In the front row, thanks very much for joining us. Welcome to those of you on the phone lines and the webcast, and a special welcome to all of you in the room. It's very difficult and unusual circumstances, I know. We really appreciate the fact that you took the trouble to turn out. Presentation, as always, is reasonably concise. It's getting a bit longer these days. The booklet contains detailed disclosure of the company's operational, ESG, and financial performance. We've also released our interim financial results today, and these are available on our website. Thanks to Alet and her team for that. This picture, by the way, is Damian's favorite picture. This is a picture of the Booysendal South UG2. It's 160 cm wide and carries approximately 1 oz/sq m of PGM. It's actually what it's all about. Here's the usual disclaimer regarding forward-looking statements that we may make today. It's important that you read it when you have some time. Today, I'll review some of the key features for the period. I'd like to take you through some of the ways in which mining, and in particular, Northam, contributes to the broader economy. I will refresh you on the progress we've made with respect to the execution of our strategy, including detail on our operations and the capital projects. Alet will deal with the financials. Finally, I'll provide guidance for the remainder of the year, and together with a medium-term production forecast. Key features of the period under review have been our ability to post solid operational results, delivering significant progress in respect of our project pipeline, and of course, returning substantial value to our shareholders. The solid operational performance has been underpinned by a 15% period-on-period improvement in production from own operations. This is on the back of all mines returning to planned capacity post the very difficult lockdown that we all experienced. Our growth projects are bearing fruit, and we're beginning to see considerable scale and optionality benefits in the group. All of the growth projects that we temporarily pulled back on for cash preservation reasons following the onset of COVID have been reinitiated, and we are forging ahead. Our refining in Germany, and the logistics associated with moving the metal, were negatively affected by border closures and, of course, the lockdown period across the world. Please bear in mind that that happening April, May, and June effectively affects metal flow July, August, September because of the longer pipelines, and in particular, for rhodium. You will see we do have a backlog of rhodium over this period, which will be released in the normal course of business in the second half. We've continued to make material progress in returning value to shareholders through the acquisition of the Zambezi preference shares. We breached the significant threshold of 80% ownership during the period and recently lifted our investment to 87.5%. We've also signaled our intent to accelerate the maturity of the Zambezi structure, and we believe that this will unlock further significant value for all of our shareholders. We will make an announcement in this regard in due course. As we all know in the room, mining is important, and the financial impact of our business greatly benefits the economy on many levels. To demonstrate this, I'd like to take you through some of the metrics and the contributions that Northam itself makes. This is a picture, by the way, of the refinery at Zondereinde. Creating jobs is very important for the future stability of South Africa, and Northam has played its part. Since the inception of our growth strategy, we have created more than 6,000 meaningful, sustainable direct jobs in some of the least economically developed areas of our country. This is against the backdrop of a shrinking mining sector and a struggling economy. We believe we are paying a fair and competitive wage, and to this end, our salary bill for the period totaled ZAR 2.3 billion. In addition, all of our employees and their dependents benefit from comprehensive healthcare, as well as meaningful assistance with home ownership. As a result of our increased profitability, our tax contributions have grown significantly for this period. We've made the single largest tax payment in the history of the company. This includes income and employee tax and, of course, the mining royalty charge. 8% of Northam is owned by our employees and our communities. In addition to this, the Toro Employee Empowerment Trust has benefited from our increase in profitability. We employ over 16,000 people at our operations, and we've added 855 new jobs in the last 12 months, and nearly 300 during this period on which we are reporting. We continue to grow our employee base as we grow our production base to 1 million ounces. This growth will predominantly come from Booysendal and Eland, where we expect to add another 2,500 permanent jobs. We've all been impacted by COVID-19, and we have lost five of our own employees and one contractor employee to the virus up until the end of December. This figure has now grown to 10 as a result of the second wave. Thankfully, this does seem to be receding. Any early and unexpected death is a personal and family tragedy, the board's condolences go out to those employees and of course their families, is of course what I meant to say there. We will continue to maintain our focus on the broader health and wellness of our employees, as well as that of our host communities. We will participate fully in the rollout of the vaccination program under the leadership of government. The mining industry as a whole has maintained strong healthcare programs over many years. Our collective achievements in managing HIV and TB, together with occupational health matters, attest to this, we've all drawn on this experience in our response to the current pandemic. Our integrated HIV and TB management programs are showing positive results, as you can see on this slide. The UNAIDS 2020 targets for HIV response, which have been adopted by both the WHO and the South African Department of Health, are that 90% of HIV positive individuals know their status. 90% of those are then on an ARV program, antiretroviral program. 90% of those in turn show improved CD4 counts. In Northam's case, 95.4% of our employees know their status. 99% of those are on HIV antiretroviral managed programs, and 92% of those in turn are indicating improved CD4 counts. Similarly, for tuberculosis, we have seen significant improvements in the number of employees affected, and our current incident rate is significantly below the national general population. Northam places a high premium on living conditions. To this end, we provide meaningful assistance to acquiring accommodation. This is offered in a variety of ways, including interest-free loans, Northam-built home ownership programs, credit literacy assistance, and living out allowance. The new units at Booysendal have proved extremely popular for our mining families, and I'm sure there's a future engineer in the young man on the slide there. Northam produces green metals that benefit the global environment, and we are acutely aware of the direct impact our operations have on the local environment. We mitigate this through careful planning and energy-efficient design, ongoing improvement in operational efficiencies, environmental rehabilitation, and where necessary, the establishment of conservation of biodiversity offsets. Our processes use large quantities of water, however, 82% of this is recycled. We have incurred no reportable environmental incidents during the period as a result of strict compliance to our integrated environmental management programs. Northam has always considered energy efficiency in its design and operations, and a good example of that is, of course, the application of hydropower technology and backfill at Zondereinde. As a growing producer, we are primarily focusing on energy