All right. Well, good morning, ladies and gentlemen. Thank you very much, Henrika, and I guess to guests who've joined us online, good morning to you, too. Listen, it's a pleasure to be here. We somehow managed to coordinate this with mid-winter. Slightly better than it was over the weekend, but thank you very much for braving to come out and join us today. We do have a fairly full let me just say upfront, safe harbor statement. We're probably going to have two days' worth of forward-looking statements, so please have a look at that in your own time. We do have a pretty full agenda for the next couple of days, or certainly for today. I'm very privileged to be joined by much of the team today. Listen, it is quite full. We are, as far as possible, going to try and stick to this agenda for those people, particularly online as well, who just want to join certain segments to try and make that a bit easier. You'll see what we have done is try and put Q&A sort of after a couple of presentations, just before breaks to give us time. Please don't think if we're ending one presentation and jumping straight into another, there isn't an opportunity. We'll definitely do that. In addition, of course, for anybody joining us on the trip this evening and tomorrow, plenty of time to engage with the whole team who will be available. Let's get into it. Thanks again, and welcome. It's going to be a fun couple of days. I'm just going to kick off with a very brief strategic overview again. I think I had the pleasure of engaging with many of you towards the end of January, when we launched the strategy refresh. I've also had the opportunity to engage with many of you through various conferences. We obviously had the International Capital Markets Day. Just as a very high-level overview again, if I had to try and take the strategy we put together and try and simplify it on one page, this would be the refresh of what we put into an hour and a half in January. Very simply put, the strategy refresh we looked at a little bit of where we come from as a business, we shared there that our 13 years has been one of significant growth, predominantly through M&A. That growth was very necessary. If we hadn't have undertaken that growth, the little graph on the far left over there demonstrates it. We'd probably be sitting here today discussing how to responsibly close Sibanye-Stillwater. We would have been finished. The gold operations ran out of life starting last year to this year. Instead, we are sitting today with a significant asset base, and in fact, I'm going to use the word magnificent, and I use that intentionally, and I look forward to discussing that further over the next couple of days. An asset base that's got 2 million plus ounces today and 20-years-plus life. We're sitting with a huge amount of optionality within the company, and the opportunity we've got is how best to create value through that optionality. That's the strategy we've put together. Now, of course, ours is a journey of diversification. Diversification into different commodities, diversification into different geographies, also diversification into different ways of extracting metals, so primary mining, what we call secondary mining, and recycling. That growth, of course, means that it comes with some complexity, and we have the opportunity to simplify that a little bit, and we'll unpack that today, simplify the portfolio, simplify our capital allocation strategy. Then ultimately what we did was look at the world we're operating in today and try and look through cycles. What are the big megatrends that are driving us today? I think geopolitics, multipolarity, something well understood. It's the implications of that that we're really starting to feel, the disruptions to supply chains, positive and negative, the impacts on demand, technology, energy. Those are the big forces that are going to be driving mining in the future, how do we take these two and put them together? We came up with a strategy that I dare say looks through cycles. This is not about short-term, what we think is happening in geopolitics or the critical minerals. A lot of it, I think, is hype. Some of it's very real. Looking through all of that noise to say, how do we create value through the cycle? That's the strategy we put together, it's very much focused on basics of mining, focused on margins, focused on profitability, focused on capital allocation, ultimately, that's how we see ourselves creating value. To summarize our strategy on a page, that's what we managed to come up with. Let me take us through that because I think there are just three key messages I'd like to leave you with today. Firstly, the ethos of the company, the foundation which we are, which we've always described by our Umdoni tree, has not changed. Our stakeholder-centric approach, the fact that we have our roots and our values as to how we operate, who we are, that has not changed. Our vision of stakeholder value has not changed. In fact, even our purpose, while we've tweaked the wording a little bit, it hasn't changed. We are here to produce metals. The world fundamentally relies on metals. Our livelihoods rely on metals, our role as a modern miner is how do we produce and supply those metals responsibly so that all stakeholders can benefit? That is why we exist as a business. The left-hand side of the strategy, that talks to what we're going to do today. It talks about focusing on the fundamentals. I think that I've been quoted as saying a back-to-basics strategy. That's what we mean. We focus on what we call performance excellence, a term that encompasses more than just operational excellence. Overall, who are we as a business? How do we operate? That's performance excellence. Again, I want to say this is not rocket science. It's back to basics. How do we increase our margins? Ultimately, how to increase our profitability. We do that through simplifying our business, focusing on where we spend our capital, of course, recognizing that if we're going to be excellent and we're going to change, that's got to be underpinned by systems. This is not just a flick a switch on a structure and we suddenly have a new company. It's about putting the right systems and the right culture in place to truly drive a modern mining company. You'll hear me referring to that a bit going forward. That is a company that supplies metals of the future in a way that they need to be supplied, both to our customers and benefiting our stakeholders and shareholders. If we get that right, our fundamentals are in place. If our fundamentals are in place, the next big trick we've got is capital allocation. We'll touch on that quite a bit today because I think that's going to be what separates successful companies over the next few years from those that are not. Capital allocation has become a lot more tricky in the new world, balancing between returns versus sustainability. I dare say it's something we've applied our minds significantly to. All of that then will position us for future sustainability and growth. That, of course, in the short term, we've been very clear, and today, I think is a really exciting day for us to share with you why we've often said the best value and the best return we see is in brownfields projects investing in our own business. You're going to see that today. You're going to see a portfolio of assets that I dare say is probably one of the best that you have in terms of the PGM industry and why for return on investment and return on capital, we can't see any better opportunities today than what sits within our own boundaries. Very simply put, I'm not going to go through this in detail, but we've simplified our strategy into four priorities. Those four priorities is what our entire executive team and therefore company focus on. Everything we do goes towards one of these. Simplifying our portfolio and the way we operate, making people accountable, giving them the flexibility to operate within what they control. Performance excellence. Like I say, performance excellence for us is four pillars. Safety first, that's our number 1 priority, and we will touch on it. Safe production is and always will be number 1 for us. Operational excellence, I dare say that you'll hear in many other presentations as well, cost, volume, grade, quality of production. I think most companies have got that. Resource optimization is a key one. That's probably one that I think for us is quite new and one that I dare say the industry sometimes doesn't pay enough attention to. It really talks to how do we optimally extract our resource. It goes to mining methods, it goes to volumes, it goes to time, it goes to capital. How do we optimally extract our resource in a way that creates value? What you're going to hear today, we've set up an entire team within our company now just focusing on that. Some of our best technical experts just focusing on that. What you're going to see today is a strategy. You're going to hear about some projects. What I hope will come across and you will hear is that in putting that plan together, sequencing the projects the way we have, has been three years worth of work of looking at different options to give us max flexibility to leverage the assets we have, to look at the capital spend. All of these factors have gone into one big pot to maximize value from these assets. It's not just spreadsheet exercises. That is resource optimization. Embedding sustainability, that's who we are as a business. Modern mining companies are not extractive businesses. If we just think about our business as being how do we extract metals as quickly and as cheaply as possible, we are going to die. That is the old way of mining. We are more than an extractive business. It's the contribution we make to society that matters significantly in a modern mining business, and you'll hear Melanie unpacking how we think about that going forward. Just to introduce the team very briefly, as part of our simplification, we split our business. Our focus is on operations. We've got our international operations. Charles Carter looks after those. I think for those who are on our international Capital Markets Day would have met Charles and his team. Today, we focus purely on the South African operations. Richard and the team is here. They will largely take us through it today, and that's the business we'll be running through today. We're going to look at two big businesses and just to introduce them. We've got our South African PGM operations and our South African gold operations. We've essentially said there are five core businesses in the company we're focusing on today. South African PGMs, South African gold, U.S. PGMs, U.S. recycling, and Keliber lithium. The other three we touched on in international Capital Markets Day. Today, we'll be touching on these. I am going to make a bold statement, which I said earlier, I'm going to make it again. At the end of today, listen, I'd be happy to unpack this further once you've heard what you've heard. The set of PGM assets that you see on this screen, if you gave me an option to have any portfolio of PGM assets in the world, this is the one I would take without a doubt. Of course, there are individual assets that are great here and there. This suite of assets gives us the optionality to look at how to build a long-term 30, 40-year PGM business. We've got optionality to look at size. We've got optionality to look at scale. We've got optionality to look at timing. We've got optionality to look at mining method. We've got optionality to look at different ore bodies. There's no other PGM business in the world that has that kind of optionality, which when you're facing the market we're facing today, where we're pretty certain on what's going to happen for the next 10 years. Beyond that, a bit of a question mark. Could be stable, it could go down a little bit, structural changes with vehicles. It could significantly ramp up as we find new demand. To have that level of flexibility to be able to deliver into that market wherever it changes is unique. I think you're going to see that today. One of the reasons it's not well understood is when we bought these assets, we intentionally put together, we bought three different companies, Lonmin, Rustenburg, Aquarius at the time. We intentionally targeted contiguous resources, and we did that for two reasons. Number one, we saw that we could realize costs through operational synergies and savings, something we had learnt in the gold operations for many years. By dropping mine boundaries, you could reimagine resource extraction. When we talk about resource optimization, by dropping mine boundaries, you could tackle that. We've only done the first step so far, and in doing that first step, we've been able to realize almost ZAR 3 billion savings per year. That's been banked. That's by putting these three together. I think it's well-known what these operations have returned for us. I mean, more than seven and a half times what we paid for them is what we've got back from them just through that. When we bought them and went out with our profile at the time, I think we were quite clear that that is what we justified the acquisition of these three on, was just on that life of mine, just on those synergies. We'd not yet unpacked the value of dropping mine boundaries. We'd not yet unpacked the value of investing within these resources that came with these operations. That we're only starting now. The reason we're starting it now, clearly a bit of a shift in strategy back to investing within our own assets, because today we now own 100% of this property, something we only completed about two years ago when we got the balance of Kroondal from Anglo. You are going to see how by dropping a simple mine boundary across there, assets like Bambanani and Siphumelele, which were due to close within the next two years, significant mines due to close within the next two years, in fact now through to 2027, are going to have +10, 15 years and unlock hundreds of thousands of resources that were previously sterilized that could not be mined by Aquarius, could not be mined by Anglo. They tried. They had technical plans. You couldn't make it economically viable. By dropping that boundary, suddenly we've unlocked tens of years' worth of mineral resource. That is the value in the transaction we've done. That's the value you're going to hear about today. That's why I'll say it again, this is the best portfolio of PGM assets that you'll find in the industry today. We're going to talk about our gold business. This is one that I know has got a lot of questions from the market. It's probably the one when I've asked shareholders what concerns them the most, it's often these assets that come up. Hopefully today we're going to put these assets into a little bit of perspective because they are tough assets. I think we got to acknowledge that many of these are legacy three assets, Kloof, Driefontein, and Beatrix. Many of these have been running since the 1960s. Driefontein is the largest gold mine that ever existed. 130-odd million ounces have come out of it. The second biggest gold mine in the world has done less than half of that. These are big old mines. They have huge infrastructure. They've got big fixed costs. They've also built multiple companies, including Sibanye. Today, we should be closing those operations, as I mentioned. By 2027, when we bought them, these assets were due to be at the end of their lives. Through phenomenal work by our teams, we've managed to add on significant life on these assets. They've still got +10 years. Driefontein's still got an 11-year life. Kloof we're managing year to year. Beatrix has got six years. We're going to go into that. These are phenomenal assets that have built this business. At today's prices, yes, they're heavily geared. They've got high costs. At today's prices, these are still delivering significant value to shareholders, and they still employ almost 25,000 people. In South Africa, 25,000 people, that's quarter of a million directly that are dependent on these mines. That is still creating significant stakeholder value. From our side, we are going to continue operating these mines for as long as we can get value out of them, and at these prices, they are still very valuable. We will close them responsibly. We are not going to flip these mines. We are not going to be somebody who says at the end of their life, "How do we flip those costs?" Of course, if ever somebody responsible wants to work with us, we'll do that, but it's not about that. It's about extracting value and being responsible about these assets, the assets that have built this company, and being responsible about it for all stakeholders. What you're also going to hear is this is not the end of our gold life. This is not the end of our gold strategy. They've built a business, and these will also be the base on which we transform and go into phase 2 of gold for Sibanye-Stillwater. Gold is still going to be a core commodity to us, and you're going to hear about how we're transitioning from deep level to shallow with the assets we've got today and how those shallow assets will be the future for a platform for gold growth again within the business, as I mentioned, as part of phase 2 of our strategy. I guess finally, just to wrap it up, we are in South Africa. This is a South African Capital Markets Day. South Africa remains the foundation of Sibanye-Stillwater. Yes, we've diversified internationally. Yes, we'd like to continue seeing growth internationally where we have an opportunity, but South Africa is our foundation. This is where we started. This is where we domicile. This is where 80% of our business is. This is where a lot of our focus is going to be going forward. We remain fully committed to South Africa. It's got its challenges. We are going to openly speak about those challenges, and as a company, we believe we can be very constructive in terms of contributing to fixing those challenges and ultimately to bettering the lives of all South Africans. Today, we employ 75,000 people in South Africa. Again, a dependency ratio that's close to a million people that are directly responsible or dependent on our company. That's a responsibility and an opportunity we take unbelievably seriously. This is a role that we know we can fill, and through our company, we can generate significant value and uplift both the country, create value for our shareholders and all stakeholders, and we are committed to doing that within South Africa. I've spoken about our portfolios. You're going to see those. I think you're also going to see how investing in our businesses within South Africa can return significant returns on our investment and our capital to our shareholders. I guess ultimately I'd like to end off with a small quote, head off our intro anyway, with a small quote that in fact I got from our chairman when I was getting ready to step into this role. His very wise and profound words to me were, "When you start looking at the business, always remember, if you're going to be successful internationally and in the world, you first have to be successful at home." Today is about us being successful at home and creating a base for that future growth that we could undertake. Ladies and gentlemen, once again, welcome. Thanks very much for being here today, to those online as well. I think we've got a packed day. Thanks to all my colleagues who put this together. Hope you enjoy it, and look forward to engaging over the next couple of days. Thank you very much. I think with that, we will just get a brief update on our thinking around markets. Obviously, that underpins a lot of our strategy and thinking from Kleantha. Kleantha, thanks very much. Morning, everyone, and nice to see all of you again. I'm just going to cover macros and short-term pricing first and then move into our longer-term outlook on PGMs. What I'm finding quite exciting, we're also going to talk about chrome today, which we don't do very often. Broader than just the war on Iran, there've also been the impact of various tariffs from the U.S. in 2025, and that is really now playing out in the macros and impacting on inflation. The closure of the Strait impacted the availability of crude for about four months. There was a 15% reduction in crude oil. Quite a few other industries were also impacted. That included semiconductors, food and fertilizers, auto manufacturers, and copper and nickel producers. That was largely because of the inability to get feed and stocks out of the Middle East. Global growth forecasts are downgraded to 2.5% for this year, while the U.S. has been downgraded from 2.8% to 2.2%. China growth is slowing, but it is a lot more resilient, and we'll just have to watch and see if the ceasefire holds and if there is a deal or not. I do think there is some downside risk here to autos and obviously to industrial demand. The gold price direction has largely been driven by inflation and interest rates. Prices corrected in March after reaching significantly overbought levels. Global ETF gold holdings are down 3.6 million ounces or 3.5% off the February peak. Some countries have also had to sell down their global gold reserves, and that was largely brought on by some dollar funding stress, which was a result of the war. This is likely, though, to be fairly temporary. We will see central bank gold purchases resuming, although at a slower pace. The stickiness, again, of the ceasefire and the peace deal and how the aftereffects of the economy are going to play out is really what's going to determine gold price outlook for the medium term. If we move on to the PGM prices, these have largely consolidated after an extended rally and, as we said a few months ago, largely driven by speculation and tariff uncertainty. We're not too surprised that we've seen some price correction over the last month or so. Investment flows have largely been negative, so we've had platinum ETFs down about 530,000 ounces year to date mid-June. Over the same period, the NYMEX stocks fell about 220,000 ounces. There's obviously been some profit-taking and some switching into other assets as wars create different opportunities. Exports into China over the first four months of the year are up 41% to about 1 million ounces. That does indicate to us that there's been some sort of stock accumulating before the first GFEX physical settlements. Those actually took place on the 17th of June. The peak prices we saw in quarter one were a little bit surprising, and they took place despite Valterra moving its scheduled smelter maintenance into quarter four. What that means, though, is that we should see potentially lower refined output in quarter three. They've moved their smelter maintenance to quarter three. We should see some lower output then because we'll have both Valterra and Impala looking at smelter maintenance in that quarter. We're still seeing quite a bit of dislocation still in metal availability and then also in pricing. The tariff uncertainty persists, and most countries are now looking at critical mineral strategies and what fits under those minerals. We do see PGM still having a fair firm price floor going forward. If we look out a little bit longer term at battery electric vehicle forecasts, if you look at the charts on top, what you'll see is the orange line at the bottom was GlobalData's battery electric vehicle forecast in 2021. Post-COVID, that shot all the way up to the top line. Every year for the last four years, this battery electric vehicle forecast has been tweaked downwards. There's been a lot more recent regulatory and incentive changes as well that has driven this downward trend. First, we had the EU automotive package announced in December last year. That looked to cut CO2 emissions targets for 2035 from 100% down to 90%. They also eased the 2030 target. This has resulted in a lot more support for catalyzed vehicles, combustion engine, and combustion engine hybrids for longer. There is still support for battery electric vehicles, though. Small, more affordable BEVs count as a super credit. That helps OEMs offset higher CO2 emitting vehicles. The European Parliament is now also looking to further ease the burden and actually reduce this 90% down to 73%. This is just a proposal for now. What they're looking at is additional credits for the use of low carbon fuels and for green steel in a vehicle. What this means is it will allow biofuels to count as zero emission vehicles, which is a bit of a boost for catalyzed vehicles because you still need an autocat on those cars. Just a week ago, the U.S. Environmental Protection Agency proposed a 2-year delay to the Tier 4 standards, and that would impact light and medium duty vehicles. They've shifted the implementation to model year 2029. Again, buys you a little bit more time for combustion engines. On the chart at the bottom, we just look at our light duty vehicle production outlook for the next 10 years. It remains fairly robust. The downside risk here, of course, is on total vehicle numbers, and the risk is in the macros. As inflation hits and discretionary spend is reduced, the risk is that there are actually fewer vehicles being purchased. If you have a look at that black dotted line, that's our outlook for battery electric vehicles and what we're modeling in our long term forecasts, and we're modeling 35% market share by 2034, and that implies a 9% annual growth rate between now and then. Let's talk recycling. There's been a lot of discussion about this since Platinum Week and a lot of very big numbers being put out in May. Our view hasn't changed, and it does differ from some of these numbers. We do see some gradual growth and recovery in recycling, but we're not seeing the scaling so quickly that would materially alter any supply or shift any market balances. The chart on the left shows the scrap steel value and the PGM value in a scrap car over time, and this has been indexed to 2020. You'll see there's some pockets where scrap steel value is high, others where the PGM value in the autocat is high, and then the perfect storm where both are high. These sort of short term dynamics will result in a surge in collection rates and what it will do is it will bring hoarded auto catalysts that were either collected in a very low price period or all the catalysts with fairly low loadings coming back into the market. While these periods of higher prices will incentivize some increased recovery in the short term, the structural constraints over the next couple of years still remain in place. You need to be selling new cars in order to scrap old cars and all we're seeing right now is that end of life vehicle times are expanding. People are driving their older cars for longer and there's a lot of resale of older cars. Structurally, we don't see that changing much, particularly while the inflation bites. The chart on the right actually just shows how we think about modeling this going forward. The gray bars are your actual 3E recycled metal that has come back to market in that year. The little colored lines are the metal ounces that have come back in the year, divided by the gross auto catalyst demand from 9 to 11 years prior. You can argue that 9 to 11 is too long or too short and you can change your vehicle life, but what you'll find is that irrespective of what vehicle life you choose, you will still get these recovery rates or little colored lines in a very, very thin band. What we do is we actually look at that, we call it our recovery rate, and that is what we model going forward. If we shift into what we're seeing medium term on our 3E, primary supply is forecast to decline. For platinum, we were looking at about 6.2 million ounces a year in 2019 and we see that moving down to 4.7 million ounces 2035, 2034. This really just reflects the underinvestment in South African supply and that is because of the challenges that we navigate in South Africa, including cost inflation, crime, water and other challenges on the operational side. The decline in palladium supply or primary supply from 6.9 million ounces in 2019 to 5.6 million ounces in 2034 is somewhat slower than it is for platinum and that's because we've got Platreef coming online as well as some Russian expansion in the next 10 years. We show a market view and a house view, our house view includes a couple of assumptions. We've moderated South African supply a little bit. We don't see the ramp up coming out of Impala and we've also not included Karo in our forecasts. On the recycling side, as we've said, we model recoveries going forward the same