Q2 2024 Ivanhoe Mines Ltd Earnings Call

Yeah.

Operator: Good day, and thank you for standing by. Welcome to the Ivanhoe Mines second quarter 2024 final results conference call.

Operator: Good day, and thank you for standing by.

Speaker Change: Good day, and thank you for standing by welcome to the island.

Operator: Welcome to the Ivanhoe Mines 2nd quarter of 2024 final results conference call. At this time, all participants are in this and only mode. After the speech and presentation, there'll be a question-and-answer session. To ask a question during the session, you'll need to press star 1-1 on your telephone. You'll then hear an automated message. To withdraw your question, please press star 1-1 again.

Speaker Change: Second quarter 2020 for final results conference call.

Operator: At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You'll then hear an automated message advising you of the rate. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to Matt Keevil, Director of Investor Relations, Corporate Communications. Please go ahead.

Speaker Change: At this time all participants are in a listen only mode.

After the speech.

Patient there'll be a question and answer session.

To ask a question during the session you will need to press star one on your telephone you'll then here an automated message.

It was raised to withdraw your question. Please press star one again.

Operator: Please be advised that today's conference is being recorded.

Please be advised that today's conference is being recorded I would now like to turn the conference over to Matt Cabell Director of Investor Relations Corporate Communications. Please go ahead.

Operator: I would now like to turn the conference over to Matt Covell, Director, Investor Relations, Corporate Communications. Please go ahead.

Matthew Keevil: Thank you, operator, and it's my pleasure, everyone, to welcome you to the Ivanhoe Mines 2nd quarter of 2024 Financial Results Conference Call. My name is Matthew Keevil, and I'm the Director of Investor Relations Corporate Communications with Ivanhoe Mines.

Matthew Richard Keevil: Thank you, Operator, and it's my pleasure, everyone, to welcome you to the Ivanhoe Mines second quarter 2024 financial results conference call. My name is Matthew Keevil, and I'm the Director of Investor Relations and Corporate Communications at Ivanhoe Mines. On the line today from the company, we have founder and Executive Co-Chairman Robert Friedland, President Marna Cloete, Chief Financial Officer David Van Heerden, Chief Operating Officer Mark Farren, Executive Vice President of Corporate Development and Investor Relations Alex Pickard, and Executive Vice President of Project Steve Amos.

Matthew Richard Keevil: Thank you operator, and it's my pleasure to welcome you to the Iron ore mines second quarter 2024 financial results Conference call. My name is Matthew coupon, the director of Investor Relations and corporate communications with Ivanhoe mines.

Matthew Keevil: On the line today from the company, we have Founder and Executive Co-Chairman Robert Friedland, President Marna Colotte, Chief Financial Officer David Van Hilden, Chief Operating Officer Mark Farren, Executive Vice President Corporate Development and Investor Relations Alex Pickard, and Executive Vice President Project Steve Amos. We will finish today's event with a question-and-answer session. You can submit a question using the Q&A box on the webcast page, as well as through the conference operator via your phone line. Please contact our Investor Relations team directly for follow-up questions that are not addressed during the call.

Speaker Change: On the line today from the company, we are a founder and executive co Chairman, Robert Friedman, President Martin Kotte Chief.

Speaker Change: Chief Financial Officer, David Van Heerden, Chief Operating Officer, Mark <unk> Executive Vice President of corporate development, and Investor Relations, Alex figured and exact executive Vice President projects, Steve gave US we will finish today's event with a question and answer session. You can submit a question using the Q&A box on the webcast page as well as to the conference operator.

Matthew Richard Keevil: We will finish today's event with a question and answer session. You can submit a question using the Q&A box on the webcast page as well as through the conference operator via your Please contact our investor relations team directly for follow-up questions that are not addressed during the call. Now, before we begin, I'd like to remind everyone that today's event will contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statement.

Speaker Change: Oh boy.

Speaker Change: Please contact our Investor relations team directly for follow up questions that are not addressed during the now before we begin I'd like to remind everyone that today's event will contain forward looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward looking statements.

Matthew Keevil: Now, before we begin, I'd like to remind everyone that today's event will contain four looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the four looking statements. Details of the four looking statements are contained in our news release today, as well as on Cedar Plus and at www.vivanhoemines.com.

Speaker Change: Sales of the forward looking statements are contained in our news release today as well as on SEDAR plus in it.

Speaker Change: Ww.

Robert Friedland: It is now my pleasure to introduce Ivanhoe Mines founder and executive co-chairman Robert Friedland for some opening remarks. Robert, please go ahead.

Ivan: <unk> Dot com. It is now my pleasure to introduce Ivan who might founder and executive Chairman Robert Friedland for some opening remarks, Robert Please go ahead.

Matthew Richard Keevil: Details of the four looking statements are contained in our news release today, as well as on CDAR Plus and at www.ivanhoemines.com. It is now my pleasure to introduce Ivanhoe Mines founder and executive co-chairman Robert Friedland for some opening remarks. Robert, please go ahead.

Robert Martin Friedland: Thank you. From London, England, on a sunny day like today, it's a great pleasure to introduce our management team after such a strong quarter on behalf of all of the stakeholders at Ivanhoe Mines. As I speak to you today, import premiums on copper are up, and domestic inventories of copper in China are down. And so China is back in the copper market this morning. We've had quite a correction from recent highs, and on such a pleasant day with the world understanding how badly we need copper for the energy transition and also the tremendous demands for national security drawn from metal production.

Robert Friedland: Thank you. From London, England, on a sunny day, it's a great pleasure to introduce our management team after such a strong quarter. On behalf of all of the stakeholders at Ivanhoe Mines. As I speak to you today, import premiums on copper are up. The domestic inventories of copper in China are down. And so China is back in the copper market this morning. We've had quite a correction from recent highs. And on such a pleasant day, with the world understanding how badly we need copper for the energy transition. And also the tremendous demands for national security drawn on metal production.

Ivan: Thank you from London, England on a sunny day.

Ivan: It's a great pleasure to introduce our management team after such a strong quarter.

Ivan: Behalf of all of the stakeholders arrive at our mines.

Speaker Change: As I speak to you today import premiums on copper are up the domestic inventories of copper in China are down.

Speaker Change: And so China is back in the copper market. This morning.

Speaker Change: You had quite a correction from recent highs.

Speaker Change: And on such a pleasant day with the world understanding how badly we need copper for the energy transition.

Speaker Change: And also the tremendous demands for national security draw on metal production.

Robert Friedland: It's a great pleasure to introduce our team and to review the results of this very strong quarter. Where our team will continue with over 20,000 people to be the fastest growing, highest grade, and greenest of copper producers on the planet.

Robert Martin Friedland: It's a great pleasure to introduce our team and to review the results of this very strong quarter, where our team will continue, with over 20,000 people, to be the fastest growing, highest grade, and greenest copper producer on the planet. So with that, let's turn this over and begin our session. Thank you.

Speaker Change: It's a great pleasure to introduce our team and to review the results of this very strong quarter.

Speaker Change: Our team will continue with over 20000 people to be the fastest growing highest grade.

Speaker Change: And greenest of copper producers on the planet so with that let's turn this over and begin our assertion. Thank you.

Robert Friedland: So, with that, let's turn this over and begin our session. Thank you.

Unknown Speaker: Thank you, Robert.

Unknown Speaker: Thank you, Robert. I will start. Yes, I will start.

Unknown Speaker: I will start. Yeah, I will start.

Speaker Change: Thank you, Rob Martin I'll start yeah, I'll start and.

Marna Cloete: And this is Martin Aclyther reporting out of Johannesburg, who is starting to turn a little warmer. And so the fighter you see on your screen is a fighter of our five three plant, a five million ton per an implant that we've commissioned during the quarter and we're busy ramping up to food producer. So, if you go to the next slide, during the quarter we completed both the Capuchit and the Cameroa 5-3 concentrators, ahead of schedule yet again, and as I mentioned we are in the process of ramping them up to steady state. The 5-3 concentrator Cameroa will boost our annual last production to approximately 600,000 tons of copper, and we produced just over a hundred thousand tons of copper during this quarter at the cash cost of $1.52 per pound of copper produced, which we think is excellent results.

Speaker Change: This is not an accurate reporting of Johannesburg, where it's starting to turn a little warmer.

Marna Cloete: And this is Marna Cloete reporting out of Johannesburg, where it's starting to turn a little warmer, and so the photo you see on your screen is a photo of our phase 3 plant, a 5 million ton per annum plant that we commissioned during the quarter, and we're busy ramping up to full production. So if you go to the next slide. During the quarter, we completed both the Kapushe and the Kamaua Phase III concentrators ahead of schedule yet again, and as I mentioned, we're in the process of ramping them up to steady state.

Speaker Change: So the fact that you see on your screen is a photo of all <unk> III plant of 5 million tonne per annum plant.

Speaker Change: That we've commissioned during the quarter and we are busy ramping up to full production.

Speaker Change: So if you go to the next slide.

Marna Cloete: The Phase III concentrator at Kamaua will boost our annual final production to approximately 600,000 tons of copper, and we produced just over 100,000 tons of copper during this quarter at a cash cost of $1.52 per pound of copper produced, which we think are excellent results.

Speaker Change: During the quarter, we completed plastic appreciate and the kebab off ice tea concentrate this I hate off sheet, Joliet again, and as I mentioned when the process of ramping them up to steady state the phase III contact them try to let the malware boosts our annualized production to approximately 600000 tons of copper and.

Speaker Change: And we produced just over 100000 tons of copper during the quarter at a cash cost of $1 52 per pound of copper Pickiest, which we think is excellent result, and.

Marna Cloete: A lot of work went into securing additional security supply to the mine, with our current imports amounting to about 65 megawatts, and our COO Mark Farren will discuss our power initiatives in a little more detail later in the presentation. It was another record quarter for Kabawa Kakula as we ramped up production with our EBITDA of $547 million, where David Van Yeerden, our CFO, will give you a bit more color, lighting the presentation on our financial results.

Marna Cloete: A lot of work went into securing additional security supply to the mine, with our current imports amounting to about 65 megawatt, and our COO, Mark Farren, will discuss our power initiatives in a little more detail, while lightening the presentation.

Speaker Change: A lot of work went into securing additional security supply to demand with our current inputs amounting to about 65 megawatts and I'll see them all Karen will discuss how policy initiatives in a little more detail later in the presentation.

Marna Cloete: It was another record quarter for Kabarka Kool-Az. We ramp up production with our EBITOR of $547 million, where David Fanyard and LCFR will give you a bit more color, lighting the presentation on our financial results. Important to note that we reiterate our guidance for Cameroa on production as well as an LC1 cash cost. And then on the Western Forelands, we have continued our expanded drilling program, and we have seen some very encouraging results. We go to the next slide.

David Friend: It was another record quarter for Kabaka Gorilla, we ramp up production without EBITA of $547 million way, David friend, yet and I'll see if I will give you a bit more color.

Speaker Change: Later in the presentation on our financial results important to note that we reiterate our guidance for canola and production as wireless and I'll see one cash cost and then on the Western fault lines. We have continued to all expanded drilling program and we have seen some very encouraging results. We got to the next slot.

Marna Cloete: Important to note that we reiterate our guidance for Kamoa on production as well as on our C1 cash. And then on the western forelands, we have continued our expanded drilling program, and we have seen some very encouraging results. We go to the next slide.

Marna Cloete: On our health and safety, regrettably, we recorded our fatality at the start of the second quarter due to a breach in protocol, which resulted in an employee being struck by a draw rate. We've introduced additional training and safety measures, and we have put all of this in place to prevent the reoccurrence of this tragic event. A lot of the effects have gone into improving our safety protocols as the business matures, and we are pleased to record that during the construction of the 5-3 concentrator, which consisted of approximately 10 million man hours worked, not a single lost time injury was recorded.

