Thank you, Sandile. Good morning, ladies and gentlemen. I'm Leroy Mnguni, Head of Investor Relations for Valterra Platinum. Today's presentation marks the last time we will host our results in this venue. When we prepare our full year results, it will most likely be at our new offices on 211 Oxford Road, just down the road here, as you may have seen. I suspect many shareholders will be particularly pleased to hear that the move comes with a lower rental bill. It is a pleasure to welcome our board members, both in the room and online. I would also like to extend a warm welcome to the members of our executive committee seated in the front row. We're equally pleased to welcome investors, analysts, media representatives, and business partners joining us today. We greatly appreciate your ongoing support and partnership. I'll skip through the safety protocol because that Sandile handled for us. I would like to draw your attention to the cautionary statement and encourage you to read it carefully in your own time. On to the agenda for today. Craig Miller, our CEO, will take you through a brief overview of the significant milestones achieved during the first half of the year, followed by a review of our operational and market performance. Sayurie Naidoo, our CFO, will take you through our financial results. Finally, Craig will wrap up the presentation. As usual, we've allocated time for Q&A at the end of the presentation. I'll now hand over to Craig. Good morning. Thank you, Leroy. Good morning, everybody. Once again, thank you for joining us today. I'd like to begin by reflecting on safety, which remains our highest priority, and I am deeply saddened by the loss of three of our colleagues in work-related incidents during the first half. Mr. Michael Ramodike was fatally injured in an engineering related incident at Mototolo's Borwa shaft on the 27th of March. Mr. Thato Makuwa lost his life on the 9th of June in a drowning incident at Mogalakwena's North Concentrators return water dam, and Mr. Mongezi Mbusi was fatally injured on the 11th of June in a falling object related engineering accident at Amandelbult's Tumela mine. I am even more saddened to report another fatality on Monday at the Tumela mine at Amandelbult. This fatality is currently under investigation, once we've got more details about it, we will be able to share that with you in the Q3 production report. On behalf of the Board and everyone at Valterra Platinum, I extend our heartfelt condolences to their families, friends, and colleagues. These tragedies have strengthened our resolve to prevent further fatalities and to build a safer workplace. We've taken decisive action across the business, aligning our leaders around critical safety priorities, conducting operation-wide stoppages to refocus the teams on safety, and strengthening out the frontline leadership, accountability, and risk management. Our total recordable injury frequency rate increased by 14% to 1.66, largely reflecting the normalization of shifts at Amandelbult following the 2025 flooding. Encouragingly, it has remained broadly stable since 2023, positioning Valterra Platinum in the leading quartile of our peer group. While there is still work to do, we remain unwavering in our commitment to preventing harm and ensuring that everyone returns home safely every day. Let me now turn to how we're executing our strategy and the progress that we're making against those key priorities. Our first year as an independent company has sharpened our focus, accelerated decision making, and strengthened our execution. This is clearly evident in our first half performance and the progress that we've been making against our strategic priorities. We've completed our separation from Anglo American, exiting the transitional service arrangements, and have established the capabilities needed to operate independently. We've also transitioned our IT infrastructure and systems seamlessly while maintaining business continuity throughout the period. We've continued to advance our growth portfolio and have made good progress with the Sandsloot underground project at Mogalakwena. I'll touch on this in a bit more detail later in the presentation. In Mototolo, we're progressing studies to optimize and expand PGM production alongside several low capital chrome projects. These initiatives are showing encouraging results, and we expect to provide you with a more comprehensive update at year-end. Operationally, we remain on track to deliver our full year guidance, supported by a strong second half. Continued focus on processing optimization and cost discipline has delivered higher chrome yields, improved mass pull, and enhanced concentrator recoveries, further enhancing the value from our existing asset base. We're actively supporting long-term PGM demand growth through strategic industry partnerships. Following our collaboration with Johnson Matthey and Sibanye-Stillwater earlier this year, we've recently initiated two separate partnerships, one with Umicore in Germany and another with Pujing Chemicals in China to expand the use of PGMs in industrial applications. Sustainability remains embedded into absolutely everything we do and continues to support our long-term value creation. A key milestone during the period was the commissioning of the 520 MW of renewable energy capacity through Envusa, where we are the largest off-taker. This is already contributing to lowering our emissions as well as our reduced energy costs. We contributed approximately ZAR 46 billion to the South African economy and local communities through employment, procurement, investment, taxes, royalties, as well as community development initiatives. We also completed key water resilience projects, including a new wastewater treatment plant at Thabazimbi and a potable water purification plant in a neighboring community at Mogalakwena, strengthening our water security for our operations while improving access to clean water for our surrounding communities. Our sustainability performance is reflected in our external ESG ratings, including maintaining our MSCI AA rating during the period, as well as all of our assets remaining IRMA certified. Let me take you through the half year results. A strong PGM basket price, focused cost discipline, and the recovery at Amandelbult supported a significant increase in EBITDA. We also delivered an excellent all-in sustaining cost at below $1,000 per 3E ounce. Our strong operational financial performance translated into exceptional free cash flow generation, increasing our net cash balance to ZAR 24 billion at the end of June, which is after returning the ZAR 11.5 billion to shareholders through the final dividend in March. As a result, I'm pleased to declare a substantial interim dividend of ZAR 15 billion or ZAR 57 per share, equivalent to 70% of headline earnings. Let's take a closer look at the operational performance of the business. We delivered a strong operational performance during the first half of the year. It is particularly pleasing to see our world-class processing assets enhancing the benefits of robust mining execution through improved concentrator recoveries, further gains in mass pull reduction, and higher chrome yields. As a result, owned mined metal in concentrate production increased by 9% to 1 million ounces, driven primarily by Amandelbult's recovery from the