as they have been historically. What that means is our 3E recycling supply over nine years is about 4 million ounces or so lower than what the market is predicting. On battery electric vehicles, we're modeling a 35% market share by 2034. What that means effectively is that we've removed 39 million battery electric vehicles over that forecast period that we believe are going to be actually replaced by hybrid vehicles. I also want to point out that we don't model investment demand going forward. Our 2025 balances here on platinum and palladium include around a 270,000-280,000 ounce change in investment holdings. Going forward, it's really difficult to forecast whether money is going to go into or out of an ETF. That's not modeled in, but investment demand has a role to play on balancing that market. Platinum first, we're seeing deficits throughout the forecast period, and here we could reasonably expect some ETF ounces coming out to the market at the right prices. On palladium, of course, the forecast reflects the gradual decline in autocat demand, with the market moving into balance around 2029, 2030, and then into modest surpluses. The rhodium balance, of course, mirrors that for palladium, just given its primary use in autocats. We've obviously got to do something to make sure that we've got applications and demand to suck up those metals as the autocat demand declines. We did talk about this slide previously, I just want to highlight that we are investing in creating new demand. We prefer industrial demand. It's stickier. It's in an application for longer, and it's certainly not metal that's suddenly going to come back to market and flood it. I won't talk through all of these projects, but perhaps one to highlight, our electrolyzer catalyst project with Heraeus focused on replacing an iridium oxide catalyst with some ruthenium. This would allow not only for a more cost-effective catalyst, but it would also make use of a less scarce metal. What this does is it provides more confidence to OEMs and users that this technology is actually something sustainable that can be used. We've got the metal for it, and it's not going to cost an arm and a leg. I think the other one to point out, which we announced in May this year, is our collaboration with Johnson Matthey and Valterra. We've kicked off a longer-term program, and here the real initial focus is on actually finding the projects and originating ideas, technologies, chemistries that we can work on, develop, and commercialize into applications that start using our PGMs. The early part of the collaboration has really focused on origination, and we're not just looking at projects coming out of Johnson Matthey. We're also looking at projects coming out of startups, academic institutions, and research groups. Switching into chrome for a little bit. This is a commodity that has become an increasingly important by-product contributor to our South African operations. The major chrome producers or chrome ore producers are South Africa, Zimbabwe, Kazakhstan, India, and Turkey. South Africa's production this year of 26 million tons is going to be roughly 61% of global supply. Around 13% of this is used in South Africa to produce ferrochrome, and the rest is exported largely to China and then Indonesia. Sibanye's 2.3 million tons of current annual production is just around 5% of global supply and around 9% of South African supply. Demand growth is led by China and Indonesia. Around 95% of chrome ore is used in ferrochrome production, which then goes into stainless steels and alloys. The remainder is used in very specialty applications like chemicals for leather tanning, foundry sands, and refractories. If you look at the graph on the top, this year the market's expected to be fairly finely balanced. Supply is expected to grow about 5.8% year-over-year to meet the 44 million tons of demand. It's a very fragile balance, and as you can see, as you look out to 2034, that deficit is growing substantially. There's a bit of a magical $300 per ton number, and as you can see from the bottom, UG2 chrome ore prices have been under that number for a while. There's no lack of reserves, as soon as that price moves above the $300 per ton number and incentivizes new supply, we believe there are plenty of resources to then fill that gap. Interestingly, the production cost for UG2 chrome ore, by-product chrome ore, is around 60% of primary chrome production in South Africa. No shortage of resources, and there has been large underinvestment in South Africa because of the underinvestment in PGMs. South Africa, of course, has been limited or constrained as well by logistics and rail supply, but there is no shortage of resource. Prices just need to rise to incentivize that. Just to wrap up on precious metals, I think short-term dynamics very much driven by geopolitics and uncertainty, quite a bit of speculation, and we are going to see some downside risk on the macros. Medium-term, we believe this remains very constructive. We've got stronger catalyzed vehicle demand with a longer tail, a declining primary supply profile, and as we see it, a fairly modest recovery in recycling. Longer-term investment in market development really is needed to support demand as ICE vehicles decline. On chrome, again, a finely balanced market short-term. However, we do see deficits emerging around 2028, 2029 as new mine supply lags. Longer-term prices are fundamentally going to be firm. That will be underpinned by some slower supply growth and ongoing cost pressures on the mining side. I think that is it from me, and I'll hand you over to Richard. Well, good morning, everybody. We're very excited to have you for the next two days. I'm sure you're going to find it very interesting and looking forward to spending the time with you. I'd like to take a moment and just share a safety share ahead of the break. I think it's quite fitting to start with what does safety mean to us? Safety on its own, safety part of something much larger. It's very much part of performance excellence, and Rich alluded to what performance excellence is to us. It's quite a holistic concept and embodies four major components. It's a promise about safe production. It's a promise about operational excellence, resource optimization, and embedding sustainability. I can talk about how safety is an absolute number one priority, but in reality, safety or strategy becomes real on the front line. Safety becomes real for the 70,000 staff that take to the operations on a daily basis. That's how together with these assets that we're going to share with you over the next two days, delivering the promise of going home safely every shift. It's a deeply personal mission. It hasn't been the legacy of South Africa Operations, but fundamentally, over the assets we're going to share with you over the next two days, it's absolutely real that we can mine these assets fatal free, safe, profitable, and in a fatal free manner. Safety is our key priority. The team has come up with a fatal elimination program that's homegrown. We developed this. We're executing this on the front line. It's got eight key pillars that we've developed and are implementing. Very important group alignment. It takes all of us, not some of us. That needed alignment of leadership. It's a shared priority. It's in all our common interest to mine in a safe manner, to mine in a fatal-free manner. Per operation, working with the individual vice presidents to look at the tasks on each operation and understand deeply what are the risk factors in those operations. That ultimately, guidance from the group is 18 group minimum standards. As I've said, that becomes real on the front line. It needs to be interpreted and ultimately owned by colleagues in the working places. What does that mean? That means a fundamental understanding of all the staff to what are the critical controls for every task and how to execute tasks in a safe manner. I've spoken about a very deep personal commitment. Absolutely everybody who works in the South African operations is fundamentally compelled to driving fatal free outcomes. Everybody has got a duty to stand in the way and block the pathway to death. What does that mean? That means if the working place is not safe or the tools are not available, without hesitation, we stop. Obviously, that hasn't been the history of where we've come from. Do a proper gap analysis, then on an individual basis, do the fatal elimination and risk reduction steps. This is borne about in the chart on the right-hand side. It is a first step, we're very interested to understand who stops operations. What are the conditions that would result in a stoppage? That is a fundamental step to getting safe work outcomes. You can see in the chart where we've come from our history, where predominantly it's been senior management that stopped workings. More and more, with the culture that we're incubating, is giving over to the operating frontline staff to develop a culture without hesitation to stop if the working place is unsafe. This is a building block towards having a learning organization where ultimately we can work in a fatal-free manner. Again, what are the building blocks to it? Very theoretical, going through operational risk management, understanding the four building blocks towards risk management. What does it mean to have a baseline risk assessment or an issue-based risk assessment or a task-based issue risk assessment, ultimately in the working place, continual risk assessment? We've invested a huge amount of time to understand those critical control factors. What is it particularly about a task that is hazardous? What are the controls that need to be in place to make sure that that task is executed safely, if in any point in time, stop without hesitation? We're very purposeful about culture. We believe we can influence culture on the front line. We believe that working together with everybody and using ways of working that have been different to the way we probably came into the industry. What does it mean to create a safe working environment? What does it mean to have psychological safety in a working relationship with your supervisor? Moving towards coaching rather than hierarchical instruction. Empowering, enabling teams to deliver consistent performance with aligned mindsets and behaviors, which ultimately has to come from a learning organization. That's not the industry we've come into, that is the industry we are creating. For us, safety is not necessarily just a target we chase, ultimately, it's the way that we want to lead. We want to lead in a fatal-free manner. We went the first quarter in 2026 fatal-free. It was a critical milestone where we demonstrated that for five months, we can manage these operations with 70,000 staff fatal-free. Every fatal incident that we investigate, absolutely all fatals are preventable. We're currently encouraged by our lagging indicators. I remember looking at the challenge when we sort of tried to foresee the possibility of working with a TRIFR rate below four, sustainably how we've got there, all of us. Or working with a serious injury frequency rate below two. We're there now, we're going to continue with this journey and continue to add many more demonstrations that we're able to mine in a fatal-free manner. Thank you very much. That was a safety share. Welcome to ask questions, we'll follow with a break. Thank you. Thank you, Richard. We'll start with the first questions for this session. If we can have hands up, if you can just state your name and the organization that you represent. We've got a first one here from Raj in the front, second row. Thanks. Thank you. Good morning. Raj Ray from BMO Capital Markets. Three questions for Kleantha, if I may. First, on the PGM side of things. Can you touch upon jewelry demand and what that means for the PGM sector? One of the few things that came out of the platinum week was that 12, 18 months ago, there was a lot of push for jewelry, that seems to have gone away in China in particular. It's a lot of inventory that's sitting with the jewelers. Secondly, I've asked this question to you multiple times in the past. With respect to your supply model, what sort of expansion are you building in from Russia? If you go back to 2019, they had a target of going from 19 million tons per annum to 30. Where do you sit in your supply model? On the chrome, you made a comment about prices need to rise to incentivize more supply. What's the incentive price for chrome that you feel will do that? Thank you. Sure. Thanks, Raj. Let's do the jewelry one first. Fully agreed with you. When the gold prices were so high- Microphone just came. Oh, sorry. Sure. Just watch the camera. Yeah. When the gold prices rose so massively at the beginning of the year, manufacturers in China switched out of gold into platinum. Much cheaper to hold that inventory. I think you're completely right. We didn't see that actually translating into retail sales, a lot of that is actually going back now and will be recycled. I'd agree with you on that. On the chrome question, yeah, interesting one, right? Because you've got this massive cost differential in mining UG2 chrome versus mining primary chrome. The numbers we're seeing are probably around ZAR 300-350 would probably incentivize at least UG2. Probably won't incentivize primary chrome. I'm sorry, I've completely lost your last question. The Russian supply. Oh, the Russian supply. It was the Russians. Raj Ray, let me come back to you, I do have a number on that, and I'll pull it out of a model for you. We are seeing that supply keeps being delayed because of the issues that Russia's facing around capital and cost. Hi, it's Arnold van Graan from Nedbank. Two questions. First one for Kleantha. Kleantha, at Platinum Week, there was lots of talk about this initiative to create market demand, you were about to announce or sign a deal with a third contributor to that, and it sounded like it was imminent. I haven't seen that announcement yet. I'm talking about the Johnson Matthey, Valterra, and yourselves. Are you saving that for Shanghai Platinum Week or what's happening there? I'll let that third party say it for you, it should be soon. Okay. Another question for Richard. I know you're going to go through all the details, part of the journey of Sibanye initially on the gold side was secondary reefs and turning those to account. This morning in your intro, you talked about shallower reefs and turning that into account. My question is the journey up to now, how much of that secondary reef potential did you actually deliver and value was unlocked from that? How much of that was just the gold price? I'm just trying to get a sense of, okay, that's what you said you were going to do 10 years ago, 15 years ago. Yeah. Now you've got, I don't know whether it's the same strategy, or slightly different. I just want to get a sense of the delivery on that. Obviously I'll listen very intently today when you go through this and maybe for the presenters that's one of the views is, okay, you said previously you're going to do this, now you've got a slightly different strategy. How do you unlock that? Yeah. Arnold, great question, and talk about holdings account. That's a good example of what we're talking about. Great question. Let me answer it like this. Those secondary reefs, and let me refer to legacy assets. Where we talk about going shallower now, you're going to hear us Burnstone at surface, other opportunities. I think what your question relates to secondary reefs within our deeper-level mines where we were looking to add additional resources. The two mines where that was applicable was Kloof and Driefontein in particular. Beatrix doesn't really have secondary reefs in terms of what they've got. At Kloof, listen, we'll get the guys, let us actually get some numbers for you and unpack that. Some of our most profitable shafts, 8 shaft at the moment, a lot of the extension to the Kloof lives was on Kloof Reef and Main Reef. If it wasn't for the secondary reefs, Kloof actually would've closed a significantly long time ago. In that regard, I would say we've been very successful. Where we haven't been quite as successful as I guess we all would have wished was could secondary reefs sustain the infrastructure of Kloof alone? That we were never quite able to crack, to be fair. For a mine like Kloof where it got so complicated, listen I must tell you the amount of attempts and feasibility studies and things that went into it were immense. The reason it was a difficult thing to get right is because the way those historical mines were designed was the fixed infrastructure was sort of spread out across the whole mine. I mean, what's the big infrastructure? Logistics and cooling ventilation. To try and isolate that for localized secondary reefs almost became impossible. That you were running such significant costs to cool such a small area, that that's where it became very difficult to try and simplify a complex equation. At Kloof, were secondary reef successful? Absolutely. Without them, Kloof would've closed a lot earlier, and it became significant add-on production to give you that critical mass to keep Kloof going, but was never able to sustain to become a secondary reef only. That is still something I think we'd all love to see happen, but we haven't been able to crack it because of that fixed cost infrastructure. Driefontein, one may argue is VCR a secondary reef or not? At Driefontein it is a secondary reef. Driefontein is largely a carbon leader mine. The 10 years you see at Driefontein today, VCR. That was really smart work done by our technical teams, done by MRM's geology, opened up a whole new piece of VCR, which we've been opening for years. Five shaft Driefontein, and I think Dawie can maybe unpack that a little bit when he goes through it. You would've seen Driefontein over the last couple of years have taken a bit of a dip. It's been a bit tough. Five shaft is the key operation at Driefontein, the reason is that we've been opening up those secondary reefs. We now are starting to get to steady state in VCR, that's what underpins the extra 10 years. Why have we got an extra 10 years at Driefontein compared to what we had when we started? VCR, which is essentially a secondary reef at Driefontein. Listen, did we hit the ultimate goal we wanted? Would we have loved to have seen Kloof turn into a $1,000 per ounce low-grade mine? Absolutely. That we'd never got to. Did secondary reefs add value and add onto life? Absolutely. I would dare say we've been pretty successful in that regard. Yeah. Richard, thanks. That's very clear. Cheers. Super. Thanks, Arnold. Good morning. Nkateko Mathonsi, Investec Bank. I have two questions for Kleantha. On platinum primary supply that you are forecasting to decline to 4.7 million ounces by 2034, that is about 800,000 ounces less than what we saw in 2025, if we use Johnson Matthey's numbers. There's a whole lot of projects on the pipeline. Everyone has got brownfields projects. There's also some greenfields projects. You've spoken about Karo, that that's not in your numbers. I think my question for you is how much of that decline, that 800,000 ounce decline is going to come from Sibanye-Stillwater, then I can square up the rest. Yeah. Maybe you're going to talk about it throughout the day, but I just want to know your assumptions as far as Sibanye-Stillwater is concerned within this 800,000 ounce decline to 2034. Also on the minor metals, it would be nice to get your view in terms of the supply-demand balances similar to what you did to platinum, palladium, and rhodium as these two metals become a bit more important within the basket. Thank you. Nkateko, maybe if I could make a quick comment just before Kleantha answers with please add. The whole day today is going to answer your question around what comes from Sibanye-Stillwater. Just on that specific piece, perhaps if I could ask if we could pick that up at the end because we're going to give you enough to let you know what we think we're going to do, and in fact you'll even be able to form your own opinion from it. The one point I would make though that I think whenever we talk about supply and what's coming on, everybody's got brownfields projects. Who's putting in the capital today? I think we're going to show you exactly what we're already investing, what we've had approved and are actually spending today on three brownfields projects. Who else is actually committing to it? Their feasibilities. I won't use PGM examples, but let me use lithium examples. When we started Keliber, everybody said, "There are five feasibility studies of lithium projects in Europe. Why are you excited about it?" Well, today we're discussing turning on our refinery. There are four other feasibility studies in Europe that are still feasibility studies. There's only one mine. I think that's a key aspect to understand when we look at this, is there is a lot of resource. Who is actually investing and bringing it online and over what time period? That's something that needs to be called. Certainly in terms of our projects, I think we'll give you enough over the course of today to answer. If we haven't, please ask us that at the end and we'll address it again. Absolutely. I don't know if you want to add anything else to that. I won't add on that, but I'll answer your question around the iridium and ruthenium. We do have a forecast. We don't share them very often, just given that they are the minor metals. We've got both of them over the next 10 years in deficit. With ruthenium, it's a growing deficit. Iridium sort of hovering around a very slow-growing deficit. Nkateko, it's an interesting one because these are the two metals where we know that they are above-ground stocks, which are not very opaque. The question we usually get asked is, if you've got these growing deficits, why aren't you actually seeing big movements in price? They do it largely as a result of where the stocks are being held and how slowly or quickly they come back into the market. Good point and something we should definitely probably share in the next one. Yeah. Sorry, it's Brian Morgan, RMB Morgan Stanley. Thanks for the time. It's really useful these days. Just a question, Kleantha, have you seen any changes in the way OEMs have been buying metal from you since the war began? Yeah. Easy one. They buy on contracts from us. They're obligated to take a certain volume a month, which they do. We haven't seen anyone trying to reduce or push those volumes out. Fairly secure from our side. What we have seen, which is interesting, is a lot more, I want to call it spikiness in spot metal demand. I think it's less OEMs and more speculation and trading-driven spikes rather than OEM demand. Perfect. From the webcast, we've got Sashi from Citi. Have you recently witnessed platinum buying by central banks? Good question. We haven't seen anything specifically. We have had many questions in the past around, why aren't you pushing platinum as a reserve currency or as a reserve asset? It's a very difficult thing to do because you need literally global sort of agreement on this, and it's also an asset that comes from a very specific part of the world that's not as well-traded as gold. It doesn't come from as many different diverse locations. I have no doubt central banks are buying some platinum, but I don't see it becoming a reserve like gold or dollar or renminbi is. Yeah. Perfect. Thank you very much. This concludes the first session. We've got a 10-minute leg stretch, and we'll be back 10 past the hour. Thank you very much. Okay, welcome back. I'll just take a minute and just speak to the team. This team's actually been together for a very long time. It was the team that Rich put together. We know one another. We like working with one another. We've gone through thick and thin together. What's great about it, we see possibility. We enjoy our jobs. We see the great future of what's unfolding, what a privilege it is to work in Sibanye at this time, building a significant future. The speakers today, Mel and Ralph, Dawie, who's our EVP of the underground operations, Lucas, the processing and surface operations. We'll hear from Babsi, Vice President, Chrome, and Niël Pretorius, who's the CEO of DRDGOLD, will also say some words about DRD. Welcome to the PGM operations. We're going to take quite a long time to step you through very carefully the strategic power of this endowment that we have, how carefully it's been put together. What's the value of contiguous 70 kilometers? What's the value of boundary-crossing synergies? What's the value of putting up a team who can take it all in and think about optionality? What do we mean when we talk about scale turning to optionality and optionality turning to value? That's what the PGM program is going to answer this morning. As Rich has alluded, it's probably one of the biggest single accumulations of metal on the planet. It's 70 kilometers of strike. To get that comfortable view, you'd probably have to be 40 kilometers above the Earth's surface to get that comfortable view. It is an absolutely monster accumulation of metal. Just some attributes Predominantly, we want to talk about the UG2. Where does the UG2 start? There's an outcrop. Another interesting line is the 1,000-meter depth, which is delineated by that line. Then an unpacking of the strike. What we're going to show to you today is not only current operations but brownfields operations, optionality, how we've decided to move in our underground workings, the value opportunity that the surface mining also presents. Historic Merensky tailing dams largely depleted for PGMs. What does it mean that we have substantial UG2 tailings that have got this endowment of chrome, and what does that mean in terms of value going forward? The blue represents new possibilities, the future, but you're also getting a sense of the convertibility from resources into reserves. It's very low. Rich spoke earlier. What does it mean when Kroondal, now that we own the whole of Kroondal, what does it mean when we can drive a Bambanani workings into Siphumelele? What does it mean when we can drive Kopaneng workings into a Khomanani? We'll unpack that for you. Down-dip extensions, this huge endowment of the Marikana assets, strike extensions, East 3, East 4. This is an incredible endowment, and today is all about the opportunities we have created, very carefully considered over a long time. What can we do with boundary-crossing infrastructure and synergies? This is the base, substantial base. Yes, it may look like it's peaked and declining. That's our reserve base, built up from assets that are really well understood and have a history of delivering to expectation season in, season out, up and through the cycle. The Rustenburg endowment that includes the Kroondal now, Marikana, our surface operations. Inside here, we've also got the K4 Marikana reserve, no longer considered a project and is in ramp-up. What we don't have in here is the 150,000 ounces mined from Thembelani, as well as the 50,000 ounces mined from Siphumelele. Those are classified as projects, and Ralph will unpack those. Pretty much in 2026, you could add 200,000 ounces in mining on top of that. It supports very long life production. Marikana got 45 years of mine life, Rustenburg 32, Mimosa 8. Today is about, given that endowment, how do we turn scale into optionality, and how do we turn optionality into value? Take a moment to talk about the special ore body called the UG2, especially on our Western Limb. It might not be the same everywhere, but on our Western Limb endowment, what is very special about the UG2 compared to the Merensky? On the Western Limb, UG2 delivers materially higher value per square meter, about 30% more when one aggregates for all the metals that are recoverable compared to Merensky, and that's due to higher grades in rhodium, ruthenium, but then very importantly, chrome. What is it that we mean about coarse chrome? What is the opportunity about fine chrome? Merensky, though, is still very important, and it does contribute to a good base, and that also supports smelter balance, which we have to be very cognizant of. On that contiguous operation, what's very exciting about the UG2 is that these resources are shallow. They open themselves up for mechanized mining, open themselves up for low-cost mining, that is the future of the Western Limb for Sibanye-Stillwater. In terms of our mining mix advantage, the UG2 mix does increase exposure to high-grade PGMs, as I've said. We'll talk today, and Babsi will allude