intensity per ton, and have been able to improve this by 18% over the last 12 months. This translates into reduced greenhouse gas emissions intensity. In order to see a decrease in total emissions, we have made a commitment to renewable energy. We are designing and building a 10-megawatt solar plant for the Zondereinde smelter and expect this plant to be operational from January 2023. We are also busy with an initial solar installation at Booysendal. It's a little bit more tricky there because of topography. In order to limit potential permitting delays, the initial installation will be restricted to one megawatt for now. These are the first of a number of renewable energy initiatives to come. The Buttonshope Conservancy Trust was established to manage Booysendal's conservation efforts. We have set aside 8,500 hectares, which is 30 times greater than the area disturbed by mining. In collaboration with the Mpumalanga Tourism and Parks Agency, the MTPA, we identified the headwaters of the Dwars River as a critical biodiversity area. You can see it clearly in the picture. The structure of this trust is being considered by the authorities as a model for future offset arrangements. We have a clear and transparent governance structure within the company. This organigram gives an overview, and you may wish to refer to our interim financial report booklet for more detail. However, the composition of the various board committees will be reviewed during the coming period under the leadership of our lead independent director. I'd now like to turn and remind you of the Northam strategic plan. This picture is a part of the execution of that plan, actually. It's the partly built North RopeCon, which is the second RopeCon, of course, together with the feed silo from the Merensky mine on the ridge. This is another key piece to the Booysendal longer term plan, and current progress with construction is satisfactory despite travel restrictions imposed upon the Austrian construction team. As you can see, it's going up there. You've seen this slide. The next slide, which is our strategic framework, you've seen this a number of times. The strategy remains unchanged, and we continue to deliver. We do what we say, in a nutshell. These qualities differentiate Northam, providing a unique growth and investment proposition for shareholders. We've embarked recently on the final leg by returning significant value to shareholders through the purchase of the Zambezi preference shares. Shareholders can expect us to be both aggressive and proactive on this point. Moving on to the operational and projects review. At this point, I'd like to state we have significantly de-risked our current project pipeline. We initiated our growth strategy during the commodities down cycle and are well set to benefit from recent price appreciation. We believe in the metals that we produce, and we invested accordingly. We adopted a classic counter-cyclical approach to capital allocation. As such, we are able to grow output immediately and significantly into the current rising market. Moving on to safety at the operations. The safety and health of our employees is at the forefront of everything our managers do, everything the whole workforce does, actually, on a daily, hourly basis. We have shown continued improvement at all of the operations, and the reporting period was fatality-free. Unfortunately, we have had a fatality two weeks ago, and I will elaborate on this at year-end once the investigation has been completed. Shortly before this incident, Zondereinde had recorded 2 million fatality-free shifts. At Booysendal, we've passed another significant milestone, achieving 6 million fatality-free shifts. We continue to operate this mine without a fatality over nearly 11 years since the mine began. Eland is in startup with a new and growing workforce and still bedding down work practices and procedures. All accidents have the potential for serious consequences in mining. The Northam board and the management team take our duty of care extremely seriously. Looking at some of the operational highlights at group level, we have seen appreciable increases in production volumes as we start to see the benefits of the growth strategy. Booysendal South ramp-up is accelerating, Zondereinde provides solid production, and Eland is beginning to contribute. I'd like you to note that also the production of chrome we did promise will reach 1 million tons per year by 2023. We've just hit 500,000 tons for the first half of this year, so it's a little bit early. The base metals will always lead the PGMs because of the associated pipelines. The double-digit increase in cash cost per equivalent refined platinum ounce was mainly the result of the cost of surface ounces treated at Eland being linked to the prevailing market price. Looking in some detail at each of the operations, and of course, of all of the operations, Zondereinde was clearly and certainly the hardest hit by the COVID-19 disruption. To the extent, in fact, that we've only just returned the final stoping crews to the face. In light of this, the production performance during the period has been impressive. The commitment of mine management and all of our employees is commendable. It's been quite a huge cooperative approach to recovering the operations post the lockdown period. Combined mill tonnages increased period on period despite the recovery from lockdown. This came preferentially from the Merensky Reef, as you can see on the slide, with a significant contribution from the Western Extension. This has resulted in a corresponding improvement in the combined mill feed head grade. The last time we saw Merensky production at these levels at Zondereinde was in 2006. This attests to the value of the Western Extension. It also enabled us to limit the increase in unit cost to 10% despite the impact of COVID. This number includes the cost of our accelerated development into the Western Extension, which we expense. A 54% increase in the basket price further enabled growth in operating profit of 45%. We forecast second half production to be in line and expect to deliver 320,000 oz of 4E from this operation for the financial year, which is a significant improvement on previous guidance. We believe that Zondereinde will remain in a competitive cost position relative to its peers. Capital expenditure for the period at Zondereinde was ZAR 525 million, of which ZAR 414 million were spent on project work, including the deepening section and the Number 3 Shaft. The forecast capital expenditure for the year at Zondereinde is ZAR 1.3 billion, which includes provision for the reaming of Number 3 Shaft and the scheduled rebuild of the old number one furnace in June. Looking at some detail on the progress into the western extension, here is a picture of the raise bore rig, drilling Number 3 Shaft. I showed you a picture of this site in August last year with a lot more rods on surface. As you can see, those rods are now down the hole. The shaft will provide additional surface access into the western extension for man, material, and services. Following our decision to develop the shaft in mid-2019, we've moved quite fast. The pilot drilling to a depth of 1,382 m was completed at the start of the period. This is a world record for both length and depth and accuracy of drilling. Reaming of the hole to its planned diameter of 4.8 m has commenced and is going quite well. We currently stand on 290 m, leaving us less than 1,100 m to go. Master Drilling is doing a very good job here. We expect completion of reaming in early 2022. Equipping will follow, and we expect the shaft to be operational in 2024. The completion of this shaft will cement Zondereinde's future well beyond 2050. To contextualize that block of ground, and to take a few moments to remind you why we paid ZAR 1 billion for the ground in January 2018, this shows the plan of Zondereinde, with the western extension shown in the light