Marna Cloete: On health and safety, regrettably, we recorded a fatality at the start of the second quarter due to a breach in protocol which resulted in an employee being struck by a drill rig. We've introduced additional training and safety measures, and we have put all of this in place to prevent the reoccurrence of this tragic event. A lot of effort has gone into improving our safety protocols as the business matures, and we are pleased to record that during the construction of the phase 3 concentrator, which consisted of approximately 10 million man-hours worked, not a single lost time injury was recorded.

David Friend: I know the health and safety.

Speaker Change: Ratably recorded a fatality at the start of the second quarter due to a breach and practical which resulted in an employee being struck by a drill rig.

David Friend: Introduce additional training and safety measures.

David Friend: We expect all of this implies to prevent a reoccurrence of this tragic event.

Speaker Change: A lot of effort has gone into improving our safety protocols as the business matures and we are pleased to report that during the construction of the phase III concentrate which consisted of approximately 10 million man hours worked not a single lost time injury was recorded.

Marna Cloete: Further, since the commencement of the Phase 3 expansion, which includes the new Phase 3 concentrator, our smelter, and all infrastructure surface and underground, to the end of the second quarter, a total of 42 million man hours have been worked by the engineering and contracted workforce. In that time, only four lost time injuries and eight recordable injuries have been recorded, setting an industry-leading project life lost time injury frequency rate and total recordable injury frequency rate of 0.09 Also, during the 3.3 million man-hours worked on the construction of the Kapushi concentrator, which was also completed during the quarter, not a single lost arm injury was recorded. Therefore, the lost arm injury frequency rate for the concentrator during construction was zero.

Marna Cloete: Server, since the commencement of the 5-3 expansion, which includes the new 5-3 concentrator, our smelter, and all infrastructure surface and underground, to the end of the second quarter, a total of 42 million man hours has been worked by the engineering and contractor teams. In that time, only four lost time injuries and eight recordable injuries have been recorded, fitting an industry leading project-life lost time injury frequency right, and started to recordable injury frequency right of 0.09 and 0.18 per million man hours worked respectively. But that's not all. Also, during the 3.3 million man hours worked on the construction of the capacious concentrator, which was also completed during the quarter, not a single lost time injury was recorded.

Speaker Change: Since the commencement of the phase III expansion, which includes the new phase III concentrate all.

Speaker Change: Our smelter and all infrastructure surface and underground.

Speaker Change: The end of the second quarter.

Speaker Change: A 42 million man hours have been worked by the engineering and contractor teams in that time, Andy for lost time injuries and recordable injuries have been recorded taking an industry leading project last lost time injury frequency rate.

Speaker Change: Total recordable injury frequency rate of <unk> theater, a 9.18 million man hours worked respectively.

Speaker Change: But that's not all all site during the 3.3 million man hours worked on the construction of the complete kopischke concentrate to which was also completed during the quarter and not a single loss time injury epoxy coated de for the lost time injury frequency rate for the concentrated during construction was zero.

Marna Cloete: Therefore, the lost time injury frequency rate for the concentrator during construction was 0.

Marna Cloete: We commend our engineering and construction teams at both Kamaua and Kapusi for this outstanding achievement. Next slide. As we mentioned quarter on quarter, we are firm believers in a shared value model with our local communities and host countries. And to this end, Kamau has committed to distribute its first dividend to shareholders during the third quarter. This dividend will amount to $98 million, of which 20% is payable to the DRC government. Kamawa has, to date, created over 5000 full-time jobs for Congolese nationals. It's the largest exporter in the DRC, and it's expected to contribute 7% to the GDP of the country this year.

Marna Cloete: We commend our engineering and contractor teams at Bavikamawa and Kapushi for this outstanding achievement. Next slide. As we mentioned, quarter and quarter, we are firm believers in a shade-value model with our local communities and our countries. And to this end, Kamara is committed to distribute its first dividend to shareholders during the third quarter. This dividend will amount to $90 million, of which 20% is payable to the DRC. Government. Kim Kamawa to Diet has created over 5,000 full-time jobs for Congolese national. It's the largest exporter in the DLC, and it's expected to contribute 7% to the GDP of the country this year.

Speaker Change: And we can mean to our engineering and contract. This teams that have come out around Capeci for this outstanding achievement.

Speaker Change: Excellent.

Speaker Change: As we mentioned quarter on quarter, we are firm believers in ashake value model with a local community sometimes countries and to this end commodity committed to distribute its first dividend to shareholders. During the third quarter. This dividend will amount to $98 million of which 20% is payable.

Speaker Change: To the DRC government can come out like to diet. That's created over 5000 full time jobs Congolese Nashville, It's the largest exporter in the DLC and it's expected to contribute 7% to the GDP of the country. This year.

David Harry Van Heerden: We are also proud to report, and the picture you see on the slide is our Centre of Excellence, that our inaugural class at the Centre of Excellence graduated during the quarter, and we are also expanding this facility to include an engineering training hub. With that as some introductory remarks, I will now hand over to David van Yeerden to take you through our quarterly financial results. Thank you, Marna.

Marna Cloete: We are also proud to report, and the picture you see on the slide is our centre of excellence that are in the overall clause at the centre of excellence graduated during the quarter, and we are also expanding this facility to include an engineering training hub.

Speaker Change: We are also proud to report and the picture you see on the slide is our center of excellence that all in all girl Clos at the center of Excellence graduated during the quarter and we are also expanding this facility to include an engineering training.

David Van Hilden: With that as some introductory remarks, I will now hand over to David for years and to take you through our quarterly financial results. Over to you, David.

Speaker Change: With that does some introductory remarks, I will now hand over to die for 20 years and to take you through our quarterly financial results over to you David.

David Harry Van Heerden: Thank you, Marna, and good morning and good day to everyone joining the call today. We will move over to the next slide. The increased production in the second quarter, which Marna already mentioned, translated to a 13% increase in payable copper tons sold when compared to the first quarter of 2024. The increased production and higher realized copper price of $4.34 per pound in Q2 drove record revenue at Kamauka Kula of $817 million. On the next slide.

David Van Hilden: Thank you, Marna, and good morning and good day to everyone joining the court today. We move over to the next slide. The increased production and the second quarter, which Marna already mentioned, translated to a 13% increase in payable copper done sold when compared to the first quarter of 2024. The increased production and higher realised copper price of $4.34 per pound in Q2 drove record revenue at Kamaukukula of $817 million. On the next slide, Marna mentioned the cash cost, and we are really pleased with the cash cost of $1.52 per pound in the second quarter, which is close to the bottom of our guidance, which we reiterate.

David Friend: Thank you Martin and good morning, and good day to everyone joining the call today.

David Friend: If we move over to the next slide.

David Friend: The increased production in the second quarter, which Martin I already mentioned.

David Friend: On slide 2% to 13% increase in payable copper tons sold when compared to the first quarter of 2024.

David Friend: Production and higher realized copper price of $4 34 per pound in Q2.

David Friend: Record revenue at <unk> of $817 million.

David Friend: Yeah.

David Friend: On the next slide.

David Friend: Yeah.

David Harry Van Heerden: Marna mentioned cash costs, and we are really pleased with the cash cost of $1.52 per pound in the second quarter, which is close to the bottom of our guidance, which we reiterate. The quarter on quarter decrease in cash cost was mainly due to higher production volumes, slightly lower logistics charges, and a slight increase in the grade of copper ore processed in the quarter. Kamaua Kukula recorded record EBITDA of $547 million for Q2 at an excellent margin of 67%. This was $90 million more than the previous record achieved in Q2 last year. We will move to the next slide.

David Friend: Martin you mentioned the cash cost and we are really pleased with the cash cost of <unk>.

Martie Cloete: <unk> 52 per pound in the second quarter, which is close to the bottom of our guidance, which we reiterate the quarter on quarter decrease in cash cost was mainly due to the higher production volumes slightly lower logistics charges and a slight increase in the grade of copper ore processed in the quarter.

David Van Hilden: The quarter on course its decrease in cash cost was mainly due to the higher production volumes, slightly lower logistics charges, and a slight increase in the grade of copper ore processed in the quarter. Kamaukukula recorded record EBIDAR of $547 million for Q2 at an excellent margin of 67%. This was $90 million more in the previous record achieved in Q2 last year. We move to the next slide. Kamaukukula's EBIDAR vote to fall illustrated on this slide clearly highlights the contributors to the almost 50% increase in EBIDAR. Obviously, we've had a good result on the back of our copper price, but what I'm even more pleased with is the increased unsolved and the increase in EBIDAR resulting from a reduction in costs.

Speaker Change: <unk> recorded record EBITDAR of $547 million.

Speaker Change: For Q2.

Speaker Change: At an excellent margin of 67% this was $90 million more than the previous record achieved in Q2 last year.

Speaker Change: Yeah.

Speaker Change: We move to the next slide.

David Harry Van Heerden: Kamoa Kukula's Eberda waterfall, illustrated on this slide, clearly highlights the contributors to the almost 50% increase in Eberda. Obviously, we've had good results on the back of our copper price. But what I'm even more pleased with is the increase in done sales and the increase in Eberda resulting from a reduction in cost. The next slide shows a snapshot of Ivanhoe's consolidated results. Ivanhoe recorded a profit of $67 million and a normalized profit of $115 million in the second quarter of 2024, both substantially up from the previous quarter.

Speaker Change: <unk> EBITA waterfall illustrated on this slide clearly highlights the contributors to the almost 50% increase in EBITDA.

Speaker Change: Obviously, we've had good results on the back of our corporate brands.

Speaker Change: But what I'm, even more pleased with the increased tons sold and the increase in EBITDA, resulting from a reduction in costs.

David Van Hilden: The next slide shows a snapshot of Arvano's consolidated results. Arvano recognised a profit of $67 million and a normalised profit of $115 million in the second quarter of 2024. Both substantively up from the previous quarter. The $48 million difference between profit and normalised profit is the non-cash loss on the revaluation of our convertible notes, as well as the non-cash finance charges recorded on the redemption of the notes. With 96% of the notes being redeemed in the quarter and the remainder being redeemed early in July, the divergence between profit and normalised profit for us is at an end.

Speaker Change: The next slide shows a snapshot of organized consolidated results.

Speaker Change: I've been a recognized a profit of $67 million and a normalized profit of $115 million in the second quarter of 2020 full boat substantially up from the previous quarter.

David Harry Van Heerden: The $48 million difference between profit and normalized profit is a non-cash loss on the revaluation of our convertible notes, as well as the non-cash finance charges recorded on the redemption of the notes. With 96% of the notes being redeemed in the quarter and the remainder being redeemed early in July, the divergence between profit and normalized profit for us is at an end.

Speaker Change: The $48 million difference between profit and normalized profit is.

Speaker Change: Noncash loss on the revaluation of our convertible notes as well as a noncash financial charges recorded on the redemption of the notes with 96% of the notes being redeemed in the quarter and the remainder being redeemed early in July.

Speaker Change: Divergence between profit and normalized profit for us is that a named.

David Van Hilden: Our increase in profit was driven by the record share of profit from Kamal Kukula. which doubled from the first quarter this year, $290 million in Q2 2024. Looking at Ivanhoe's adjusted EBITDA on the next slide, I would note that although the adjusted EBITDA of $203 million in Q2 2024 was a record for Ivanhoe, we are by no means done in growing the business. Production from Phase 3 at Kamau Kukula, as well as at Kapushi, will drive growth in our EBITDA in the coming months. And then there's, of course, Project 95 at Kamau, a deep off-linking program at Kapushi, and production commencing from flat-trees next year.

David Harry Van Heerden: Our increase in profit was driven by the record share of profit from Kamau Kukula, which doubled from the first quarter this year to $90 million in Q2 2024. See Ivanhoe's adjusted EBITDA on the next slide. I would note that although the adjusted EBITDA of $203 million in Q2 2024 was a record for Ivanhoe, we are by no means done in growing the business; production from Phase 3 at Kamoa Kukula, as well as a Kapushi, will drive growth in our ibeda in the coming months. And then there's, of course, Project 95 at Kamoa, a deboss licking program at Kapushi, and production commencing from Platt Reef next year. And on the next slide.