to it as well, is this industry-leading chrome technology that the CMA has offered us with Glencore that further enhances margins and cash flow and that optimal reef mix matches overall value and strengthens the competitiveness of our integrated SA PGM portfolio. We believe the future is very much UG2, and it's the foundation of a more valuable and competitive PGM business for us. Ralph will talk about the projects, but just very quickly, we've got several mining projects at various stages along the confidence curve. We've spoken about Siphumelele and Thembelani. Those projects are in reserve. In fact, they're in execution at the moment. East 4 on the Marikana side, followed by Kopaneng extension, East 3 extension, Bathopele, as well as Saffy. Later on in the presentation, you can see the production profile that will come from that. Very well thought through, very well understood in terms of timing, capital application, and bringing that into reality. Our job is very much to bring that into reality. It's not just about thinking. What is our track record of execution? That is the K4 project. We do have a track record of bringing projects into reality. Secondary mining projects, we'll talk about a very special concentrated WLTR, how we're going to repurpose that concentrator to exclusively look at UG2 surface material processing for largely chrome into the future. Also processing projects. We have upgrades to our PMR or precious metal refinery, as well as optionality over the smelter. In the downstream of our precious metal business, there's headroom over the BMR as well as the PMR and smelter that's under study to see optionality moving forward. We are positioned to unlock sustainable value through the disciplined execution and strategic leverage. This is the underground production profile looking out pretty much 10 years. Currently, our Merensky UG2 mix is largely in favorable of UG2. You can see it's very much conventional. Higher cost, deeper, and into the future, what we're adding to the endowment to continue the 1.5 million ounce underground production, more UG2, but fundamentally more mechanized. Lower risk, lower cost, shallower. We're a substantial South African, and proudly so, a South African PGM producer. We're currently 27% of the South African production. In terms of the prill split, we're very well-positioned, and in terms of the revenue basket, that's chrome revenue but not chrome production. A substantial amount of our chrome does move into contract arrangements with Glencore. We've got a very high-quality metal basket. Our chrome management agreement further strengthens our position in chrome recovery, and we're actively investing to sustain and grow our competitive position in South Africa. I'll now hand over to Dawie to take us through the underground production. Thank you. Thank you, Rich, and once again, good morning to everyone. I'll be giving an overview of our current PGM operations and also tomorrow during the underground visit, I hosted the various teams at our Saffy operation at our Marikana operations. Just looking at our PGM operations, as was said, strike distance of approximately 70 km striking east-west from the town of Brits up to the town of Rustenburg, situated in the bottom part of the Western Limb of the Bushveld complex. We started our PGM business in mid-2016 when we acquired Aquarius Platinum. Later that same year, we acquired the Rustenburg platinum mines from Anglo American Platinum, and in 2019, we acquired the Marikana operations from Lonmin. That concluded our PGM strategy at Sibanye-Stillwater. Our ore body is homogeneous, what that means, it stretches all 70 km from east to west, and it's got a constant dip of about nine degrees, dipping from south to north. Our underground PGM business consists out of six trackless mechanized operations and eight conventional operations, and we employ in the region of about 44,000 people, both owned as well as contractor employees. Our PGM ops have an excellent track record with regards to delivery as well as cost discipline. From the inception of our PGM business, our operations achieved market guidance on an annual basis. In 2021, we did see a slight drop in production, and that was due to the closure of 4B at Marikana, as well as our Simunye shaft at our Kroondal operations that reached end of life. However, this was partly offset by the gradual buildup of our K4 operations at our Marikana ops. Optimization, restructuring, and a simple operating model resulted in a right-sized PGM segment that operate on the current footprint with an exceptional culture of cost discipline. If you look at our rand per ton, including our surface operations, is the lowest compared to our peers in the South African industry. Our operating cost per 6E ounce comparable to our peers. Although the switch from POC to toll at our Kroondal operations in 2024 added additional costs. Our increased sustained business capital spend per 6E ounce also ranks below two of our peers in the industry. Throughout the years, the responsible investment supported our production profile and also ensured our sustainability. On average, for the last couple of years, we spent in the region of about ZAR 4.5 billion, for our ORD and SIB capital requirements within our region. Our sustained business capital per 6 oz also compare very well with our peers since 2023. This is a slide that we're very proud of and being part of the PGM business since inception in 2016, we've actually seen how our organization and how our PGM part of our business gradually moved down the cost curve. From where we started in 2016 to the furthest to the right, 2020, showing some marked improvement down the cost curve and currently ranking in the quartile 3 of the cost curve, taking into consideration excessive capital, project capital being invested in K4 as well, but very determined that going into the future, we can move further down, especially in lieu of what Richard showed us, and which Ralph will show us later during the day, the new projects that's coming online, and also taking into account that the majority of that will be trackless. We see ourself moving down and being very competitive with world PGM producers. Our K4 shaft is a well-advanced brownfields project that we acquired from Lonmin. Our K4 shaft is currently still in buildup phase, currently mining with 64 crews, whereby steady state production in 2032 will require us to mine with 107 stoping crews. At steady state, our K4 operation will break about 39,000 sq m on a monthly basis, hoist about 190,000 reef tons, which equates to about 21,004 oz per month or 250,000 oz per annum. Our K4 shaft at steady state will employ about 4,500 employees, which is critical for the socioeconomic stability within the area which we operate in and has got a life of mine up until 2070. Also important to note is that our K4 shaft, the project is 77% complete, and we've got just under ZAR 1 billion of project capital that we still need to spend, from which ZAR 650 million will be spent in 2026 and the remainder thereof going into next year. At steady state, K4 will produce a reef mix of about 55% Merensky and 45% UG2, which is key for our smelting strategy within our PGM segment. If we look at our primary mining outlook, as Rich showed us, it is a dropping profile. Also very important to note is that this excludes our projects, which is East 4, Siphumelele as well as Thembelani. Despite the declining profile, our cost that we forecast will remain competitive, and we believe as a team we've demonstrated that we can manage cost since the inception when we started our PGM business. If we look at our capital profile, the capital graph here exclude our project capital for K4. It includes K4, but it excludes Siphumelele, Thembelani and East 4. In general, our strategy in spending our capital is that at about 9% of our total operating cost, our SIB is calculated at our DMM operations and at 7% at our conventional operations. Our SIB is mainly spent on infrastructure maintenance as well as DMM replacement as at our trackless operations. Our ore reserve development at our conventional ops are also capitalized accordingly. This brings me to the end of the operations. I'll now hand over to Ralph that will take us through the project portion. Thanks, Dawie, and good morning, everyone. I think what's quite exciting for me is seeing our K4 project, which in all of your results will show you actually will have positive contribution from this year onwards. That's part of the good news, as we keep on developing these projects. Richard and Dawie already spoke a lot about these. I'm just going to reemphasize these points again. What we're going to demonstrate is these projects are higher margin projects. They are with low capital intensity, most of them are brownfield extensions. The one thing which we don't show you today is the Merensky overlay. That's very important because our UG2 is still relatively shallow to what we've mined historically, but also it allows us to understand the geology and structure also very good of where we are going to mine with the UG2. All these operations, except East 4, will be extensions from where we are mining, again, which makes it easy as we're moving down dip. Also, because of the Merensky, we have significant amount of legacy infrastructure we are utilizing again, which brings the total capital ask down. We're not trying new mining methods. We know quite well how to do mechanized low-profile bore and pillar mining. With that also comes experienced workforce. That's one of the other benefits we have by operating in this brownfields environment, which is going to assist us tremendously as we ramp up these projects and these crews move down dip. Reduced complexity, I'll show you today, and I'll use Siphumelele as example, where we actually also have the ability to combine mines to become one solid mining unit again, also bring us quite good return on capital and payback. Richard already showed the slides. Just to reemphasize that Siphumelele and Thembelani are already in execution. Thembelani, we already have stoping crews in the area. It's already contributing towards revenue. You'll see basically all of them except Thembelani is, will probably be the last pure conventional project which has been approved. Lucas will talk more about our other secondary mining projects. It's important you see these numbers. If you go in your book, if you look in the maps, you just follow the numbers to see where these specific projects are. For today, we actually used these set of prices you see here. All of them are based on a hurdle rate of 10%, real 2026 terms. Commodity assumptions are based primarily on the UBS, April 2026. Iridium, ruthenium, and lithium are on the SFA (Oxford) assumptions, and chrome, we used CRU prices. If you want to see the full deck, it's also available in the appendix if you want to do your runs. All right, we start to color the map a bit in. What you can see, basically, these green areas are where our project areas are. On this slide, I'll just very quickly go through again, starting with Thembelani, which is right on the western side. You have the Kopaneng Extension. You'll see there's a six, which is the Bathopelle Extension, which I will discuss a bit. We have Siphumelele, Bambanani area, K4, which Dawie already spoke about. Go right on the eastern side, we have East 4 is exciting. That will be our last decline from surface. East 3 Extension, where we convert from a conventional to a mechanized mine, and lastly, Saffy Extension. These projects are quite well advanced. East 4 is already in feasibility, while the other projects are in pre-feasibility except Saffy, which is still in concept study. If we focus on the traditional Rustenburg area, which is in this area, starting with Siphumelele. Again, we have the Siphumelele project, actually, we have two different phases. Phase 1 was approved last year, and with that there is to create this whole Bambanani, Siphumelele as one mining unit. Bambanani decline will hole into Siphumelele. That will allow also our current Bambanani crews to go underground at Siphumelele 1 shaft, where currently they have to travel 6 kilometers to get to the face. That will actually allow them to get to the face much quicker, and we expect the efficiency improvement of up to 20%. If we then move to number 2, which is the Thembelani, it's literally these stoping crews currently mining in these top areas. They will move down into this area. We've already been busy with this project for a couple of years, and the last capital was approved this year. Lastly but not the least, still in pre-feasibility phase is the Kopaneng Extension. Also this project, we will approve the capital in different phases. It also allows us to bring potentially Bathopele extension in here, and I will discuss that a bit more later. If we look in terms of synergies, we spoke about Bambanani decline, which will hole with Siphumelele. That will allow the Siphumelele, or the crews of Bambanani to go down in Siphumelele, get quicker to the faces in this area, start mining. This is already in our base case, but we allow for these crews to become more efficient while we have additional Siphumelele front starting here with mechanized mining, which will go here as a phase 1 and the ultimate later phase going deeper. Moving next door, we sit with Kopaneng. Same with Kopaneng. We have now the opportunity to punch Kopaneng through into this specific area, mine out this whole blue block. Recently, which is also part of the pre-feasibility A study, when I talk about pre-feasibility A, it's just this early stage of pre-feasibility. We will still analyze alternatives to make sure we take the block out to the best of our ability. We've done significant work to understand Khomanani 1, which is already decommissioned. How does it look, and can we not punch Bathopele through here? There's still the Umbilical cord of Khomanani 1 is still there. There's a whole decline, old decline, legacy decline sitting there, which will allow us then to connect Bathopele to get into that deeper ground as well. That will allow us then to optimize the boundaries even further between Bathopele, Kopaneng and Thembelani. This is the long tail of Thembelani, and we get sort of a more balanced production out of these. Then lastly, at number 2, it's Thembelani, as discussed already, the last remaining conventional project. If we go into the individual projects itself, Siphumelele, the first extension sitting in this orange block, that has already been approved. We have capital for that. That's the ZAR 2.8 billion you see there. And the NPV IRR is actually just for that orange block. It's not the deeper area, which is the phase 2, which I'll discuss in a later slide. We achieved our first blast in the Siphumelele in May 2026. That's a month ahead of schedule. The Bambanani decline, which also needs to hold, that's actually also ahead of schedule as I stand here today. We expect first production in the Siphumelele extension area, March 2027. Planned capital footprint completion, January 2031. Below, quite a healthy IRR and NPV as well. If we talk about the Siphumelele extension, that's extremely important. That will allow us actually to increase our capacity at Siphumelele because we have additional face, so we can put additional crews in, and that will allow us to take our current production profile at Siphumelele, which is 120 kilotons per month to 160 kilotons per month, while we're mining out the tail of Bambanani also at the end. Again, just explaining what the combination of these two historical mines create in terms of having one mine and maximizing the reserve extraction. Also quite a healthy IRR and a relatively healthy NPV as well. In section, if you think about, I've showed you the plan. If you have to slice through in the middle and just look at how we combine these mines. I spoke about Bambanani decline coming down from surface. These are all existing shafts already in place as part of the old infrastructure. Bambanani is already 6 kilometers to get to that point. The fact that we're going to hold Bambanani allows Bambanani people to go down and actually get quicker to the face. This hashed area is all the Merensky already mined out. Merensky, there's a bit of Merensky right left at the bottom. That's conventional, taking about 40 kilotons per month. But what's more important is the establishment of the first Siphumelele UG2 mechanized mine. Again, thank you to the old Anglo-American, which is currently Valterra. There's a whole lot of infrastructure we connect up in here, and actually we can use that. Later on also extend our phase 2. What I don't show today, we have optionality to do a phase 3 in future as well. That's not in the profile, that gray area. The orange and green, you will see in our profiles. If you look at, let's call it the Bambanani Siphumelele combined mine. First of all, I also didn't discuss this. If we didn't do this, our Merensky would have died down about here because that would have become a negative because the Merensky would not be able to actually contribute to the shaft overheads. The fact that we do that, we can mine our Merensky as well longer. This is the Siphumelele phase 1 area. This is the associated capital. We have capital spent and from 2031 onwards, it will become just a going operational concern. This is the Bambanani. The fact that we have held now, we can allow Bambanani also to continue. As discussed, the Siphumelele phase 2 on top there, that allows us actually to increase our production in the Siphumelele area from 120 to 160 kilotons. If we go to Kopaneng, that's the one in the middle. Exciting. As discussed, we're still in early pre-feasibility study phase. There are only 2 alternatives we are looking at. I'll first going to explain the one which you see the financial valuation on. This is punching through Kopaneng and extract this whole piece of ground out of Kopaneng. This area, we don't need to go and ask for project capital. There's a workshop which I'll do and stay in business capital, and that will allow Kopaneng already to utilize this ground from 2028 onwards. The actual project area is starting from this pink here. Now you can't see clearly, but you can see basically there's the old Khomanani 2 shaft. The Merensky is far here. That's extremely important. That again, allows us to create a link from Khomanani 2, which is in care and maintenance, so that shaft is still accessible, and actually create connection all the way back through a chairlift. This is an existing decline. It's just to go and to refurbish that, connect into our working areas. First of all, be on top here. That again, will allow us then slowly but surely to maintain efficiency for our mechanized crews coming down in this specific area. As we move in this purple area, we know we will require a new ventilation shaft. We also have different options there. We're looking at a new shaft, which we can also potentially equip, or alternatively, is to actually to recommission the decommissioned Khomanani 1 shaft, which again gives us optionality by utilizing the old infrastructure. If we're successful with Siphumelele, this Siphumelele decline, although you see it's there, it will come in here, it will connect from this site in here, will go down in the old Khomanani One workings. From there, this decline will push through. We will then rebalance the boundaries and actually allow for Thembelani ground to be ceded to the Bathopele extension, and we will balance the production through those two specific declines. As is this one I explained, again, a healthy IRR and also quite a good NPV and a significant life of 27 years. If we look in section, same story again. Merensky has been mined out all the way up to Khomanani Two, which is in care and maintenance. This shaft, Khomanani One is decommissioned, and extending with our down dip with our UG2 all the way. There's also a phase three, which we don't show today. Again, we just talk about this. Everything we show today is still what we call in shallow to intermediate depth. We haven't started to touch any deep level type of PGM mining. If you look at any of these infrastructures I show. The other thing I also didn't mention, the beautiful thing we have in the Rustenburg Marikana area is the dip of the ore body. It's between 9 and 13 and a half degrees. That allows us to actually to continue with mechanized mining, without trying to do some real funny stuff to make sure our TMM machines can run there. Moving to Thembelani. The project area, if you have an asymmetric view, that's Thembelani one shaft. That's a ventilation shaft. We have more ventilation shafts. You have a main haulage, then the decline going down. Merensky operations, what you can't see is Thembelani Two shaft, which was sunk in the old days. It is connected with Thembelani One, and it's important because part of our project, we use the refrigeration plant there actually to ensure we have refrigeration for our stoping crews moving down. Project areas in this green block here. That's where our current UG2 operations are. That's where the current Merensky operations are. We already have stoping crews already settled in these areas here. Even the project area we started to generate revenue. Still quite a long life. This allows us to take Thembelani to 2057. Again, quite a healthy IRR and NPV. If we look in section, same story. Merensky Reef has been mined out. All this infrastructure had to be established for the Merensky. Now we can utilize this infrastructure for UG2, the current mining. Now moving down in this green block. Future mining, the biggest job here from a project perspective is to upgrade the current decline from 70 kilotons per month to 140. That's what we're busy with. Then also to set up the new dirty water handling system. Lastly, to ensure we connect the refrigeration of Thembelani Two to actually mine these areas. In this case, it made sense to keep it conventional with the conventional crews. They just moved down with the current shaft. Hence the reason we kept this as a conventional mine going forward. Thembelani Two. This allows us then to maintain a healthy profile for quite long. Then significant upfront capital, but after that, it's just normal ORD and stay in business capital which will continue after that. Moving away from Rustenburg, now right on the eastern side, starting with East Four and East Three. East Four is this project area, but we've broken up into phase 1 and a phase 2 just to ensure we spend capital responsibly. Then we have East Three, which would be the change from a conventional mine on top here to a mechanized mine, which will come down here. We've done significant concept studies over the last couple of years and to see how we can balance this piece of endowment and actually get balanced production between East Three and East Four in future. Both of those declines will build up to 200 kilotons per month. Both of these mechanized mines in the future. If we go into the detail, first of all, I spoke about East Four is basically our last decline from surface. We get the benefit to do everything from new without having infrastructure on top of you. We are aiming to have the feasibility completed by the end of this year. Then hopefully we can make it part of the PGM portfolio as part of our project execution plan. Aiming 200 kilotons per month in this specific block. East Three, our biggest work is to see how we can convert this historical conventional incline system to convert it to a mechanized low-profile mining. Also to upgrade the capacity to do 200 kilotons per month. East Three is in pre-feasibility, while East Four is in feasibility. East 3 will only come later in the following year to the board. Zooming into East 4, it is one of our bigger capital items sitting right on the eastern edge, just the landscape on top of that. One of the things we've decided to do here, instead of having a haul route back to the EPL plant, we will put in an aerial rope conveyor that take the congestion off the roads and obviously make it also much safer and also to convey it over farmland. The same aerial rope conveyor will connect with East 3. East 3 will also get the benefit of that in the future. From there, we will transport the ore to EPL or the EPL concentrator. Although quite a big capital, still quite a healthy IRR for East 4 at this stage. Our intent is to ramp up to 200 kilotonnes per month, which will give us about 120,000 ounces per annum. It is quite a slow ramp-up up to 2032. We made sure that what we put in here is achievable. Significant capital in the initial years. Then after that, it would only be the stay-in-business capital. If we go to East 3, as already discussed, the big issue there will be the conversion of the shaft from a conventional to mechanized mine. East 3 get the benefit of the conventional base, which will still happening for the next 10 years or so. Again, a healthy NPV and IRR. If you look in section, basically we exploit the whole piece of ground. This is to the current East 3 conversion in this specific area. That's where most of the capital will go down. In future, the East 3 Phase 2 and East 4 Phase 2 will share synergies in the same ventilation infrastructure. That will allow us to go deeper. Just to put in perspective, this is still very shallow. Even in 2065, we will only be a kilometer below surface, and then there's some small area left remaining after that. Lastly, Saffy. I don't have a profile here. Saffy is in concept study. Economics and concept also looks relatively good. What's important is this blue is the remaining reserve for Saffy. You can still see there's significant mining in the top left, which will keep them busy for next couple of decades. However, we don't wait. Apologies. We are looking at ways how we can get the best extraction strategy below at Saffy. What we are look at, and that's more around infrastructure. This is quite a wide strike. Do you put in one decline or two declines? This will also be mechanized mining. Then the light green below again is for future. Again, if you see where that 1,000-meter mark is, this is a significant piece of ground which we will exploit in future. That's also where we will go tomorrow to see the Saffy operations. Capital spend for these mining studies will hover around $3.5 billion up to 2031. That, again, exclude those deeper sections I've shown. Again, it creates optionalities for us where we can use it as a replacement in the future if it makes sense or if for whatever reason, PGM market changes where we can bring some of those projects forward. At this stage, we keep it disciplined. One thing we've done at Sibanye-Stillwater over the last years is to create project capacity, and we will keep on creating project capacity as we continue this. As Dawie really alluded, the good news is we have experience in building projects now through K4 as well as Keliber. A lot of our project individuals are actually looking at both international as well as South African projects. This is my last slide, so I am going to hand over to Lucas, and he will also share some of the projects. It is exciting time to be in Sibanye-Stillwater for projects, and I am looking forward to deliver these on behalf of Sibanye-Stillwater. Thanks. Lucas? Thank you. Thank you, Ralph. My name is Lucas Msimanga. I am the EVP for processing. You would have heard a lot from my colleague, Dawie, talking about the mining output. You also would have heard about the good projects that are coming through. Ralph has gone through them, quite extensive. As processing, obviously, we need to process this and make it worthwhile for the miners so that they are producing something they can be proud of and something that is usable and sellable by Kleantha as well. I am going to take you through the processing operations in terms of the capacity and what we are doing there. If you look at our operations, we have got a vast footprint, which is actually distributed across the Marikana as well, the Rustenburg region. In here, you have concentrators for primary processing material from the underground operations. You have got also concentrators that are also dealing with the retreatment of tailings. So it is a robust portfolio actually depicted by these black headings here. What we have as well is the smelter. So we have got a smelter as well, which says we are not only involved in concentrate production, but we also process further, which is part of our beneficiation. So we have got a smelter, we have got a base metals refinery, which