yellow. It does indicate its extent and some key features. Contains over 21 million ounces of high-quality Merensky and UG2 reefs. It is directly adjacent to our western boundary as was, enabling swift access to the block on 10 mining levels. The strike extent is almost 4 km, and this is equal to the western portion of the original mine. That is a very large block of ground. I am hoping I am making that clear. The block in the main is unaffected by structures such as dikes and faults. Over the history of Zondereinde, we have demonstrated good productivity and good quality ground. Both the Merensky and the UG2 yield close to 1 oz for every square meter mined. The acquisition has added significant optionality to the Zondereinde mine, it's allowed us to rebalance mining actually, switching UG2 to the east side, where we have large untapped reserves. Zondereinde effectively has a new lease of life, we can see this benefit in the mindset of the employees. It's very refreshing. Underground development within the western extension, I know the mining guys will understand what this plan means. It continues to progress very well on all of those 10 mining levels. You may wish to refer back to previous plans that we've shown in previous presentations, and you'll be able to see the progression of development across the boundary. Since transfer of the ground, we've developed over 17 km of access tunnels. For the mining people, once again, I think you will all agree that this is a sterling performance and reflects the quality of both the people and the quality of the ground that we have purchased. Please remember that we expense our development. It's sitting in the unit cost. Strike development is well beyond the third mining raise line, and over 200,000 tons of Merensky Reef were extracted in the last six months. We've already recouped the purchase price. Mining crew productivity is benefiting from the combination of a very stable reef, good rock conditions, and focused logistics. Moving on to Booysendal. Booysendal, once again, recorded excellent production. Booysendal North mine, the original mine, is well established and is moving from strength to strength. The heavy lifting at Booysendal South is done, and the investment has been made, and mining ramp up continues apace. We're beginning to generate meaningful tonnages. The total mill feed at Booysendal was 28% higher at 2.2 million tons on the back of essentially the South mine growth. Grade from the North Merensky mine was lower on the back of increased decline development, and this is in preparation for the phase 2 ramp up once the north RopeCon is commissioned towards the end of this year. Excuse me. UG2 grade increased at North mine, thanks to an improved mining cut, as well as the South mine, where stoping ramp up is beginning to accelerate. Both North and South concentrators are operating well, and we've tested the South concentrator's capacity and found its nameplate of 250,000 tons per month to be somewhat conservative. Despite the ongoing challenges of COVID-19, together with the covering cost of the South mine, which is not yet operating at full capacity, of course, the increase in unit cash cost was limited to 8.4%. I believe this is a commendable performance under the circumstances. On-mine capital expenditure was just shy of ZAR 600 million, of which ZAR 270 million was spent on sustaining capital. Capital expenditure for the full year at Booysendal is expected to be ZAR 1.2 billion. Having a look in more detail at Booysendal South, you can see from the picture, this is actually a view of the UG2 complex looking north. It's a very compact footprint covering less than 9 hectares. All surface infrastructure is complete, including the south RopeCon transporting ore to the south concentrator. The mine is beginning to deliver safe, profitable production. It's on time and it's on budget. Here's the underground plan. You can see once again, stoping beginning to ramp up on the north and south declines. Seven stoping sections were operational at the end of December already, this will grow to 11 by June, 14 at steady state in 2023. Production of ore averaged at 110,000 tons per month during the period. This will grow to 180,000 tons by year end, 220,000 tons by steady state. Head grade continues to exceed expectations. Very pleasing, actually, this bodes well for the future. In the next slide, we indicating the new, this is now the second Merensky module that is being developed on the mine. On the left is a recent picture of the central Merensky box cut, showing the three access portals. On the right, you can see the mine plan indicating the actual and planned development and stoping. Obviously, it's early days. The central Merensky box cut and portals have been completed and decline development has commenced. The coming 18 months will focus on development, and appreciable stoping buildup will occur from 2023, with a very quick move to steady state in 2024. It's the nature of the mining method from surface bord and pillar. I'm very pleased actually, that we're beyond the portal establishment phase. The rock conditions in the declines are pretty good and development should go well. For this work, we are using the same seasoned crews that established the central UG2 modules and the first Merensky module before that. Commissioning of the north RopeCon, as I mentioned, will occur towards the end of this calendar year, probably, hopefully by December. This will enable all the mining, or the two Merensky mining modules, to deliver their full potential. This next plan is the plan for Booysendal BS4. We access this module from the valley box cut, which we acquired from Aquarius, and we're beginning to develop the main declines here. We're on track to commence stoping early in the coming financial year with a rapid buildup to steady state in 2023. Again, reflecting the bord and pillar mining method. BS4, by the way, this module is up-depth and adjacent to the next BS3 module. Continuing the declines, as you can see from the diagram, will bring early access to BS3 and other phase 3 project areas. On that point, if we look at the overall development of Booysendal since the beginning, the property, what we must remember, is vast, covering some 14.5 km on strike, both Merensky and UG2 outcropping and dipping at nine degrees with a resource base over 100 million 4E ounces. This is a satellite view of Booysendal looking north with some of the key components for our existing and future mining plan for the UG2 reef. I'm going to move over to Merensky just now. This is looking at the UG2. We've considered the development of Booysendal in a series of phases, as everybody would know. Phase 1 comprised the development of the north mine together with supporting infrastructure, of course, a concentrator and a tailings dam. Following this is our current phase 2 plan. This required the acquisition of Everest mine, which included also a concentrator and a tailings dam, as well as the construction of the road and the first RopeCon, and allowing the development of what we know now as BS1 and BS2. As I mentioned, the heavy lifting of phase 2 is done and we are beginning to conceptualize a phase 3 for Booysendal. To this end, as you can see once again from the diagram, we've already identified and are planning UG2 modules in the southern portion of the property. If we look at the same piece of ground, but now referring to the Merensky outcrop and resource, we built the first North Merensky Mine as part of phase 1. Phase 2, which we're in now, is the second Merensky module plus a second RopeCon. We're now looking at conceptually at least, the third module, which would form part of phase 3 for Booysendal. Turning to Eland. Processing of surface PGM and chromite material continued during the period. We produced 20,000 4E ounces and 26,000 tons of chrome in concentrate. The cost of surface material is linked to commodity prices, as I mentioned