Speaker Change: Our increase in profit was driven by the record share profit shrank homolka cooler.

Speaker Change: Which doubled from the first quarter this year to $90 million in Q2 2024.

Speaker Change: Looking at <unk> adjusted EBITDA on the next slide.

Speaker Change: I would note that although the adjusted EBITDA of $203 million in Q2 2024 was a record for <unk>. We are by no means done in growing the business production from phase three at Primerica cooler as well as it could pushy.

Speaker Change: We'll drive growth in our EBITDA in the coming months and then there's of course project 95 Kumar of Debottlenecking program at depreciation and production commencing from flattish next year.

David Van Hilden: And on the next slide, here we highlight that with the redemption of our convertible notes, we had a net cash position of $88 million at the end of June, leaving us ideally placed to drive our growth projects with significant funding capacity at both a corporate and a project level. We have kept our production and cash cost guidance unchanged, and as noted on the next slide, we have increased our capital guidance at Kamau Kukula, only with $300 million allocated for the exciting Project 95. This will add up to 30,000 tons of corporate production at Kamau Kukula year, and Mark and Alex will elaborate on that a little bit further.

Speaker Change: And on the next slide.

David Harry Van Heerden: Here we highlight that with the redemption of our convertible notes, we had a net cash position of $88 million at the end of June, leaving us ideally placed to drive our growth projects with significant funding capacity at both a corporate and a project level. We have kept our production and cash cost guidance unchanged, and as noted on the next slide, we have increased our capital guidance at Kamauka Kula only with $300 million allocated for the exciting Project 95.

Speaker Change: Okay.

Speaker Change: Yeah, we highlight that with the redemption of our convertible notes, we had a net cash position of $88 million at the end of June.

Speaker Change: Leaving us ideally placed to drive our growth projects with significant funding capacity at both the corporate and project level.

Speaker Change: We have kicked off production and cash cost guidance unchanged and as noted on the next slide.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: We have increased our capital guidance at <unk> cooler only with $300 million allocated for the exciting project 95.

David Harry Van Heerden: This will add up to 30,000 tons of copper production at Kamaukukula per year, and Mark and Alex will elaborate on that a little bit further. We have also added and drawn a further $450 million in term and working capital facilities during the quarter. In-country facilities amounted to $800 million at the end of June. They are unsecured and attract an interest of less than 9% on average.

Speaker Change: This will add up to 50000 tons of copper production at <unk>.

Speaker Change: And Mark and Alex will elaborate on that a little bit further.

David Van Hilden: We have also added and drawn a further $450 million term and working capital facilities during the quarter. In country facilities amounted to $800 million at the end of June. They're unsecured and attract an interest of less than 9% on average. There's no major changes to our previously noted spending plan, but we have deferred some face-to-spend at Flat Reef and added budget for Kukushi's debacle making and remaining cost to complete. During the quarter, we concluded and brewed down a $50 million working capital facility for Kukushi, and $120 million of loan facilities linked to offtake was closed and drawn in July 2024 on Kukushi.

Speaker Change: We have also added in June a further $450 million.

Speaker Change: And working capital facilities during the quarter.

Speaker Change: In country facilities amounted to $800 million at the end of June they are unsecured and attract an interest of less than 9% on average.

Mark Farren: There were no major changes to our previously noted spending plan, but we have deferred some phase two spend at Flat Reef and added budget for Kapuski's de-bottlenecking and remaining costs to complete. During the quarter, we concluded and drew down a $50 million working capital facility for Kibushi, and $120 million of loan facilities linked to off-take was closed and drawn in July 2024 on Kibushi. I will now hand over to Mark Farren, our COO, for updates on production and details of how our growth projects are being executed. Thanks, Mark.

Speaker Change: There is no major changes to our previously noted spending plan, but we have deferred some phase two spend luxury and added.

Speaker Change: For completions Debottlenecking and remaining cost to complete during the quarter, we concluded and drew down $50 million working capital facility for Wuxi and $120 million of loan facilities linked to offtake was closed and drawn in July 2024 on completion.

Mark Farren: I will now hand over to Mark Faron, our COO, for updates on production and details of how our growth projects are being executed.

Speaker Change: I will now hand over to Martin Ferron for.

Martin Ferron: For updates on production and details of how our growth projects are being executed.

Mark Farren: Thanks, Mark. Thank you, David. Matthew, if you can just go to the slide, it puts a quarterly production on. Thank you. Okay, so you can see that the quarter was a lot better than the first quarter. We did speak about it at the end of the first quarter, where we had quite a big impact on production because of power issues in the DLC, mainly the snow network stability issues. Things have improved a lot this quarter, and we've also managed to secure some power from Zambia. It was 55 MW for the quarter, basically the second quarter, but it's now 65, which we've got secured. Firms apply from Zambia, and that will be moving over the next quarter to 75, and then we're targeting to get to 100 MW of power coming from that footprint area.

Martin Ferron: Thanks Mark.

Mark Farren: Thank you, David. Matthew, if you can just go to the slide that shows the quarterly production. Thank you.

Martin Ferron: Thank you David Matthew if you can just go to this market, it's a country production on.

Speaker Change: Yeah.

Mark Farren: Okay, so you can see that the quarter was a lot better than the first quarter. We did speak about it at the end of the first quarter, where we had quite a big impact on production because of power issues in the DLC, mainly the SNEL network stability issues. Things have improved a lot this quarter, and we've also managed to secure some power from Zambia. We're running it at 55 megawatts for the quarter, basically the second quarter. But it's now 65, which we've got secured firm supply from Zambia. And that will be moving up over the next quarter to 75.

Martin Ferron: Thank you. Okay. So you can see that the quarter was a lot better than the first quarter.

Speaker Change: We did speak about it.

Martin Ferron: First quarter.

Speaker Change: We had quite a big impact on production because of power issues in the DLC Maggie the snow nutrient stability issues.

Speaker Change: Things have improved a lot this quarter.

Speaker Change: <unk>.

Speaker Change: We've also managed to secure some power from Zambia.

Speaker Change: We are running it was 55 megawatts for the quarter basically the second quarter.

Speaker Change: No 65, which we've got secured firm supply from Zambia.

Speaker Change: That will be moving.

Speaker Change: Over the over this next quarter or 275, and then we're targeting to get to 100 Mega.

Mark Farren: And then we're targeting to get to 100 megawatts of power coming from that footprint area that is the region between Mozambique and Zambia. So, our initiatives that we've put in place to stabilize the grid at Snell are starting to pay dividends, and so are the things that we're doing in terms of getting imported power from Zambia. And we're still holding guidance, which means we have to have a very strong second half, let's call it, with the influence of phase three coming on. And also the stability initiatives that we put into place and the importing of power. Let's go to the next slide, Matthew.

Speaker Change: <unk>.

Speaker Change: From that that footprint area that that region between Mozambique, Zambia.

Mark Farren: That region between Mozambique and Zambia. So our initiatives that we've put in place to stabilize the grid at Snow, those are starting to pay dividends, and so are the things that we're doing in terms of getting imported power from Zambia. We're still holding guidance, which means we have to have a very strong second half, let's call it, with the influence of phase three coming on, and also the stability initiatives that we put into place at the importing of power.

Speaker Change: So.

Speaker Change: Our initiatives that we've put in place to stabilize the grid and snow.

Speaker Change: We're starting to.

Speaker Change: And so so are the things that we're doing in terms of getting input power.

Speaker Change: From Zambia.

Speaker Change: And we're still holding guidance, which means we have to have a very strong second half, let's call. It with the intention of phase III coming on.

Speaker Change: Also the stability initiatives, if you put into place with input power.

Mark Farren: It's going to the next slide, Matthew. And just talking about what they are, we've gone into detail a few times on these issues. It's really about getting our Inga to our mind commission; that will be by the end of this year. And then we've done a lot of other projects, sub-projects on the network stability of the snow network all the way from Inga right to us switching stations in Kuwaiti. Those projects are moving nicely. We have a very good relationship with the state utility, and most of them will be executed by mid 25, with a couple of longer term initiatives that will end at probably the end of 2025.

Speaker Change: Go to the next slide Matthew.

Mark Farren: And just talking about what they are, we've gone into detail a few times on these issues. It's really about getting our Inga turbine commission, which will be by the end of this year. And then we've done a lot of other projects, sub projects on the network stability of the SNEL network all the way from Inga right to our switching stations in Corwesie. Those projects are moving along nicely. We have a very good relationship with the state utility.

Matthew Richard Keevil: And just talking about what they are.

Matthew Richard Keevil: Going into detail a few times on these issues, it's really about getting out and go.

Matthew Richard Keevil: Two bond commission that could be by the end of this year and then we've done a lot of.

Matthew Richard Keevil: The projects that projects on our network stability over the snow metric all the way from <unk> switching stations equal visit those projects moving nicely we have a very good relationship with the state utility.

Mark Farren: And most of them will be executed by mid-2025, with a couple of longer-term initiatives that will end probably at the end of 2025. Imported power is working, it's stable, it's making a huge difference for us, and we also expect. By the end of this year, to get that to 100 megawatts, and our diesel generation capacity has been increased over this period, I think it's in another week or so, we will have about 135 megawatts working on the mine itself, which means that you can run phase one and phase two under all conditions. So if you have a complete blackout, for example, across the grid, you'll be able to tie into that 135 megawatts of power and run phase one and phase two and the mining operations.

Matthew Richard Keevil: And most of them will be executed Amit 25, with a couple of them.

Matthew Richard Keevil: Longer term initiatives that were in the probably.

Matthew Richard Keevil: Probably the end of 2025.

Mark Farren: The imported power is working; it's stable; it's making a huge difference for us. And we also expect about the end of this year to get that to 100 megawatts, and our diesel generation capacity has been increased over the next time period. I think it's in another week or so, we will have about 135 megawatts working on the mind itself, which means that you can run phase one in phase two under all conditions. So if you have a complete blackout, for example, across the grid, you will be able to tie into that 135 megawatts of power and run phase one in phase two and the morning operations.

Matthew Richard Keevil: The imported powers working stable, it's making a huge difference for us.

Matthew Richard Keevil: And we also expect.

Matthew Richard Keevil: By the end of this year to get that to 100 megawatts and our diesel generation.

Speaker Change: <unk> has been.

Speaker Change: Increased.

Mark Farren: So that's a major improvement that we have set ourselves up for, and that 135 will be increased gradually so that by the end of the year, we'll have 220 megawatts of power of diesel, which basically is enough to run the total operation under any conditions. But it's obviously not something we want to do because it's very expensive to run diesel gen sets.

Speaker Change: Period.

Speaker Change: I think it's in another week or so we will have about 135 megawatts working on demand itself, which means that you can run phase one and phase two under all conditions. So if you are a complete blackout for example.

Speaker Change: Across the grid, you'll be able to tie into that 135 megawatts of power.

Speaker Change: <unk> phase, one and phase II and the mining operations. So that's a major improvement.

Mark Farren: So that's a major improvement that we have set ourselves up for. And that one 25 will be increased gradually so that by the end of the year, we'll have 220 megawatts of power of diesel power, which basically is enough to run the total operation and any conditions. It's obviously not something we want to do because it's very expensive to run diesel chainsits, and it's not exactly green energy, but it's the backup system that we put in place while we strengthen all the initiatives in the DLC. To get firm, reliable green power going at levels that we require.

Speaker Change: Perhaps it ourselves.

Speaker Change: And that 135 will be increased gradually.

Mark Farren: And it's not exactly green energy, but it's the backup system that we put in place while we strengthen all the initiatives in the DRC to get firm, reliable green power going at levels that we require. The next slide. Okay, phase three is a good story. Stephen, would you like to talk a little bit about phase three? I can give a brief update.

Speaker Change:

Speaker Change: So that by the end of the year. When you have 220 megawatts of power of diesel power, which basically is enough to run the total operation under any conditions. It's obviously not something we want to do because it's very expensive to run diesel Gen sets and it's not exactly green energy, but its the backup system that we put in place won't be.

