Good afternoon, everyone. I'm Tovi Ellis, the Company Secretary, and it gives me great pleasure to welcome you to the fifth annual general meeting of Thungela shareholders. This meeting is hosted both in person and virtually. I would like to take a few moments to introduce our directors and executives in attendance this afternoon. I'm joined by the Chairperson of the Board and the Nomination Governance Committee, Mr. Sango Ntsaluba. Independent Non-Executive Director, Lead Independent Director, and Chairperson of the Remuneration and Human Resources Committee, Mr. Benjamin Kodisang. Independent Non-Executive Director and Chairperson of the Audit Committee, Ms. Kholeka Mzondeki. Independent Non-Executive Director and Chairperson of the Health, Safety, Environment and Risk Committee, Mr. Seamus French. Independent Non-Executive Director and Chairperson of the Investment Committee, Ms. Yoza Jekwa. Independent Non-Executive Director and Chairperson of the Social Ethics and Transformation Committee, Mr. Thomas McKeith. The Chief Executive Officer and Executive Director, Mr Moses Madondo. The Chief Financial Officer and Executive Director, Mr Deon Smith. Executive committee members, Mr Johan van Schalkwyk, Mr Lesego Mataboge, Ms Mpumi Sithole, Mr Leslie Martin, Mr Deon Smith, and Mr Bernard Dalton. Also joining us this afternoon are representatives from our auditors, PwC, as well as our JSE sponsor, RMB, our advisors on remuneration and reward, Bowmans, and our transfer secretaries, Computershare. Before we begin with the order of the meeting, I would like to take a moment to talk you through how to navigate our online platform. Once you have been successfully authenticated, you will access the home screen where you will see icons to access the webcast, to vote and ask questions via the chat function or verbally. The icon highlighted in blue indicates the active page. As soon as the board chairperson has declared the voting open, resolutions and voting options will appear, and you can select your voting decision. You can vote for all resolutions at once or individually. Your vote will be cast when the green tick appears. You can also change your vote by selecting the change your vote icon. We will take questions after voting is closed. All shareholders or their proxies attending the meeting are eligible to ask questions. For shareholders attending in person, please raise your hand and a member of our team will provide you with a microphone. For shareholders and proxies attending remotely, you can select the Q&A icon and type your question into the box at the bottom of the screen and click send. You can also make use of the telephone number and access code provided to dial into the meeting to ask your questions verbally. Press star one to ask a question, star two to withdraw your question or star zero for operator assistance. I will now hand over to Sango, our Board Chairperson. Thank you, Tovi, and good afternoon to everyone. It's also my pleasure to welcome you to the fifth AGM of Thungela. As meeting quorum requirements have been successfully met with a minimum representation of 25% of the issued shares in attendance, I declare that this meeting is properly constituted. The notice convening the AGM has been given in terms of the company's memorandum of incorporation and the Companies Act, and has been with you for the prescribed period. I now propose that the notice of the AGM be taken as read. Are there any objections? No objections have been noted. Ladies and gentlemen, we will now proceed to the formal business of today's AGM. The notice convening this meeting, together with the audited financial statements, the Social Ethics and Transformation report, the ordinary and special resolutions, was circulated to all shareholders in accordance with the statutory timelines and will be taken as read. Before I proceed to formal business, I would like to provide a brief overview of our business. Safety remains our first value. I'm proud to share that we have now operated three consecutive years without a fatality, a significant milestone that reflects the dedication and commitment of our people. While we celebrate this achievement, we remain vigilant. Our commitment to zero harm is unwavering, and the board continues to oversee safety with the highest level of scrutiny and accountability. Reflecting on performance, I'm pleased to report that the group once again delivered on its commitments. We achieved our market guidance on all the areas for the fifth consecutive year, demonstrating consistency in execution and resilience of our business. Importantly, we declared a dividend for the ninth successive reporting period, reflecting our disciplined capital allocation framework and our continued focus on delivering consistent shareholder value. Moving to our operating environment. The year was characterized by a challenging external environment, including coal price volatility, currency fluctuations, and broader macroeconomic uncertainty. More recently, geopolitical developments, particularly in the Middle East, have introduced additional instability into the global energy and commodity