earlier. We were, of course, able to post again, an operating profit. More importantly, I think revenue from this operation greatly assists in offsetting the capital relating to the ramp-up of the mine. It is our intention that the mine pays for itself. Here's a picture of the first stope on 1 west section. You can see the RDO using a hydro-powered drill. This technology we've imported from Zondereinde. It's very efficient and very quiet relative to the traditional air-powered machines. The UG2 seam is clearly visible on the face. There's various support elements, and the blasting barricade to assist in face cleaning is also visible. Why Eland? We purchased Eland, as everybody knows, for ZAR 175 million in December 2017, and the key reason that we did this is because it hosts a world-class UG2 ore body. The grade heat map shown on the slide indicates over 90 million ounces of 4E, and over 22 million ounces if you include iridium and ruthenium. The 2 million ounces of rhodium alone represent a king's ransom. The width and depth of the UG2 seam are ideal for stoping. Every square meter mined yields over 6 tons and 26 g of 4E. This yield, combined with our rhodium-rich basket, will lead to a healthy operating margin, and the shallow operation means that a quick ramp-up with relatively low capital is achievable. It's a plan showing the surface area. Again, this is a 250,000-ton nameplate concentrator. It's actually a sister plant to the Booysendal South concentrator, and all surface infrastructure is of a world-class build quality. We delayed the stoping build-up at Eland as part of our capital trimming, but we didn't stop development. You can see we've continued to open up reserves through the development of the declines and strike drives. The full capital program was reinstated in September, and our estimated total capital for this mine includes for a steepened ramp-up and an expanded steady-state profile. Eland will be bigger and quicker. To date, we've advanced the decline over 450 m, and this has opened up six strike drives. Full production requires 11 strike drives, there's still some way to go. The two western strikes that you can see on the picture will connect to the neighboring Maroelabult, of which we expect to take ownership before the financial year ends. We'll keep you updated on this as we conclude. Over the past year, we've refined the profile for Eland. These revisions have both steepened the ramp-up and increased the steady state. As you can see from the graph, we schedule to reach 100,000 oz by 2024 and grow production to 180 by 2028. You may wish to compare this profile with the slide and the profile that Damian presented at the Capital Markets Day in 2019, which is still available on the website. Over the next five years alone, Eland will produce over 500,000 oz. This, together with its superior metal basket, will enable the mine clearly to pay for itself. It will be a very capital efficient and profitable addition to the Northam group in years to come. Here's an example of the business equation at Eland. This is illustrative, of course. The current Eland basket comes in somewhere north of ZAR 100,000 per platinum ounce, allowing for treatment fees. We expect our steady state unit cost to come in midway between Zondereinde and Booysendal, and as you can see, this model has an indicative operating margin of over 70%. I'll now hand over to Alet to take you through the financials. Thanks, Alet. Thank you, Paul. Good morning, everybody. This is a picture of a slag tapping at our number two furnace at our metallurgical complex. We recently changed from a wet to a dry slag handling process. This is a lot safer and it provides for efficient throughput. We will make the same change to furnace number one during its upcoming rebuild. Looking at the key financial features for the period under review, Northam has had a solid six months. This is the result of us being able to increase production in an appreciating price environment. Our growth strategy is bearing fruit. We achieved revenue of just shy of ZAR 12 billion. This translated to an operating profit of ZAR 5.2 billion and an EBITDA of ZAR 5.4 billion. Our free cash flow was ZAR 1.9 billion after capital expenditure of ZAR 1.3 billion. This enabled us to continue to return value. Through our ongoing purchase program, we now hold more than 87.5% of all Zambezi preference shares. We have done this whilst maintaining a net debt to EBITDA ratio of just over 1: 1. I will unpack these highlights, but firstly, let's look at earnings. The graphs on this slide show the period under review together with three previous comparable periods. I've done this to illustrate our earnings growth. Our earnings and headline earnings were almost ZAR 6 a share, whilst normalized headline earnings per share, our main measure of performance, was ZAR 6.41. Moving on to revenue. Our revenue for the period was ZAR 11.9 billion. This is a ZAR 4.1 billion or a 51.9% increase on the previous corresponding period. The main contributors to this growth were a 49.7% increase in the average U.S. basket price, together with a 9% weakening of the ZAR, offset by a 4.4% reduction in sale volumes. Whilst our production of metal increased by 15%, logistical handling issues associated with COVID-19 made it difficult to move our metal to a point of sale. This difference is reflected in our increased metal on hand, which will normalize over the remainder of this financial year. Looking now at cost of sales. Moving straight to the bottom line, our operating profit increased by more than 75% to ZAR 5.2 billion. This equates to an operating profit margin of 44%. Our cost of sales was ZAR 6.7 billion. This grew mainly on the back of volume increases together with normal mining inflation. Some of the larger non-operational cost drivers included, firstly, royalty charges of ZAR 223 million. This increased by 50% in line with revenue growth. Secondly, share-based payment expenses increased with share price appreciation. Thirdly, our contribution to the Toro Employee Empowerment Trust is linked to our profitability. Lastly, the cost of concentrates purchased increased with the increase in metal prices. Full details of all the movements making up cost of sales are included in our results commentary. Let's look at the income statement. Our bottom line for the current period was an IFRS profit of ZAR 2.1 billion. Key items impacting this included preference share dividends of ZAR 274 million, as well as the loss on derecognition of the preference share liability, both relating to our Zambezi structure. Our decision to purchase Zambezi preference shares reduced the dividend charge in the income statement by ZAR 356 million. The loss on derecognition of preference share liability of ZAR 888.5 million relates to the difference between the face value of the Zambezi preference shares and the price we paid together with all transaction costs. After taking into account the Zambezi charges, the group generated a profit before tax of ZAR 3.5 billion. Tax is calculated on a statutory basis. This resulted in a tax charge of ZAR 1.4 billion. More than half of this was deferred tax, which is non-cash. With the increased profitability, the tax liability has increased, and the group's single largest tax payment has been made during the period under review. Tax is an annual event, and to this end, the first provisional tax payment relating to Booysendal was made. Whilst Booysendal had ZAR 840 million worth of unredeemed capital left at the end of the reporting period, we forecast that this will be utilized in full before the end of the financial year. However, this will depend on achieving the forecasted metal prices as well as exchange rates. For a reconciliation of the effective tax rate, please refer to note nine of the results booklet. I have alluded to the increase in inventory associated with COVID-19 logistical hurdles. Metal volumes increased by 25.5% to just