actually refines the material further as well. This is actually situated in Marikana. Down in Boksburg, you have got the PMR, which is the precious metals refinery. Again, what this shows you is that we have got really quite a chain from the concentrator up to the finished product in the refineries, which means that we can produce products of different quality as well, and finished products which can be marketed and extract maximum value. But also important for us is that we need to deal with the tailings, deal with the tailings in a responsible manner environmentally. So we have got in orange here the different tailings facilities. I can confirm as well that these are managed very closely, and actually compliance from a global GISTM standards. So this is actually well looked after. So we have got a vast processing facility, which is actually adequate to process the current projects, but also the future projects. I will go a bit into detail in terms of the underground concentrators. These are the concentrators that process material from the underground operations. In Rustenburg, we have got K1, K2, as well as Waterfall UG2. In Marikana, we have Karee Mixed, Karee UG2, K4 as well as EPL. In terms of capacity, in the Rustenburg area, you can see there is actually spare capacities. We still have got spare capacity in Rustenburg, and in the Marikana area, it's actually breaking even in terms of what is being received. Also to note as well in Marikana, we've got two concentrators which are on care and maintenance. These concentrators have been preserved and will be restarted as part of the strategy as the projects come through. The key message here is that we've got the capacity, and we can dial in more capacity as needed. Also important as well is that this is actually attached to the TSFs, and these are long-term TSFs. You can see in particular Marikana pits, this is quite strategic going forward, going to 2060. You can see 2044, the Hoedspruit, Paterskraal 2060. We've got the capacity for the tailings to dispose those tailings safely as well, as well as environmentally friendly. We talk about chrome. I think my colleagues have spoken about chrome. We see the chrome business as being important going forward, and the processing of chrome and actually extracting that value becomes quite important. You can see the UG2 tailings. These are the active chrome plants across. I think interestingly as well, you'll see here is the recoveries. As processing, we are continuously seeking to improve the recoveries, benchmarking internally as well as externally, and obviously we want to raise that as high as possible. This is in line with the operating excellence that Richard spoke about. Again, here you'll see a standout here in this plant here, which is actually at 36%. It's much higher than the rest as well. Our objective is to actually get close as possible to that. This we'll do obviously by optimizing our operations and actually employing the right technology. Now, Ralph spoke about a number of projects, very good projects, which will ensure that we are sustainable into the future. What is quite important as well is that those projects, they've got to find a home and actually be treated. What you see here is the numbers are actually those projects that Ralph spoke about. On the left here, you've got the Siphumelele, Bathopele, as well as Thembelani. These projects, they go to Waterfall UG2. If you come this side, East 3 and East 4, they go to EPL and EPC. All the other projects as well, they've got a destination in terms of where they'll be processed. Again, we know where that material is going. We've got the capacity, we've got the ability to process that output. Like I said, we've got the tailings treatment capacity as well. We've got concentrators that are treating primary material from the underground operations, but we've got also concentrators that are also treating the tails that we have. That's a substantial part of our business as well. What we have in the Rustenburg area, we've got the WLTR as well as Platinum Mile. We see WLTR as important going forward, and the projects as well are in place to actually use that too, especially on chrome and extract more chrome going forward. We've got BTT as well as ETTP, which is actually in Marikana. We've got also the spare capacity, as well within this. That means we're not only processing the primary output from the underground operations, but also our business is also processing and retreating material from the tails dump. Again, this is associated with the TSFs as well. I think interestingly as well as an opportunity, you'll see in these concentrators, we are not yet doing a lot of chrome. Again, this actually poses as an opportunity going forward to actually expand this business here and do more chrome, also in the tails retreatment capacity. For us to be able to treat the material that comes from the projects and comes from the operations, we need to have the capacity. The capacity is ticked. Also what is important is that we need to have the right reliability, the availability, so that we've got stability in the operations. It means that we need to invest into our operations so that we get that reliability. In the processing side, reliability is quite important because for you to have stability enhance the efficiencies, enhance the operating excellence that Richard is talking about, you need to have the operations reliable. We've maintained a discipline and consistent capital investment in the processing infrastructure. Again, you can see over the years as well, spent in the concentrators. What does it give us? It does give us that availability which is needed. You can see from 2022, our availability has actually been the north of 92%. This is enough and this is what is required as well to meet our business plans. If you look year-on-year, we've been able to treat all our stockpiles. Whatever is being produced, we're able to push it through the concentrators and process and convert into final product. This is the exciting and interesting part. We've got historic UG2 tailings. We've got them in abundance and this is some of the deposits that we have. This is in million tons. These are UG2 tailings, which exist in the Marikana as well as the Rustenburg region. We're seeing a resource here and a very good resource. If you look at in terms of the chrome content, quite very good figures. Over and above the chrome, there's also PGM content as well. We really see quite a very good opportunity in these facilities. The major value that we see is chrome, with a meaningful PGM upside. What this does is that, well, you can be able to extract chrome and also extract the PGM, and also as the prices actually fluctuate, we can actually make up to some of those gaps. We see that as a wonderful opportunity going forward, an opportunity where we need to extract value from. Again, like I've said, the existing concentrators, WLTR as well as K1, they do help us in terms of extracting and recovering the PGMs, and they do it very, very efficiently. We are saying the resources also represent a significant opportunity for chrome recovery through the application of suitable processing technologies. It means that we have the resources, but how do we extract that? How do we convert that to value? The first part is technology. We need to deal with technology. How do we deal with technology? The conventional methods in the industry have been using the spirals, but this has proven to be quite effective, but not very effective on the finer chrome. That's why there is a switch in terms of technology to the magnetic technology which uses magnets. This breakthrough in technology allows us to extract that opportunity in those deposits. In terms of technology, we are implementing the fine chrome recovery technology across our UG2 processing operations. Again, this is proven technology. It is there in industry, and it has shown that it can give us the extraction that we need. Also importantly, it does actually give us better recoveries as well. Obviously, the higher recoveries will actually give us more output. Interestingly as well, because we're extracting the chrome as well, we're also going to be reducing the tails volumes. Obviously from a rehabilitation point of view, it's got a positive impact up to about 30%. This enhances the overall economics of the operations. The chrome management agreement with Glencore supports the ongoing optimization of chrome production and value extraction. We've got the resources, we've got the technology to deal with that and process that material. Important as well is that when you process as well, you need to deal with the tailings. These tailings have got to find a home. We've got to be able to handle those tailings. Our technical team has done a very, very good job in developing a digital twin for the SA PGM footprint, which has helped to optimize disposition planning as well as the long-term capacity. This has helped us as well to optimize this tailings disposition. The Marikana pits, they are a cornerstone in terms of handling the tailings. These are pits that are existing. It means that in terms of time to bring those tailings facilities, they can be brought quicker and also at a lesser capital. We can deal with that in these Marikana pits TSFs, and they'll help us to maximize deposition capacity for the WLTR and Kroondal surface concentrators while supporting future underground operations. We've got the resource, we've dealt with the technology, but also we've got a solution for the tailings disposals. This talks to the projects to actually actualize this value creation. This WLTR recovery plant upgrade is one of the projects. Again, what I'm talking about here is phase 1. The phase 1 is actually here, and you'll see it from the processing rate that this is only part of the processing strategy. There's more in Kroondal, there's also other phases as well. I'm going to talk a little bit about this phase 1 here. This phase is going to be treating tailings from KTD1, recovering both chrome as well as PGMs. This project enhances overall value from the surface operations and supports the broader SA PGM surface retreatment strategy. The feasibility study has been completed, the board approval has been received, and construction is to commence in H2 2026, with commissioning expected by the end of 2027. The projected capital is about ZAR 0.9 billion. The payback is over two years. The economic life of this phase is six years, NPV of ZAR 1 billion, IRR of 43%, and very competitive operating costs as well. What this shows here is the layout of the plant, this shows the profile going forward. It shows the potential in the system and that this is a multi-year profile as well, which is actually being extended going forward. Now, this move and change in strategy or enhancement on the strategy, it represents a transition from Merensky Reef to UG2 tailings, driving a fundamental change in the revenue mix, with chrome becoming a core value driver alongside the PGMs. The surface margins as well, they're expected to improve as well by this strategy. You can see the shift as well with chrome becoming important, but also PGM also being there. This is actually the stack of the projects at Kroondal as well as WLTR. We've employed capital as well to prepare for this storyline. You can see the spending at WLTR, Kroondal, as well as the Marikana pits. There's been investment to actually support this unlocking of value. In summary, we've got the resource. We see potential in the resource. We've got a footprint as well, which is actually properly positioned as well, and the synergies that can be got in the area as well can actually be extracted. The CMA actually provides the opportunity to partner as well as and extract this value. Again, we've got an integrated disposition strategy supported by the digital twin planning, which really optimizes the extraction of this value. I'll stop here for now and ask my colleague, Babsi, just to take you through onto the detail of chrome. Thank you. Is this thing on? Good morning, ladies and gentlemen. I've got the privilege to take you through our chrome business this morning, both where we come from, but also where we are going. It's quite exciting stuff. Let me start with just a bit of history in terms of where we come from and where we are going. Chrome is a material and growing value contributor to our revenue base. If you look at 2020, about 3% all the way up to about 12% in 2024 and 8% in 2025. It's also been a stable income generator during periods of low PGM pricing. If you look at the EBITDA graph below, in 2024, that's all the way up to more than 40%. Lastly, a critical enabler of our project feasibilities. We've spoken about quite a couple of projects, each of these projects has got a material chrome component which contributes to the value. Not only that, also to reducing or extending life of our tailings facilities. Tailings facilities can be a very costly capital outlay. By taking out more chrome, obviously those can be extended. In 2025, we signed a, we call it a chrome management agreement with Glencore. This agreement attracts material value to both Sibanye and to Glencore earlier. Firstly, it repositions commercial terms of, let's call it legacy contracts, such that both Glencore and Sibanye attracts a lot of value earlier. Glencore in terms of more chrome volumes, Sibanye in terms of getting out of that contract and attracting market-related pricing quite sooner. Secondly, it creates an opportunity to join forces in terms of technology, in particular as it relates to fine chrome. Thirdly, it creates synergies through combined assets via a couple of things. R&D capacity, capability, and infrastructure, which Glencore are very strong in, being a chrome company. Technical capability and capacity. Lastly, chrome recovery infrastructure. Sibanye's got 12 chrome recovery plants on our footprint, and Sibanye owns six of them, and Glencore owns five of them, which means working together, there's a lot of synergies to be leveraged on. Let's go to the next one. Right. If we look at our existing chrome profile. What does existing mean? This is what we have in our approved life of mine, including approved projects. I think the first notable item here is the significant growth that we've experienced since 2016. In 2020, we did about 1 million tons per annum. 2024, about 2.5 million tons per annum. If you look at the forecast up until 2023, circa 2.3 million tons per annum. In 2023, we will be exiting some of our legacy contracts, and that result in a big upside in terms of value. One thing that we need to take note of here is still a large portion of our chrome is sold at prices-- Where is this thingamajig? Yeah. If you look at the green here, all of that chrome is still sold at lower than market prices. The remainder is market-related prices. In 2032, we will exit that contract and will attract market-related prices on all our chrome. Good. If we move to the next graph, this one is quite exciting. The gray you see here is the graph that I've just shared. It shows our growth plans into the future, both underground extension projects as well as our surface projects. Our expansion plans will result in a 75% increase in our chrome volumes. This will enhance Sibanye's position in the local as well as global markets. The expiry of the legacy chrome delivery contract with Glencore will result in a significant increase in revenue from 2023 onwards. There, you can still see that area there. It's important to note that all our expansion projects, regardless of the expiry of the Marikana contract, will attract market-related prices, and that's for both surface as well as underground. Ladies and gentlemen, chrome production has become an exciting and important portion of our portfolio. From 2016, where we produced 1 million tons per annum, we are on the path to produce 4.5 and even more than that million tons per annum. Which we are on the path to be a chrome producer to be reckoned with. As Kleantha mentioned earlier, we currently do 10% of South Africa's chrome production, 5% worldwide. If we achieve this, we will exceed that 10% by quite a significant amount. That's my story on chrome. I think I need to hand over to-- Back to you, Lucas. Thank you, Babsi. We're quite excited about the chrome opportunity. We've spoken about the concentrators, both underground projects, also the tails treatment, the opportunities that exist there. We've spoken about that we've got the capacity, we've got the quality operations, which are actually in very good condition. I just want to spend a bit of time talk about the downstream. I think what is exciting with our portfolio is that we don't just produce the concentrate, but also we beneficiate. We actually go a step further. This is in line with what the government is requiring from us, and also in line with extracting the most value for our shareholders. I just want to draw your attention to the base metal refinery as well as the smelter, and we say it in Boksburg as well, we've got the precious metals refinery as well. We have end-to-end beneficiation capability, which stretches from the concentrator, smelter, BMR, and PMR. We've also invested in reliable, cost-effective processing assets that support long-term operational sustainability. The third-party processing also provides capital flexibility and optimizes value by utilizing available capacity across the value chain. I want to talk a bit about the smelter performance as well as on its reliability. The smelter is currently operating at 78% with very strong reliability. I must mention that since 2017, we haven't had a significant failure, I think there's very good control, very good capital that has been invested over the years. The operation is well looked after, and it is a stable furnace as well. With stability comes efficiencies as well, and with efficiencies, we're able to manage our costs as well. This has been achieved through targeted investments which have improved throughput as well as stability. The BMR and PMR are operating at 50% capacity, providing headroom for volume growth and product flexibility. PMR upgrade is key enabler for long-term sustainability and processing optionality. I'll talk a little bit more about the investment into this operation as well. This shows the capital that has been employed over the years at the smelter, BMR, as well as PMR. You can see over the years, these assets have been well looked after. There's been investment into them. I can confirm that they are in a very good condition to actually deliver the strategy. I think as an example as well, if you look at the furnace reliability and just looking at tons between failures, I mean significant failures, this actually has been improving over the years. This has been achieved because of the great attention that is paid to these assets, the capital that is employed, the very experienced and well-trained people that are running these operations. I want to talk about the PMR upgrade as well. I think quite important that these assets are kept in the good condition. By the way, these are mature assets, I mean in number of years. It is quite important that they are always refreshed to be kept in the same condition. More importantly as well, it has not only been about keeping them in the same condition in terms of reliability, but also in terms of upgrading them, modernizing them, and actually improving them so that they can constantly increase their capability of actually doing new products. What we're really focusing on as well is because of the portfolio that we have and the basket of minerals that we talk about or metals, we have to be able to process the full basket of the precious metals. This upgrade as well has also focused on aligning with the life of mine, ensuring that all those projects and all the life of mine is actually met here. This project has actually been geared to provide that. We've also included the upgrades on the laboratory. The laboratory is very important for this operation. It is very important in terms of managing the customers as well, ensuring that we keep the right NIM. Also, the upgrade on the ruthenium circuit as well as the rhodium as well as iridium circuit. This has been pushed. Importantly to align to the strategy, a focus on operating excellence and in processing, it is really about improving recovery, efficiencies, and product flexibility. That talks to the unit cost as well. The total project capital estimate is ZAR 2.3 billion, of which ZAR 491 million has already been spent. If I look at the laboratory, 66% done, complete, and the completion is targeted. It's on track to be finished by Q4 2026. The ruthenium circuit, 60% complete. We are on track for targeted completion of Q2 2027. The rhodium iridium circuit design is 98% complete, targeted completion Q4 2029. These are exciting projects which will really modernize this facility and give it the right reliability as well as flexibility to produce the metals that can be marketed at value. I'll end here. Thank you very much. I'll hand over to Richard. I think you can say wow. I think it is quite overwhelming when one considers what a privilege it is to be a mining professional in South Africa when you can work in such an opportunity. Current operations that are delivering to expectation, compelling brownfields execution. The quality of the brownfields projects, the IRRs we're talking about, the net present value, the life of mine, seven compelling growth opportunities. How chrome is not just what we think about, but something that is definitely in the future going to be improving margins and strengthening our project economics. Bringing it in all together, we can see a compelling, sustainable, robust, enviable PGM business for the long term. Current operations, the two operations in execution, the Siphumelele and the Thembelani, and then all the other projects that we've described, robust, high value, very exciting future ahead of us. This is not just about a portfolio of mines. We are executing a deliberate strategy to extract more value from every square meter of resource base. As I said, how are we thinking about chrome? It's no longer just a byproduct in our thinking. It's a deliberate additional value stream that improves margins and strengthens project economics. Babsi shared with us where we're going to, where we see a pathway to becoming in the top 5 significant chrome ore producers in the world. Just in PGM, this is a very enviable capital expenditure program aligned with the guardrails of expenditure. It will have a multi-year ZAR 8 billion-ZAR 9 billion per annum capital expenditure. That's very exciting. It's about the stuff that gets our legs swinging out of bed. How are we going to do it? How we need to set ourselves up that in the very near time, this becomes real on the front line. Very inspiring to be part of it, and I'm sure we're the envy of our peers elsewhere in South Africa. Very exciting. Existing underground and surface projects added to that, projects currently in execution. K4 proved that we can execute. Both Siphu and Thembelani, that'll prove that we can scale that execution across the footprint. Projects that are in feasibility studies, pre-feasibility studies, as well as concept studies. The reason why Ralph is the executive head of projects, looking exclusively at the grow out of the SA PGM business. I think this is largely an underwhelming slide because I don't know if words can capture what we've got and where we're moving to and why we're so excited about it, but I'll give it a go. These are long-life contiguous assets. We've currently got a significant production base. We've thought about it a long time, how we can unpack and unfold those operational synergies that underpin our cost competitiveness. We've got a significant resource endowment that we've shown today. We've got an unlocking brownfield project opportunities across mine boundaries. They're shallow, and they obviously also strike extensions. Our project execution strategy is well thought through. It's on the back of looking at a strategy. How do we win over that endowment? It's optimizing for market demand, capital allocation, as well as existing infrastructure. It's quite flexible. If market conditions change, we can pull back. If they expand, we can lean into that as well. Very competitive. It focuses on a higher revenue UG2, low capital intensity, mechanized brownfields projects. K4 is very important. It demonstrates to a team that has been extracting how to build and execute projects at scale, followed with Siphumelele and Thembelani that advance the next phase of underground growth. Again, further value creation and how we've strategically positioned ourselves, the partnerships that we've entered into, we're very excited about the chrome market. We're busy building a substantial secondary mining business. If you see what DRD has been able to do in gold, we're going to do that in PGM. We've got a long life competitive SA PGM platform. We've got clear levers currently underway to sustain that production, as well as improve margins and drive further value creation. In summary, we have a very high-quality underground PGM business, long-life assets, solid operations delivering season in, season out, a credible brownfields growth pipeline backed by a super passionate team that's excited to work in the PGM environment. Quality underground. We've got new surface business emerging. We've got extending resource base creating a meaningful new value stream at scale. Chrome is now becoming a strategic value driver. More and more, it's enhancing our basket and supporting the growth and strengthening the competitiveness of our SAPGM portfolio. In essence, we've got a quality underground portfolio, we've got an exciting new surface value business, and chrome is becoming strategic. Thank you very much, ladies and gentlemen. That's the PGM business. Thank you, sir. Thank you, Richard and team. We'll start with questions from the floor again. All right. Just here. Hi, it's Arnold again. I've got a spate of questions. Do I run through a few or? Yeah, sure. Okay. Quick one just on Mimosa's 8-year life of mine, how long can you extend that if the Zim government plays ball? Just looking at the projects, there's a lot of legacy infrastructure there's a lot of development. I fully understand the synergies and what you're trying to achieve, but you are still sitting with a lot of infrastructure, and how do you manage the cost around it? Because every shaft is overhead and every time you drop down, it adds cost. Are you rationalizing some of that because it looks like you're almost going the opposite of rationalizing. You're reutilizing and reopening or opening up some of those older infrastructure. Just a quick one on the tailings deposition into the pits, do you have permitting for that? On the chrome side, 2 questions. The one is, are you tied to Glencore? The second is, with your projects on the chrome side, can you buy yourself out of that discount sooner? In other words, can you produce more metal to get to full payability sooner or are you locked into that timeframe? Sorry, lots of questions, but I think they're all relevant. Arnold, thanks. Listen, I'm only going to touch on some of the strategic stuff. The team will have to answer the rest. Guys, please prepare for that. Let me just touch on Mimosa because that I guess comes down to a strategic decision as well a little bit. Listen, I think the current Mimosa has got potential to expand, so they've got a significant project called the North Hill Project. At the moment, capital for North Hill has not yet been approved by the shareholders. I think from an asset perspective, it's a great project. We are going to touch on, at the end of today, a little bit around what we're presenting now, and perhaps I should just give a heads up. We're showing you all the projects, all the capital that goes with this. We're going to be ending with a bit of a discussion around how we're thinking about capital allocation. I think that's just key to pick that up at the end as to how we wrap all of this up together. Please don't be sitting there thinking what you're seeing necessarily on here is exactly how it plays out and gets spent. That's just a key part of today I should mention. As it stands at the moment, North Hill is not part of our capital allocation. It's definitely got opportunities as a project, but Zimbabwe investment for us today is not a priority. That's just how I can answer that one. I think, listen, team, do you want to