markets. Despite these external pressures, we have remained focused on executing our strategy and maintaining operational discipline. This year marked an important leadership change, and we are pleased to welcome Moses Madondo as Chief Executive Officer and look forward to his leadership as we enter our next phase of growth. Our strategy continues to guide how we create value. Key highlights include completion of important life extension projects, progress on Lephalale coal bed methane project, improved collaboration to stabilize logistics performance. As we approach five years since listing, we are also undertaking a strategic review to ensure we remain well-positioned for future opportunities. Sustainability and responsible governance are central to our long-term success. We continue to strengthen our governance practices, including enhancements aligned with evolving JSE requirements and regulatory expectations, alignment with King IV implementation, ongoing commitment to transparency and accountability. Our ESG commitments remain clear. A target to reduce Scope one and two emissions by 30% by 2030. A long-term ambition to reach net zero emissions by 2050. The social component of ESG is also extremely important. We continue investing in host communities, including the ZAR 160 million we invested in education initiatives supporting early childhood development learning outcomes. As some operations approach closure, we are committed to responsible mine closure, ensuring a positive and sustainable legacy. Lastly, our capital allocation framework remains a cornerstone of our strategy. In 2025, we returned more than ZAR 700 million to shareholders, well above our minimum distribution policy. We believe our balanced approach, investing for the future while delivering returns today, continues to position us strongly. Looking ahead, we remain confident in the fundamentals of our business and in the role of our product in the global energy mix. Despite ongoing uncertainty, we are operationally strong, financially disciplined, strategically well-positioned. The Thungela Annual Reporting Suite, which is comprised of the Annual Financial Statements, the Integrated Annual Report, and the ESG Report, provides a transparent account of our performance for 2025. The annual reports supplement the user's complete understanding of Thungela's business. The Annual Reporting Suite is available on our website. That concludes my overview. We confirm that Thungela's audited annual financial statements for the year ended 31 December 2026, together with the reports by the directors, the external auditors, and the audit committee, were approved by the board on 20 March 2026, and our results were released on Monday, 23 March 2026. Next on the agenda, we advise our shareholders that our Social Ethics and Transformation Committee Report has been published as part of the integrated annual report. This report focuses on environmental, social, and transformation topics, as well as other matters included in the committee's mandate. The 2025 report is available on the Thungela website under the Investors tab. Now moving to the final item on our agenda, the company resolutions. Voting shall proceed by way of a poll, which will be conducted electronically through the online facility provided by Computershare. For the purposes of the poll, I nominate representatives of Computershare who are present at this meeting to act as scrutineers. All the resolutions to be proposed at today's annual general meeting have been seconded by Tovi Ellis, the company secretary. I will now open voting on the electronic online facility, and voting can be performed on all the resolutions at any time during the meeting until I close the voting on the resolutions. You can submit your questions in the chat function in writing while the poll is open. Shareholders attending virtually would also have received a telephone number and an access code, which will allow them to ask questions in the meeting. Questions pursuant to the motions will be discussed after I have tabled the last resolution on the agenda. Before we proceed to the resolutions tabled, I would like to acknowledge that notification was received on 22 May 2026, that the amendments to the Companies Act relating to remuneration. Thungela's notice of AGM, including the remuneration report, was distributed to shareholders on 30 April 2026. The remuneration related resolutions were accordingly proposed as non-binding resolutions in line with the legal requirements applicable at that time. The AGM will therefore proceed on the basis of the law as it stood when the notice of AGM was issued, consistent with the general legal principle that legislation is presumed not to apply retrospectively unless expressly stated otherwise. Thungela has obtained legal advice regarding the future implementation of, and full compliance with the amended legislation requirements, and will adhere with the applicable legislation and related requirements at future AGMs. Let's begin with the ordinary resolutions. Ordinary resolution number 1, reappointment of independent external auditor and audit