over 276,000 4E ounces, with a corresponding increase in the cost of inventory of 6.4%. This rolled up to a metal inventory balance at the reporting period of ZAR 5.6 billion. A flow-through from this will be the sale of at least another 30,000 oz of rhodium before the end of the financial year, which will normalize our basket. The bulk of purchased material together with some of the inventory at Eland will only be processed in coming years and is therefore classified as non-current. Over the coming two years, our inventory levels will stabilize at around 260,000 4E ounces, taking into account the growth profile of the group. Moving on to the group's cash flow. Before you tell me accountants can't add up, we generated close to ZAR 3.15 billion from operations during the period. Nearly ZAR 1.3 billion was invested in capital expenditure, this resulted in free cash flow of almost ZAR 1.9 billion. We have continually stated that we will return all free cash to shareholders, we have once again delivered. Through the purchase of Zambezi preference shares, ZAR 6.9 billion was returned to shareholders during the six months, a further ZAR 1.1 billion after December. Moving on to the debt position. This was our debt position at the end of December. However, as I stand before you today, our revolving credit facility has been settled in full. The only remaining debt relates to our domestic medium-term note programme. Given our current ability to generate cash, by year-end, our forecast net debt to EBITDA will be well below current levels. Let's look at the various funding facilities. The group has a revolving credit facility of three ZAR 3.5 billion and a general banking facility of ZAR 500 million. Both these are currently undrawn. The group also has a domestic medium-term note programme, which was increased to ZAR 15 billion. Notes to the value of ZAR 7.1 billion had been placed by the end of December with a further ZAR 100 million subsequently issued. Our COVID-19 liquidity preservation plan included the negotiation of relaxed covenant parameters over a period of 18 months. In addition, Northam's credit rating was also upgraded with our outlook classified as stable. Another element of our cash preservation plan was the restructuring of our domestic medium-term note maturity profile. This slide illustrates the current position with our repayment profile up to 2025. This should be considered in parallel with the group's future capacity to generate cash. Ultimately, the most critical consideration for any company is the appropriate allocation of capital. Our capital allocation decisions have been guided by our strategy, and we have been consistent in our approach of growing our production base and ultimately returning value to our shareholders. In this regard, since 2015, we have invested ZAR 12.2 billion on growing production, and in addition, to date, we have returned ZAR 12.1 billion of value to shareholders. Our strategy is unchanged. We are currently trading under a cautionary and will make an announcement in due course about our intention to return further significant value to our shareholders. I will now hand you back to Paul to take you through the operational guidance. Thank you, Alet. Yep. Given the growing production base and the rising price environment, I do think it's important, and of course, the unusual circumstances that we've been facing as a country and the world, to provide some very specific guidance to where our production CapEx unit costs are expected to be for the remainder of the financial year. By the way, these photographs, the top one is nickel sulfate. That's a nice blue-green color. That's the product of nickel that we make. The bottom is new copper being extracted from the electrowinning circuit. Both of those areas are at Zondereinde. Here's the guidance. Production, PGM production from own operations will be within the range of 680,000-690,000 4E. We've increased our forecast relative to the June guidance. Our cost base is predominantly fixed, as a result, we expect unit cash costs to be on the lower end of the guided range, ZAR 28,000-ZAR 29,000 per platinum ounce. Remember, these numbers are at group level and include for Eland. We should be able to hold this cost position for the next two years. Sales will follow production towards the higher end of 660,000 oz-670,000 oz for 4E. Once again, this forecast allows for the number one furnace rebuild schedule, which will take place from June this year. The capital forecast is ZAR 3 billion, allowing for Eland in its fullest glory and the 3 Shaft project at Zondereinde. Should the ZAR basket price remain at around, or anywhere near, in fact, current levels, the company's ability to generate cash will not disappoint. Here's an illustration of the business equation, the basic business equation for the group. In this example, I've used the mid-range of our cost forecast for the coming two years, and I've also used the basket of ZAR 80,000 per platinum ounce. Your own forecast may well be higher than this. You can see that the indicative operating margin for the group is in excess of 60% for FY 2021. Between 2015 and 2020, Northam doubled its production, and we will double it again by the middle of the decade. We are realizing demonstrable growth and improved optionality from the various projects. The capital-efficient investment will deliver our medium-term production target of 1 million ounces. This graph is the underground production, does not include for third party or recycled material. The combination of a strong margin with sector-leading volume growth will deliver superior returns for shareholders, I have no doubt. Reading the market under these conditions is not so easy, but there are some very positive signs of global economic recovery, in particular, very strong in China, reasonably strong in North America. Europe is still struggling a bit. Light duty vehicle sales, however, should or are likely to come in around 87 million units during this calendar year, and that's actually not too far down on the pre-COVID forecast of 90 million units. Given this outlook, it's our considered opinion that for the major metals, and firstly for palladium remains in deficit. It remains the metal of choice for gasoline vehicles for the foreseeable future. Although there is some traction for around 15% platinum substitution over the medium term. We expect a number of about 150,000 oz substitution for the current calendar year, platinum for palladium. On that basis, the palladium price will have to rise to clear the market. Excuse me. Platinum, while still in surplus, is viewed as an investment case, offering some good relative value relative to its sister metals. We may expect pricing of these two main metals to reach parity over time as platinum benefits from the emerging hydrogen economy. Rhodium remains in significant deficit and will continue to be the only viable solution for the control of nitrous oxides. I wouldn't expect rhodium to soften to any great extent from here, and it's probably fair to say that the market has acclimatized to these higher price levels. Our basket contains what we have historically considered to be minor metals or minor PGMs, together with base metal by-products. Global economic recovery, together with the growing shift towards renewable energy sources, is adding prominence to these metals, and this is positively impacting prices. Current demand for iridium, for example, is about 250,000 oz. Accelerating developments in green hydrogen production has resulted in recent price moves to $6,000 per ounce from $1,500 per ounce only a year ago. Iridium will do well. The ruthenium price languished around $250,000 per ounce for a long time. Its recent appreciation to $360,000, $390,000 even, per ounce this morning, reflects increased interest in what is our third metal by volume. Our group rand basket price is expected to remain strong throughout 2021. In summary, our growth strategy