answer the rest? I could maybe just touch on Glencore as well. Babsi, you touch on it just in terms of how that agreement works, it's delivering a volume rather than buying ourselves out. So- Good. I've got something. Thanks for that question, Arnold. The first one in terms of being tied to Glencore, yes, for some of the assets, no for some of the assets. All our surface assets is not included. We can select to make it part of the agreement or not. Your next question, can we buy ourselves out earlier? Yes, we can. We've got that optionality built into the contract. Obviously, it will depend on value, price and value, whether we do it sooner or later or not, we do have that optionality, yes. For volume, if you bring volume, let's say you're very successful with projects. Can you bring online additional volume? Yeah. Does that get you out of it quicker or not? It can. The contract itself is linked to certain mining rights. We've got the optionality now to bring others in if it does make sense for Sibanye, yes. Yeah. You can deliver additional material on top of that. We can. to pay it off. Yes, we can. I think there are two important points there, Arnold, just to touch on it because it does give us flexibility. The value for Glencore in terms of how, why. That green bar you saw in the graph continued for life on that. We effectively put a hard stop to it. We can bring it forward by committing additional volumes to it. We could take volume from other sources and put it in there. High PGM price environment, for example, you could put more chrome in there. The flexibility we've got is the new projects are excluded from that legacy contract if we want to. Okay, what that's given us, and this was the key to unlocking a lot of the project work, is it's given us the comfort to be able to start those projects knowing that we can get full chrome revenue going forward, which reduces a lot of risk to PGM volatility. We've got a lot of optionality to be able to play with. If you're in a high PGM, lower chrome environment, you could easily try and settle that quicker. We've also got the flex on the project side, which gives us confidence. That was the value for us in that agreement. Okay, perfect. That's it from those. You had the cost question Ralph, maybe I'll just pick up the deposition in the pits. We can't depos there at the moment. We've got two licenses, one with the DMRE, the other one with the Department of Forestry, Fisheries and the Environment. There's a program of engagement, but we don't yet have those licenses. There's no expectation that there'll be a pushback. Okay. Go. Nkateko Mathonsi, Investec Bank. My question is for Lucas. The first question is for Lucas. You indeed have presented that you have excess refining capacity, both BMR and precious metals. I just want to know in terms of your risk assessment, because part of the reason, in my knowledge, part of the reason you've got excess processing capacity is because there's a significant amount that is still toll processed into Vale. That contract has been renewed, but it is not for a longer period. I think it's about four to five years. Should, for whatever reason, that contract not be renewed, what does it mean for your processing infrastructure? Also I wanted to know, some of the additional volumes that will come through, or the new projects, will those metal be processed at Sibanye or does some of it actually form part of the tolling with Vale? The question is, does Vale actually get higher tolling quantities as a result of the replacement projects that we see? Richard, am I correct in actually assuming that from Sibanye for the next up to 2034, production actually moves sideways? In terms of that decline that Kleantha presented on the supply-demand balances, that actually would not be coming from Sibanye because of the new projects. Your production actually moves sideways. You did say that, my question will be answered during the presentations. Thank you. I think for the first question, just to be clear, we are very comfortable with where we are now in terms of the projects that we have, current operations, are we going to be able to push the metal out right to the end? We've got the solution, current solution, we don't see the risk as well. Having said that, obviously we consistently review our strategy in terms of what makes sense. Do we utilize industry capacity? Do we employ capital to increase capacity? I think all of that is actually part of the ongoing considerations that we'll continue to do. We are very comfortable with where we are. We are secure in terms of that will push the metal. If different decisions have to be made in the future, we'll certainly make them. I think we are not tied to any of the solutions. It depends on the strategic decisions that we take at a particular point in time. Coming to the future projects as well, I think also it is really about what makes sense, what can we bring in, and what can we do probably with our partners as well. At the end of the day, central to it is what really captures us the great value. I think the important thing is we don't see ourselves at risk that we'll be desperate. I think we are comfortable where we are. Thank you. Nkateko, maybe just to add to that one a little bit. The Vale tolling contract runs until 2032. That covers anything that comes out of Rustenburg today, combined Rustenburg, Kroondal. Any new projects that deliver from that will automatically go into that contract. Anything that comes out of Marikana automatically goes into our own facilities. Beyond 2032, I think is what Lucas has just been touching on, we've got several options as to how we can look at processing that. Investing our own capital, continuing to toll, that's going to be a value discussion, but plenty of options to look at it. We're not concerned around how to solve that, which I think is what Lucas was just touching on. We're still going to get to the, as I mentioned, the last point around how we think about capital allocation. Let me start answering your question now, because I think what we're showing here, and this is why I'm going to suggest it up front, that this is one of the best portfolios in the world. As Rich just mentioned, how many single mine complexes have you got that can build a world-class chrome business, third-biggest chrome business in the world, a whole new DRD? We can maintain a production rate. Here we've modeled 1.5 million ounces. The reason the 1.5, that matches what we think the market needs. We can maintain 1.5, not out of a single project that's either commit or don't commit huge capital you're in or you're out, but out of 10 projects that can be turned on and off, brought in at different times, ramped up or not. That's the flexibility we got, and that's why I said this is one of the most amazing portfolios in the world. What we've committed to today, so what the board's approved in terms of capital is what's in execution. I think Ralph took us through that. The three projects today have already got board approval. Where we stand today, we think that 1.5 is a good level to maintain at. To answer your question directly on that profile, we dropped from about 1.8 to about 1.5 versus today. There's a small portion of that that comes out of ours. That we will continually monitor. We've got the resources if we wanted to ramp up, as Ralph mentioned. We've got opportunity to grow, get back to 1.8 and stay there if we want to. If markets don't require and it go down, we've got flexibility to delay some of those projects and go a bit lower. Those will be decisions as we complete these projects that will be taken with the board. Today, committed from the board are the three projects you saw in execution. Our target, our strategy, is to maintain about 1.5, but of course, those are decision hurdles we'll go through as that capital gets approved by the board and we'll show you what that profile looks like right at the end of the day Nkateko? Thank you, Richard. Maybe one last question. Sorry. Very attractive proposition as far as chrome is concerned. It looks like regulation may be changing, maybe if you can talk to that and potential impacts. I don't think anything is finalized, but from the communication, it looks like regulation on chrome pushing for beneficiation may actually be changing. Would it impact your business? Yeah. Listen, it wouldn't impact our business in terms of what we're producing, et cetera. What it could do, this is a message we must be clear. Listen, that regulation makes zero sense, and I'll quite openly say that. Our problem is not whether we have chrome available in South Africa to produce ferrochrome. There's plenty of chrome. Trying to keep some of it here and not sell it externally is not the problem we've got. Putting taxations, putting export quotas on chrome is going to make no difference to promoting beneficiation of ferrochrome because availability of chrome is not the problem. We can see that. It doesn't solve the problem. Let me just state that upfront, and that's something we'll continue to argue against. The risk with putting it on is that, like I say, part of the reason why the Glencore CMA was so important to us was it allowed us to ring-fence these projects and be able to start them up because the chrome removed some risk to PGM price volatility. That was a critical decision in being able to start those. If that's taken away through regulation, it'll put those projects at risk. Now, those projects today can employ anywhere between 8,000 and 10,000 people. This is what South Africa and regulations need to understand. By putting those regulations in place, you are not solving a beneficiation project. Let's be clear. It's not about availability of chrome to beneficiate. What you are doing is putting projects that could put anything at 8,000 to 10,000 people at risk just within our portfolio. I'm not even talking about the rest of the industry. No, it wouldn't affect us today. If those regulations came in and did impact prices effectively, yes, then it could be putting future jobs in the entire PGM industry at risk. Raj Ray from BMO Capital Markets again. Four quick questions, if I may. First, on the production profile you talked to both at Rustenburg and Marikana. In terms of your throughput, can we expect at Rustenburg to remain steady around that 850 kilotons per month, and for how long? The same question for Marikana is it going to be around that 570, and for how long with including those projects? The second question is on your capital and cost profile. There's increased capital profile over the next four years as you do a lot of the development going to mechanized mining. What does it do to your cost, for example, in terms of ZAR per ton? Where does your mining cost go from where you are today to where you'll be in 2030? Two questions on the processing side. See the change in mix between Merensky and UG2 based on what your smelter technology or processing technique is today. Does that make a difference, or do you need to change any changes you need to make to your smelter to, as I understand, there's a certain amount of sulfide feed you need. Does that change anything in your smelter infrastructure? The last one on the chrome recovery. You talked about increasing recovery from mid-teens. With those applications of all the improvements, where does it get to? Yeah. Thank you. Richard. Maybe I can add on the smelter. Clearly the smelter, we have got a study underway to consider what the reaction will be with an increased UG2 loading, chrome loading, and exactly when we take the chrome out of the loading, what impact that does. Clearly, there has to be some response from the smelter, and we've got a study underway. We didn't present it here. We don't have headroom in the smelter. There would need to be some changes made, but we'll present that strategy. On the cost profiles, I think those are very important questions we don't want to get wrong. Maybe there's a workaround between now and next, we can hand those to you. I don't think we can flatline it. I think it is dependent on production profiles, and we don't mind sharing that. Then the capital and the cost, as well. I think those are quite important discussions. We'll get that data to you. Don't mind sharing that. Thank you. Was there any others that you need to be- On the chrome recovery. On the chrome recovery, as I mentioned, we've got a couple of chrome recovery plants, about 12. We see anything between 2% and 36% yield for the total of Sibanye between 12% and 15%. The potential really depends on the head grade. To a large extent. Plants where we've got between an 18% and a 24% feed grade into the plant, if you deploy this technology, you can easily get between 30% and 40% mass yield. If it's a bit lower, it will be a bit lower. It's really plant dependent, and we will obviously be targeting the areas where we can yield the most, and we've got the best. I don't know if you can recall the slide that Lucas showed with the head grade on the various tailings dams. Obviously, the ones with the higher head grades, we will see a better yield, and we will target them first. Thanks. I just want to do one media question. Okay. Thanks. Steve. Sorry. Ed Stoddard with the Daily Maverick. I just wanted to ask regarding chrome and it becoming such a strategic part of your portfolio. I just wanted to ask about concerns around the extent of illegal chrome mining, especially around Rustenburg. The illegal chrome, I presume if an export tax is brought in, will be exempt from it and give these guys a competitive advantage. I'm also wondering just in general, how big a concern is it? Is it potentially a material issue to Sibanye and other legitimate chrome producers? Thanks. Ed, thanks very much, listen, let me try and pick that one up. I know we all smile when you say that, it's a really good point that you raise. In fact, I think as an industry, that's where we've been quite supportive of saying, listen, if there's an export quota that comes in to manage illegal chrome, that is something we would be in full support of. An export quota to try and manage how we market and sell our material is a completely different issue. You're quite right. Listen, a significant portion of chrome, and I'm not going to quote the numbers now exactly because if we quote those, let me get them right. We do have them, how much illegal chrome actually goes out of the country? It is a significant concern to us, Ed, yes. The Western Limb has not been quite as badly impacted by illegal chrome mining as the Eastern Limb, there's no doubt across our properties it pops up. It's a real problem for 3 reasons. Number 1, obviously the criminal element it brings. 2, the environmental side, and 3, safety. Not just in terms of illegal mining, but in terms of infrastructure. There has recently been press around an operation that we manage, a tailings or a waste facility, and illegal mining that's happening on our boundary that risks collapsing that facility. These are serious concerns around infrastructure, safety to people, and safety to the environment. Yes, it is a real issue for us. It's a different problem to what we see in the Eastern Limb on the Western Limb side, it remains a real issue, I believe. We have to get input from themselves. Mankwe on the shallow up-dip side has also been having some real challenges, but listen, they'd be able to obviously give more input than that. Raj just shot off. Just to pick up on the question around the costs. Part of the reason we haven't given a consolidated cost profile in here is because it does depend on which projects, of course, kick off. We've given you the profiles for all of the individual projects and the costs within there. We will be showing you what our assumptions in terms of projects that are starting up are. There is the flexibility to be able to include that in any model, which is what I think Rich alluded to, that we'd be happy to share going forward. Thank you, Richard. Ben? Thanks. Ben Davis from RBC. Two quick questions. Just with the taking of Platreef phase 2, what does that take your base metal refining capacity? Is that from 50%-80%? Just curious what that number is. Also just the impact on those recovery circuits on ruthenium, iridium, rhodium, et cetera. Just curious again, what's that impact? Listen, let me give it a crack. I actually don't know the exact number on BMR, but we are so far below BMR capacity. We don't get anywhere close to being near capacity with Platreef. Listen, we can get you the exact numbers. It won't be pushing you at all? No, not at all. Okay. Not at all. I mean, in fact, listen, that's probably a question that I'm sure that needs to be asked, and the smelter alluded to it. Our constraint in terms of processing is smelting capacity. It's not just a throughput issue, it is also this mix issue around UG2. Today we're running at, I think, Lucas, you said at 78% or so capacity. If you were to try and combine everything, that's our bottleneck. BMR, we're probably the only ones in the industry that have got significant spare BMR capacity. That's the bottleneck for most. PMR, there's spare capacity across the whole industry. I think this is why, listen, I've often been quite vocal about saying on the question what happens beyond 2032, and why I've been quite vocal about saying, if you look at all the profiles in the industry today, we've got plenty of processing capacity in the industry for the industry. We don't need new smelters. We don't need new BMR. We've got enough. We're closing down smelters in some places. It becomes around if we have to rely on ourselves and process all of our own, we can through a bit of capital investment in our smelting, which is our bottleneck. The rest is fine. Is it optimal? I would argue there's a far more efficient way of understanding that by sharing existing infrastructure, otherwise you're all losing. This is the conversation that I often have around saying, I think we got to start looking at this capacity not as a strategic issue. We no longer rely on capacity to control marketing, which was the case 15 years ago. Today, marketing is spread across the board. We should be looking at it as a cost and an efficiency issue as to how we optimize our costs across the industry. We've got options, but ultimately, it'll come down to an economic decision rather than a technical one. If that answers your question. Just on the recovery circuits. Any on the terms there? Sorry. Just with the ruthenium circuit that's coming in. I'm just curious, is that just a change in terms, in terms of what you're recovering? The new circuit that's coming in? Yeah. Yeah, that's accounted for the new projects. Yeah. Okay. Thank you. Hi, it's Steve Friedman from UBS. Thanks for the opportunity. I suppose, one of the things looking at the presentation so far, the economics presented for the Brownfield project pipeline appear to be driven largely by attractive capital intensities and as Arnold mentioned, the ability to leverage existing infrastructure, processing capacity, et cetera. I suppose the question to Richard is, what differentiates these projects from previous generations of development within the region, Rustenburg and Marikana? What gives you and management confidence that the state capital intensities, the timelines can actually be achieved? You on Richard Cox? You could talk. Ralph, what do you think, Ralph? I can come in here. Just want to check if he's on. Thank you. As already mentioned in the presentation, we're quite well aware of the structure we're going into. We have previously sunk these declines as well. We have previously sunk Merensky declines as well. We have a good idea, first of all, what we can expect when we build it. In Sibanye-Stillwater, we actually also follow quite a rigorous assurance process. When we do these studies, obviously, we take into consideration. We do the best capital estimates we can. We bring it to what we call a class 2 estimate. We actually go through a double layer of assurance review before we do capital approvals. Obviously, there's always room for something which can go wrong, and hence the reason we also allow for capital in reserve as well. The process we follow itself is quite rigorous before it gets to the board, before it gets approved, and that includes third-party reviews as well. Thanks. Maybe just one more to add to that. I think, Steve, what's changed? I think this is something that really needs to be understood because if I just go back when we bought Rustenburg, the whole sales pitch by Anglo at the time on Rustenburg was what was called the UG2 extension. That was all about using the Merensky infrastructure going underground on UG2. We could not make that project technically work. Sorry, rephrase that. Technically, you could make that project work. Economically, it was incredibly difficult, and it was difficult because of the time to ramp things up, the time to get underground. You couldn't pull the projects together to get capital return on your capital. It was just incredibly difficult from that perspective. What's changed now? Why can we do it now? It's having the Aquarius infrastructure next door. That is the huge change and the breakthrough that happened. Okay? When you look at it, we now just continue mining. Aquarius was due to be closed between 2026 and 2028. We paid ZAR 1 for that infrastructure, and what you've seen today is going to be mining for another 20 years. That's what changed it. It's no longer about going down a vertical shaft and starting development. It's about simply carrying on. That's how you get that mass production that's come through. That's why it works. That's why we can now make it work. It's a completely different project compared to what was looked at 10 years ago, and that's the value of dropping the boundaries. Lonmin is the same story. When we looked at Lonmin, they were pushing to get up to 1 million platinum ounces at the time. There was a very good reason they needed that. It was to sustain their own processing capacity. That was the minimum number they needed in order to sustain themselves as a business. The fact that that's now a third of a bigger complex means we've removed that constraint entirely. That constraint, those costs, that desire is gone, so we can build this up at will. Now it's not about needing to do four projects at once, and how do you manage four projects with a certain ramp-up profile, with a big capital hump in front of it? We can bring them on in staged fashion, which completely changes the risk profile of those different assets. I think what's critical here is it's not Ralph's just given you why technically we're confident, and certainly because of the technical capability Ralph's got and his team in running through that makes me sleep at night that we've got the technical in place. Even with that, if we hadn't put these three assets together, we couldn't have unlocked this. This would never have worked. That's the crux around why this has become available. Right up front, we said putting contiguous assets together was one about realizing operational synergies. We've done that. We've got the ZAR 3 billion a year. It's locked in forever. That's done. Dropping mine boundaries is where the real value comes from. It's taken us six years to get to this answer. I think that's one other thing that needs to be appreciated. This is not just spreadsheets that we've done a project, modeled it, and said, "Well, here's a profile." Six years of running optimizations, looking at processing capacity, looking at chrome, looking at technology for chrome, bringing in the surface, looking at deposition to get to these answers. That's why it works. It's looking at this as one new mine. It's a completely different way of looking at it. Does that make sense? Yeah, thanks. Maybe just on E4 and how that goes into creating incremental value. Is it the same thing in terms of just leveraging off existing synergies, or is that a new project entirely? If you only look at mining, obviously it is a new decline from surface. Again, as we discussed, we sit again already with the management and labor, which over time would be converted to mechanized mining. What is not new is basically the processing to process that, because that will go to EPL. The mining skills and expertise which is going to build East4 is still within the Western Limb complex. I think that also gives us a significant benefit so that you don't have to start from scratch to do this. It's probably one of the biggest benefits that we sit with the expertise and skills at Marikana and Rustenburg to actually execute that specific project. Thanks. Thanks. Thank you. Thanks. It's Brian Morgan, RMB Morgan Stanley again. Can we just chat on K4? I think the CapEx was going to be finished at the end of 2025. It's been pushed out another ZAR 1 billion to spend by halfway through 2027. Can you just chat on that, were there scope changes or just what's happened there? Looks like it. Thanks, Brian. I think the biggest scope change was the movement out of specific ventilation shafts. Those would have come in earlier. They were postponed, which actually made more sense to do them a bit later. That was probably the biggest item. There were some other smaller change of scope items, but that's where it comes from. Despite that, the timing to get to steady state in 2021, we said it would have been around 2031. We are still around 2031/32 on that. At a stage there was a deliberate decision specifically to move out the ventilation shafts. The other portion was as technology improved, what we expected underground for shaft, which was in care and maintenance. For example, your safety devices at a shaft station, your station D, that gates moves further away, suddenly you need more space for your material costs. We had to go back and actually develop additional space for material costs as well. Always for care and maintenance, you never know what's behind a seal. As soon as we have broken those seals, in fact, the deterioration was much more than what we expected. Those were the major items which actually added to that. In terms of building up to a steady state position, we are still in line for that. Thanks. Good day. Bruce Williamson, Integral Asset Management. Richard, I will address this question to you. Can you just confirm that you own 100% of all the mineral rights, or are there still some niggling minority rights that are sitting in that pool of rights? Bruce, I am going to just ask somebody to kick me if I am getting this wrong. As far as I am aware, obviously we have different empowerment agreements on the various mineral rights. We do have empowerment partners. Marikana, well, in total, they are all around 26%, Marikana and Rustenburg. Kroondal was amalgamated into Rustenburg. Originally Kroondal did not have any empowerment, it was a spin-out of empowerment from the Anglo days. When we amalgamated that into Rustenburg, now that got empowered in the same way as Rustenburg, the same partners and the same agreement. Outside of empowerment partners, I am not aware of anything else. I think as far as I am aware, we own all of the rights. I am not aware of anything else. Okay. Yeah. Good, thanks. Just in terms of labor, you've got a massive labor force there, 44,000 on the PGM side. Post the days of hostels, how are your people accommodating and housing themselves? Are they right there close to the mine? Do they live in Rustenburg, Brits? Can you give us a bit of a feel? Yeah, I think from a SAV perspective, we still got active SAVs around, especially our big conventional operations. Majority of our people stay off-mine in either accommodation that we provide as the company or self-funding accommodations. Majority of our people either stay in Rustenburg, Mooinooi, and then we've got also people staying close to Brits. That's where our workforce are staying currently. Okay. Thank you. Excellent. Thank you very much. No more questions? Oh, there's one at the back of the room. Dave Roche-Kelly from Phoenix Research. Would just like to say thank you very much to both Richards and the team for this quite amazing presentation. Thank you. First of all, thanks for the detailed technical stuff. I personally, and I'm sure many people in this room, will have many days of headaches trying to absorb all the details you've given us also very impressed to hear details of so many different projects. It's very encouraging to hear that so many projects have been worked well down the line. My final say, if I may say, is the best of luck with all your new wonderful projects. Thank you very much. Thank