flooding impacts experienced in the prior year. Refined production increased 25% to 1.7 million ounces through a further 200,000 oz being unlocked through inventory optimization, as well as demonstrating the value of our well capitalized, expertly managed processing assets. The sale of 1.7 million ounces of PGMs enabled us to fully capitalize on the strong PGM price environment over the past six months, delivering exactly the outcome that we set to achieve. Let me start with our flagship asset, Amandelbult. Yes, I know what many of you are thinking, who says we cannot have two? Amandelbult's attractive profit split is often underappreciated by the market. This is illustrated in the revenue breakdown chart reflecting the well- diversified contributions. More than 88% of revenue is derived from commodities with compelling long-term fundamentals, including 14% from chrome ore, a valuable contribution that is often overlooked in industry cost curve calculations. In 2024, we undertook a comprehensive reset of the cost base at the operation, including an 18% reduction in the workforce. The first normalized half year performance since then demonstrates the benefits of these actions, with the all-in sustaining costs declining by 8% in real terms over the past two years. The combination of disciplined cost management and a favorable revenue mix has firmly positioned Amandelbult in the industry's leading quartile on all-in sustaining cost curve margin. The significant increase in both PGM and chrome production reflects Amandelbult's return to steady- state operations. It is a compelling turnaround story that demonstrates the impact of decisive leadership, operational discipline, and the exceptional execution by our teams. The benefits of our through- the- cycle investment in sustaining CapEx are evident in our consistent operational delivery and industry- leading asset longevity. At Amandelbult, this is reflected in the readiness of the number 1 sub shaft section at Tumela mine, a critical replacement project that will secure the delivery of more than 4 million ounces of ore per annum for the next three decades. This proactive investment approach differentiates us from many of our Western peers, some of whom face significantly higher capital requirements to arrest the declining production profiles. Amandelbult's Tier 1 status is reflected not only in its industry leading all-in sustaining margins and multi-decade reserve life, but also in its exceptional cash generation, delivering approximately $1,400 per ounce of free cash flow during the period. Moving on to our other flagship, Mogalakwena. Mined head grade remained stable year-on-year, consistent with our blending strategy, which has significantly reduced its unit costs at the operation. With the mining sequence increasingly accessing higher grade cuts, we expect the positive quarter-on-quarter trend to continue, supporting stronger production in the second half of the year. Despite planned crusher maintenance in the first quarter, tons milled increased by 2% after adjusting for the expiry of the Baobab concentrator lease in December 2025. Improved concentrator availability and continued optimization efforts are expected to drive a step change in milled volumes in the second half of the year. We've maintained our production guidance for Mogalakwena. Based on current operating trends and the progress of our optimization initiatives, we remain firmly confident of our ability to deliver on this outlook. Our relentless focus on operational excellence continues to deliver tangible results. We've achieved further improvements in drilling and blasting performance, resulting in better fragmentation and enhanced downstream mining efficiency. As a result, we've reduced truck queue times, optimized haulage performance, and lowered our operating costs. Importantly, the benefits extend beyond productivity. Improved mining efficiencies reduce both energy consumption and dust generation and further strengthen the sustainability profile of our operation. The cumulative benefits of these initiatives have further improved Mogalakwena's cost position, securing its place firmly within the first quartile of the all-in sustaining cost curve. The real cost savings delivered during the period demonstrate the efficiency improvements, and cost disciplines remain embedded throughout the operation. Turning to Sandsloot underground, this remains one of the most compelling growth projects in the industry. We've previously highlighted its exceptional grade profile, favorable geotechnical characteristics that support efficient bulk underground mining, and attractive capital intensity. These attributes are further enhanced by straightforward access to the ore body and the ability to leverage from existing surface infrastructure. Over the past six months, we've continued to de-risk the project. Underground development advanced by a further 1.5 km to 10.7 km. Bulk ore samples increased by an additional 35,000 tons, and the second ventilation shaft was successfully reamed and lined. Encouragingly, the bulk sample results have been in line with our geomet expectations, giving us further confidence in the project and its long-term potential. We therefore remain on track to commence trial mining of ore in the fourth quarter of 2026, as well as completing the feasibility study and final investment decision to be taken during the first half of 2027. Our medium-term capital guidance of between ZAR 1.5 billion-ZAR 2.5 billion remains unchanged. Mototolo delivered a resilient operational performance despite the safety related stoppages at Borwa Decline, the line's largest producing section. To mitigate the impact on production, we supplemented the plant feed with the development ore from Der Brochen. While this helped maintain operational continuity, the lower grade ore reduced the metal-in- concentrate production in the period. Critically, development at Der Brochen continues to gain momentum, increasing by 64% compared to the prior period, while immediately available ore reserves increased by 29%, significantly enhancing Mototolo's operational flexibility. Having returned to steady- state operations during the second quarter, and with greater flexibility now available, Mototolo is well-positioned to deliver a stronger operational performance in the second half of the year. One of the most underappreciated value drivers that Valterra Platinum has is the quality and the reliability of our well-capitalized processing operations. At our Capital Markets Day, we committed to further enhancing the performance of these assets, unlocking additional value across the portfolio. It is pleasing to see those efforts translating into measurable results. Concentrator recoveries improved at both Amandelbult and Unki, while recovery gains achieved at Mogalakwena are particularly noteworthy. Delivering even a modest recovery improvement at an operation of that scale while simultaneously improving mass pull by 15% is a significant achievement. Chrome yields at Amandelbult increased by 4 percentage points, contributing to a 2 percentage point increase overall for Valterra Platinum's chrome yield. Importantly, we believe there is further upside to be realized. The insights and the operating practices that have driven these improvements out of Amandelbult can be applied across the