Speaker Change: <unk> two <unk> initiatives in the GLC to get reliable.

Speaker Change: Reliable green power.

Speaker Change: At levels that we require.

Unknown Speaker: The next slide. Okay, phase three is a good story.

Speaker Change: Slide.

Speaker Change: Okay and phase III is a good story.

Steve Amos: Steven, would you like to talk a little bit about Phase three? I think you have a brief update. So we've been running now for about a month and a half, and I think the ramp up is pretty much in line with our phase one and phase two. We've become pretty good at ramping up concentrators at Kamoa. We've got a very strong team there. You know, over the last sort of what, six weeks or so, we've got a design three put of 15,000 tons per day, which we've exceeded on numerous occasions. I think we've even got the record on that slide; you're 16,700 tons per day.

Stephen: Stephen do would you like to talk a little bit about phase III.

Speaker Change: Sure.

Stephen: I can give a brief update.

Steve Amos: So, we've been running now for about a month and a half. I think the ramp-up is pretty much in line with our Phase 1 and Phase 2 concentrators at Kamoa. We've become pretty good at ramping up concentrators at Kamoa. We've got a very strong team there.

Stephen: We've been running now for about a month and a half.

Speaker Change: And I think the ramp up is pretty much in line with our phase one and phase two concentrate as of tomorrow.

Speaker Change: I'm pretty good at ramping up concentrate as it come out of that you've got a very strong team there.

Steve Amos: You know, over the last sort of, what, six weeks or so, we've got a design throughput of 15,000 tonnes per day, which we've exceeded on numerous occasions. I think we've even got the record on that slide, 16,700 tonnes per day. So already after, you know, sort of six weeks of operation, we're looking at in excess of 5 million tonnes per annum. I think on the weekend we had a record copper production, considering Phase 1, Phase 2, and Phase 3. So we definitely see good growth in this next quarter. That's pretty much it.

Stephen: Over the last sort of what six weeks or so.

Stephen: We've got a design throughput of 15000 tonnes per day, which we've exceeded on numerous occasions I think we've even got the record on that slide 16700 tonnes per day, so already after sort of six weeks of operation we're looking at it.

Steve Amos: So already after in a sort of six weeks of operation, we're looking at in excess of five million tons. And I think on the weekend we had a record copper production, you know, considering Phase One, Phase Two, and Phase Three. So we definitely see good growth in this next quarter.

Stephen: In excess of 5 million tons per annum.

Stephen: And I think on the weekend, we had a record copper production.

Stephen: Considering phase one phase II and phase III. So we definitely see good growth in this next quarter.

Steve Amos: That's pretty much it. Yeah, thanks, Steven. I can say there's a few things still to do on phase three, which is basically to get to find ground in place, which will be in August as far as I know. That will improve the project recoveries. But volumes are going through very nice. and I think the back-end loading of this year should see record of the record being set hopefully, and we've put ourselves in a better position because of the power. so I think we should have a very strong performance quarter three and quarter four. This month that we announced July is going to end tomorrow and that month also should be very what should be a new record 36 or 37,000 tons of copper and that will increase over the next couple of months.

Stephen: That's pretty much it.

Mark Farren: Yeah, thanks, Stephen. Okay, so there's a few things still to do in phase three, which is basically to get the fine ground in place, which will be the end of August as far as I know. That will improve project recoveries, but volumes are going through very nicely. And I think the back-end loading of this year should see record after record being set, hopefully, and we put ourselves in a better position because of it.

Speaker Change: Thanks, Steven I could say, there's a few things still to do in phase III.

Speaker Change: Which is basically to get to fine grind in place which will be.

Stephen: In August as far as on there that will improve that.

Speaker Change: Recoveries.

Speaker Change: The volumes are going through very nicely.

Speaker Change: And I think the backend loading of this year should see record after record things hit IP.

Speaker Change: And we've put ourselves in a better position because of the power.

Mark Farren: So I think we should have a very strong performance in quarter 3 and quarter 4. This month that we're in now, July, is going to end tomorrow. And that month also should be a new record, 36 or 37,000 tons of copper. And that will increase over the next couple of months. So I think all in all, phase 1, phase 2, phase 3, is running very nicely. There are some other projects I'll talk about just now, which will increase copper production. Marna mentioned one or two of them just now, so we'll go into a little bit more detail. You can take the next slide. Stephen, do you want to talk about the smelter?

Speaker Change: We should have a very strong performance quarter, three including food.

Speaker Change: This month that we announce your line is going to end tomorrow and that months also should be it should be a new record 36, or 37000 tonnes of copper and equity increase over the next couple of months. So I think all in all phase one phase two phase III running very nicely with some other projects I'll talk about just now.

Unknown Speaker: I think all phase one, phase two, phase three, running very nicely. Some other projects I'll talk about just now, which will increase the copper production, or Marna mentioned one or two of them just now to go into a little bit more detail.

Speaker Change: <unk> increased our copper production Mona mentioned, one or two of them just now.

Speaker Change: Go into a little bit more detail.

Unknown Speaker: You take the next slide.

Speaker Change: You take the next slide.

Steve Amos: Stephen, you want to talk about the smelter? I can talk about the smelter. Mark, you are so big project obviously in excess of a billion dollars, biggest copper smelter in Africa and biggest direct blister copper smelter in the world. We're going well; we are about 85% complete on the project into the I don't want to say final stages of construction but sort of piping and electrical installation.

Speaker Change: Stephen you want to talk about the smelter.

Steve Amos: I can talk about the Smelter Mark, a big project, obviously in excess of a billion dollars. The biggest copper smelter in Africa and the biggest direct to blister copper smelter in the world. We're going well; we're about 85% complete on the project into the, I don't want to say, final stages of construction, but sort of piping and electrical installation. Plan for project completion, i.e. construction completion by the end of the year. And then we plan to start the heat up, I think, January or February next year.

Stephen: I'm talking about the smell tomorrow kiosk.

Stephen: Big projects obviously.

Stephen: Excess of $1 billion.

Stephen: Biggest copper smelter in Africa and biggest director.

Stephen: Copper smelter in the world.

Speaker Change: Regarding wells would be about 85% complete on the project.

Speaker Change: Onto the I don't want to say final stages of construction, but sort of piping and electrical installation.

Steve Amos: Plan for project completion, i.e. construction completion by the end of the year, and then we plan to start the heat up I think January, February next year. So no red flags at the moment, the bulk of the equipment is on site, which is good. Traveled a long way to get to site and now the sort of destiny is in our own hands, but I think going well. Very happy with this. Yeah, if I could add, I mean it's on track; there's no major inflakes. The neighbors being trained, it will be just over a thousand people running that smelter being trained in different countries at different operations in the world.

Speaker Change: For project completion I E. Construction completion by the end of the year and then we plan to start the heat I think January February next year. So no red flags at the moment the bulk of the equipment is on site, which is good.

Steve Amos: So, no red flags at the moment. The bulk of the equipment is on site, which is good. We traveled a long way to get to site, and now the sort of destiny is in our own hands. But I think it's going well, very happy with it. Yeah.

Speaker Change: Traveled a long way to get to site.

Speaker Change: Now this sort of dyskinesia.

Speaker Change: But I think going well very happy with us.

Mark Farren: Yeah, if I could add, I mean, it's on track. There's no major red flag.

Speaker Change: If I could add I mean, it's on track no major rethink.

Mark Farren: The labor is being trained. It will be just over a thousand people running that melt, being trained in different countries at different operations around the world. And a very strong owner's team that's been put in place to do number one commissioning and number two to actually operate Debts Mountain, quite complex, as everybody would know. Next slide.

Speaker Change: Labor is being trained to be just over 1000 people running that smelter being trying to different countries with different operations in the world.

Steve Amos: And we're a very strong owners team that's been put in place to do number one commissioning into and number two to actually operate that smelter, which is quite complex, as everybody would know.

Speaker Change: And a very strong owners team that's been put in place to do number one commissioning into and number two to actually operate that smelter, which is quite complex as everybody would not.

Unknown Speaker: Next slide. So this is sort of introducing you guys to the new thinking. So phase three is not the last stage, obviously, of growth at Cameroca cooler. We are going to be doing the very next one we busy with now. It will be announced very soon. Project 95, which basically means taking phase one and phase two from the 87, 88% recovery to 95% recovery, the basic engineering is complete. We have a budget for it. It's going to be voted by the board as we speak. Long lead items are being placed, so it's committed, and it's a fantastic project that also produces 25 to 30,000 tons of copper additional per year.

Speaker Change: Next slide.

Mark Farren: So this is sort of introducing you guys to the new thinking. So Phase 3 is not the last stage, obviously, of growth at Kamehameha Kula. We are going to be doing the very next one we're busy with now. It will be announced very soon.

Speaker Change: So this is sort of introducing yugansk due to the new thinking.

Speaker Change: Phase III is not the last stage obviously.

Speaker Change: Growth at Comerica cooler Rio.

Mark Farren: Project 95, which basically means taking phase one and phase two from 87-88% recovery to 95% recovery. The basic engineering is complete. We have a budget for it, and it's going to be voted on by the board as we speak. Long lean items are being placed. So it's committed. And it's a fantastic project. It also produces 25,000 to 30,000 tonnes of additional copper per year. So you have your project running, your phase one and two running, and for the same throughput, you're going to get 7% more recovery.

Speaker Change: We are going to be doing.

Speaker Change: The next one we are busy with now which will be announced pretty soon.

Speaker Change: Project, 95, which basically means taking phase one and phase II.

Speaker Change: From the 80, 788% recovered to 95%.

Speaker Change: Recovery. The basic engineering is complete we have a budget for it.

Speaker Change: It's gonna be voted.

Speaker Change: By the board as we speak.

Speaker Change: Long lead items are being placed so it's committed and it's a fantastic project. It also produces 25 to 30000 tonnes of copper additional.

Mark Farren: So it's a fantastic project. We're also looking at phase four, which would do two things.

Unknown Speaker: So you have your project running, your phase one and two running, and for the same throughput, you're going to get 7% more recovery, so it's a fantastic project. We're also looking at a Phase Four. A phase four doing two things. So number one, taking all the old tailings, which will be about 50 million tons to 60 million tons of copper running at 0.7%. And retreating those tailings at a rate of somewhere around, and this is not firm yet, but probably 10 million tons a year.

Speaker Change: So you don't have your your project running your friends wanted to run it and for the same throughput youre going to get 7% more recoveries.

Speaker Change: Fantastic project.

Speaker Change: We also are looking at a phase four.

Mark Farren: So number one, taking all the old tailings, which will be about 50 million tonnes to 60 million tonnes of copper running at 0.7%, and Retreating Nose Turning, and at a rate of somewhere around, and this is not firm yet, but probably 10 million tons a year. So another 25,000, 30,000 tons of copper per year while you're ramping that up. And then there's a phase 4, what we can probably call phase 4B, which will be an increased volume in different areas.

Speaker Change: Our phase four during two things so number one.

Speaker Change: All the old tailings, which will be about 50 million tons to 60 million tonnes of copper running at 47%.

Speaker Change: And retreating those trainings.

Speaker Change: At a rate of somewhere around and this is not firm, yet, but probably 10 million tons a year. So another.

Unknown Speaker: So that's it. 25, 30,000 tons of copper per year while you're ramping that up. And then there's a phase four, what we can call probably a phase four B, which will be an increased volume through different areas. So ramp up, basically, at the Kamoa one, two consul commands and introducing some new months. The final number there is probably two more steps along the way if you can work that out.

Speaker Change: 25, 50, 50000 tons of copper per year, while you're ramping that up and then there's a phase four what we can appropriately phase b, which will be an increased volume through different areas. So ramp up basically.

Mark Farren: So ramp up basically at the Kamoa 1, 2, Quinsilco mines and introduce some new mines. The final number there are probably two more steps along the way if you can work that out. I mean, we've just commissioned a plant now. So maybe another two steps or another two plants of that size. There's one more point while I'm talking about that. The plant that we've just commissioned, the 5 million tonne plant, the nameplate is 5, but we think we can push it by another 10, 20 or 30%, 20 to 30, probably more like. Kamoa is still growing.