you very much, thanks for the support. Much appreciated. If there is no more questions in the room, a question on the webcast was regarding the project cost. I think the only comment there is we did provide cost up to what was in resources and in execution. Sashi, that question of yours is included, it's in the deck. Then we'll move to lunch at the moment. We'll come back in 30 minutes, 12:45 P.M. South African time we'll be back, we'll start with the SA Gold operations. Thank you very much. See you. We'll see our presenter, a declining underground gold profile. We still see substantial value in our gold assets. They still are contributing a huge amount of cash, we will present today a transition story, though. We are interested in shallower, lower risk, more higher margin assets. Maybe you can look to DRDGOLD to being a firm example. That's not meaning that we turning our back on gold. In fact, actually, we like gold, especially the quality of the people coming out of gold. If you can make it in gold, generally, you can make it anywhere. We have an asset base, and you can see we presented on this huge gold endowment in our operations that we have Driefontein operation. Driefontein operation, it has transitioned mining largely VCR reef. It's got 11 years' worth of life left. How should you interpret the Kloof operations? Kloof is a difficult business to run, especially when one aligns with long-term consensus gold price. If the gold price were ZAR 1.4 million a kilo, we don't have a business. At ZAR 2.5 million a kilo, we've got a fantastic business. How do we think about that? How do we think about long-term pricing for the development CapEx we must put into the operation to sustain long-term operations? We did declare last year we'd removed a substantial portion of Kloof's resources, not necessarily for price, also for safety. When we talk about isolated blocks of ground, we talk about highly stressed blocks of ground. We're talking about looking into the future, what percentage of stress ground is that compromising production. We did take a firm view to signal that we've got one year life left at Kloof. We've run six months into that one life, we are very excited about new possibilities. It will require a higher gold price, in the ambient gold conditions, long-term consensus, we're bullish on being able to come later and maybe changing that narrative. Today, Kloof has got a one-year life, is cash generative and still picks up quite a significant portion of the overhead of the company too. It pumps a lot of water as well and covers those costs too. We've got substantial Cooke surface resources. We have a processing asset there, two plants, one doing legacy Randfontein tailings. The other one is a toll treater. Toll treatment is becoming quite a lucrative business. Of course, we got to be quite mindful on the nature of those resources, we've got quite a lot of due diligence making sure that these assets are in line with our values. There's no shortage of material. If you've got a operating processing plant, you've got a licensed tailings facility, you've got ample access to water, it's very attractive in today's market, especially how long it would take to permit such, get a water use license for such, or get a tailings facility for such. DRDGOLD, it's an incredible story. The assets that we've ended into DRDGOLD, the cash that we paid for our percentage in DRDGOLD, that's been a handsome return. We like what that business reflects. Supportive of the management team there, independent. They fund their own CapEx. We derive a significant dividend. We also have insights into that business and what new possibilities that means for us in adjacencies, for example, the PGM business, the surface business. We will present today, Burnstone. I think Burnstone probably in South Africa is the most attractive gold project, near surface, relatively sunk capital from previous owners. Maybe it's not the first hotelier that'll make money, it'll be the second. We're very excited about the Burnstone business and what that offers for us. We didn't put the Burnstone business on care and maintenance because it wasn't attractive, just at the time in the cycle in terms of profitability, that was the reason for care and maintenance. We're quite excited given the new prospects that we can turn Burnstone to account quite quickly and Ralph will present that. The Beatrix operation is in the Free State. Beatrix has got a six-year reserve life, new possibilities in terms of below-infrastructure mining. Who knows? In that six years is the possibility to look at how we do down-dip extensions elsewhere in the business, what's the opportunity to learn from that and continue to derive value from the Beatrix operations henceforth. There must be an acknowledgment for our gold teams, our people in gold, the management of gold, that there's a significant, I suppose, acknowledgment for what that team did for the Sibanye of today, and continues to be today. These are assets that have been fundamental to the creation and the growth of Sibanye-Stillwater. As I say, deep-level, hard-rock mining expertise, that's a tough operating environment. The people who come out of that environment actually do very well in other areas of our business, whether it be domestic or foreign. Our legacy gold mines, they are operationally geared, currently in the current price environment with the capital expenditure over fixed asset base, they deliver significant value. We do have to, however, focus on safe production. That has an impact, we believe that fatal free mining in the deep-level narrow tabular is what we're about. We will not put people into working places if we thought that were not true, and we stand by that, and you can see it in how we respond with our reserves. Disciplined capital allocation. In thinking about the deep-level growth investment, I would say there's a dimming light there as we see better prospects elsewhere for return on capital. We are signaling today that we are transitioning. To what type of asset are we transitioning? We're transitioning to a much shallower, much higher margin, a lower-risk gold business. You can see evidence of that, especially in our DRD assets. Our share in the business acquired for ZAR 1.1 billion plus vended assets. That's returned, I think ZAR 1.1 billion in dividends, and it's currently a market cap in our favor of ZAR 16 billion. A very good return on investment there and Niël will present a segment on DRD as well today. Then the Burnstone projected life of mine at 25 years. I would like to re-emphasize, and we'll continue to do so, that our current gold portfolio offers significant value creation. It has delivered significant value in the past and it continues to deliver significant value to Sibanye. This is the declining gold profile. You can see the relative contribution from surface that continues to have upside potential as we partner with others and that attractiveness of that tailings facility, the processing facility and the water is quite attractive. Just trying to think what other points I haven't mentioned. It is undeniable that there is medium-term depletion. That profile has probably been with us for the last 10 years, but in the now when gold price is high, the opportunity in terms of future budget plans which we're working on 2027 can look markedly different compared to what we're signaling here. I think I'll now hand over to Dawie. Thanks, Rich. If I can introduce our gold assets to you. As was said, our gold ops are highly geared, but it's still a fundamental part of our South African business. The adjusted EBITDA has been strong since 2022, and that's mainly driven by the gold price. The increase in all-in sustaining costs is just an indication of our assets that we've got. Mature, deep and very labor-intensive and also declining profiles that we see on a yearly basis. Our gold operations consist out of Kloof, Driefontein as well as our Beatrix operations in the Free State. Our Driefontein operation, this is our asset with the longest life. As was said this morning, Driefontein was started in the 1950s. It makes use of a conventional mining method, mining at depths up to 3,300 meters below surface. Currently, we've got four operating shafts at our Driefontein complex. That's 1 Shaft, 4 Shaft, 5 Shaft, and 8 Shaft. We've also got supporting shafts, 10 Shaft, which is a pumping shaft, and 2 Shaft, which is a wasting shaft, to assist D5 and D4. We've got a reserve life of about 11 years at our Driefontein operations, and as was mentioned this morning too, the increase in production over the next two or three years is mainly coming from Driefontein 5 Shaft, where we are developing and opening up the VCR on the western side of that mine towards the Mponeng boundary. Driefontein employs in the region of about 8,500 employees, and there at the bottom, also indicative of a mine that is in the last stages of its life, looking at the capital plan to be spent. The next one is our Kloof operations. I think Rich said a lot about our Kloof operations. This is a complex which currently only have a year left. Similar to Drief, it's been in production since the 1960s, also utilizing a conventional mining method, mining up to a depth of about 2,500 meters below surface. Currently, we are mining out of one shaft, the old Kloof mine shaft, and the well-known Kloof 8 or Harvie-Watt Shaft, as some of you will know him, and also, making use of one pumping shaft, which is the old 10 Shaft at our Lebanon. In 2025, we did a big geotechnical investigation into the mining areas and also to understand what is our risk with regards to seismicity within that areas. Now, the outcome of that investigation resulted us in a lot of IBG blocks to be written off and actually taken out of the life of mine because of the mere fact that we cannot mine it safely and that the seismicity risk in that area, it's just too high and too unpredictable to plan anything in it. Where do we find ourself currently? We've got a one-year life on that operation. We are contributing. We are paying our bills at Kloof, and we're also generating enough to pay some of the capital requirements that is needed to support this one-year plan. We've also further went into the secondary reef areas. If I can just show the next plan here to indicate that we've still got a potential of all these other areas to go into it. The IBG blocks, clearly, you can see in our VCR areas that we've walked away from due to being not safe to mine. But in essence, we've got reserves that can cater for the next three years on the basis that we do it safely, that we pay our own bills, and that we can also fund our own capital requirements. Our Beatrix operations in the Free State, it's also been around since the late 1970s, also making use of a conventional mining method. We operate two shafts, which is Beatrix number 1 and Beatrix number 3 shaft. We've got the old Oryx base operation on care and maintenance, and all of the ore generated at Beatrix go through the Beatrix 1 plant situated on the complex there. Beatrix has got a life of approximately six years, and that came into when we decided to open up the area below 26 level, below our lowest infrastructure. That came in obviously at lower rates. It is more difficult mining, but it is planned for the next six years to mine. Beatrix is also a big operation, employing in the region of about 5,000 employees. Then also looking at the capital profile, similar to what we've seen at Drief as well, a declining capital profile which clearly indicate that we reach the end of life over the next six years. Thank you. That concludes the operations. I'll give over to Lucas to do the surface. Well, I'm here to talk about the secondary mining. Before I do that, I just want to recognize the teams at Driefontein, Beatrix, Kloof. I think like Rich said, we've got great teams who are entrepreneurial, very innovative. What they are doing in those assets, which are actually on their mature state, is really remarkable, and they've done a lot of good work to keep those operations profitable, both the teams in mining as well as processing. Again, those operations have remained profitable, especially in this price cycle. I think behind that is really a lot of dedicated teams there who are really working through the challenges on a daily basis. Very, very good work for the teams, especially coming from such mature operations. Maybe just to extend as well, I think we've demonstrated that our business is not only in primary mining and primary processing, but we also go into retreatment as well. This is what I want to talk about here. We've got 2 existing plant infrastructure, and obviously as Sibanye, I think we've developed that approach of saying how can we extract value as much as we can where it exists, and where can we do it also profitable. The Cooke plant, so Cooke 1 processes the Randfontein tailings. There's been quite some remarkable work done there to process those tailings and do that profitably. There's been quite a drive in terms of increasing efficiencies, and the teams have really shown great commitment and innovation to keep those operations profitable. The Cooke 4 Ezulwini mainly focuses on toll treating. This is actually treating a third-party material. There's also been some very good work as well to collaborate with some third parties there to actually extract value. What we have seen there is actually exciting performance, and I'm quite very upbeat with the performance that we'll be seeing for the rest of the year, especially H2. Quite a lot of good work. Obviously, in these operations as well, we are also limited by tailings deposition. That also impacts on the life of mine. Whatever we do, we want to do it in a responsible manner. That the graphs on the top right indicate the profile in the next 5 years. I think as processing team, we continue to look for opportunities here and make sure whatever we do, we do it profitably as well. I think the figures will show for themselves when we report the performance of the operations in the second half. Thank you. I'll hand over back to Rich. Or sorry, to Niël. To Niël. Thank you. Thank you, Richard. Thank you, team. Can I just get an indication as to whether you can hear me in the venue? Good, sir. Thank you very much. Can we please go to the first slide? There will be a number of forward-looking statements in this presentation. You'll just take note to the contents of this statement. The next slide, please. Snapshots of DRDGOLD has been around a very, very long time, but for the last 13 years, it's been focused exclusively on surface retreatment. We don't produce any gold from anything other than mine waste. Company set up at the moment to produce roughly 150,000 ounces of gold per annum. It does this from 2 operating projects, Ergo and Far West Gold. Ergo is responsible for about 70% of production at the moment and Far West for the remaining 30%. They have a combined throughput at the moment of approximately 25 million tons per month. Ergo contributes 1,650,000 tons per month to this profile, Far West Gold around 500,000 tons per month to this profile. We are listed on the Johannesburg Stock Exchange. We are the oldest continuous listing on the Johannesburg Stock Exchange, 131 years. We also have a listing on the New York Stock Exchange with a market capitalization of roughly ZAR 30 billion, just under $2 billion. Next slide, please. There are two very important values that drive our strategic approach. The first is sustainable development, which is deeply embedded in our thinking, the second is optimization of our asset portfolio, which is not dissimilar to what Richard was saying earlier today. Our asset portfolio obviously is made up of both our infrastructure, which is long infrastructure, and our resource base. Our intention is to optimize this resource base by mining as much of it as we possibly can. We have resources of 6.6 million ounces. We added just under 500,000 ounces to that portfolio this year through the addition of the Klip 2 dump. Our reserves as at the 31st of December are at 5.73 million ounces. Next slide, please. These being low-grade ounces, obviously, you need a very specific methodology to mine them profitably and sustainably, and it is all about economies of scale. You need large infrastructure and you need large tailing storage capacity or TSF capacity. That is why both of these pictures are important for purposes of this presentation, because it is showing not only how we maintain current throughput capacity, but how we intend to increase it over the next few years. You would have seen in our more recent presentations, we talk about Vision 2028. Vision 2028 is intended to establish the infrastructure to not only extend the life of our operations significantly, 22 years at Ergo and 16 years at Far West Gold operations, but also to increase both throughput and output. The objective is to lift that 25 million tons per annum to 36 million tons per annum. That is just on 40% increase in throughput and to increase production by roughly 30% or just over 30%. From 4.6 tons of gold per annum to roughly six tons of gold per annum. The project's abutments are being executed and constructed with internal cash flows. What I will be sharing on the next slide is where we are with those projects and how each of them is intended to contribute towards achieving this outcome or towards achieving this goal. Can you move to this next slide, please? Here are the big five capital projects that form the basis of Vision 2028. The first two projects are Ergo-based projects. Ergo's contribution into Vision 2028 is more towards the extension of life of mine and relatively modest in terms of output. At the moment, as I said earlier, Ergo is producing at 1.65 million tons per month. The intention is for number 1 and number 2 on these two projects to ultimately take Ergo back to 1.8 million tons per month. The first project, that is the resumption of deposition onto the Daggafontein Tailings facility, that is pretty much there. We'll be providing an update in July as to where we are with each of these projects. That one's around the corner. The whole idea with Daggafontein is to take the pressure off Ergo's current tailings storage facility, the Brakpan Tailings facility that's been around since 1986, and to take up some of the throughput from Ergo. The intention is to ultimately deposit 120 million tons of material onto Daggafontein. When deposition is resumed, the deposition rate onto Daggafontein would be 750,000 ounces per month. Brakpan then has almost a halving of its current deposition profile. Betom is due to come online towards the end of this whole project. It's the last of the five projects to be commissioned. It will not be within the next 12 months, it's a little bit later, and I'll share more on that later on. Its contribution would also then be to take off the remainder of the deposition onto Brakpan, and it would then enable Ergo to go back to 1.8 million tons per month. The total volume contribution of both those two would be 150,000 tons per month. Where the really big output and throughput changes are being implemented are the remaining five projects, the expansion of the DP2 plant, the RTSF, and the construction of the pipelines linking all of this infrastructure. The DP2 plant is currently built to accommodate 600,000 tons per month. We're running it at 500,000 tons. Construction started last year, and it's now nearing completion. Over the next 12 months, all three of these projects will systematically and in stages be commissioned. The DP2 plant is the nearest in terms of that. It will be ready, and it will be finished before we're in a position to lift throughput to 1.2 million tons. We'll make use of that opportunity to first commission the new line and to do some maintenance work on the existing line. The RTSF or the regional tailings storage facility, that is probably one of our most ambitious projects ever after the construction of our 60-megawatt solar farm. It's an 800-hectare tailings facility with an ultimate capacity of 800 million tons. The entire facility is going to be lined. There, too, we're working towards a systematic commissioning process that we hope will start towards the latter part of this calendar year and be completed by round about the middle of next calendar year, so that by the 2027 financial year, we're in a position to achieve that throughput target of 1.2 million tons. Excuse me. The pipelines, that's really everything that's linking up these bits and pieces of infrastructure. It's a ZAR 8 billion program, a capital reinvestment program, as I said earlier. It's funded from internal cash flows. We've been able to fund it without having to dip into our facilities that we established. In financial 2025, we spent about ZAR 1.8 billion. Financial 2026, we're looking at just under ZAR 3 billion. Then for the remainder of 2027 and a part of 2028, it'll be roughly ZAR 3.2 billion to get this to completion. Next slide, please. These are the pictures as to what these facilities look like. This is the RTSF. There you could see 800 hectares. The perimeter or the circumference is about 14 kilometers. The entire thing is lined. This has to be commissioned very carefully and very systematically in order to make sure that you do not blind the filters, and that you do not compromise any of the work that has been done to date. The key deliverables in order to get to commissioning would be to be on time with construction, and we are trending according to the required timelines. Also to get the nod from the regulator to start Depositioning onto the tailings facility. So it is licensed, it is approved, the design is approved, and so forth. But before you could put one ton of material onto that dam, the regulators got to say, "It is fine. You can go ahead." And then, of course, the weather also has to play its part because the initial commissioning requires the covering of the filters and not to get fines into it, and that has got to be done in dry weather. But we believe that the timeline that we have set for ourselves, working towards July 2027, is adequate to actually achieve that. Next slide, please. This is just a picture of the DP2 plant. So, as I say, there is a second line of CIL tanks that has been constructed on this plant, on this footprint, as well as a really beautiful smelt house. That is reaching the latter stages of construction. So it too will start with commissioning there in the next few months towards the end of this calendar year. Then, as I say, do some maintenance work on the second line on the existing line. Next slide, please. There is just some pictures of the pipelines that we are building out in the Vaal Fochville area, about 135 kilometers of combined pipeline infrastructure. These are slurry lines, these are residue lines, and also return water lines. This is premised on the same model that we have at Ergo, that all the water stays in a closed circuit, so you have return water lines to and from every reclamation site and other pieces of infrastructure. Next slide, please. Here is the Driefontein TSF. As I say, Driefontein is there to take the pressure off the Brakpan tailings facility. That is about ready to go and have 120 million tons of capacity. Pipeline to Ergo has been completed, and it will take up 750,000 tons out of the total monthly deposition of, or throughput of 1.650 million tons going forward. Then when Betom ultimately is also commissioned, that 1.650 goes to 1.8 million tons. Next slide, please. This is really where we are at at this stage. DRDGOLD staying true to its commitment to the optimization of its resources and the optimization of its asset portfolio. It is looking at organic growth of 40% throughput and just over 30% in output with internally funded cash flows and infrastructure that can extend and facilitate some additional expansion well beyond the life of mine of our current operations. That is it. Thank you very much. Where's the clicker? Thanks, Lucas. All right, this is the exciting project for gold, Burnstone. Just quickly while I'm on this picture, this was when it was in construction between 2021 and 2024. Major shaft upgrades done, the surface conveyance and the surface bank, and you can see people which were busy with the change houses as well in this picture. As already discussed, in 2024, a decision was made to put Burnstone back on care and maintenance. We did a proper closeout of the project and reassessed the project. I think let me start with orientation. Burnstone is obviously next to Balfour, close to Balfour. That golden area you see is basically our mining right area. The pinkish is our surface right area, and then the red is our life of mine area. That goldish-brown area is about 13,000 hectares, and we probably have potential future resources of 40%-50% outside of that red area, just to put it in perspective. What we're going to talk today is what we show in this dark red area. We are mining the Kimberley Reef, more specifically what we call UK9A. Very shallow, we have the vertical shaft and the decline already fully established, going up to 40 level, which is around 550 meters deep. Vertical shaft goes a bit deeper to allow for tipping arrangements as well. We await investment decision now in the second half. Feasibility has been completed, has been fully reviewed. It's now just to get it through the process. We expect to spend still ZAR 3.4 billion to complete the infrastructure. That includes two 6.1-meter diameter vertical shafts as well, which will allow for ventilation to comply to the legislation, also to the LDPM rules. We're in the privileged position that we already have stopes up open in what we call the C Upper area. Just to put in perspective, the C Upper is in this area around here. Vertical shaft, decline shaft, and then we have Already development which progressed quite significantly on this decline, which will go down here, but we have stopes open in this area when we actually close the mine. Pre-production capital or capitalized working costs around ZAR 2.7 billion, and that will allow us to build up our stockpile again. We did deplete the stockpile in the previous run. We expect the plant to start in 2029 again. Running at an average all-in sustaining cost of ZAR 872,000 per kilogram at steady state. Quite a healthy NPV of ZAR 19 billion at 10% at an IRR of 36%. What's also good is that we would have around a workforce of around 2,500 people when Burnstone is fully firing on all cylinders. The mining method here is on stope conventional, but we actually do mechanized development. It is a hybrid mining method. We actually were proud that our teams, especially our development teams, started to achieve the targets just before we closed Burnstone. That also give us quite a lot of confidence when we start Burnstone up again. What you see there, it looks like a steep ramp up, but what we don't show you is actually production starting from here already going up here. That would create a 60-kiloton stockpile, which allows them to start the plant up again and start to produce gold from 2029 onwards. We'll be producing around four tons of gold per annum or 150,000 ounces. Obviously, apologies. Capital loaded in the initial years. We have quite a long tail of project capital. That tail is brought about to establish, we need eight haul levels to get to steady state. That extended tail is to get our last haul levels in place for that. After that, the mine is set up then to produce at around four tons of gold delivered per annum. That's Burnstone. Thank you very much. Richard, over to you. I'll close out the gold business. I think the team have described we are in a transition phase. We are in a declining traditional underground, deep-level gold mining business. Nevertheless, it's still developing and delivering substantial returns to us. You can see it will remain quite a significant producer, including DRDGOLD about 18, 19 tons of gold per annum. We do have mature assets. They continue to deliver very strong value at the minute, and they're going to support us while that portfolio transitions more towards the lower-risk, longer-life gold profile through both DRDGOLD as well as Burnstone. Just some charts. This one includes the DRDGOLD. You can see together quite a substantial business, a lot of throughput, that takes a lot of water. All that water comes from our own operations. I think that is an asset. You can see some costs as well. Quite a substantial producer, pretty steady, although a bit of transitioning happening in that profile. Obviously, cost