portfolio, particularly at Mototolo, where we see significant potential for further recovery gains. The performance of the downstream processing was equally impressive, supported by operational excellence, higher metal-in-concentrate deliveries, and continued success in our work in progress inventory optimization, as well as improved asset availability following the planned maintenance shift to the third quarter of this year. Refined production increased by 25% year-on-year, while nickel and copper production rose by 16% and 22% respectively. These operational improvements continue to translate into tangible value. Over the past two years, our processing optimization initiatives have delivered several hundred million rand of annualized capital and operating cost savings. During the period, we achieved a further 12% improvement in energy intensity, reducing costs while also lowering our carbon emissions by 3%. This highlights both the strength of our integrated processing infrastructure and our ability to consistently create value across the processing value chain. Turning to markets. The first half delivered the highest basket price since 2021 and the second highest pricing environment on record. Unlike 2021, the rally in the basket price was more broadly based, and gains across all PGMs and co-products were seen. Platinum, iridium, ruthenium, and copper reached record highs, while palladium, rhodium, and nickel traded at multiyear peaks, supported by strong industrial and investor demand. Pricing softened in the second quarter, however, as the debasement trade cooled following gold and market dislocations eased. Nevertheless, current prices remain 30% higher than their 2025 average and substantially higher than the levels that we saw throughout 2024. Metal prices remained strong despite the significant investment outflows, which reflect the compelling underlying physical demand. As market sentiment improves, we expect the attractive fundamentals to reassert themselves on PGM prices. Our supply and demand outlook for PGMs remains tight over the medium term. Increased industrial demand and weaker secondary supply outlook has largely offset the impact of lower auto catalyst demand and weaker jewelry sales forecasts. Looking further ahead, key automotive markets remain robust on rising vehicle sales, and we expect higher loadings as new standards and testing protocols come into play. While mine supply is forecast to remain subdued, with a delayed and uncertain response from firmer prices while recycling volumes are rising, we see continued headwinds preventing a substantial increase. Industrial demand is an increasingly important area for PGMs and new technologies such as AI, which present an attractive upside to our demand. Our balances, as usual, exclude investment demand, which has been weaker this year as strong bar and coin demand has partially offset ETF selling. Nevertheless, PGMs remain strategic minerals with safe haven characteristics and a solid long-term footing. Turning to the longer-term outlook, we remain highly confident in the robust outlook for the PGM demand. Consensus forecasts are largely built around today's known applications and, in our view, continue to underestimate the potential impact of innovation, substitution, and supportive policy developments. As economies become wealthier, demand naturally increases for technologies that enhance efficiency, productivity, and sustainability, creating new opportunities for PGMs. At our Capital Markets Day last year, we shared details of approximately 10 million ounces of additional PGM demand by 2035, which was not accounted for in prevailing consensus forecasts. Based on the evidence that we see today, we continue to hold that view. Importantly, these opportunities are becoming increasingly tangible. Over the past 15 months, we've seen several developments that give us confidence that at least 2 million ounces of this potential upside is progressing towards high conviction demand. We are working hard to shift more ounces from the known potential category into the high conviction bucket. Three areas stand out for us. First, hydrogen. China's inclusion of hydrogen in its long-term strategic development plans, together with increasing deployment of fuel cell trucks and higher platinum loadings, points to demand that could materially exceed current assumptions. Second, AI driven industrial demand. We are already seeing PGMs used across data infrastructure applications, including hard disk drives, fiberglass production, silicons, specialized crucibles, and power systems. As AI infrastructure scales globally, this demand should continue to grow. And third, substitution opportunities. Elevated gold prices are improving the economics of replacing gold with platinum and palladium in industrial applications, while platinum jewelry continues to gain share from white gold in key Western markets. These opportunities are not theoretical. We're actively working to accelerate them through collaborations with Johnson Matthey, Sibanye-Stillwater, Umicore, and Pujing Chemicals, creating pathways to commercial adoption across multiple demand sectors. In short, we see a market that is already in deficit today, underpinned by compelling medium-term fundamentals, and supported by multiple credible sources of long-term demand growth. As a result, we remain confident that consensus demand forecasters will need to move higher over time. I'll hand you across to Sayurie to take you through the financial results. Thank you, Craig, good morning, everyone. I am pleased to report an exceptional set of financial results for the first half of 2026, underpinned by a stronger basket price and higher sales volumes following the recovery of Amandelbult post the floods. These achievements were realized despite a challenging macro environment, which resulted in elevated input cost inflation. To summarize our performance, revenue increased 93% to ZAR 82 billion, supported by a significantly stronger PGM basket price and 18% higher volumes. As a result, EBITDA increased to ZAR 33.4 billion, translating into a mining EBITDA margin of 50% and an annualized return on capital employed of 69%. Headline earnings increased to ZAR 21.5 billion, or ZAR 82 per share, the third highest in our multi-decade history. This strong performance resulted in free cash flow of ZAR 26 billion and net cash of ZAR 24 billion. In line with our disciplined capital allocation framework, the Board has declared an interim dividend of ZAR 15 billion or ZAR 57 per share, represents a 70% payout of headline earnings, well above our dividend policy of a 40% payout. EBITDA increased fourfold to ZAR 33.4 billion, notably, this is equivalent to our full year earnings for 2025. EBITDA was supported by an 85% stronger PGM dollar basket price of $2,800 per ounce, which translated into a stronger PGM rand basket price of around ZAR 46,000 per ounce, partially offset by an 11% stronger rand. Input cost inflation of 7.2% reduced earnings by ZAR 1.8 billion, including ZAR 250 million due to the Middle East conflict, which affected key operational cost drivers such as diesel, explosives, and selected chemicals. Royalty expenses increased in line with improved profitability, reducing earnings by a further ZAR 1.8 billion. Our operational performance, characterized by the excellent recovery from the Amandelbult