remains intact, and we've significantly de-risked the project pipeline. We are also beginning to consider the next phase of the company's growth. We've been consistent in our approach, as Alet pointed towards, and we can look forward to further value creation from the group. Repeating what Alet has already said, we will shortly make an announcement regarding our intent to accelerate the maturity of the Zambezi structure, and we believe this will add further significant value to shareholders. Ladies and gentlemen, that concludes the presentation. We'll take some questions. If we can go perhaps to the room first. I'm going to take my glasses off, and then we'll take some questions from the phone lines on the webcast. If I can ask Rene, he's got his hand up, if we can have a microphone, then Chris. Rene, Chris, and Arnold. We'll take those three first. If we Yeah. Okay. Let's go to Rene first. Yep. Thanks. Thanks, Paul. Well done, once again, on a superb set of results. You are getting close, I think, to maybe a dividend payment in June. I'm just preempting. Have you thought about any sort of dividend policy going forward? Thanks, Rene. With respect to capital allocation decisions, I think I'm going to say nothing further, except to point that we will make an announcement in due course with respect to the Zambezi transaction, potential transaction. Good. You've got a ZAR 2.5 billion liability in your balance sheet for the Zambezi Platinum, for the pref's. You own 87.5% for them. Can you not reduce that liability? At the close, Rene, we had that number that you're referring to, but of course, post-close, we bought another ZAR 1 billion of preference shares. That liability is reduced by one-third already from where we were in December. Again, I'm struggling to answer your question fully because we're under cautionary, and I would just encourage that we just wait and allow the company to make an announcement separately with respect to the Zambezi structure. Just one last question. What is your rhodium pipeline in weeks? That's competitive information, unfortunately. I'm not going to give it to you. Thanks, Paul. You're asking very difficult questions. We had Chris. Yeah. Morning, Paul. Morning, team. Thanks so much. Two questions for me. The first one is on the inventories as well. Two together, just you gave some nice detail on your trading update, with what was dispatched to Heraeus and sold. Could you maybe just give me some info on where the actual risk and reward of ownership pass with Heraeus? Linked to that, just if I have a look at rhodium, specifically, you've talked about selling 50,000 oz. That would imply about 30,000 oz in the second half, which roughly is what you produce. I understand you're destocking some of the other metals. Is it fair to say maybe not rhodium, though, just selling what you produce? We don't like to guide on the downside, we are quite conservative, and we must be careful. It will be at least 50,000 oz, Chris, if I can say it that way. The passing of risk, remember, we never lose ownership of the metal, actually. It's always our metal. We sell the metal direct to the market ourselves. Sometimes we do sell to Heraeus. In fact, they're contracted to take a certain portion of our metal, and only at the point of sale, once it's in the vault available for sale, does that risk pass. That's, in essence, we're very similar to any other company who has a mine-to-market model on that basis. Understood. Thanks, Paul. Second question, are you in a position yet to talk to what the capital budget for 3 Shaft will be now that you've got a plan to equip and get it up to production by 2024? Not yet, Chris. We, of course, have not completed the hole. There is a reasonably significant technical risk in this reaming activity. It is, as I said, a world record hole, and we are loathe to show plans and project capital for the 3 Shaft as in its fullest sense, until we've got high confidence that that hole can be achieved. I must just say, though, having said all that, this morning we're about 293 m up already. The hard yards have been done in many respects, and we're almost in the realms of normal, I wouldn't say normal, but raise bores that have been achieved in the past at about a kilometer. We're getting there. The reaming is going well. We hitting for the last three days, 7 m a day on average, which is a remarkable achievement if you think about it, for a 4.8-meter hole. It really is looking good. Our partners, Master Drilling, together with the mine management out there, we're very positive, but give us a chance. The reaming at that rate should of course be complete towards the end or the beginning of next calendar year, and we'll be in a better position then to talk about what we're going to do. Of course, there won't be just one hole. There may be a series of holes there. It's 4 km of strike, a huge block of ground. You can expect a complex, a shaft complex, which will allow for production out of that block in many years to come. Just give us a chance. Thanks. Understood. Okay. Arnold. Yeah. Paul, thank you very much and good morning. Arnold van Graan from Nedbank. Paul, yeah, you've done very well. Basically, on a five-year timeline, you've hit almost all your targets, and I guess this is a case study in counter-cyclical growth. I guess my question or comments around this also goes to capital allocation, but I guess mine is broader and longer-term, so maybe you can answer some of that. In the next phase, how do you approach that? Because you have been counter-cyclical, and do you continue to push growth to a next level and maybe we see another step change? Or do you return more money to shareholders over the next, let's say, five-year period? I know it does go to capital allocation, but I'm trying to read your view on the market. Are we in an early stage and continuous growth from here would still be counter-cyclical, or you feel that maybe we return more to shareholders, less to growth? That's the first one. Then just a very quick question on Eland. Have you seen any surprises there? Anything that surprised you on the underground from a geological or technical perspective, that's either on the upside or that you are worried about? Thank you. Okay. Thanks, Arnold. The second question is a quick one. Not yet. We are doing quite a bit of scoping now and a lot of development as you can see. That ground is well-drilled and well-mapped by, some would say the best in the business, which is big brother beginning with an A. It is pretty well understood and so far so good, I would say on that one. In terms of the first question, as you heard my response to Rene, difficult for me to give you an absolute answer, but I will be illustrative by doing a matchbox calculation, if I may, to give you an idea of magnitude of the cash generation of the company relative to the capital that we may spend. Let's take an example that we have on the slide. Let's go back to the basic business equation. Am I going the wrong way? Yeah. There we go. Sorry. Yeah. There we go. Damian's turned me off. Yeah. Okay, I'm going to talk anyway. We don't really need the slide. At spot, and you can't do a calculation at spot, but this morning spot, on this group basket, is sitting at about ZAR 112,000, ZAR 113,000 per platinum ounce. That's a spot number. I always give you a very strong health warning on that number. You can see what we've given here is a potential position at the end of 2021, which is the current financial year, as to where the group may be. I'm going to use, for ease of calculation and so everybody can follow what I'm doing here, around ZAR 100. Let's assume that the basket remains for the group at around ZAR 100. As you know, the cost per platinum ounce, we've just guided around 28, but let's round that up to 30 for argument's sake. Let's use these numbers in real terms. Let's assume the basket stays real at 100 and cost stays real at 30. Can you see, we have about