reduction is the major opportunity for us. A lot of legacy assets. How do we responsibly put assets on care and maintenance, close it with a regulator? Again, some care and maintenance assets historically can be seen as a cost, but possibly with the water, there's big opportunity as well. This is excluding DRDGOLD, so it's a classically owned, managed. The surface operations, clearly significant throughput that keeps unfolding on a year outlook basis. Quite a stable gold profile, pretty much in the 16 tons per annum that we're producing at the moment. Quite a significant capital program. We have highlighted DRDGOLD's capital, but that is self-funded. We just added it in here for interest's sake. Most of our own capital is what we would say ore reserve development or stay-in-business capital, especially over infrastructure, making sure infrastructure that is legacy behaves to specification and is safe. You can see a build-out of the Burnstone capital. I think essentially just drawing to a summary of our gold operations, how we see them, how we value them now, what we see for the future. Currently, our gold operations remain very strongly cash generative at current prices, and that's supported by mature assets as well as a very disciplined capital allocation. As our legacy underground assets do reach the end of life, our capital expenditure is being reduced, and that is helping cash flows and that lowers the cost pressure as well as supporting a more sustainable portfolio. Our portfolio is deliberately transitioning. I think we can see the gold business that we like, the assets that we do own and the assets that we own part of is pointing very strongly towards a strategy of a shallower, higher margin, lower risk future. We're quite excited about that. Turning Burnstone to account is a key transaction. It's brownfields, lower risk exposure. It has got extensive development history, adding lower cost, long-life production and a future reserve replacement. Of course, DRDGOLD, a great investment for us. It supports our resource stewardship model, strengthens the portfolio with low capital, high margin, long-life secondary mining gold exposure. I think in summary, while our mature assets continue to deliver strong value today, we are very interested in moving towards the Burnstones and the DRDGOLDs to reshape the portfolio towards lower risk, longer life gold production. I think our conclusion, very much managing value for today, being intent and moving towards levers already in place to build a much stronger portfolio for tomorrow. Cash generative at current prices with those mature assets nevertheless, they're managed for value and disciplined capital allocation. As I've said, we're deliberately transitioning towards the shallower, lower risk and longer life future through Burnstone and DRDGOLD, we believe Burnstone will add lower cost, long-life production and future reserve replacement in the SA gold portfolio. Acknowledging the legacy assets, we like them. They deliver strong cash flows today and Burnstone and DRDGOLD helping us build that lower risk, longer life gold portfolio for tomorrow. I'll hand over to Melanie for the sustainability. Thanks, Melanie. Good afternoon, everybody. You would have heard many of the speakers before me, Richard as well, talk to sustainability. That's simply because sustainability is embedded in our business. Before we move on, Henrika's warned me about which button to touch, let me just get that right. Thank you. Before we move on, I thought, let me just reiterate what sustainability means to Sibanye. At Sibanye, sustainability is the lens through which we define our role in the global economy. It's the lens through which we define our role in the ecosystems in which we operate. It's definitely not about ticking boxes in terms of compliance to global standards or global frameworks. It's not about reporting for the sake of reporting. For us, sustainability is about delivering real value, cost reductions, risk mitigation, just building a resilient business that creates long-term value. That's inward looking. Outward looking, it's about having measurable impact from the value that we share with our customers, with our employees, our communities, and our shareholders. The fruits of that Umdoni tree that Richard had mentioned. That's what sustainability is to us, this is how we've modeled it into a framework for this business. We've said, as a modern mining company, we place sustainability at the center of our business, our framework is anchored on four pillars, planet, people, prosperity, and governance. It prioritizes climate action, nature stewardship, respect for people, an ethical business alongside profitability and resilience. Management has been very intentional about the targets that it set for itself, that we hold ourselves to account to, we know that you hold us to account to as well. You'll see that we have a long list of targets and targets that are ambitious in nature. In most instances, they even go beyond compliance. They're transformative. Transformative in a sense that business has to adapt in order to be able to deliver these targets, and transformative in the sense that if we and when we deliver these targets, we know that we're going to be able to lift societies, we're going to be able to ensure that our communities are more prosperous, that we build stronger institutions, and that we would have built trust and restored ecosystems. We're targeting a number of interventions, to Richard's point earlier around living our purpose and ensuring the shared value that we want to deliver. Talking about ambitious targets, when it comes to climate change, we have committed to being carbon neutral by 2040 for our scope 1 and scope 2 emissions, with a 42% reduction as an interim target by 2030, also for scope 1 and scope 2. Watch, Henrika. The intention is to ensure we meet energy security, we decrease costs for the business, we also improve the product carbon footprints. We're driving a number of imperatives with just the simple target that we've set for ourselves. In terms of our targets, we've set a declining profile, like I said, to get to a 42% reduction by 2030. One of the strongest levers we have within our business, given that 92% of our emissions comes from Eskom-related consumption, is the renewable energy profile, and I talk a little to that in the next slide. With the renewable energy profile, coupled to all of the efforts on our demand-side efficiencies, grid decarbonization, as well as the life of mine change, we're absolutely confident that we're able to move along this trajectory. We've got a high degree of confidence that we're going to deliver our 2030 targets as well as our 2040 objective. Feeling really comfortable that we've got climate change in hand. This is our renewable energy profile, and we're very proud of what we've achieved. In the last two years, we've managed to contract 765 megawatts of renewable. Just to put that into context, this is equivalent to the output of a single Kusile unit, so this is pretty sizable, and we have this under our management. Just one more bragging rights, please. Bloomberg has just placed us as the single largest off-taker of renewable energy in South Africa, that's pretty special for the business. Back to the numbers. Of that 765 megawatts, we already have 164 in operation. From that alone, we've been able to land ZAR 93 million in cost savings just last year and knocked off 316,000 tons of CO2. We've got an additional 600 megawatts in build that will come online in 2028, and from there on we'll start banking savings upwards of ZAR 1 billion per year and chip away at our carbon emissions to the tune of about 2.63 million tons per year, that's pretty impressive. Ladies and gentlemen, apart from climate, water is a shared resource, and we're very aware of the responsibility that we have to use these resources wisely. Our SA PGM operations find itself in highly water-stressed environments, making water security 1 of the key themes that we're solving for. Absolutely critical to maintain operational delivery. Our PGM water strategy centers around a couple of focal areas: diversifying our water resources, bringing in additional resources to augment our current supply, treatment and reuse of water that we currently have in circuit. I think Dawie and Lucas had talked to that as well earlier today. We've had tremendous success with establishment of treatment plants and delivery of water in the right quality at the right time, in the right place, there's huge room for us to expand that project further as well across the rest of the organization. One of the things we've been working on in the recent year and a bit has been optimizing our regional water balances, really looking for synergies beyond our boundaries in order to be able to tap into additional sources of water and solve collectively as a region for water for us and other users. We've had good success. As you can see, our water independence has shifted to 42% for PGM, we're aspiring to get to 90% by 2028. In the last year alone, we've also increased our alternative sources by 12%, that's been remarkable in terms of building resilience by way of business continuity. We've done even better on the gold side, 94% water independence and a very high recycling rate, that's just a function of water being available for us to treat and reuse. I just wanted to leave you with one final point, that is when we get to 90% water independence by 2028, we'd be able to bank in the order of ZAR 400 million-ZAR 500 million cost savings just by substituting water with water that we have, relieving ourselves of Rand Water consumption. That's also a very important point. Not only are we solving for water security, reduced costs, we're also liberating a good volume of water that needs to go back to society. We're solving for societal issues at the same time. By contrast, our gold operations are water positive, we've been experiencing increasing volumes of water that we've had to pump over the last few years, largely a function of rising ingress due to service collapses. Cooke and Driefontein 10 are one of the key cost centers, pumping in the order of about 110 megaliters per day. With Cooke coming in at ZAR 1 billion per annum Driefontein slightly less. I list the costs and the volumes being pumped at Beatrix and Kloof as well. Understanding that ingress and increasing volumes have contributed to our pumping costs, part of the key interventions that we're driving is reducing that ingress. Working with our failing municipalities to assist them in optimizing their infrastructure so that less water reports to our dolomites, less water reports to underground operations. We're also looking to maximize our efficiencies within the business, looking at our demand-side energy efficiencies, treatment costs, treatment opportunities, and taking a very conservative view as to how we can optimize our pumping facilities, at the same time, solving for other societal issues like infrastructure and service delivery constraints. That's our short-term intervention. At the same time, we're very aware of the national and Gauteng's water availability challenges. At present, we are aware that Gauteng is currently sitting with about 600 megaliters per day in deficit, and that's growing. It's anticipated to grow to at least 700. Our current pumping volumes would enable us to solve 50% of that deficit here and for the longer term. Whilst our emphasis is on optimizing our pumping operations, I think we're very alive to the fact that there's a bigger play at stake, that Sibanye has a role to play in solving for this challenge. To that extent, we've paired up with technical experts, potential off-takers, as well as commercial capability to help build a concept-level case around the potential supply of this water to Gauteng. We create value by sharing our contributions to communities in terms of socioeconomic development, but we also contribute to the economic growth. In 2025 alone, we've managed to support almost 70,000 employees. We've paid ZAR 26 billion in salaries and benefits, and ZAR 368 million went back to our socioeconomic development and CSI initiatives in our communities. What's interesting to note, though, is that at least ZAR 6.4 billion has returned back to local economies, not just taking care of the global economies, but we're also supporting local economies through our local community supplier spend, as well as SMME initiatives. You would see that our emphasis has been really to focus on enhancing access to opportunities for Black women and Black youth-owned businesses. Even beyond that, even beyond just creating access, we've been able to create and support an additional 2,000 jobs through our supply chain initiatives, focusing purely on the SMME development and incubation. I did mention that ZAR 360 million goes back into host communities for our socioeconomic impacts and social uplift programs, largely focused on improving livelihoods but also focused on supporting in catalytic uplift in the communities. Creating access to skills development, ensuring that there's basic infrastructure in place, that we have social cohesion programs that accord with the needs and expectations of our communities. Our reach is expansive. Over the last three years, we've already supported some 900,000 community members through the full suite of socioeconomic programs that we put in place. 1,800 jobs were created, that's in addition to the 2,100 I spoke about earlier, just through the alternative economies programs that we drive. 30,000 community members benefited from education. That's children getting access to schools, children getting access to ablution facilities, sports facilities, children getting access to science labs and ICT laboratories. It's a pretty sizable impact. Beyond that, from a healthcare perspective, 300 people have access to healthcare, hospitals, clinics, primary healthcare facilities. That's just from our legal obligations. Beyond that, Sibanye has established the Sibanye-Stillwater Foundation. It's very nascent. It's less than two years old, but already its span of influence is great, having touched almost 500,000 people's lives, benefiting 280,000 people from infrastructure investment. We do quite a bit to invest back in our communities. Ladies and gentlemen, when I started, I said that sustainability at Sibanye is about two things: delivering real value to the business and ensuring that we have measurable impact beyond our business. I think what I've demonstrated through the cost resilience and the renewable energy project is that it's not just about energy security. We're able to land benefits for the business. Through the water initiative, it's not just about water security or cost benefits to the business, but we can also lend to societal uplift. Through our socioeconomic initiatives, we can create trust, and we can build a more prosperous community. That is what a modern mining company does. Thank you. Excellent. Thank you, Mel and team, for the presentations. We can start with hands in the room for questions. All out of questions. There you go. Brian. Thanks for the presentations. Just on the gold production profile that you presented, it's quite different to what we saw in January at the strategy day. That pickup, is it basically this D5 shaft and the three-year life extension? Is that all in there, in that life of mine profile that you provided? That was the question. Rich. I think that we included the one year of Kloof. Sorry. This way. Yeah. It's the one year of Kloof, and then the upside on Driefontein 5 Shaft that's included in that profile. The three years of Kloof. No not in there. Okay, cool. Hi. Nkateko. Looking at Burnstone, the numbers look good, all-in sustaining costs, NPV, et cetera. I think if you can take us through why the operation was put on care and maintenance, essentially, it looks like a very attractive asset that was put on care and maintenance. It's more for risk assessment on my end in understanding why the operation was put in care and maintenance, and why this time around you are likely to actually get it over the line. In terms of the life of mine of the gold operations, you've given us the different life of mines. How does that align with mining right duration or the license on your mining rights? If they don't align, the regulation has changed a bit, especially on ownership. Giving us a bit of an understanding in terms of your mining rights, especially on gold. Thank you. All right, Nkateko. Thank you for that question. I think we always believed in Burnstone, just a bit of history. In Sibanye days, Burnstone has been closed twice. The last time was in 2023, both of those were through cash turndowns, it was not because of the project being successful. Even in 2023, it was a decision to preserve cash why Burnstone was stopped. Even at that stage, we had a positive financial valuation. From a project side, if the gold remains as is, which Ralph will explain a bit later on how we are going to allocate capital, et cetera, I have a strong belief that at this stage we can see it through. Project's also much more advanced compared to which we ever had it. The infrastructure itself, we can switch on relatively quickly. The only remaining big piece is to get the metallurgical plant going, let's call the core infrastructure will do what it's supposed to do. I think in terms of the mining right, I don't know if anybody else for gold wants to answer that. I can say a bit. Thanks for the question. There aren't any pushbacks from anyone about the mining rights, so they're intact. Ongoing with the regulator, there's the mine works program, there's a social and labor plan where we do review, and all that is intact as well, so there's no issues with the mining licenses. I'm not aware of that we have to extend any mining license. Maybe. Maybe just one comment on that one. Burnstone will require renewal. Not the legacy ones, but Burnstone will require a renewal. Next week next year. In fact, before we even start it. I'm saying, again, maybe if I can just. To your point, there's a lot of rumors in terms of where what might come out in terms of renewals with new mining licenses. Burnstone historically has been an empowered asset. In terms of the numbers and the valuations and the way we're looking at it at the moment, that is the way we continue to look at it. Again, I think this is one of those real examples when we talk about developing and growth of the mining industry in South Africa. Part of the issue to committing to Burnstone, to your question, which Ralph answered, and I agree 100% with his answer, it's got a long build-up time. That's what makes Burnstone a bit unique. You've got to carry the asset for a while, which is why it's the one that often gets turned on and off when strategically you have to preserve cash. If you want to commit to a project like that and commit to growth like that, you want certainty in regulations, in policy for the next five or six years. This, I think, is a good example of something which we've still got to go to our board for capital approval on. An uncertainty like what's going to happen with mining regulations that's out there does come into discussions around project capital like this. When we asked about examples of where does regulatory certainty matter in terms of driving growth in South Africa, here's a project that's going to employ 3,000 people for 20 years. That's the kind of uncertainty that doesn't help a conversation around this kind of commitment. You have another one. Over to you. Thank you. Arnold. Arnold. Hi, Arnold van Graan from Nedbank again. Two questions, I think for both Richards. Let me start with the Burnstone question. Richard, for you, Burnstone, does it really fit the profile? I see the viability of it, I get that, but you look at it like it's on the other part of the world, and it's got this long lead time. The crux question then is, the ZAR of capital that you spend there, how does it compare to ZAR going into all that optionality in the PGM business? Answering my own question, I think it's got to do with preserving critical mass in your gold business, which is the second question. If I look at your gold production profile, there's a big drop-down in 2032, there's a big question mark that gets asked about whether you can mine out that tail and whether you have critical mass to do that. My thinking is that that's where Burnstone potentially comes in. Yeah, maybe mythbusters, is my thinking correct? Or why Burnstone versus another $1 into the PGMs? Yeah. Let me just bust one of the myths quickly. Other side of the world is closer than Keliber. I couldn't resist that. I know Benoni's a long way away. Apologies. Sorry, I couldn't resist. Listen, but a bit more seriously. Just to bust a myth, what Burnstone wouldn't do, per se, is help much with the tail of the legacy assets. It's almost an outsider sharing a bit of corporate overhead cost. It's completely separate. It doesn't have any benefit there. Two parts to answering your question. One, gold is still a commodity we would like within the portfolio, and for various reasons. We understand it. We think it's a good commodity. If you're in the business of others that are very industrial focused, it does create a bit of a hedge against big global upturns and downturns. For those reasons, gold is still something we'd like in the portfolio. To your question around calling a capital call today on gold versus PGMs, it comes down to the returns, and that's where we are still discussing with our board. Well, how do we maximize that? Burnstone is one of those projects that could lend itself to a bit of, say, third-party funding in a slightly different or innovative way, given the nature of the project, given where we are in the cycle. Those are some of the things we've got to consider. I think the way we look at it, there's a capital piece to it. There's also a risk piece to it, and you're 100% correct there, in that the risk projects on PGMs, as Ralph outlined, is unbelievably low. Geological risk is gone. People risk is gone. Infrastructure risk is gone. We understand it well. Burnstone is a new project, which I think was your point, and you're absolutely right. It is different. This is part of the capital allocation. I think it's a very nice problem to have in that, I guess the Let me perhaps put it to you this way. Where else in the world are you going to find a gold project today that can produce 125,000 ounces at sub ZAR 2,000 an ounce at a capital number of a couple of hundred million ZAR? That is an unbelievably rare prospect for that kind of value. That's another way just to look at what's in our portfolio, what's the optionality, how do we look at the whole portfolio? This is a process that we are still going through with all of these, but it's a great problem to have. It's a very nice project to have. Okay, a follow-up. I'm going to say Burnstone historically had a complex funding structure. Now you're probably going to tell me it's easy given some of the other stuff that you've done, can you bring in third-party funding given the current structure? Is it possible to do that? Yeah, it is. It is. That is essentially, it's a debt repayment mechanism, that other structure. Listen, we'd likely be looking at partners or equity of some form, if we were to look at some type of structure in that regard, yeah. It is possible, Arnold, yeah. Okay, thanks. Let me pass over to someone else. Thank you. Thank you. It's Raj here from BMO again. It's more of a strategy and capital allocation question when I look at your gold business. Over the last 6 months through all the strategy sessions, one thing I have heard is it's an important part of the business. You have a declining production profile. Your other parts of the business are either stable or growing. Over time, where do you see gold business as a percentage of your EBITDA revenue? It's slightly contrary to what Arnold is asking. You have gone to Australia to produce zinc and Finland to produce lithium. I haven't seen Sibanye go out to other parts of Africa to look for gold, and what's the reason for that? Great question. Right. Let me try and answer it like this, in terms of saying, I don't think that we have necessarily at this point, we have not set ourselves a strategy around saying we want 30% of our earnings or production to be gold, 30% to be PGMs, and 30% other or anything like that. It's all about value. Where do we see maximum value? We see gold as still being part of the portfolio, but today, the only real value we can see where we can get significant return today is Burnstone. Okay, so investing in our legacy assets, we're happy with what we've got, but it's not going to attract new capital. I've been asked before, the DRD business I think fantastic. Thanks again to Niël for joining us. I'd love to own more of DRD, absolutely. Is today the time to do that? No. That's not where we see best returns. Today we see best returns going into PGM. That's the split on capital and why we're doing it. If we see the right opportunities where real value can be created, we would look at it. I think you're 100% correct. In fact, at the end of January, we started taking a bit of a stab at saying once we've done all of this, once we've got the fundamentals right, and you can see how much value we've got in our own portfolio. We don't have to be looking elsewhere. What is the longer-term outlook? Africa is a destination where we believe we can be successful. The reason for that is we understand the continent. A big part of operating the continent is actually what Melanie presented. It's all about the social stuff. That is what's key, social, labor-intensive. That's something we understand well. If you were to ask me to speculate on where I see our gold future being, that's exactly where it would be, I think is in Africa, looking at opportunities and projects there. That's where we can be competitive. We cannot be competitive in big open-cost pits in Nevada. That's not where our future lies. Certainly on some of those opportunities. There will be a time in the cycle to look at that again. That time is not now. I don't think we've got a strategy around X% or X portion to come from commodities. Where do we see our best return on capital that we need to spend on. Yeah, that's what we're showing you today. Thank you. Anyone else in the room? Just checking. Also a reminder that Niël Pretorius is still on the line if there was any DRD questions. Then another one on Burnstone is, maybe it's self-explanatory, but are there any particular reasons for the FID on Burnstone to be postponed until H2 2026? It's process or no? It's just literally process. Obviously we follow internal approval process, Richard mentioned also the process we go through in terms of capital allocation. That's the only reason. No other reason at all. Thanks, Henrika. Excellent. Thank you. We've got a quick leg stretch. We back 20 past the hour where we will go to capital allocation and conclusion. Thank you, everyone. Thank you, everyone. Excuse me. Good afternoon. Just want to check- Excuse me. Yep. Is the mic working? Okay, that sounds better. Good afternoon, everybody. I guess the question you sit with or at least one of the last questions you sit with today is, well, how do we pull all of this together? We've got a world-class low-risk project portfolio, the team has gone at an extensive level today to explain what we have currently in our portfolio. You saw the excitement today within the teams about the different underlying portfolios. How do we pull that together with returns to shareholders ultimately debt reduction as we've made those commitments already back in January? We will achieve this, we will start with being disciplined in our capital allocation. That does mean that we will continue to prioritize returns, those are returns to shareholders, those are returns to stakeholders. Hand in hand with that goes the long-term sustainability of the business. We cannot ignore that. We've explained today, one, why it's exciting, also two, why we have to do it going forward. Our dividend policy remains unchanged, just to reiterate what that is it's 25%-35% of normalized earnings. We will continue to honor that policy as long as the operations remain cash generative we generate meaningful earnings. I think the fourth important point on this slide, not necessarily the fourth bullet, is that the near-term focus remains on operational excellence, lots have been said about that today. It's debt reduction ultimately about