partner, Mr. Sizwe Mtetwa. I propose ordinary resolution number 1, which is taken as read. Please complete your voting in respect of ordinary resolution number 1. Ordinary resolution number 2, appointment and re-election of retiring directors. Ms. Yoza Jekwa and Mr. Thomas McKeith are retiring due to the requirements in the MOI for one-third of the non-executive directors to retire and be eligible for re-election by rotation at every AGM. Mr. Moses Madondo is retiring due to the requirement in the MOI for all newly appointed directors to retire and be eligible for re-election at the first AGM of the company following their appointment. I propose that Ms. Yoza Jekwa be re-elected as a director. I propose that Mr. Thomas McKeith be re-elected as a director. I propose that Mr. Moses Madondo be elected as a director. Please complete your electronic voting in respect of ordinary resolution numbers 2.1 to 2.3. Excuse me. Ordinary resolution number 3, election of Audit Committee members. The following individuals are recommended for re-election to the Audit Committee as required by the Companies Act and the JSE listings requirements. I propose that Ms. Kholeka Mzondeki be re-elected as a member of the Audit Committee. I propose that Mr. Thomas McKeith be re-elected as a member of the Audit Committee. I propose that Mr. Benjamin Kodisang be re-elected as a member of the Audit Committee. Please complete your voting in respect of ordinary resolutions number 3.1 to 3.3. Ordinary resolution number 4, election of Social Ethics and Transformation Committee members. The following individuals are recommended for re-election to the Social Ethics and Transformation Committee as required by the Companies Act. I propose that Mr. Thomas McKeith be re-elected as a member of the social ethics and transformation committee. I propose that Ms. Yoza Jekwa be re-elected as a member of the social ethics and transformation committee. I propose that Mr. Moses Madondo be elected as a member of the social ethics and transformation committee. Please complete your voting in respect of ordinary resolutions number 4.1 to 4.3. Non-binding ordinary resolution number 5, approval of the remuneration policy. I propose by way of a non-binding advisory vote, ordinary resolution number 5.1, the approval of the remuneration policy, which is taken as read. Please complete your voting in respect of ordinary resolution number 5.1. I propose by way of a non-binding advisory vote, ordinary resolution number 5.2, the approval for the implementation of the remuneration policy, which is taken as read. Please complete your voting in respect of ordinary resolution number 5.2. To ordinary shares. I propose ordinary resolution number 6, the general authority for directors to allot and issue ordinary shares up to 5% of the shares in issue at the date of the notice, which is taken as read. Excuse me. Please complete your electronic voting in respect of ordinary resolution number 6. The final ordinary resolution number 7, authorization to sign documents to give effect to resolutions. I propose ordinary resolution number 7, the authorization to sign documents to give effect to resolutions, which is taken as read. Please complete your voting in respect of ordinary resolution number 7. Let us now move to the special resolutions. Special resolution number 1, remuneration payable to non-executive directors. I propose special resolution number 1, the remuneration payable to non-executive directors, as set out in the notice of the AGM, which is taken as read. Please complete your voting in respect of special resolution number 1. Special resolution number 2, general authority to acquire the company's own ordinary shares. Excuse me. I propose special resolution number 2, the general authority to acquire up to 10% of the company's issued ordinary shares, as set out in the notice of the AGM, which is taken as read. Please complete your voting in respect of special resolution number 2. Special resolution number 3, approval for the granting of financial assistance in terms of sections 44 and 45 of the Companies Act of South Africa. I propose special resolution number 3, the approval for the granting of financial assistance in terms of sections 44 and 45 of the Companies Act of South Africa, as set out in the notice of the AGM, which is taken as read. Please complete your voting in terms of special resolution number 3. We can now move to the question and answer session. I will now hand over to Tovi to lead this session. Thank you, Sango. In terms of the Q&A, we will start with questions submitted via the chat function. We will then open the line for questions, and finally, we will conclude with questions from those in the room today. For shareholders and proxies attending remotely, you can select the Q&A icon and type your question into the box at the bottom of the screen and click Send. You can also make use of the telephone number and access code provided to dial into the meeting to ask your questions verbally. Press star one to ask a question, star two to withdraw your question, or star zero for operator assistance. Let's now go to the questions