Speaker Change: It took them over one two.

Speaker Change: <unk> and introducing some new mines.

Speaker Change: The final number there.

Speaker Change: Is probably two more steps along the way if you can work it out.

Unknown Speaker: I mean, we've just commissioned a plant now. So it may be another two steps, another two plants, or that's ours. One more point while I'm talking about that, the plant that we just commissioned, the five million tons plant, the name Blade is five, but we think we can push it by another 10 to 20 or 30 percent, 20 to 30 probably more likely. So Kamoa is still growing. The big thing for us is to secure the stable power, enough stable power to run these operations and to grow them. And included in that will be what we what we're going to be doing on the Western Forelands as well.

Speaker Change: We've just commissioned the plant so it might be another two skips are another two plants so thats us.

Speaker Change:

Speaker Change: Just one point, while I'm talking about that.

Speaker Change: We've just commissioned to 5 million ton plant.

Speaker Change: <unk> plaintiffs path, but we think we can push it for another 10, 20 or 50%, 20% to 50, probably more lucky.

Speaker Change: So.

Speaker Change: Tomorrow is still growing.

Mark Farren: The big thing for us is to secure stable power, enough stable power to run these operations and to grow them. And included in that will be what we do what we're going to be doing on the Western Forelands as well. Everything there needs power, a lot of power. It's a big operation, but we have solutions. And I believe the solutions are good, solid solutions that we will implement over time. Next slide. Yeah, I think Alex, you wanted to talk about capital intensity on this.

Speaker Change: The big thing for Us is to secure the stable power enough stable power.

Speaker Change: To run these operations and to grow them and included in that will be what we what are we going to be doing on the risk components as well.

Unknown Speaker: Everything there needs power, a lot of power. It's a big operation, but we have solutions, and I believe the solutions are good solid solutions at all that we will implement over time.

Speaker Change: Their needs power a lot of power, it's a big operation, but we have solutions and I believe the solutions are good solid solutions.

Speaker Change: We will implement overtop next slide.

Alex Pickard: Yeah, I think Alex, you want to talk about capital intensity on this? Yeah, thanks, Mark. I'm seeing the Western Forelands, but if we could just get back to Project 95, you know, obviously, I think capital intensity is a big topic of discussion within the copper industry more broadly. And we've sort of taken the trouble here to calculate the capital intensity looking back of the phase one, two and three concentrators together, which is coming out at around $7,000 for the sort of 600,000 tons of upper production capacity that we have today, which is by far and away the best that you will see in the industry. It is roughly a third of average green fill project.

Speaker Change: Yes, I think Alex you want to talk about <unk>.

Alex: Capital intensity on this.

Alex Pickard: Yes, thanks, Mark. I'm seeing the Weston Fallons, but if we could just get back to Project 95. You know, obviously, I think capital intensity is a big topic of discussion within the copper industry more broadly. And we've, we've sort of taken the trouble here to calculate the capital intensity looking back on the phase one, two, and three concentrators together, which is coming out at around $7,000 per tonne for this sort of 600,000 tons of copper production capacity that we have today, which is, by far and away, the best that you will see in the industry. Now, we can move to the Western Fallen.

Alex: Yes, thanks, Mark I'm seeing that what's been following but if we could just get back to.

Alex: Project 95, and obviously I think capital intensity is.

Speaker Change: A big topic of discussion within the copper industry more broadly.

Alex: And we've sort of taken the trouble head to calculate the capital intensity looking back of the phase one two and three concentrates is together.

Speaker Change: She is coming out at around $7000 per ton for this sort of 600000 tonnes.

Speaker Change: Copper production capacity that we have today, which is by far and away. The best that you will see in the industry is roughly.

Speaker Change: Third as average Greenfield projects, but I think if you look at recent projects that have been sanctioned and commissioned.

Alex Pickard: But I think if you look at recent projects that have been sanctioned and commissioned up the $30,000 of installed capacity, we're running it roughly a fifth. And Project 95, we're also very pleased to say, is by almost coincidence, at the same number at $7,000 per ton.

Speaker Change: I was in dollars per ton of installed capacity.

Speaker Change: We're running at roughly a fifth.

Speaker Change: And project 95, and we're also very pleased to say is.

Speaker Change: I'll ask coincident.

Speaker Change: At the same number at $7000 per tons that project 95 is it really accretive low cost projects very low additional milling costs too.

Alex Pickard: So Project 95 is a really creative low-cost project, very low additional milling cost to a lot additional 30,000 tons of. We can move to the Western Forelands now. So I think, as Mona mentioned, we are very much on track with our expansive drill campaign, and 70,000 meters is really the most ever drilled in a single year. We're over 55% complete with about 40,000 meters. Drills were still in the dry season. So this is where we get the bulk of our activity done. We currently have nine rigs drilling in the field; the focus is on the Ketoko area, as well as the Makoko West area. Worth noting that Makoko West is separate from the Makoko resource that we announced last year.

Speaker Change: 30000 tons.

Speaker Change: And we can move to the west portfolios now.

Speaker Change: Sure.

Alex Pickard: So I think, as Marna mentioned, we are very much on track with our expansive drill campaign. 70,000 metres is really the most we've ever drilled in a single year. We're over 55% complete, with about 40,000 meters drilled. We're still in the dry season, so this is where we get the bulk of our activities done.

Speaker Change: So I think as Marty mentioned, we are very much on track with our expensive drill campaign and 70000 meters is really the most we've ever drilled in a single year.

Speaker Change: Over 55% complete with about 40000 meters drilled we're still in the.

Speaker Change: The dry season. So this is already get the bulk of our activity done.

Alex Pickard: We currently have nine rigs drilling in the field. The focus is on the Kitoko area as well as the Makoko West area. It is worth noting that Makoko West is separate from the Makoko resource that we announced last year. We're also testing the basement architecture between the Makoko and Kitoko discoveries and elsewhere on the license package as well.

Speaker Change: And we currently have nine rigs drilling in the sales and the focus is on the telco area as well as the Makoko West area.

Speaker Change: With noting that Midtown west is separate from the Makoko resource that we announced last year and we're also testing the basement architect.

Alex Pickard: And we're also testing the basement architecture between the Makoko and Ketoko discoveries and elsewhere on the license package as well. I think if we skip to the next slide, we've got a bit of a map just to sort of unveil and show where some of the recent drilling has taken place. So you can see there is a real center of gravity going on Makoko West and Ketoko, which are roughly five kilometers along strike from the Makoko resource where we announced that we have about five million tons in contain copper.

Speaker Change: Theme of cocoa.

Speaker Change: Telco discoveries and elsewhere on the license package as well.

Alex Pickard: I think if we skip to the next slide, we've got a bit of a map just to sort of unveil and show where some of the recent drilling has taken place. So you can see there is a real center of gravity going on at Makoko West and Kitoko, which are roughly five kilometers along strike from the Makoko resource where we've announced that we have about five million tonnes of contained copper. What I would say is we will have much more to say about our drilling in Western Poland.

Speaker Change: If we skip to the next slide.

Speaker Change: Got a bit of a map just to sort of unveil and show some of the recent drilling has taken place. So you can see there is a real center of gravity going on.

Speaker Change: <unk> Western telco.

Speaker Change: Which are roughly five kilometers along strike from the telco resource.

Speaker Change: Announced that we have about 5 million tons and contained copper.

Alex Pickard: What I would say is we will have much more to say about our drilling at the Western Poland. We have a couple months of drilling, and then I would say by the end of summer, we will likely be making an announcement to give much more information on what we've been up to.

Speaker Change: What I would say is we will have much more to say about our drilling at the Westin Poland. We have a couple of months of drilling and then I would say by the end of summer.

Alex Pickard: We have a couple of months of drilling, and then I would say by the end of the summer, we will likely be making an announcement to give much more information on what we've been up to. I think Mark will take us through the next slide on Kipushi and the commissioning. Thank you.

Speaker Change: We will likely be making an announcement to give much more information on what we've been up to.

Mark Farren: I think Mark will take us through the next slide on Kipushi and the commissioning.

Speaker Change: I think mark will take us through the next slides are not depreciated in the commissioning.

Speaker Change: Yes.

Speaker Change: Yes.

Mark Farren: Mark, he might be on mute. Thanks, sorry, Alex. I just got stuck on the mute. Yes, Kipushi is going well. It's a small man, but a lot of zinc is going to come out of it.

Mark Farren: Yes, Kapuski is going well. It's a small mine, but a lot of zinc is going to come out of it. So if I can just start with underground, the development is way ahead of plan. It's a beautiful underground mine that has got very good ground conditions and high grade, to high-grade mine, very high grade. I think our average is 33% zinc in the last mine. We've been developing the mine quietly. We're sitting with more than 300,000 tonnes of feed on the surface, and we've just started basically getting that little plant to start running. So Stephen, I don't know if you want to talk a little bit about the plant and the progress we've made.

Speaker Change: Mark you might be on mute.

Mark: Thanks, sorry, Alex just got stuck on mute.

Speaker Change: Yes.

Speaker Change: She is going well.

Speaker Change: The small man, but a lot of zinc is going to come out of it.

Mark Farren: So if I can just start with underground, the development's way ahead of plan. It's a beautiful underground man. It's got very good ground conditions in high grade. It's a high grade man, very high graders. I think every 33% zinc in the low court man. We've been developing the man quietly. We're sitting with more than 300,000 tons of feed on surface. And we've just started basically getting that little plant to start running.

Speaker Change: So if I can just start with underground development is way ahead of plan.

Speaker Change: It's a beautiful underground mine that's got very.

Speaker Change: Good ground conditions and high grade.

Greg: Hi, Greg.

Greg: I think rich is 53% zinc.

Greg: Equipment.

Speaker Change: We've been developing demand quietly, we sitting with more than 300000 tonnes of copper.

Greg: Our feet on surface and we've just started basically getting that little plant to start running so Stephen I don't know if you want to talk a little bit about the plant and the progress we've made.

Steve Amos: So, Steven, I don't know if you want to talk a little bit about the plant and the progress we made. No, I can talk a bit on the plant. So it's not going as well as out of light to be totally honest, but the plant is running. So that's good. And I think we finally, over the last sort of two to three weeks, I've got the plant running at something which is stable. And now we can start sort of tweaking the flotation parameters and the milling parameters. At the moment, we're battling to get a 50% con grade.

Steve Amos: I can talk a bit about the plant. So it's not going as well as I would have liked, to be totally honest, but the plant is running. So that's good.

Stephen: And talk a bit on the plant.

Stephen: It's not going as well as I would've liked us to be talking to you on this but the plant is running so that's so that's good.

Stephen: I think we finally over the last sort of two to three weeks across the plant running.

Steve Amos: And I think we finally, over the last sort of two to three weeks, have got the plant running at something which is stable. And now we can start sort of tweaking the flotation parameters and the milling parameters. At the moment, we're battling to get a 50% congrade. We're sort of in the high 40s, which is fine, but not really good enough, in my opinion. So I think over the next couple of weeks, our focus is going to be on quality as opposed to quantity, and we'll get that going. Yeah, I mean, there are no fundamental flaws. We'll get that going in the next couple of weeks, but not as good as Kamoa.

Greg: Which is stable and now we can start sort of tweaking the <unk>.

Greg: Flotation parameters and the many parameters.

Greg: The moment battling to get.

Steve Amos: We sort of in the high forties, which is fine, but not really good enough, in my opinion. So I think over the next couple of weeks, our focus is going to be on quality as opposed to quantity. And we'll get that going. Yeah, I mean, there's no fundamental flaws. We'll get that going in the next couple of weeks, but, but, but, but not as good as Kamala. Yeah, but it's a good, it's a lovely footprint. It's a high-growing demand.

Greg: A 50% conning great do we sort of in the high forties.

Greg: Is fine, but not really good enough in my opinion, so I think over the next couple of weeks, our focus is going to be on quality as opposed to quantity.