flooding, as well as the strategic rescheduling of planned maintenance and annual stock counts, supported us in delivering higher sales volumes and capturing the benefits of a strong PGM pricing environment. EBITDA benefited from the non-recurrence of once-off demerger- related expenses incurred in the previous period of ZAR 1.1 billion. The contribution from mining operations was ZAR 27 billion, while the contribution from POC and toll contracts increased to ZAR 8 billion. Our cash operating unit cost for the first half of the year remained flat at ZAR 20,677 per PGM ounce. This was driven by higher input cost inflation, which was further compounded by cost pressures from the Middle East conflict, which increased our unit cost by ZAR 250 per PGM ounce. Additional pressure on unit costs came from lower capitalized waste stripping, which was partially offset by a reduced drawdown in ore stockpiles. The continued focus on cost discipline, operational excellence, and the successful recovery of Amandelbult offset these increases. Looking ahead, our unit cost guidance of ZAR 19,000-ZAR 20,000 per PGM ounce remains unchanged, with the M&C production run rate expected to increase in the second half of the year. Ongoing cost pressures linked to the Middle East conflict are expected to place us towards the upper end of guidance. All-in sustaining cost, which was $996 per 3E ounce sold, representing a 21% decrease from the prior period, supported by higher sales volumes, higher by-product revenues, and lower sustaining capital expenditure. We maintain our full year guidance of $1,050 per 3E ounce at an exchange rate of ZAR 17 to the U.S. dollar. We continue to allocate capital based on our framework of balancing near-term asset integrity with long-term value creation. Capital spend in the first half reflects disciplined capital allocation and project phasing rather than a change in strategic priorities. Total capital expenditure was ZAR 6.3 billion. Sustaining capital of ZAR 4.6 billion supported the safe and reliable operations of our assets, mainly through infrastructure and fleet renewals, as well as tailings facility expansions. Sustaining capital spend will accelerate in the second half of the year with a similar focus, including processing maintenance. Discretionary capital of ZAR 1.7 billion remained focused on the Sandsloot underground project, the Der Brochen shaft development, and the Mortimer conversion project, with all investments tracking to plan for the year. We remain confident in delivering capital expenditure within our full year guidance range of ZAR 17 billion-ZAR 18 billion. The strong free cash flow generation in the first half of the year materially strengthened our balance sheet. We began the year with net cash of ZAR 11.5 billion, all of which was returned to shareholders through a dividend payment in March. Cash generated from operations for the period was ZAR 36.2 billion. ZAR 4.5 billion was paid to the fiscus in the form of income tax, and capital expenditure was ZAR 6.3 billion. We therefore ended the period in a net cash position of ZAR 23.7 billion. We successfully raised ZAR 2 billion through the inaugural issuance of floating rate notes under the company's DMTN program, which resulted in a much lower cost of borrowing. Our liquidity headroom was ZAR 55 billion at 30th June, comprising of cash and undrawn committed bank facilities. Post-period end, we received the final tranche of the Amandelbult flood insurance claim, amounting to ZAR 1.5 billion. Total insurance proceeds net of deductibles is therefore ZAR 3.9 billion. In line with our capital allocation framework, the Board has declared an interim dividend comprising of a base dividend of ZAR 32.50 per share, or ZAR 8.6 billion, equivalent to a 40% payout of headline earnings, and an additional dividend of ZAR 24.50 per share, or ZAR 6.5 billion, in line with our commitment to return excess cash to shareholders. This brings the total interim dividend declared to ZAR 57 per share, or ZAR 15 billion. I will now hand back to Craig to wrap up. Thanks, Sayurie. Our outlook for the PGM market suggests that current supply forecast, even when including unapproved projects, is unlikely to keep pace with the anticipated demand growth. Importantly, this is not a resource constraint. The industry has extensive mineral endowments and the technical capability to develop and operate these assets efficiently. What is required to unlock the potential is a long-term PGM price outlook that appropriately reflects the strategic value of these metals and the strength of future demand. While current spot prices are approaching incentive levels, long-term consensus forecasts remain well below the levels required to support meaningful investment in new supply. This disconnect risks constraining project pipeline needed to meet that future growth demand. Valterra Platinum is exceptionally well-positioned in this environment. Our mineral resource endowment is significantly larger than that of our peers and provides multiple low-cost, capital-efficient growth opportunities, all of which are already factored into our CapEx guidance. We are also progressing studies on several of these projects and expect to provide further details to you at our year-end results. At the same time, we remain firmly committed to our value over volume strategy. Any growth investment will be assessed against the same disciplined capital allocation framework that has guided our decisions historically. Shareholder returns will remain a top priority, and we are confident in our ability to sustain production, advance value- accretive growth opportunities, and continue delivering industry-leading returns to shareholders while maintaining balance sheet strength. In closing, safety remains our highest priority and is at the heart of everything we do. Our first-year half results demonstrate the benefits of disciplined execution of our strategic priorities, the quality of our asset base, and the commitment of our people. We have maintained a strong balance sheet, generated significant cash flow, and generated attractive returns to shareholders while continuing to progress our growth and value-enhancing initiatives. As we move into the second half, we remain on track to deliver on our full- year guidance and are favorably positioned to build on the momentum achieved during this period. We look to the future with confidence and remain focused on delivering safe, responsible, and sustainable value for all of our stakeholders. That concludes our presentation. Thank you once again for joining us. I'll hand you back to Leroy to facilitate the Q&A session. I'll stand in the middle. Thank you, Craig. I think we'll start in the room before we go to the conference calls. Brian, your hand was first, and then Gerhard. Please introduce yourself before you ask your question. Thanks very much. Thanks for the presentation. It's Brian Morgan, RMB Morgan Stanley. I'll start with the obvious one. The ZAR 8.7 billion on the balance sheet that was left behind, just the thought process around that. ZAR 15 billion wasn't enough. Sayurie, I think that's yours. Sure. I might add that ZAR 15 billion is quite a generous dividend. In terms of our thought process, this was in line with our balanced capital allocation framework, balancing investing in the business, returning cash to