submitted via the chat. Gugu will read them to us. Question from David Le Page. I am David Le Page, director of Fossil Free SA. Methane is a greenhouse gas with over 80 times the global warming potential, GWP, of carbon dioxide over a 20-year period. Like CO2, methane emissions continue to increase, adding very significantly to the climate emergency. Coal mining is the fourth largest source of human-made methane worldwide and the biggest source of methane in South Africa. Recent research from UCT and [SANEDI] Global indicates that coal mine methane emissions could be very significantly higher than past estimates. Mitigation of coal mine methane, CMM, could thus potentially represent an opportunity for South Africa to address its own emissions profile. As the UCT profile report concludes, rehabilitation and restoration of closed and abandoned coal mines presents risk, but also opportunities to create jobs. Please outline the scope of Thungela's methane emissions and the scope of your efforts to manage this pollutant? Thank you, Gugu. I'll move to the chair to direct the question. I wanted to ask, do you want to take one at a time, or you want to take about two or so? I'll take one at a time, Chair. I think that was a long one, so. Good. No, thank you very much. Thanks to the question from David. I can see you might also want to add one of your colleagues. I think David is right. We are all aware of what he's saying in terms of mining coal, the methane, and also the rehabilitation issues he's raising. I think it's only fair to say that if you go through our reports, including what we have said we'll be doing by 2030, by 2050. It's quite clear that the fundamental for us is to be a responsible miner, and that's it. The effort and the resources we're putting into the rehabilitation process is all well stated in our integrated report. Part of it is that we've got to do restoration such that where we have been mining, the area is usable in various forms. There are other issues we have to look at in terms of the employment-related matters when it comes to our mines getting to the end of life. I just wanted to give that high level before I pass over to the CEO. Chair and Tovi, thank you for the question. Thungela's commitments in terms of abatement, we've been progressing our programs very well into, as the chair was referring, to make sure the commitments and the targets we set for ourselves towards our goals of net zero by 2050. We're progressing well with those initiatives. By 2030, we are tracking well to those commitments by 2030. Of course, we continue as a business, and I'm happy that you've connected to the fact that the benefit of a business like Thungela for South Africa is critical, in particular because of the employment opportunities and the benefit that the communities around Thungela benefit. As Chair has indicated, that commitment to responsibly operate comes through in the choices we make strategically and the commitments that we've made. Of course, there is another important matter in relation to coal that the world still requires cheap, affordable electricity. That for developing nations like South Africa and many others in the world, continue to drive the need for that energy. It's a balancing conversation that the world, of course, takes into account, and that need is an important one that Thungela needs to continue to meet. What we should not forget is all of the other initiatives. Thungela is part of those initiatives. We're part of advocating other technologies to make sure that the abatement of carbon into the environment is improved. All of these initiatives and approaches are what the world has elected to continue as way of abating this carbon into the environment. The commitment to net zero by 2050 is what we of course commit to. Thank you. Thank you very much. Thank you, Chair. Thank you, CEO. Was that the only question, Gugu? Yes, that's the only question online. Thank you. We'll now move to the questions on the line. Operator? We don't have any questions on the line. This Computershare has just confirmed that there are no questions on the line. Let's move to questions in the room. Please can I ask those present wishing to ask questions to raise their hand, and we will send the roving microphone to you. Please introduce yourself before asking your question by stating your full name and the organization that you represent. Thank you. There seems to be no questions in the room. That will conclude our Q&A session. Sango, can I hand over to you? Thank you, Tovi. Electronic voting is now closed. We will now take a five-minute recess to allow for the telling of the votes. When we come back, Tovi will present the results. Thank you. 2025, what a year. Coal prices dropped, the pressure rose, and the world around us shifted. Even so, we stayed strong. We once again stood on the industry stage at the SA Coal Conference and the Mining Indaba, Coal and Energy Transition Day, and the Joburg Indaba. Despite the headwinds, we focused on our productivity. SA Rail performance improved. TMI celebrated its first anniversary, a milestone so worth celebrating. This year, we