Greg: And we'll get that going.

Greg: There is no fundamental flaws youll get that going in the next couple of weeks, but not as good as come out of it.

Mark Farren: Yeah, but it's a good footprint. It's a high-grade zinc mine. I think it's going to go very well, but it's obviously not going to be a come over because you're never going to have quite that kind of revenue stream coming from it. On offtake, we've done well with offtake. That's the next slide there. Matthew.

Speaker Change: Yes, but it's a good it's a lovely footprint high grade zinc mine.

Mark Farren: I think it's going to go very well, but it's obviously not going to be a Kamala because you're never going to quite that kind of revenue stream coming from it. On off-take, we've done well with off-take.

Greg: It's going to revenue.

Greg: It's obviously not going to be a commitment because you're never going to quite the kind of revenue stream coming from it.

Greg: On offtake.

Greg: Done well with Wolf Tec that's in.

Mark Farren: That's the next slide there. Matthew, we're still sticking to guidance of about a hundred, two hundred, and forty thousand tons. We might have to revise it down slightly, depending on how quickly we get diesel on the plant, but we will get them done. I'm very sure of that. We've done off-take available, and we're busy talking to other off-take as well as we've done.

Greg: Next slide.

Greg: Matthew.

Matthew Richard Keevil: We are still sticking to your guidance of about 100 240000 tons, we might have to revise it down slightly depending on how quickly we get.

Mark Farren: We're still sticking to guidance of about 100-240,000 tons. We might have to revise it down slightly, depending on how quickly we get. I think, all in all, this has been a good year for Kapushi. We've got that mine running after a long time, we've dewatered that mine, we've set up the development, and we've opened up the stoping. It's a long open stoping, so it's a low cost operation. It looks beautiful underground; it looks very much completely different on the surface.

Matthew Richard Keevil: Hey, John on the plant.

John: We will get them done I'm very sure event.

Greg: Done.

Greg: Like the Citic and Trafigura.

Greg: $170 million in financing available and were busy talking to other off takers as well as regard. So I think all in all this has been a good year for <unk>.

Mark Farren: So I think in all and all, this has been a good year for Kupushi. We've got that man running after a long time. We've de-watered that man. We've set up the development. We've opened up the stoping. It's longer open stopping. So it's a low-cost operation. It looks beautiful underground. It looks very much completely different on surface.

Speaker Change: Man running after a long time, we've dewatered edmont, we've set up the development, we've opened up the stoping, but as long haul open stoping, such a low cost operation.

Speaker Change: Looks beautiful underground it looks very much completely different on surface, if you've ever been there before you'll ever looked at it.

Mark Farren: If you've ever been there before, you'll have a look at it. The whole of Kupushi looks different. The town is clean. It's neat. There's a very positive vibe inside that town. The workforce is motivated. And I do believe we're going to do well on this project.

Mark Farren: If you've ever been there before, you'll see it. The whole of Kapushi looks different. The town is clean, it's neat. There's a very positive vibe inside that town. The workforce is motivated, and I do believe we're going to do well on this project. So I think that's why we aren't capricious.

Speaker Change: The whole of could push it looks different the town is keen that's neat.

Speaker Change: These are very positive.

Speaker Change: Bob and Sajid.

Speaker Change: So workforce is motivated and I do believe we're going to do well on this project. So I think thats, where we on purpose.

Mark Farren: So I think that's very on Kupushi. We can carry on.

Speaker Change: We can carry on.

Unknown Speaker: Thanks, Mark.

Unknown Speaker: I think I'm just going to conclude the presentation with an update on Flat Reef. So you can see here a very nice image of the flat reef phase one concentrator. It's about 800,000 tons in capacity. So it's actually very similar to the concentrator in terms of size that Kipushi. This is another project that we've completed successfully on time. As we previously disclosed, we are called commissioning the plant that we did take the decision to defer the hot commissioning feeding all through the plans until next year. This is in order to prioritize the development of shaft number three.

Speaker Change: Thanks, Mark I think I'm, just going to conclude the presentation with an update.

Unknown Speaker: So you can see here a very nice image of the FlatReef phase one concentrator. It's about 800,000 tons in capacity, so it's actually very similar to the concentrator in terms of size at Kipushi.

Speaker Change: Right.

Speaker Change: So you can see here very nice image of the Blackberry phase one concentrate that is.

Speaker Change: It's about 800000 tons in capacity, sorry, it's actually very similar to the concentrates or incentive side depreciate.

Unknown Speaker: This is another project that we've completed successfully on time. As we previously disclosed, we are cold commissioning the plant, but we did take the decision to defer the hot commissioning feeding all through the plant until next year. This is in order to prioritise the development of shaft number three and, in turn, prioritise the phase two expansion instead of focusing today on production areas for phase one. I think we can move to the next slide, where I'll just cover that in a little bit more detail.

Speaker Change #103: This is another project that we've completed successfully on time.

Speaker Change: As we previously disclosed we are coal commissioning the plant that we didn't take the decision to defer the hot commissioning feeding all three of the funds until next year.

Speaker Change: In order to prioritize the development of shaft, three and intend to prioritize the phase II expansion instead of focusing today on production areas for phase one.

Unknown Speaker: And in turn prioritize the phase two expansion, instead of focusing today on production areas for phase one.

Unknown Speaker: I think we can move to the next slide, where I'll just cover that in a little bit more detail. So yeah, as I mentioned before, our focus has been to accelerate the phase two expansion, which is all based on shaft number three. So that shaft originally was a ventilation shaft. We repurposed the shaft to focus on permanent hoisting. The reaming of the shaft is ongoing. And it's expected to be completed around the end of this quarter. And then the equipping of that shaft will commence through the remainder of the year and into 2025. So, from 2026 onwards, we are targeting to have a hoisting capacity of 4 million tons per annum from this shaft, which is four times the capacity we have today from shaft number one.

Speaker Change: We can move to the next slide where I'll just cover that a little bit more detail.

Alex Pickard: So yeah, as I mentioned before, our focus has been to accelerate the phase two expansion, which is all based on shaft number three. So that shaft originally was a ventilation shaft; we repurposed the shaft to focus on permanent hoisting. The reaming of the shaft is ongoing, and it's expected to be completed around the end of this quarter. Then the equipping of that shaft will commence through the remainder of the year and into 2025.

Speaker Change: So yes, as I mentioned before our focus has been to accelerate the phase II expansion.

Speaker Change: Which is all based on shaft number three so that originally was the ventilation shaft, we repurposed the shafts to focus on permanent pricing.

Speaker Change: <unk> of the shaft is ongoing and is expected to be completed around the end of this quarter and then the equipping of that Shaffer will commence through the remainder of the year and into 2025.

Alex Pickard: So from 2026 onwards, we are targeting to have a hoisting capacity of 4 million tonnes per annum from this shaft, which is four times the capacity we have today from shaft number one. So that's 5 million tonnes overall. And then, at that point in time, the plan would be to increase the concentrated capacity, which will give us a production capacity of roughly 400,000 ounces of the four precious metals, as well as the significant nickel and copper endowment that Platte Reef has.

Speaker Change: 2026 onwards, we are targeting to have a hoisting capacity of 4 million tonnes per annum from from this shaft, which is full time with the capacity we have today from shops number one and so that $5 billion overall and then at that point in time, the plan would be to increase the concentrated capacity.

Unknown Speaker: So that's 5 million tons overall. And then, at that point in time, the plan would be to increase the concentrator capacity, which will give us a production capacity of roughly 400,000 ounces of the four precious metals, as well as the significant nickel and copper.

Speaker Change: Which will give us a production capacity of roughly 400000 ounces of precious metals as well as the significant nickel copper endowment in the <unk>.

Unknown Speaker: And down in the platteries, the platteries has all of this work is going to be documented in an updated phase two piece ability study and also a phase three. Scoping study or PEA, which is targeting around 1 million ounces of production; those two studies will be completed around year end and published thereafter.

Speaker Change: That's about right.

Alex Pickard: All of this work is going to be documented in an updated Phase 2 Feasibility Study and also a Phase 3 Scoping Study, or PEA, which is targeting around 1 million ounces of production. Those two studies will be completed around year-end and published thereafter. I think we can just skip to the final slide. And before we hand over to Matt to chair the Q&A, this is a nice advertisement for our last site visit at Kamoa Kakula. We had a very nice site visit during the month of July.

Speaker Change: All of this work is going to be documented and an updated phase two feasibility study and also a.

Speaker Change: Phase III.

Speaker Change: Opening study <unk>, which is targeting around 1 million ounces of production.

Speaker Change: Those two studies will be completed around year end and published thereafter.

Matthew Keevil: I think if we can just skip to the final slide, and before we hand over to Matt to chair the Q&A, this is a nice advertisement for our last site visit at Komoko Cooler. We had a very nice site visit during the month of July. And I would just like to say, if you are interested in attending future tours, we'll be running at least one or maybe two tours over the course of this year. And please get in touch with myself. Tommy Horton in London. Thank you.

Alex Pickard: And I would just like to say if you are interested in attending future tours, we'll be running at least one or maybe two tours over the course of this year, please get in touch with me, Uwe, or Tommy Houghton in London.

Speaker Change: I think if we can just skip to the final slide and before we hand over to Matt to the Q&A. This is a nice advertisement for our last slide.

Speaker Change: Site visits at Comerica goal that we had a very nice site visit during the month of July and I would just like to say if you are interested in attending future doors.

Matthew Richard Keevil: We'll be running at least one or maybe two tools over the course of this year. Please get in touch with myself.

Speaker Change: Well, Tony Horton in London. Thank.

Speaker Change: Thank you.

Matthew Keevil: Thanks, Alex, and we'll now begin the question-and-answer session for today. I'll just briefly hand it back to the operator to proceed with any questions waiting on the phone line. Following wrapping up the phone line, questions will move over to the website and answer any web-based questions we have in the platform. Please proceed with the phone questions, operator.

Matthew Richard Keevil: Thanks, Alex. And we'll now begin the question and answer session for today. I'll just briefly hand it back to the operator to proceed with any questions waiting on the phone line. After wrapping up the phone line questions, we'll move over to the website and answer any web-based questions we have on the platform. Please proceed with the phone questions operator. At this time, if you would like to,

Speaker Change: Thanks, Alex and we will now begin the question and answer session for today.

Speaker Change: I'll just briefly hand, it back to the operator to proceed with any questions waiting on the phone line. Following wrapping up the phone line questions, we'll move over to the website and answer any web based questions. We have in the platform. Please proceed with the phone questions operator.

Operator: Thank you, Matthew. At this time, if you would like to ask a question, please press star one one on your telephone. If you would like to remove yourself from the queue, please press star one one again. We also ask that you please wait for your name and company to be announced before you proceed with the trip.

Operator: [inaudible] At this time, if you would like to ask a question, please press star 1-1 on your telephone. If you would like to remove yourself from the queue, please press star 1-1 again. We also ask that you please wait for your name and company to be announced before you proceed with your question. For the first question of the day, it is coming from the line of Daniel Major of UBM. Your line is open.

Speaker Change: Thank you Matthew at this time, if you would like to ask a question. Please press star one on your telephone if you would like to remove yourself from the queue. Please press star. One again, we also ask that you. Please wait for your name and company to be announced before you proceed with your question.

Daniel Major: for the first question for today. It is coming from the line of Daniel Major of UBA. Your line is open.

Speaker Change: For the first question for today is coming from the line of Daniel major of UBS.

Speaker Change: Your line is open.

Daniel Major: Hi there. Can you hear me? Okay. Yes, sir. Great. Thanks. Yeah, thanks for questions.

Daniel Major: How is that can you hear me okay.

Speaker Change: Okay.

Daniel Major: Great, thanks. Yeah, thanks for the questions. The first question: I see you paying a dividend for the first time. How should we look at the future dividend policy or expectation for the run rate of cash returns going forward? That's the first question.

Daniel Major: Yes, Sir great.

Daniel Major: Great. Thanks, Yes.