shareholders. As we've said, once we've invested in sustaining capital, in discretionary CapEx, any excess cash, we will return to shareholders. As we've guided, CapEx for the full year is about ZAR 17 billion-ZAR 18 billion. We've only spent ZAR 6 billion, the second half, we do expect to step up. That's part of the reason why we've retained some cash. In addition, we have been seeing some elevated macroeconomic volatility, we did think it's prudent to retain a little bit more cash. However, as we always do, in the second half of the year, we will review our dividend once again and look to return excess cash to shareholders. Okay, cool. That's fine. Thank you. Can I ask a second one just on the Tumela Lower? I think you've done the pre-feasibility that's done now. Maybe just give us an update on where we are with that project and when we can expect feasibility. When CapEx will start, quantum of the CapEx, just an update would be good. Okay. I'm going to ask Willie to also contribute here, the feasibility study is well advanced. We're investing into the CapEx already, you can continue to see that development taking place. I think we should have up at full production by the end of the decade, early 2032, I think is the outlook. I'm sure Willie will give you more details and is much more informed about it. Good morning, everybody, and thanks for the question, Brian. When you look at our capital that we've indicated, roughly if you look at the discretionary bit, in terms of how we see the Tumela deepening. This is not like we will go out and announce feasibility for this like we would do with the Sandsloot. It's actually proven capital allocations part of the quarter life extension. As we do it roughly now, and we've cash flowed it in that way, and that's about between ZAR 500 million-ZAR 600 million annually, and it's in the capital number. Basically, essentially you bring more levels into operation as you deplete the levels on the upper end of Tumela. That's in our plans, in our life of mine, and that's why you see the schedule that was extended for the next three decades. What is very clear and very important to land is if you look at Amandelbult, historically, we've shown just a tapering off on the old Tumela portion. Now we've explained to that really Amandelbult. We said it in Capital Markets Day. It's roughly about a 4 million-4.3 million ton operation with our current capital allocation to it. That's for a very long time in terms of that asset in about 600,000 oz-630,000 oz per annum. Thank you. Thanks, Gerhard Engelbrecht, Absa CIB. Craig, just maybe delving a bit deeper into your near-term forecasts for the markets. In the next two years, you show sizable deficits for most of the metals. If I look at the consulting firms that Johnson Matthey included that are forecasting demand, it looks very different. Not talking about the long term, just the next couple of years. What are the differences and why should we believe your forecast relative to a bigger consensus? Okay. Okay, Hilton, I think I was going to say something which wasn't appropriate. I was going to leave you to. Yeah. Forecasts. Well, first up, thanks for the question. Lots of moving parts to forecasts. I think in the first instance, starting at the top of the demand curve, we're probably a little bit more bullish on vehicle sales numbers. Looking to relationships between GDP and auto sales in individual markets, we think to an extent current forecasts are understated. We also think there is a link between auto sales and recycling, that forecasters don't necessarily link the two. GDP and car sales, car parks, for us are inexplicably linked. You can't have lower car sales and greater recycling without there being at least a stable car park. Those are elements in terms of vehicles that we think are playing out. We also are probably a little bit more bullish loadings than what forecasters are on the back of maintaining our perspective that the sentiment in China is one of tightening legislation and testing. We're of the view that the delays in some of the regulation are not going to have an impact on perceived increases in loadings because the decisions are already made. Those are going to play out. We are probably a little bit more bearish primary supply than forecasters, and probably in the same space on recycling. Thanks, Hilton. We're more bullish industrial. Okay. You should believe us. Sorry, that's what I wanted to say. Forecasts, yes. Second question, maybe more serious. There seems to be a safety issue across industry and other companies are experiencing similar issues. What are the specific interventions that you're planning in terms of safety and keeping your workers safe? Yeah, thanks, Gerhard. I think it is a particularly difficult time, and it has been very difficult for us at Valterra Platinum because, as I said, we are incredibly saddened by the losses that we've experienced. As a result of what we've experienced in the first half of the year, we've taken a number of actions. We've had our own stop for safety days across every single operation, where we've engaged quite actively with our teams in understanding what is it that will make us be safer, what is it that they require from us to help support that. An underlying theme from that is enabling our teams to spend more time in the field, improving the engagement, understanding the risks, understanding our policies, procedures to keep people safe, and ultimately, thinking through how do we continue to reduce risk within the business. That's what we're actively working on. We have an opportunity to make things simpler, and that's what we're doing. We are undertaking as well a third-party review, because we do believe that our safety strategy, the work that we're doing, is supporting keeping everybody safe. We've had these incidents, but there are a number of our operations that continue to operate without an injury. There is definitely something that we're doing right. We just want to get somebody to have a look at us and tell us, "Is there a blind spot? Is there something that we're missing?" That review's underway. Clearly, as an industry as well, we are not proprietary around understanding our safety actions, what we need to do. We share those, and we learn from others. It is. It continues to be a concerted effort, and we're absolutely committed around stopping the trajectory that we're in at the moment. As we've gone around, there's been some clear messages. What we'd learned from our incidents is that our policies and procedures are good. We've just really got to work on the behavior and the implementation of those in order to ensure that everybody goes home safely. Thanks, Gerhard. Steven? Hi. Thanks for the opportunity. It's Steve Friedman from UBS. First question, maybe if you could help us just understand or unpack, how much the inventory has effectively been moved forward or pulled forward into H1, where those inventory levels sit today, how we should think about that impact into Q3, specifically, with the maintenance period and from an H2 sort of refined and sales perspective. Yeah. Through the optimization initiatives, we've realized about 200,000 oz of additional supply in the first half of the year. We'll continue to optimize where we can. You'll certainly obviously see a little bit of an impact in Q3 from the maintenance