a ZAR 70,000 per platinum ounce cash margin that the operations generate? Now I'm going to round the production profile for, let's say, the next three years. Let's say we average 500,000 platinum ounces over the next three years. Obviously, a bit lower in the first year, maybe 450, and then growing, let's say, to over 500. Let me average it at 500. Again, I'm making the calculation easy. Can you see that 500 x 70 is ZAR 35 billion of cash generated from the group per annum? As we've mentioned, our capital guidance is for this year, about ZAR 4 billion. To be honest, it's very difficult to spend ZAR 4 billion with our management bandwidth and with the asset base that we have. Let's round that up to ZAR 5 billion. You can see that the relative cost of the capital program against the cash generation or the cash-generating ability of the group is very modest. The second point I would like to make is the suite of assets that we have do have optionality that has been embedded already in the first and second phase of the development of the group. Booysendal is a classic example. We put all the road in and the RopeCon, it's all done. Yet you still have additional ground available. The same would apply to, of course, Zondereinde and Eland. There is optionality, and that's the point we're making, that has been developed inside Northam. If the market pans out as we suspect it may, you might expect us to do a further growth program beyond the million ounces. That would not be an unreasonable expectation, and it is a very affordable, capital-efficient, capital program, as you can see from that example I've just used. I hope everybody followed that. There was a bit of maths in there, which I think Arnold is pretty good at, so he'll write a note. Brendan. Brendan Ryan, please. Hi, it's Brendan Ryan, Miningmx. Paul, having listened to your presentation, I now have this song bouncing around in my head which goes, "Come on, baby, let the good times roll." You and I know that this industry- Try not to smile. Yeah. I know exactly what I'm going to do. This industry, as you know, has had some vicious upswings and some equally vicious downswings. My question is, looking at the industry, how long will the good times last this time around, in your opinion? In one answer, I think we will see the best decade the industry has ever seen. The best decade? Yeah. Okay. I'll hold you to that. Fine. Thank you. Okay, I think we've cleared the room for questions. If we can go to the lines or the webcast, Damian's got a list of questions. You have to use the mic, Damian. I know. I had to turn the glasses up as well. It's got to that age. First question from Miles Farey, no organization stated. Medium-term goal is to get to 1 million ounces per annum. Do I understand correctly that this will happen in the next three to five years, and therefore production should increase by 9%-15% per annum of 2021 forecast of 670 koz? Congrats on your interim results. Miles, just to answer that question, that slide is clear guidance on the medium-term targets within the group. Miles also asked about the potential for dividend payments, but I think you've already answered that. Yeah, I've answered that one. Steve Shepherd. Looking through the booklet, seems that you have 13 koz of refined rhodium, more than you sold during the period under review. Is that correct? Can you clarify when this metal will reach market? It is noteworthy that the current rhodium price is some $29,000 an ounce, and more than double the $13,000 an ounce that you realized in H1. Yeah, in big, round numbers, let's say we sold 20,000 oz of rhodium in H1. Let us point it out, we'll sell at least another 30,000 oz in H2, that represents plus minus the difference that Steve is looking for. He's also looking for dividends as well, Paul. Yeah. Just so you know that. Investec Bank and Nkateko, what is the high-level potential of Booysendal phase 3 in terms of production? Yeah, too early in Nkateko to answer that question. As you can see, we've only exploited half the strike in phase 1 and phase 2 in the Booysendal property. When we talk about the southern portion, that is in fact the southern 7 km of additional strike as yet unexploited. It's not small. Nkateko's also asking if there's a possibility or probability of ramping up Eland in less than the guided eight years. No. I would say no on that one. It's a pretty conventional layout, as opposed to mechanized bord and pillar, and those type of ramp-ups take that type of time. Maybe as a comparison, good recent comparison publicly, the K4 ramp-up would be very similar. Also just asks if you've got some guidance on the base metal refinery expansion CapEx. I'll have to take that one offline. There is some CapEx required in the base metal refinery in most of the elements, from milling, to the autoclave, to the electrowinning, and some of the intermediate bits and bobs. It's not a massive capital at this stage. It's not going to break the bank, and we'll only spend that money when we need to in a phased approach as each element approaches its capacity. Your view on recycling supply growth, particularly palladium and rhodium, and what is Northam's expected throughput from recycling volumes over the next three years? Yeah, I think the recycling question is actually a very important aspect. The recycling segment of the market is absolutely essential for the health of these markets. Recycling is under pressure, I must say. You can imagine, these are very large working capital requirements. The price of rhodium, for instance, has essentially trebled in a very short space of time. The working capital requirements has also trebled. This puts lots of pressure on treasuries of the big companies. You can imagine the value at risk calculations are very significant in the recycle loop. The recycle loop is also under pressure, I must say, for supply because of these reasons. What has happened is the pricing of risk for recycled metal has increased. Returns to collectors has decreased. That is absolutely necessary. It's very important that we price financial risk and processing and refining risk into that recycle loop. That is beginning to happen through necessity. The consequence of it is, it's not so easy, basically, in a nutshell. I hope I've given a bit of a flavor for that. Wade Napier from Avior was asking, can you remind us whether the group, and I think it comes back to base metal refinery, Paul. Can you remind us whether the group has any processing constraints to meet 1 million ounces per annum? Yes, we do, particularly in the base metal, but I've referred to that already in the previous answer. It's small CapEx, though, and it's sequential CapEx as you hit the various capacity limits. He also asks, beyond volume growth, what levers does the business have to combat mining inflation of ±8% year-on-year? Very difficult to get away from a 7%-8% inflation increase in mining terms because of the elements of the cost input. If you think about administered power, for instance, electricity, cost increases year-on-year are in double digits. Wage inflation is also above CPI. It's very difficult to do it on the cost base per se, so you need structural change. You need to improve the way you do things. As everybody knows, Northam is growing its production platform down the cost curve. How are we doing that? A lot of the growth comes from shallow, mechanizable ounces, and they are inherently lower cost ounces. There's still quite a lot of questions, Paul. Okay. There's a couple of questions from Nomtha Ngumbela from Umthombo Wealth. Can you provide an update on the status of operations of the refinery in Germany? Yeah. Operating normally at this stage. They did have corresponding lockdowns in Europe and, of course, Germany. This is the reason why our rhodium is delayed primarily. At the moment, operating normally. Can we assume that mine crews at Zondereinde are now 100% operational? I think you answered