Daniel Major: Yes, thanks for the questions.

Daniel Major: The first question. I see you paying a dividend for the first time. How should we look about the future dividend policy or expectation for run rate of cash returns going forward? That's the first question.

Speaker Change: The first question.

Speaker Change: Now see paying a dividend for the first time.

Speaker Change: How should we look about the future dividend policy or expectation for run rate of cash returns going forward first question.

Speaker Change: Yeah.

Unknown Speaker: I'm happy to take that, Daniel. Yeah, I mean, we've got Kamaukukula, Jettner; I think significant cash flows.

Unknown Executive: I'm happy to take that, Daniel. Yeah, I mean, we've got Kamauka Kula-Chetner, and I think significant cash flows. But, as we've seen with Project 95, we continue to find ways to reinvest for a better return on capital and in ways which we think are better for our shareholders than paying a dividend. We are still in the growth phase. So depending on the plans for future expansions of maybe phase four at Kamaua, we would have to look at dividend policy subsequent to that decision being made.

Speaker Change: I'm happy to take that Daniel.

Speaker Change #101: Yes, I mean, we've got Comerica Coolidge generating significant cash flows.

Unknown Speaker: But as we've seen with this project 95, we continue to find ways to reinvest for a better return on capital and in for ways which we think are better for our shareholders than buying a dividend. We are stolen growth phase.

Speaker Change: <unk> and <unk>.

Speaker Change: As we've seen with this project 95, we continue to find ways to reinvest for a better return on capital.

Speaker Change: <unk>.

Speaker Change: For waste, which we think are better for our shareholders than buying a dividend.

Speaker Change: Ill.

Speaker Change: Stallone growth size.

Unknown Speaker: So depending on the plans for future expansions of maybe phrase four at Kamaua, and we would have to look at, yeah, dividend policy subsequent to that decision being made. Right.

Speaker Change: So depending on the plans for future expansions of might be price for <unk> and we would have to look at.

Speaker Change: Yes, the dividend policy of subsequent to that decision being made.

Unknown Executive: Right, so in the interim, should we just look at it as an ad hoc basis for dividends?

Unknown Speaker: So, in the interim, should we just look at it as an ad hoc basis for dividends? Yeah, I think that would be right.

Speaker Change: Alright, so in the interim should we just look at it as an AD hoc basis for dividends.

Unknown Executive: Yeah, I think that would be right. However, I think once the dividend flow commences, we should be able to continue with a steady stream thereof.

Speaker Change #108: Yes, I think that would be right.

Unknown Speaker: However, I think once the dividend flow commences, we should be able to continue with a steady stream thereof. Okay. All right. Thanks.

Speaker Change: I think once the dividend flow commences and we should be able to continue with a steady stream thereof.

Daniel Major: Okay. All right. Thanks.

Speaker Change: Okay alright. Thanks.

Daniel Major: And then the next question on the smelter, you'll shed your to be complete by the end of the year and then ramping up into next year.

Unknown Speaker: And then the next question on the smelter, your schedule to be complete by the end of the year and then ramping up into next year. Can you give us any sense of the two things of working capital implications for the JV during the ramp-up of the smelter? How much working capital will you build and then release? And what's the sort of timeline expected before you hit steady-state capacity at the smelter?

Speaker Change: And then the next.

Speaker Change: A quick question on the smelter.

Speaker Change: You will.

Speaker Change: Schedule to be complete by the end of the year and then ramping up into next year can you give us any sense of the well.

Mark Farren: Can you give us any sense of the two things, the working capital implications for the JV during the ramp up of the smelter, how much working capital will you build and then release, and what's the sort of timeline expected before you hit steady state capacity at the smelter? I can do a bit of that one, and Steve, maybe you want to, I can chip it as well, Bob. Yeah, so working capital is probably a net if you want a number, it's going to be around a hundred, a hundred million, seventy to a hundred. A lot of that's basically strategic space, first fills, and a lot of it's to make sure that you don't you battle when you do commissioning; you've got enough for everything to get going.

Speaker Change: Two things the working capital implications for the JV during the ramp up of the smelter how much working capital builds and then.

Speaker Change: Releasing them, what's the sort of timeline expected before you hit steady state capacity at the smelter.

Mark Farren: I can do a bit of that one. And Steve, maybe you want to?

Speaker Change: I can do a bit of that fund and Steve maybe one if I can chip.

Steve Amos: Yeah, I can chip in as well, Mark. So working capital probably, if you want a number, it's going to be around 100 million, 70 to 100. A lot of it's basically strategic spares, first fills, and a lot of it's to make sure that when you do commissioning, you've got enough of everything to get going. So that's basically been happening in the background. That's one.

Speaker Change: Okay Thats helpful.

Speaker Change #107: Working capital is probably be if you want a number it's going to be around 100.

Speaker Change: Hundred million 70 to 100.

Speaker Change: A lot of it.

Speaker Change: <unk> strategic space.

Speaker Change: First rose.

Speaker Change: And a lot of it is to make sure that you don't you better when you do commissioning you've got enough of EBIT to get going.

Mark Farren: So that's more or less basically been happening in the background. That's one, and then to ramp up a big smelter like that, Stephen, six months.

Speaker Change: So that's more or less basically been happening in the background.

Speaker Change: Sure.

Mark Farren: And then to ramp up a big smelter like that, Stephen, six months, a year? No, Mark, you know what I mean. Yes, to ramp up to maybe 80% in six months, but I would say a year to get to sort of steady state production. We're going to stockpile about 70,000 tonnes of con ahead of the commissioning of the smelter. So, sort of nice, sweet stuff so that we can make our lives easy and then sort of work our way through that as we go. Yeah,

Speaker Change: That's one and then Q2 ramp up a big smelter lockouts, Steven six months.

Mark Farren: No, Mark, you know what I say. I mean, yes to ramp up to maybe 80% six months, but I would say a year to get to sort of steady state production. We're going to stockpile about 70,000 tons of cotton ahead of the commissioning of the smelter and sort of nice sweet stuff so that we can make our lives easy and then sort of work our way through that as we go, you know. So, just to follow up on that, I mean, you build up 67,000 tons of concentrate that would have been incremental working capital bills on top of the 100 that you millionly highlighted for other elements that I think I would tell every time you'll keep, you'll keep enough strategic space and full commodities on there.

Speaker Change: You bet.

Speaker Change: Just to ramp up to maybe 80% six months, but I would say yes.

Speaker Change: Just sort of steady state production.

Speaker Change #106: Are you going to stockpile of about 70000 tons of corn ahead of the commissioning of the of the smelter.

Speaker Change: Sort of nice sweet stuff. So that we can make make whole lives easy and then sort of work our way through that.

Speaker Change: We got it.

Speaker Change: And that's it.

Unknown Speaker: So just to follow up on that, I mean, you build up 60,000, 70,000 tons of concentrate that would have been incremental working capital built on top of the 100 million you highlighted for other elements.

Speaker Change: So just to follow up on that.

Speaker Change #100: Youll build up 60, 70000 tonnes of concentrate that would that be an incremental working capital build on top of the $100 million highlighted.

Speaker Change: The elements.

Mark Farren: I think over time you'll keep enough strategic space and fill commodities on there. I don't think you'll go up above that number. We've done a big study on this work. It's between 70 and 100. It will stay there.

Speaker Change: I think over time every time.

Speaker Change: Tom you'll keep youll keep strategic speeds in full.

Speaker Change: Commodities on the I don't think Youll go up above that number.

Mark Farren: I don't think you'll go up above that number.

Mark Farren: We've done a big study on this. It's between 70 and 100; it will study.

Speaker Change: Okay.

Speaker Change: We've done a big study on this work it's between 70 and 100.

David Harry Van Heerden: Yeah, and maybe Daniel, I'll just add that as part of the off-take facilities, we'll probably look at prepayment facilities there. We are confident that we can definitely arrange in excess of $500 million of facilities as part of the off-take. So, I don't think we've got any many concerns in terms of breaching that working capital requirement. Okay, great.

Mark Farren: Yeah, and maybe Daniel, I'll just add that as part of the allowed off-tech facilities, we'll probably look at pre-payments facilities there. We are confident that we can definitely arrange in excess of, yeah, $500 million of facilities as part of the off-tech. So, I don't think we've got many concerns in terms of breaching that and working capital requirement. Okay, great. Thanks.

Speaker Change: Yes, maybe Daniel I'll, just add that as part of the.

Speaker Change: And our offtake facilities, we'll probably look at prepayments facilities, there and we are confident that we can definitely arrange in excess of five.

Speaker Change: <unk> $500 million.

Speaker Change: Of facilities.

Speaker Change: Part of the off spec.

David Harry Van Heerden: I don't think we've got.

Speaker Change: Many concerns in times in terms of preaching debt and working capital requirement.

Unknown Speaker: Okay, great. Thanks.

Unknown Speaker: And just one more, if I may, slightly more strategic question with respect to the Platte Reef. We're seeing Anglo-American intention to separate AMPLATS. Have you looked at a combination of the Platte Reef and Mahalakwina or some other ownership combination at some point in the future?

Speaker Change: Okay, great. Thanks, and just one more if I may slightly more strategic question with respect to the <unk>.

Mark Farren: And just one more if I, if I may, slightly more strategic question with respect to the platteries. We're seeing Anglo-American intention to separate Amplats. Have you looked at a combination of the platteries and Mahalakwena or some other ownership combination at some point in the future? Yeah. Difficult one to answer on a public platform, but I think we are keeping all open. And obviously, we do get a branch with a lot of ideas and synergies between ourselves and Anglo. However, I would never say never. I think they could be a lot of synergies between the two companies, and it's something that we're not necessarily close to, but not necessarily actively pursuing as well.

Speaker Change: We're seeing in <unk>.

Speaker Change: American.

Speaker Change: This intention to.

Speaker Change: Separate plants.

Unknown Speaker: Have you look to the combination of the Platt reef in Molla.

Speaker Change: Or some of the ownership combination at some point in the future.

Unknown Executive: difficult one to answer on a public platform, but I think we are keeping all options open. And obviously, we do get approached with a lot of ideas and synergies between ourselves and Anglo. I would never say never. I think there could be a lot of synergies between the two companies and something that we're not necessarily close to, but not necessarily actively pursuing as

Speaker Change: Difficult one to answer on a public platform, but I think we're all keeping all.

Speaker Change: Handful open.

Speaker Change: Firstly, we do get approached with a lot of ideas and synergies between ourselves and <unk>.

Speaker Change: I would never say never I think there could be a lot of synergies between the two companies.

Speaker Change: Thanks.

Speaker Change: Something that we're not necessarily class does that not necessarily actively pursuing as well.

Daniel Major: Thanks. I'll go back in the key.

Speaker Change: Excellent thanks, I'll get back in the queue.

Operator: Thank you. One moment for the next question, and our next question will be coming from the line of Andrew Makitchhok of BMO Capital Markets. Your line is open.

Operator: Thank you. One moment for the next question.

Speaker Change: Thank you one moment for the next questions.

Andrew Mikitchook: And our next question will be coming from the line of Andrew Mitchelhoek of BMO Capital Markets. Your line is open. Hi, I just wanted to follow up a question to Mark.

Speaker Change #105: And our next question will be coming from the line of Andrew Mitchell Hook.

Andrew Makitchhok: <unk> capital markets. Your line is open.

Andrew Makitchhok: Hi, I just wanted a follow-up question for Mark. Maybe number one, congratulations to you and your team on the phase three ramp up, or ramp up as well as it's gone so far.

Speaker Change #104: Hi, I just wanted to maybe follow up question to Mark.

Andrew Mikitchook: Maybe number one, congratulations to you and your team on the, on the phase three ramp up or ramp up this as well that's gone so far. But I just wanted to come back to this whole power thing. It seems like you're now moving from having issues with power to moving at this strength where you have the optionality to address all this. Just in terms of how you guys project phase three ramping up and the smelter coming on and your trajectory, call it over the next 18 months. Does the imported power plus backup power ever get kind of bite, or is this really the end of discussions about power constraints and operations?

