected volumes from pre-existing contracts. Refined volumes will benefit from the partial release of previously accumulated inventory, with group sales in line with refined and sellable production. Group unit costs are forecast to rise to between 21,000 and 22,000 ZAR per 6E ounce on a stock adjusted basis. Our capital expenditure guidance reflects slowing spend on growth and replacement projects and is expected to decline to between 8 and 9 billion ZAR, inclusive of growth capital of 0.9 to 1.1 billion ZAR. This guidance includes the translation of the dollar cost base at Zimplats and Canada at an assumed exchange rate of ZAR 18.25 and a 1.33 CAD to the USD, respectively. Thank you for taking the time to listen to this webcast.
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