activities. Yeah, our broad view is that you can continue to expect us to refine somewhere between 3 million and 3.4 million ounces for the year. Did you want to add anything, Sayurie? No, I think it's more evenly weighted compared to prior periods in terms of our refined production. Okay. Just out of interest, how long does the sort of maintenance period last in terms of downtime? This maintenance period in 2026 is a little bit shorter than what we experienced in 2025. What we use is the opportunity around maintenance is also to undertake the stock counts. Every three years, we do a precious metals stock count. Last year was a precious metals stock count, you're down for a lot longer than what you would in years where you don't have a PM stock count. The maintenance period is shorter this year, but then come 2028, you'll have a slightly longer period from a stock count perspective. This year's a bit shorter. Thanks. Maybe just a second question. On your third-party purchases, they were obviously the largest variance in your earnings. What sort of drove that outperformance? I'm just trying to sort of get an idea, between volumes, margins, timing, third-party sort of contractual relations. How have things sort of changed, and how should we be thinking about it going forward? Yeah. In terms of the margins, it's 27%. We've usually said it's around 15%-20%. Because we've seen elevated prices in all metals, and the payabilities on metals are different, hence you are seeing an elevated POC margin. In addition to that, as part of the inventory optimization that we've been doing, we did process some historical stockpiles. That does come at a lower cost, and therefore you are seeing an elevated margin. Thanks. In terms of the contracts, specifically, I think we've guided that 50% of the IBR material will roll off in the middle of next year. We've extended the toll arrangement with Sibanye. That'll come into effect in the new year for a period of three years. Yeah, we continue to optimize downstream processing, and where we see value to process third-party material, we will. Cool. Thanks, Steve. Last call for the room before we go. David? David Roche- Kelly from Phoenix Research. First of all, a quick commiseration on the fatals, especially at Mototolo. Mototolo had, I think, a record of 13 years, no fatals. Whatever happened, that is remarkable. Benchmark or achievement. All strength and good fortune that you get back on the track there. Thank you. You get your next decade [fatal-free]. More. Just three quick, very straightforward questions. One, Mogalakwena, your immediately available reserves are historically quite low. Just want to know where your target might be. I think they're around about 11 months or something. Second, on Der Brochen, any update at all? It looks like you've got a bit more ambitious with your production target there. Just sort of a last one, Amandelbult, is there any idea of bringing the Middellaagte, I beg your pardon, Middellaagte open pit forward. Thank you. Okay, perfect. Thanks, David. Thanks. On Mogalakwena, clearly, obviously, from an open pit perspective, we follow our plans. Opportunity for us as we positioned last year is really around then blending the inputs ore with some of the stockpiles that we see. That's really, I think, sort of how we look at Mogalakwena now, therefore, reiterating that guidance of between 920,000 oz and 980,000 oz for the year. That's what you can continue to expect, somewhere between 900,000 oz and 1 million ounces going forward from the open pit. Not necessarily getting too hung up around where we are from immediately available reserves. I think it really just depends on where we are in the pits and what we utilize from a stockpile in terms of the change in the blending strategy. With respect to Mototolo, as I said, we're making pretty good progress at Der Brochen itself. Importantly, because of the work that we've been doing at Der Brochen, the opportunities that we see sort of potentially going through the St. George's Fault, we could have a number of declines that we'll be able to mine and realize the potential. That links back to what we said at the Capital Markets Day, where you could see some further growth in Mototolo production. That's what we're busy working on at the moment, and that's referenced to the sort of the opportunities that I spoke about in the second last slide. On Amandelbult in terms of Middellaagte, I think the focus for us is really continuing to sustain the production profile from both Tumela and Dishaba. Focusing around largely sort of that sort of conventional mining aspect and not necessarily progressing open pits or anything at this stage. Perfect. Thanks, David. I think we'll do a few questions from the webcast before we go to the conference call. Reinhardt van der Walt from Bank of America has got a couple of questions. The first one, how should we think about your gearing or balance sheet targets over the coming years as Sandsloot CapEx steps up while PGM prices have normalized? Okay. In terms of Sandsloot CapEx, we've given the guidance that it's going to be around ZAR 1.5 billion-ZAR 2.5 billion over the next couple of years, and that's included in our guidance of ZAR 17 billion-ZAR 18 billion. There is no change to that in terms of capital. From a balance sheet point of view, in current price environments, as we did at the end of the year, last year, we were comfortable maintaining a cash neutral balance sheet. We did say through the cycle, a 1x net debt to EBITDA is really the ceiling in terms of leverage. Thank you. Reinhardt also wants to know, can you provide your latest thinking on how much surplus processing capacity you will have once Sandsloot ramps up? Where are the key bottlenecks and any investment you are considering for your downstream assets beyond Mortimer repurposing? Okay. Reinhardt, thanks for the question. Agit, you'll compliment me whatever I have to say here. Reinhardt, I think what we've articulated with the opportunity around Sandsloot and our current thinking is that because of the high-grade ore that we will mine from Sandsloot at between 4 or 6 g per ton, we'll be able to process that through the south concentrator. As a consequence of that, we've then got significant capacity within the smelters, obviously in downstream processing. Downstream from that, to be able to process the Sandsloot material. That's really come back into our thinking. When we've looked at Sandsloot, we've looked at it from a relatively capital light perspective or less capital intensive to what some of the other options were that we were exploring at Mogalakwena. We've got sufficient capacity, that's been taken into our consideration for Sandsloot, any potential additions that come through from that. Right. The last one from Reinhardt before we go to the calls. Can you provide some numbers on the likely yield or refined PGM production benefit from the Mortimer smelter conversion based on your current business case? Yeah, okay. That's an Agit question. You know that. good morning, everyone. We'll realize probably around 200,000 oz of PGMs from the work that we're doing, but not in a single year. That will be over a period of about five to six years, and there will be about 15 kilotons of base metals also over the same period that we will realize. Just want to add something. Sorry, that's because