securing the long-term viability of our operations. Now, just as a reminder of what our capital allocation looks like. First and foremost, that's a non-negotiable, we have to make sure that we have well-capitalized going concern operations. Those are the gray block on the left-hand side those two purple blocks. Whatever's left after that, we've committed that we will allocate one-third of that as stakeholder returns, that roughly works out to our dividend policy. One-third will go to debt reduction, another third will go towards funding the project portfolio growth life extension as we've explained today. I think importantly, that's the piece on the right, I often get asked, how do you balance at or below one times net leverage, 50% gross debt reduction? I think it's important to make the distinction that we want to be below one times net leverage, that's based on mid-cycle prices, that is our financial policy. That has always been our guiding principle, that has served us well through times of abundance, also during times of shortage. Our target, that is important, we've set a 50% reduction of gross debt. We've always been pretty good in terms of managing it on a net basis, we'd like to bring the gross debt down. What have we achieved year to date? When Richard stood up in January he said 50% gross debt reduction, it brought a big smile on my face. I think before Richard realized, we were already making plans to reduce that gross debt. Up until May 2026, we've already reduced our gross debt by 17%. That was achieved through a combination of paying down our revolving credit facility of roughly $150 million or just under 2.6 billion ZAR. In May, the team managed to successfully refinance the 2026 bond, the outstanding amount was $675 million. In that process, we also took the opportunity to downsize that to $500 million and to buy back a further $75 million on our 2029 bond. In total, that was a further $250 million or just over ZAR 4 billion of gross debt reduction. As at the end of May, our gross debt stood at ZAR 32.6 billion. We are flagging that the early call option on the convertible bond does become available towards the end of the year. It's roughly a share price of about ZAR 30 that we will need for us to exercise that convertible bond. At today's prices there's still about a 27%-28%, where the share price is trading today versus what we need to actually convert the convertible bond. Should we be able to successfully convert that, it does mean that our gross debt by the end of the year will be roughly about ZAR 25.3 billion or 36% down from the start of the year. By the end of the year, we will be in a position, or we would likely be in a position that we've already executed 70% of our commitment of reducing gross debt by 50%. We only need a further ZAR 5.6 billion of gross debt reduction, then we will have achieved that target. We have set ourselves 2 to 3 years to achieve that target. This slide just shows you what we have achieved, you would remember that at year-end when we put up this slide, 2026 had a massive tower of about ZAR 11 billion or $675 million of debt that had to be refinanced within 2026. As I said, the team managed to do a phenomenal job during May. It was probably the only two quiet days concerning the U.S., Iran war, the team managed to use that window to execute and refinance our $500 million bond. That bond was multiple times oversubscribed, we priced one quarter of a percent inside fair value at that point in time. I think all credit to the team that refinanced that bond. This on a pro forma basis, this is using the December 31 numbers, 2025, just to show on a pro forma basis what our debt maturity looks like going forward. You can see, as I said, high probability that the 2028 convertible bond will convert in this year, that will mean that our first meaningful maturity will be the $450 million that's remaining on the 2029 bond. Effectively, we will have 3 years where other than the refinancing of the revolving credit facilities, which in my mind is really mechanistic in nature. I hardly ever think that there's any risk in refinancing those as we've had a very, very supportive lending group to date. That means that the first meaningful maturity will be in 2029. Importantly, these are the numbers on a pro forma basis that we restated for the end of last year. People will look at that ZAR 10.5 billion rand number then cash, and they would think, why has your cash gone backwards? I couldn't put the actual cash number up here today. I didn't want to make anybody insiders. It means that you can't act, can't write, or do anything on the numbers. Those we will share with you when we give you the half-year update. I can assure you that we've had a period of significant cash generation for the first six months of the year. The most important question then remains is, you've heard about all the projects. You've seen what they can deliver. How do we think about allocating money to them? Maybe as a side note today, I always thought that the more money you give an engineer, the more they spend. I think today it's been complemented by metallurgists, miners, everybody. If I give them more money, they'll get more projects. That just shows the optionality that we have in the business, and that's why people are so excited about this. We can fund all of the approved projects that has been discussed today. It's our normal sustaining and ore reserve development capital for all of our operations. It includes the K4 project to finalize the K4 and get it ramped up. It includes Siphumelele extension, Thembelani extension, the Western Limb tailings retreatment, and then the processing capital that we've shown today. The balance, those are projects that are under consideration, and those are E4, Kopaneng, E3, Bathopele, Saffy, Burnstone, and Mt Lyell. They are under consideration. Based on consensus, and all of these numbers are based on consensus outlook. Based on consensus outlook, 50% of those projects is fundable as we stand here today. I can say if we have a little bit more of a supportive environment, to what we've seen more recently, it does mean that we can achieve our debt reduction target sooner than we had planned. If that is the case, we can go as far as saying 80% of those projects in that golden block will be fundable based on consensus outlook. The balance, we'll have to think about how we fund the balance of that. There are various models. It doesn't have to be cash only, it doesn't have to be debt only. There are partnership models, there's offtake arrangements, streams, anything. We've got a suite of options that we can consider for those projects within the gold block. Lastly, importantly, because we have spoken about that, we have been asked about that, is PhosOne, which is the phosphate study. Stillwater West is the restart, and we often get asked about that. Those are not currently under consideration. No time and effort is basically expended on those. Yes, the phosphate study, we are finalizing the feasibility. A call will be made on that. As I say, not currently under consideration. That really wraps it up from my side. I'll hand back to Richard for the conclusion. Charl, thanks. I noted with interest there when Charl mentioned engineers, miners, metallurgists. He left out geologists. I guess I got a freebie. Thanks. Listen, thanks again. This is going to be quite brief, just to wrap it all up. I think what today was really all about, and what I hope you're going to be leaving today with, is certainly I sometimes sense talking to people that there's a perception that we've been very good at buying old tired assets and turning them around for a few years and making some money, and then what? That's kind of been a little bit of the Sibanye image, to be honest. At least that's the sense I sometimes get. I hope today has left you with a feeling that we're anything but. I think any of these projects in another portfolio would be going through boards and getting capital approval immediately to develop them. We have got an unbelievable portfolio today if we do nothing. We have a 2 million ounce precious metals business that will continue for the next 20 years. Yes, it comes off, there are few precious metal companies in the world that have that profile. That's if we do nothing. That's just if we mine what we've currently got. I think as you've seen today, we can comfortably maintain that profile if we want to. The resources, the opportunity for high-return projects is not our challenge. That has been very deliberate. This is about focusing back on South Africa and the unbelievable operations that we have here today. I think for those who did join us on our International Capital Markets Day, of course, this is today 80% of our business, it is where we see a lot of our immediate growth, complemented by some incredibly strategic and some big option value in the rest of our international assets. Worth just briefly touching on those, which of course we went through in detail, we still have our U.S. PGM operations. Everything today has just been South Africa. What rounds off that What I want to call the perfect PGM portfolio, 3 Ps, is our U.S. assets. Yeah, they're tough at the moment. Today, palladium's going through a bit of a tough time. It will return. Markets are cyclical. It will return. You saw where Stillwater is today on that cost curve, I think at that Capital Markets Day 2 months ago, we shared with you how we're bringing those costs down to 1,000 we're investing in that business to get those costs down to 1,000. That'll put Stillwater close to bottom of the cost curve, today that margin's a bit tight. When the market turns on palladium, it will, you can imagine where Stillwater's going to be sitting then in the portfolio, it's one of the few, as we know, outside of South Africa, Zimbabwe, and Russia. I think we shared Keliber in quite a lot of detail. Keliber, a project that's been built. We are now busy ramping it up. Concentrate is busy being commissioned and ramped up as we speak. We'll be making a call on that refinery later. The only integrated lithium project in Europe, one of the few lithium hydroxide producers outside China at a time when the world is scrambling to mitigate their risk against critical metals coming out of China. One I dare say we have very little value for today because people want to see us prove that it works. Fair enough. We've delivered the project. It's our first-ever greenfields project at Sibanye. Extremely proud of that project team to deliver a big, complex project in Europe. Now we've got to ramp it up, but that gives me a lot of faith for our future greenfields projects that we may want to look at. That is huge option value as we prove that that project works and as the inevitable lithium price continues to strengthen. We also shared with you our recycling business, one that I think has been poorly understood. Today, recycling is anywhere between 5%-10% of our earnings, off a stable margin. Doesn't fluctuate with commodity prices. 10% stable margin, smart business. Business that gives us almost the same amount of precious metals as all of our primary mining. That just puts into perspective the scale of that business today. Not only is it, of course, the most responsible way of producing metals, but it's also one of the most strategically interesting one to regions who don't have their own primary supply. We've developed skills and a business model there that's niche, that is going to hold us in good stead, and I dare say, moving forward, it's not just going to be about mining and extraction, it's going to be about metal supply, who supplies it most responsibly, and if recycling is seen as a threat to your business, you're going to have a tough time. As Charl has just said, I think just this is the crux of what we've got to unpack going forward. On this slide, we've essentially got all the projects that we've got quite a lot of confidence in today. In other words, essentially feasibility level or in feasibility today. Just looking at that compared to what we've been through the previous few years, if you just want to use that as a benchmark, actually it's not more capital than we have spent to realize this portfolio that we've got ahead of us. The mix changes. We certainly see more investment in South Africa rather than offshore. It's certainly more of that in terms of brownfields. In fact, it's a capital profile that we've managed through a very tough period in the past that lies ahead of us if we deliver all of these together at once. This is not an onerous capital profile. I think as Charl has outlined, and for us, this is the beauty of the portfolio we've got today. I'm going to come back and mention it again. I think what's going to distinguish successful mining companies over the next decade from those that are not is capital allocation. If we stand back and look at the industry over the last 25 years, early 2000s, we just saw companies investing for the sake of investing. Huge growth, not much returns. We know how that ended come 2008. Quite honestly, for the last decade, we've been living off that. There hasn't been much investment in new growth. We're seeing it in most commodities across the world. It's all been just about returns to shareholders, returns to shareholders. Not a lot going into the ground and new projects until quite recently with the critical metals. The companies that are going to be successful are those that can find that balance. It has to be about both. I dare say those that are going to be successful in the next decade to two decades are the ones that get that balance right. We are starting with a portfolio of projects that allows us to play with that balance. We're not faced with one huge project that's going to suck up all our capital and put us at risk if it works or doesn't work. We're not facing a situation where we've got to go out and do aggressive M&A. We've got a multitude of projects that we can play with to optimize our returns, our balance sheet, our returns to shareholders, our balance sheet, and our growth. That's an amazing position to be sitting in, and that is the focus we are currently going through with our board. You've seen what we've already approved. You've seen what will be going to our board in the near term. Ultimately, over the coming months, we'll share with you as we commit to these projects and bring them online. I dare say one thing we do not need to worry about is do we have the capacity and the ability to grow within our control, not requiring M&A within our current mine boundaries, within our operations? The answer is absolutely. To try and wrap it all up, I guess just I started with a strategy that we shared with you in January. Perhaps just going through and scoring ourselves a little bit. How are we doing? I think we've made some progress. We've still got a lot more. There's a lot more that we're still doing. I think in some ways, the central core to all of this is, of course, our delivery from our operations. If we don't deliver on our operations, meet our guidance and our plans, deliver on our margins, the rest is all meaningless. I think I am pleased that we've certainly settled the business in that regard. I think some of our tougher ones we've shared. SA Gold is not an easy business to manage where it is in its life. I think that team's done very well at settling down and keeping it stable. Then with a bit of price tailwinds, we've certainly seen U.S. operations turning around as well. Two that were on the border, I guess with the focus we've had from those teams have certainly settled down nicely during the year. I think Charl shared with you the progress that he and his team have made on the balance sheet. That continues to be a focus area. We will continue to try and reduce that gross debt. One thing we don't mention, of course, is during this time, yes, we had some good tailwinds, but I think we've used those tailwinds wisely to start moving this needle probably more than we thought we could have 12 months ago, but we've used it well. Something we don't often talk about is we've also removed, this time last year, we were all very concerned about the Appian overhang, the legal case we had outstanding. What was that going to be? What was it going to cost us? It's settled, it's done. It's out the way. That was another $200. We've removed the noise, we've removed the risks and overhang. We've started chipping away at that balance sheet. Very happy with the progress, albeit we've still got a bit of a way to go. Obviously, resumption of dividends was a great one for us. We never stopped paying dividends in terms of policy, but it was good to get back into earnings and be able to start paying those dividends again. That was just on the back of 2025 before we really saw some of the commodity tailwinds that we've experienced, certainly for this half. I know it's been a very volatile month more recently. That alone again, was not a bad dividend yield. At today's share price, that's almost double. That was on the 2025 numbers. Good to be back in a dividend-paying position and again, sticking to our capital allocation policy there. We are starting to invest in this portfolio. When we say that's our capital allocation model, third, third, you can see all of them up there. Three projects already approved and going. I think as we show on the right there, three more that will be going to our board over the second half of this year. We are investing in them. They are good projects. They are extending lives of operations that should have been closed in a year or two for another 20 to 30 years at IRRs of 40%. There are not many projects like that in the world today. I think Keliber. Keliber was a big milestone for us. Having built a €700 million greenfields project in Europe, and I'll say it again, when we started that, there were five feasibility studies being done on lithium in Europe. Today, there's still four, and there's only one project. I'm very proud of the team that's delivered that largely on budget, barring some changes we had to make for permits, and largely on time. Seeing that project starting to ramp up is very exciting and certainly looking forward to proving that this can be one of the ones that really works outside of China. I think work that's ongoing, the simplification is something that is a lot of work. Certainly simplifying the portfolio is not directly within our control. Of course, we want to maximize value for any assets that we are not going to invest and take forward, and that takes a bit of time. I think we have been very clear on what we will and will not invest in. Certainly, we have a BD team at the moment that's focusing more of their time on realizing value for non-core than looking at how we can realize value for other stuff, and that simplification will continue. We've got the three projects that we'll still be taking to our board. We haven't touched on Mt Lyell today. That's a copper project in Tasmania. Again, another one. How do we think about it with the funding? As Charl said, these could be some interesting projects that we'll be discussing with our board, but certainly, those are three in the pipeline for a decision soon. Then, of course, as Charl mentioned, the deleveraging. I think we're making progress. We've still got a way to go. I hope at least if there's something to take away from this slide, yeah, we've got a way to go, but we are sticking to what we said we were going to do. That's the strategy. That is our guiding principle. Perhaps just to wrap it up for today from my side, obviously looking forward to those who are joining us on the site visit. Just to wrap it up from my side very briefly, I mentioned geologists. There's a reason most people study geology, and certainly, I'm one of those. It's people who wanted to go into science or engineering but couldn't do maths do geology. The other reason is we generally don't like people. You prefer drilling somewhere with a rock and you hit a rock with a hammer, it gets prettier. We're not really people, people. I've been very blessed in my career to learn that mining is a people's business. We often talk about people being 50% or 60% of our costs. We forget that they're 100% of our revenue. I think just having the portfolio we've got, great. If you don't have the people to deliver it and turn it into value, that's useless. Just on behalf of, I think myself, the team, there's been a huge amount of work going into putting this together today. Putting the presentation together was tough. Doing the work behind it to actually be able to present it has been five or six years of incredible work by very talented people. I hope what you've seen today is not just the skills we've got in the team, but actually the passion. That's what is going to make this more successful than just having the skills, is the passion we've got for building a modern mining business in South Africa, which we will deliver. Thanks to the team and to everybody behind. With that, we'll open up for any final questions. I think whole team available. Anything else that's out there or hasn't been asked? Please feel free. Thank you very much, thanks again for joining us online as well. Very much appreciated. Thank you. Thank you, Richard. Any questions in the room? This one. Thank you. Thank you. Thank you. I think it's a question for Charl mostly on your capital returns and how you look at your dividend policy. The one thing we have seen in the resources business over the last few years, a lot of companies have moved towards what you call a stable dividend and then a very variable component. Was talking to investors and there's a lot of buy-side here, they'll be able to say that better, but two things they look for is one is consistency and the ability to forecast. Now, with your dividend policy, there is the ability to forecast it. What it's missing is a consistent component within that dividend policy. Is that something that Sibanye would look at at some point? We can probably both comment. Never discussed that, so if you want to go first. Yeah, Raj, I would say, I think the policy has served us well, and what's nice about the variable policy, it autocorrects. During good times it pays out more, and during bad times, obviously it contracts. That protects the business during those times. We've seen gold price-linked dividends, we've seen progressive dividends, and all of those companies have made U-turns on those. I think where we find ourselves now is during times of high prices, they come up with these different skews. This has served us very well. I don't believe, but that'll be up for discussion with our board at a point in time, that we would think about a constant dividend. We operate in a cyclical environment, and yes, we've got a portfolio business, so we've been fortunate that gold and PGMs have moved up in the same direction. Generally, they don't. That's why the policy has worked well for us. I would say today, no, but obviously as we move forward, it may be under consideration, but I don't think it's something that we would do in the near future. Thank you. Maybe another question for Charl, and following on from Raj's question on dividends. I think today you've presented a very solid production outlook for the SA business, which is, like Richard said, 80% of earnings as far as Sibanye is concerned. If price is playable, it means you're not fazed by the current wobbles, so if price is playable, it means there's significant value to unlock. Your share price has pulled back significantly. How are you thinking about opportunistic share buyback? I know reducing the gross debt is priority, but at this point in time, are you thinking about potentially buying back some shares? Thank you. I think you should ask that question to the gentleman on your right. Look, we have done buybacks historically. I think the central messaging we have been getting from our shareholders, and I'm not talking here for everybody, but the majority have said, "Give us the money and we will decide what to do with that. We don't want you to act on our behalf." We've always kept that as an option because it is still a return to shareholder. Yeah, I think buybacks will be much further down the line. For now, it'll be the dividend policy. You haven't spoken about uranium. I don't think I've ever been to this event and not spoken about uranium. I was just thinking, are we going to make it through without a uranium question? Thank you. I think we haven't really touched on the uranium, you're quite right. I think in terms of uranium markets, we still remain pretty bullish in terms of what we see and where it's going. We've got two real uranium assets at the moment. The one is Beatrix, the old Beatrix 4 shaft. There we are in the middle of a transaction with a junior called Neo, where the idea is they would take it, develop it, we get equity in the company plus a cash portion up front. We've also got options to claw back and assist through capital investment if we want to. It's almost one where that would not fit our capital profile today, but if that changes or market changes, we've got an option to get back in, and hopefully it still gets developed through that company and we see value from it. The other one, of course, is the surface project, Cooke Uranium. We largely completed with a feasibility study on that. It's one that remains in the portfolio. The reason we haven't put it up to date is it just wouldn't make that capital again, not because of the quality of the project, but because of the size of the capital. One of the questions, of course, in terms of uranium, it's actually quite low capital, but in terms of the options we've got, it's there. That is one that we've still got it, great project. We still, in our own minds, how do we maximize value from this? That's still one to consider. It wasn't up there because that would've been all we could present is we've still got to think about how to maximize value. Is that something we want? Is that something we want to partner? Is that something we want to exit? We've still got to give that a lot of thought. It's something there, but we haven't yet quite planned out how to maximize value from it yet. Thanks for asking. I've got two questions from the webcast. One is Adrian Hammond, SBG Securities: What's the status of the Russian palladium ban you lobbied for? Yes, Adrian, that's a good question. In an ideal world, I'd ask Heather to give us the latest update. She's obviously not on here. As far as we know, that went to a final tribunal about a month ago and, in fact, was, as we understand it, reversed by the tribunal. There was a preliminary finding on the tariffs that was reversed, but we are waiting for the details. All that was put out was that one-liner saying they're not looking to implement those tariffs, but we still don't have the details on what or why or anything else that could follow on from there. I think, if anybody can correct me, I think that is due. We're hoping to get those answers in a few weeks' time. Thank you. Last question from John Ray from Absa Wealth: In a scenario where prices slump further than expected, would you prioritize deleveraging more than the current policy of using only one-third of cash flows? You see, I think this is the discussion with capital allocation is those people who are able to be flexible going forward is what's going to matter. That's why we've set ourselves the third, third, is because that is very much to recognize that prices could go up or down. When we said we'd set a strategy that was independent of short-term cycles, that's what we meant, and that capital allocation is designed specifically to do that. In a case of much lower prices, naturally everything gets pulled back. Dividends would get pulled back. The rate at which we can settle debt gets pulled back, as does growth. Of course, it's not as simple as changing this on a day-to-day basis. You've got to manage these things. No, at the moment, I don't think there'd be an intention to change that third, third outlook until such time as we've delivered on that 50% reduction. That will be the point where I think that capital allocation model will be revisited to say what should it look like going forward. Excellent. Thank you very much. I just want to thank the participants on the webcast. People in the room, thank you. This actually concludes the procedures of the day. For those that joined us for the visit today, we will get together in about 15 minutes outside. Thank you very much, and have a pleasant journey and afternoon, and please travel safe. Thank you