were once again certified as a top employer. Our culture journey continues. We asked for your honest feedback. We listened, now we're acting on it. Across the business, we continue to make meaningful improvements. Khwezela's new lactation room was one. We created a work environment that embraces our women in mining. Our fresh new website, with its improved customer interface, captures who we are, a global, future-focused mining company. Our fourth ESG report kept our stakeholders in the loop on our progress and changes in the mining sector. Through every shift, safety was number one. Our teams didn't hold back. They stepped up. They trained. In the Q4 safety campaign, their energy came through. Safety doesn't end at the mine gate, so we took a stand against gender-based violence and femicide. We watched Mafube break three all-time production records and deliver the best month in its 17-year history. We saw Zibulo's Siyaphambili team make the country's first million for the second year running. Goedehoop's Prime Two hit its fifth consecutive scratch free million, and Ensham's Unit Five and Greenside's George Team both ended the year with another million tonnes in the bag. Our technical colleagues represented us with distinction at the International Coal Processing Congress, and we were equally proud to acknowledge our engineering teams at the Thungela Engineering Awards. Excellence shone through in mining, in engineering, in coal processing, and in our people. We found new and better ways to rehabilitate the environment. We welcomed international visitors to Kromdraai for the UN G20 Land Initiative. As we kept restoring the land, we kept investing in our people too. We also kept showing up for the communities around us. We enhanced learning at 45 local schools to improve school readiness, literacy, and numeracy outcomes for learners. We helped emerging entrepreneurs grow through Thuthukani. We improved infrastructure in line with our SLP and community development objectives and extended a hand to those who needed most during Mandela Month. We also looked after ourselves. This year, we said goodbye to July Ndlovu, a legend who shaped this business with integrity and heart. Welcomed our new CEO, Moses Madondo, to lead us further into a new chapter of growth. As our business turns the page, our commitment to the future remains clear. We officially opened Annea Colliery, completed the Zibulo North Shaft project, and advanced energy projects to help us power our sites forward. This year demanded courage, patience, and heart. We didn't just get through it, we grew through it together. #Thungelatogether. Welcome back, everyone. Thank you for submitting your votes. Here with the results of today's resolutions. Ordinary resolution number 1 has been passed. Ordinary Resolution 2.1 has been passed. Ordinary Resolution 2.2 has been passed. Ordinary Resolution 2.3 has been passed. Ordinary Resolution 3.1 has been passed. Ordinary Resolution 3.2 has been passed. Ordinary Resolution 3.3 has been passed. Ordinary Resolution 4.1 has been passed. Ordinary Resolution 4.2 has been passed. Ordinary Resolution 4.3 has been passed. Ordinary Resolution 5.1 has been passed. Ordinary Resolution 5.2 has been passed. Ordinary Resolution Number six has been passed. Ordinary Resolution Number seven has been passed. Special Resolution Number one has been passed. Special Resolution Number two has been passed. Special Resolution Number three has been passed. That concludes our voting session. I'll hand over to Sango for closing remarks. Thank you, Tovi. As we approach the fifth anniversary of our listing, which was in June 2021, with our first successful transition of leadership now firmly in place, Thungela has reached a natural cycle of strategic review. This provides an opportunity to assess our portfolio, evaluate emerging opportunities, and respond to market realities. We remain confident that our strategy positions us well for the future with a disciplined focus on value creation for our stakeholders. As we close out our AGM, I would like to thank my fellow board members for their leadership, commitment, and vision over the past 12 months. On behalf of the board, I extend my sincere gratitude to the Thungela Executive Committee and an amazing team of colleagues who have, over the past five years, built the company into a global exporter of high quality thermal coal that we are proud of today. I wish to express our profound gratitude to the communities and stakeholders who play a pivotal role in the success of our business. Our operations are intrinsically interwoven into the fabric of the communities we serve, and we recognize that our achievements are made possible through the meaningful partnerships and relationships we have forged. In line with our purpose, we remain committed to responsibly creating value for our stakeholders. As I conclude, a heartfelt thank you to our shareholders for the trust placed in our business. Thank you for your attendance this afternoon. As the business of this meeting has been concluded, this meeting is now closed. Please join us for a light lunch
Loading workspace