of the slag. Yes, the wax tails. Yeah. Just want to add something to the previous question. Reinhardt, just keep in mind that our uniqueness in our flow sheet sits at the converter plant, which is completely different to every other plant in the industry. We split base metals and PGMs because of this local process post the converter plant, and that creates an enabler for us that doesn't create any capacity constraints, but a lot of optionality around how we run our PGM flow and our base metal flow. To Craig's point, there is no capacity constraints and Sandsloot doesn't have an impact, in fact, on a downstream processing capacity. There's lots of optionality in our flowsheet as you can see from the results that Craig and Sayurie actually presented as well. Thanks. Thanks, Agit. I think it looks like there's a couple of questions on the call, if we could please cover those. Thank you. First question comes from Nkateko Mathonsi of Investec Bank. Please go ahead. Good morning. Thank you for taking my call. Congratulations on the good financial numbers. My question, I am going to follow up from the question that Steven Friedman actually asked around inventory. I think you are talking about refined throughput that will be a bit more even as a result of moving the annual shut from Q1 to Q3. First half of the year, you had 1.74 refined numbers. Second half, you are expecting a more robust second half on metal- in- concentrates. Why are we still guiding at 3,000-4,000? Essentially, if it is more even, we should be looking at 3.4 or even a little bit above. A big congratulations to Agit. He continues to optimize that pipeline and squeeze that pipeline. Is there still more room for more inventory liquidation? That has continued to actually surprise me. Second question, how are you thinking about buybacks as one of the methods of retaining value to shareholders? You have a very bullish outlook, at least for the next few years, if we look at your metal deficits. Where your stock is trading right now, how are you thinking about potential buybacks? I would think you see value based on where your stock is trading right now. Sayurie, one question for you. In terms of the demerger cost, I think there was still about ZAR 1.7 billion that was going to come through. Is that all tied on these finances? I am going to leave it there. Thank you. Thanks, Nkateko. I will try to do refined production, and then Sayurie can do the buybacks and demerger costs. Nkateko, I think you have sort of started to articulate how you can think about the second half of the year. As I said, we optimized the inventory of the additional 200,000 oz in the first half. If you assume that the production in the second half sort of comes in to the midpoint of guidance on M&C, then you can assume that we will process that, and that will give you sort of roughly what you can expect from a total refined production profile for the full year. Hopefully that helps. I do not believe that we have got any more. Okay, so more on the upper end of guidance. You guys are much smarter than me, your work at [arts] and your models, huh? Okay. If we're good on that thing, we can go into the buybacks. All right. Thank you, Craig. Yeah, sure. In terms of buybacks, you're very right in that we do see significant value in our share at current market values. Share buybacks still remains a mechanism available to us to return cash to shareholders. However, there are a few factors we do need to consider when we decide whether it's a dividend or a buyback. One of that is shareholder preferences. In our engagements with our shareholders, the large preference is around an additional dividend, hence we opted for that route. Also, I think just from looking at the current market volatility for us to generate significant value from a share buyback, it needs to be of a substantial value. In the current context, for us, the market volatility doesn't seem like the appropriate mechanism at this point. We will continue to review this at each reporting cycle. In terms of the demerger costs, a large part of that was concluded in 2025. What was remaining this year was large, small bits around the rebranding, as well as some of the IT costs that we incurring together with Anglo American. Now that we've transitioned, a large part of that is completed. It's really small in 2026. It's probably around ZAR 300 million-ZAR 400 million at most. There was the question on how much more metal Agit has in his [pocket]. All right. Thank you so much. No, Agit tells us that he's got nothing left. Yeah. All right. Nkateko, does that cover your questions? I'll take that as a yes. It does. Thank you. Next question on the conference call, please. Next question comes from Adrian Hammond of SBG. Please go ahead. Good morning, Craig and team. Firstly, a question for Willie on Amandelbult 1 sub shaft. This is quite a forecast you're giving for the next few decades to sustain that profile. Could you just give a bit more color on where is 1 sub shaft located relative to existing infrastructure, and what sort of CapEx are we looking at to get that into production? For Hilton, since you've given us some numbers, forecasts in your market outlook, could you describe what sort of growth the data centers are going to provide for your PGMs platinum, ruthenium, iridium, rhodium? Thanks. Thank you for the question, Adrian. If you look at the Amandelbult portfolio, it's basically just down dip. It's essentially a decline extension, down dip of Amandelbult 1 sub shaft. You still have to access via the vertical shaft to get down to the sub shaft. It's a combination of decline, basically on the parent dip in the footwall. You open up normal conventional haulages, north and south, typical layout that you have in a conventional mine with raises going up. It's nothing different to a conventional mining layout, but it's with trackless mobile machinery basically doing the extension. I think the difference is how we allocate capital to this project. I almost want to say it's like a prudent just in time to maintain the production profile. Not build the profile, but to maintain the production profile. It's really opening up haulages and the first stoping areas as you deplete on the upper levels and just maintaining that momentum. To the point that you've made, in the guidance that we had, that's roughly at about ZAR 500 million-ZAR 600 million capital profile, essentially it's really opening up, getting to the first raise lines on the haulages. Bearing in mind, as we did show that number, what is also interesting is there's still Merensky on that. It's not just UG2. There's also Merensky still very much so on that whole deepening section. Go all the way up to the western extension that some of our peers talks about. It's a big block still at the bottom. There is a time, obviously, when you put in some infrastructure that you might get the capital to go a little bit up to about ZAR 1 million, that's beyond a decade. At this moment in time, that's the ZAR 500 million-ZAR 600 million as we've guided, maintaining that profile. Hope that answered the question. Maybe just to recap on the CapEx as well as part of the. Yeah, that's the ZAR 500 million-ZAR 600 million capital. It's in the number. Yeah. Thanks. Hilton. Yeah. Sorry, Hilton. Yeah, an entertaining subject, Adrian. Thanks for the question. We see about 