that. Yeah. Full complement is 109 crews, and we've just reached 109 crews at work. Rajay Ambekar from Excelsia Capital asks, "What gives you the confidence that the rhodium price will not fall to four to six times palladium? Please elaborate on your comment of acceptance of these rhodium prices. Rajay, I didn't say the market accepts the rhodium prices. I used the word the market is acclimatized to the higher prices. Rhodium is extremely inelastic and in very tight supply. Any disturbance in the market, you can see immediately you've got price reaction. We've had quite a bit of that actually recently, which you've seen the almost immediate rhodium reaction to those news events. Rhodium is extremely inelastic. It's not substitutable at this stage. Nobody is going to make a motorcar that's not clean. On that basis, the legislative nature of demand, it's not an option. We must use rhodium on the motor vehicle to control nitrous oxide. It's a very inelastic, very tight market. I think that answers Adrian Hammond's question about are you concerned about demand destruction in the rhodium market and long-term implications. He also asks, your unit cost performance does not yet tie up with volume growth. Is this yet to come? Can you provide some long-term cost guidance? I think the unit costs that we've just put forward do include the impacts of COVID and the consequence of the lockdown to a great extent. Also remember, we expense development, and we're doing an awful lot of development that goes against the working cost numbers. Not everybody, of course, does that quantum of development. Still building up. Fair enough. Warren Riley from Bateleur. I'm sure it will be asked, but could you touch on the impact of the Norilsk mine flooding and 750 koz of mainly palladium coming out of the market? Do you foresee an impact on rhodium production as well? Yeah. I think when one considers pipelines for palladium and platinum, the physical market will be impacted in about five to six months against that number, and the rhodium market in about seven to eight months against that number that has been published by Norilsk. From Thobela Bixa from Mergence. How do you square your PGM demand outlook with OEM ambitions for automobile electrification? Why do you believe your view is the correct one? Again, a very good question. I think what we can say is that, let me start, seven, eight years ago, the world did believe that we no longer needed PGMs. There was enough on surface because it was believed there will be wholesale replacement of the internal combustion engine by pure battery electric vehicles, which of course, do not use PGMs. I think it was a bit ambitious, those forecasts. We have a penetration for BEVs out to 2030 of about 15%. The interesting calculation to do is that automobile sales essentially follows world GDP to a very large extent. By 2030, the world should be producing somewhere around, I would say, between 110 million and 120 million units, light duty vehicles. If we've got 15% penetration of BEVs, you can net off 15 million, let's say. You've still got significant growth in the internal combustion engine in the face of, in fact, that change. There's still a long way to go for internal combustion engines. Of course, what is important is, this is like a double-edged sword in fact for the OEMs. When I talk about OEMs, I'm talking about the motorcar companies. You're not going to make a car that's not clean, one way or the other. You can make a clean internal combustion engine, just do it properly, put the right amount of PGMs in the exhaust system, and it'll be much cleaner than where we were, let's say, 10 years ago or during the Dieselgate scandal. Catherine Cunningham from JP Morgan asks, you comment in the release that your minor metals will become a significant revenue contributor going forward. Could you unpack that a bit more of what time period are you expecting to see this? Where do you see the iridium and ruthenium supply-demand balance is moving in the near to medium term? Iridium is very similar to rhodium. It's extremely tight. It's a must-have in the applications in which it's used. We could have iridium revenue of around about ZAR 2 billion in the not too distant future. ZAR 2 billion, yeah. Ruthenium, on the other hand, there is quite a bit of it about at the moment, but it has a bright future in fuel cell applications. I'm not going to give a number on that one, but I do want to point out that we do produce more ruthenium than rhodium. Once again, it's the third metal by volume, it can become important. Let's see how things develop in the hydrogen economy. Catherine also just queried the refining costs, including sampling and handling, up 25% year-on-year. Of what time horizon are you expecting this to normalize? Your refining costs for us will probably not easily come down. It's a euro-based cost, and I'm not so sure we'll do much better than what we've just presented. One thing that impacted the refining cost is the cost of refining of ruthenium, and those volumes have increased quite dramatically with the increased UG2 volumes. We've got Martin Creamer from Mining Weekly. He's got a series of questions pertaining to renewable energy. Do you calculate a benefit to energy cost by generating 10 MW of solar power at Zondereinde? Yes. A good, quick answer to that one. The development of photovoltaic units now is to such an extent that we buying kilowatt hours from Eskom at just over ZAR 1 per kilowatt hour, and we can probably, if we do a self-build, produce at about ZAR 0.30 per kilowatt hour. It's quite substantial. Of course, there's much more to it than that. We are an energy-intensive user. We are very, very reliant on Eskom, and that's unlikely to change. What we can do is supplement Eskom with PV at quite an attractive cost. If you would then put the capital in there, it's about a four-year payback by our calculations for a 10-megawatt unit. Can you elaborate on decarbonization underway at Zondereinde and Booysendal, success in lowering emissions so far and the vision? Are you considering the generation of green hydrogen to power your fleet in an emission-free manner? Emission free, no. We can reduce our carbon emissions by at least 20% over the course of the next decade, and we're still formulating our longer-term statements surrounding that. You cite dealing with unreliable energy supply has been a major factor, possibly affecting the future financial position. What's being done to mitigate unreliable energy supply, especially on the Eastern Limb, solar, wind, or both? Actually, we're looking at PV on-site. We're looking at some offsetting of wind in the Eastern Cape, and at this stage, we will experiment with batteries. I think that's probably fair to say. How many more questions, Damian? Two. Two more. Okay. Two. Sorry, everybody. Yes. Obviously popular. Yeah. Siphelele Mdudu from Excelsia Capital. Great set of results. What could be the sign that the market has peaked? What would derail the best decade ahead for the industry? What worries you about industry players' actions? Nothing in particular about industry players' actions. I think supply is generally very constrained across the board. It's not easy to see supply response into this price, to be honest. We've seen some recent announcements, but if you sum them up, they will not, in our opinion, disturb the market. That's important. What was the other bit of the question, Damian? Sorry. Let me assume those questions are answered, and what we will do for all the questions that we didn't answer to the people on the line on the webcast, we'll make a little note and we'll put it out to you because I'm very conscious of time. Thank you very much, ladies and gentlemen, for joining us. In particular, in situ, I know it's not easy, but we have took the necessary risk mitigation procedures outside with the nurses. I hope you will all remain healthy, and we'll see you soon. Thanks very much, everybody.