350,000 oz of ruthenium demand going into hard disk drives at the moment. The question is how much of that is going into data centers? It's quite substantial. If you're going, "Okay, how much of this is AI related and what are the AI impacts?" There are AI impacts across a number of the industrial demand sectors, from crucibles to emissions control, to connectors and hard disk drives. Right? You look at the fact that people are talking about 10 times infrastructure improvements or increases over the next 10 years. We think opportunities are quite substantial. We see opportunities north of 1 million ounces, which is in our broader part of the 10. In the higher confidence element, there's a significant portion of that higher confidence demand, which is AI related as well. Hope that answers your question. Thanks, Hilton. Right. The next question on the call, please. Comes from René Hochreiter of NOAH Capital Markets. Please go ahead. Good morning, everybody. Great results. Blew all consensus out of the water. Well done. Did I hear correctly, Q4 2026 from Sandsloot, first ore from underground, is that correct? Thanks, René. Thanks very much. It's the trial mining, which will take place in Q4, from Sandsloot underground, and the investment decision to be taken in the first half of 2027. Okay, fine. Also with the PGM prices up now 30% year-on-year, should we take 70% of HEPS as dividend policy going forward, at least for this year? No, our dividend policy remains at 40% of headline earnings. 40%. Okay. As I said earlier, we'll review at the next reporting cycle. We said, we'll look to return excess cash to shareholders as well. Okay. Just one more question. With all your relationship building with Johnson Matthey and Umicore and Sibanye and so on, do you think you'll ever return to the very close relationship you had with Johnson Matthey about 10 years ago before one of your predecessors t erminated that relationship. René, I think that the real opportunity for us is really working on some of those demand and future growth opportunities, that's where our focus is. I think the value that we've been able to create as a standalone company through what we do from a marketing perspective, an ability to now work with others, not just exclusively with one, I think is ultimately beneficial for Valterra Platinum and also for the industry. Great. Thank you very much. Well done again. Thank you. Thanks, operator. We'll take the last question on the line before going back to the webcast. Thank you. Next question comes from Richard Hatch of Berenberg. Please go ahead. Thanks. Yeah, morning all, and thanks for the time. Just a few questions. First one, can you just give us an update on what you're seeing in the switching and substitution part of the market? That's the first one, in the auto sector. The second one, just a point of clarification. Sayurie, just on that ZAR 1.45 billion insurance proceeds for H2, should we be booking that in the income statement as well as the cash flow statement? Thirdly, just on Mogalakwena, I've noticed the costs have picked up quite substantially half- on- half, and you say in the release that you're expecting them to come down in H2. I just wonder if you can give us a bit of a steer as to how much we should expect them to come down by. Thanks. Yeah. Richard, let me try the last one. Sayurie, the question was the increase in Mogalakwena costs half- on- half. I think the large proportion of that is driven because we didn't capitalize as much waste in the first half of 2026 as what we did in 2025. Richard, I think it's always important for Mogalakwena that you're actually having a look at it on an all-in sustaining cost basis. You'll see actually on that basis, we came down 1% on 2026, even with the high oil prices. Sorry, Sayurie, did you want to do that? Yeah. In terms of the insurance claim, yes, you'll see that it came through in July, you'll see it in your income statement and the cash flow as well in the second half. The ZAR 1.5 billion. Yeah. Sorry, and then there was another one. The substitution. Substitution. Hi, Richard. Thanks for the question. With the prices as they are, there is an economic incentive to substitute. We don't see anybody rehomologating, I hope I said that right, existing catalyst formulations. Where the catalyst formulations are set, they'll stay as they are. It'll have an impact on catalysts in design at this stage, and then we'll slowly see the substitution of palladium back into those catalysts in time. Okay. Thank you very much. Thank you. Right. Just to wrap up the questions on the webcast. Shashi from Citibank would like to know, can you please provide more details on industrial users substituting platinum for gold, particularly the possible market size in terms of ounces? At Capital Markets Day, thanks for the question. Capital Markets Day, we said that there were 9 million ounces of gold in industrial applications, and we thought that there was potential to unlock 10% of that, at least. In the work that we're doing and with the partnerships, we remain of that view, importantly. We still think there's 900,000 oz worth of potential there. In the work that we're doing with the partners that we have, we can see at least 300,000 oz of that coming down the pipeline, and we are becoming more confident that given the stage of those projects, that's realizable. We continue to be of the view that that's just what we can see. Other people's efforts, given the pricing, should unlock further benefits, too. I hope that answers your question. Peter Cromberge from Mergermarket would like to know, does Valterra intend to be a regular issuer under its DMTN program? When does it expect to return to the bond market? As I've said earlier, we have ZAR 55 billion of headroom, and I'm quite comfortable with the liquidity that we do have available. We've got ZAR 27.7 billion in committed bank facilities. The reason we actually went into the bond market is really to diversify our funding sources, and it also came at about a 1% lower cost of borrowing. That did help us from a cost of capital perspective. Thank you. We do have a question here from one of our employees. I'll keep them anonymous. Since the longer-term outlook points to a supply deficit, should we not be investing more capital in exploration and waste stripping? Thanks very much for the question. I think what we do realize, given the quality of the Valterra Platinum resource base, we see the opportunities that I've articulated, both at Mogalakwena, at Mototolo, we're investing in the Amandelbult. I think the capital allocation is really clear in terms of where we see those opportunities, and we'll continue to do that, provided that it makes sense from a value perspective, and not necessarily just driving from a volume perspective. I agree the deficits are there, and we'll invest into those where we can see value creation, and really taking that from the assets that we have within the portfolio. Thanks, Craig. I don't see any more questions on the line, but I'd just like to make sure. No further questions on the line? Last call in the room. Thank you very much. I'll hand over to Craig to close for us. Thanks. Thanks, Leroy. Once again, thanks very much for joining us today. Thank you for your support and for your engagement, and just for me to wish everybody a safe and a good day. Thank you.