Andrew Makitchhok: But I just wanted to come back to this whole power thing. It seems like you're now moving from having issues with power to moving at this strength where you have the optionality to address all this. Just in terms of how you guys project phase three ramping up, and the smelter coming on, and your trajectory call it over the next 18 months, does the imported power plus backup power ever get kind of tight? Or is this really the end of discussions about power constraints and operations?

Speaker Change: Maybe number one congratulations to you and your team on the fee.

Speaker Change #102: His III ramp up.

Speaker Change #109: Ramp up as well as it's gone so far.

Andrew Makitchhok: But I just wanted to come back to this whole power thing.

Speaker Change: It seems like you are now moving from having issues with power to moving at the strength, where you have the optionality to address all of this.

Andrew Makitchhok: Just in terms of how you guys project phase III ramping up and the smelter coming on.

Speaker Change #109: And your trajectory color over the next 18 months.

Speaker Change #112: Does the imported power plus backup power ever get kind of tight or is this really.

Speaker Change #110: The end of discussions about.

Speaker Change: Power constraints and operations.

Mark Farren: Yeah, thanks, Andrew. So what I mean, two years ago, we made the decision to add the diesel generation capacity, which would basically be the 220 megawatts so that if anything does happen on the snail network or any conditions, we can run the three concentrates. and the one. So that's the full back position. I've explained that before. In the meantime, we've done proper, deep, accurate studies on the SNL network. We've identified issues or constraints that need to be resolved. We've extended out our loan. So basically the funding mechanism to improve make improvements on the network and then also to get to get a repaid over top.

Mark Farren: Yeah, thanks, Andrew. So what I mean is, two years ago, we made the decision to add diesel generation capacity, which is basically 220 megawatts. So that if anything does happen on the Snell network or any conditions, we can run the three concentrates and the mine. So that's the fallback position. I've explained that before.

Speaker Change #110: Thanks, Andrew.

Mark Farren: So what I mean.

Mark Farren: Two years ago, we made the decision to add the diesel generation.

Speaker Change #102: Capacity.

Speaker Change #102: <unk> hundred 20 megawatts, so that if anything does happen on the snow metric or any conditions, we can run the three concentrations.

Mark Farren: In the meantime, we've done proper, deep, accurate studies on the Snell network. We've identified issues or constraints that need to be resolved. We've extended our loan. So basically, the funding mechanism to improve and make improvements on the network. And then also to get it repaid over time, that that loan has been extended to about $450 million now. So I think we've identified all the big, all the big stuff on their network. And once that's resolved, you'll have a stable Snell network.

Speaker Change #102: And demand.

Mark Farren: The pullback position of explained it before in the meantime, we've done.

Mark Farren: Deep accurate studies on the snow network, we've identified issues or constraints that need to be resolved, we've extended out alone. So basically the funding mechanism.

Speaker Change #102: <unk>.

Mark Farren: To improve making improvements on the network and then also to get to get repaid.

Mark Farren: That loan has been extended to about $450 million now. So I think we've identified all the big stuff on their network. And once that's resolved, you'll have a stable SNL network. In addition to that, and in order to grow, we've started to look at importing power from different countries. So today, for example, I'm actually an Angola. Angola sits with 2,000 megawatts of spare capacity, generating capacity that they don't use. And they'll proper definitive projects underway to get distributed that power into the network and feed Zambia and DLC. So short term, we've made those decisions. We've got that 188 megawatt; two are coming on stream at the end of the end of 2020 to the end of this year.

Speaker Change #102: Tom.

Mark Farren: <unk> has been extended to about $450 million now so I think we've identified all the big all the big stuff on that metric and once that's resolved you'll never stable snow metric.

Mark Farren: In addition to that, and in order to grow, we've started to look at importing power from different countries. So today, for example, I'm actually in Angola. Angola sits with 2000 megawatts of spare capacity, generating capacity that they don't use. And there are proper definitive projects underway to be able to get, distribute that power into the, let's call it the SADC, the Southern African Network, and feed Zambia and DLC. So, in the short term, we've made those decisions.

Speaker Change: In addition to that and in order to grow.

Speaker Change: We've started to look at important power from different countries. So today for example, ex Union Golar and Golar sits with too.

Mark Farren: 2000 megawatts of speed capacity generating capacity that they don't use.

Speaker Change #102: And Neil proppant definitive projects.

Speaker Change: Underway relative to be able to get.

Speaker Change: <unk>.

Speaker Change: Distribute that power into the <unk> the.

Mark Farren: Southern.

Mark Farren: African network.

Mark Farren: And feed Zambia and DLC.

Alex Pickard: So.

Mark Farren: Short term, we have made those decisions.

Mark Farren: Better.

Operator: Okay.

Mark Farren: Megawatt to one coming on stream at the end of.

Mark Farren: The end of 2020, just staying up this year.

Mark Farren: We've got that 188 megawatt turbine coming on stream at the end of, let's say, the end of 2020, just the end of this year, and then the rest of the work taking place to stabilize the network and, longer term, I think, for us to grow to what we need to do, we're going to need more megawatts and what's available short term in the DLC. So we're looking at other countries. So, we definitely are working in Zambia, and, like I said to you, I'm in Angola at the moment.

Mark Farren: And then the rest of the work taking place to stabilize the network and longer term, I think, for us to grow to what we need to do. We're going to need more megawatts, and what's available short term in the DLC. So we're looking into other countries. So we're definitely working in Zambia and at La Cacieta. I'm in Angola at the moment. Angola is in a very, very powerful position with power. They've got huge generating capacity that they're not using. So it's really just putting transmission lines in heavily between their first port of call is to get lines into Zambia and then Zambia and DLC.

Speaker Change: And then.

Speaker Change: The rest of the work taking place to stabilize the network and longer term I think for us to grow to what we need to do we are going to need more megawatts.

Mark Farren: What's available short term in the DRC. So we're looking at the other countries. So we definitely are.

Speaker Change: Our working in Zambia, and legacy to Yamana Golar at the moment and garner is in a very very powerful position with power.

Speaker Change: Got huge generating capacity that theyre not using so it's really just putting transmission lines in tivoli.

Mark Farren: Angola is in a very, very powerful position with power. They've got a huge generating capacity that they're not using. So it's really just putting transmission lines in heavily. Their first port of call is to get lines into Zambia, and then Zambia and DLC. With proper project plans, they've got budgets. There is a relationship between TRAFI and a local company called Promox, which we've been talking to over the last couple of days.

Mark Farren: <unk>.

Speaker Change #114: Your first port of call is to get loans into Zambia, and then Zambia and DLC with broker project plans are good budgets.

Mark Farren: With proper project plans, I've got budgets. There's a relationship between Traffy and a local company called Primox, which we've been talking to you over the last couple of days. We're meeting the ministries, the Ministry of Energy. So I think all in all, long term, we have solid solutions, which will be a combination of snow and probably Angola and Zesco in Zambia to make sure we get enough. And I've found to grow. Remember, we don't just want to solve for X at a phase three level. I'm looking at phase four, four A, four B, and probably another phase there.

Mark Farren: Is a relationship between trophy.

Speaker Change #113: And a local company called frameworks, which we've been talking to over the last couple of days, we're meeting the ministries. The minister of energy. So I think all in all long term.

Speaker Change: We have solid solutions, which will be a combination of snow and.

Mark Farren: We're meeting the ministries, the Minister of Energy. So I think, long term, we have solid solutions, which will be a combination of Snell and probably Angola and ZESCO in Zambia to make sure we get enough power to grow. Remember, we don't just want to solve for X at a phase 3 level.

Mark Farren: Probably Angola and Cisco.

Speaker Change: Zambia to make sure we get enough enough bound to grow remember we don't just wondering so for.

Mark Farren: I'm looking at phase 4A, 4B, and probably another phase there, plus what we do in the Western Forelands. So what we're discovering in the Western Forelands is also very exciting. And there will be a couple of mines coming up there too. So we're going to be a huge power, Consumer of Vietnam. But the solutions are, yeah, the solutions are definitely there. To give you a long answer to a short question. Sorry

Mark Farren: At our phase III Levo I'm looking at page four for AEP will be probably another phase D plus what we do in the western Foolings. So what were discovering on Arista and <unk> is also very exciting and there were a couple of months coming up there too so we're going to be a huge power.

Mark Farren: Plus what we do in the Western Fallens. So what we're discovering on the Western Fallens is also very exciting. And there were a couple of months coming up there too. So we're going to be a huge power consumer over time.

Mark Farren: Consumer overdone.

Mark Farren: But the solutions are, yeah, the solutions are difficult to give you a long answer to a short question. Sorry. Great.

Mark Farren: But the solutions all young solutions with <unk>.

Mark Farren: To give you a long answer to a short question sorry.

Mark Farren: Yeah.

Unknown Speaker: Great. And I think Andrew has dropped off the line.

Matthew Keevil: And I think Andrew has dropped off the line. So that sort of exhausts our phone questions for today, operator. So I will take over and we'll feel some web questions that have come in in the end term.

Speaker Change #111: Great and I think Andrew has dropped off the line. So that's sort of exhausts our phone questions for today, operator, So I will take over and we'll feel some web questions then.

David Van Hilden: I think, first and foremost, this has probably been suited for David. If you're there, David.

Speaker Change #111: Let them come in in the in term.

Speaker Change: First and foremost this is probably best suited for David If you there David.

David Van Hilden: Just a quick question on C1 cash costs and the success in keeping them near the lower end of the guidance. If you could just talk a little bit about what's allowed us to keep cash costs so well controlled and also how you see those costs moving in the next, let's say, 12 months.

Speaker Change: A quick question on <unk> cash costs and the success in keeping them near the lower end of the guidance. If you could just talk a little bit about what's allowed us to keep cash cost so well controlled and also how you see those costs are moving in the next let's say 12 months or so.

Matthew Richard Keevil: So that sort of exhausts our phone questions for today, operator. So I will take over, and we'll field some web questions that have come in during the interim. I think first and foremost, this is probably best suited for David, if you're there, David. Just a quick question on C1 cash costs and the success in keeping them near the lower end of the guidance. If you could just talk a little bit about what's allowed us to keep cash costs so well controlled and also how you see those costs moving in the next, let's say, 12 months.

David Van Hilden: Now, happy to meet. I think Kee, I'm doing this quarter has been the increased production. I think I would also note that grade is key. And yes, our cash cost has increased quite a bit from where it was in the second quarter of 2023, but in terms of a cash cost on a grade equivalent basis, it's actually exactly very close, especially if you. And the discount the differential bit caused by power outages. So please be in power for us.

David: Happy to Matt I think key and during this quarter has been the increased production.

David Harry Van Heerden: Happy to, Matt. I think the key during this quarter has been increased production. I think I would also note that grade is key. And yes, our cash cost has increased quite a bit from where it was in the second quarter of 2023. But in terms of a cash cost on a grade-equivalent basis, it's actually very close, especially if you discount the differential caused by power outages. So, the key has been power for us.

David: I think I would also note that the grade is key and our cash cost has increased quite a bit from where it was in the second quarter of 2023, but in terms of our cash cost on that grade equivalent basis, it's actually it's actually very close, especially if you.

Speaker Change: Sure.

David Harry Van Heerden: Discount the.

David Harry Van Heerden: The differential caused by power outages, so keeping power for us we do expect.

David Harry Van Heerden: We do expect probably a slight increase in the latter part of the year because of the fact that Phase 3 and the Phase 3 concentrator will run at a slightly higher cash cost because of the grade factor and because that grade coming from Kamaua 1 and Kamaua 2 will be slightly lower than coming from Kukula. But we are definitely proud of what the team has achieved so far.

David Van Hilden: We do expect and probably a slight increase in the latter part of the year because of the fact that phase three and the phase three constant right to run at a slightly higher cash cost because of the grade factor and because that that that grade coming from Camaro 1 and Camaro 2 will be slightly less than I'm coming from Cacula, but you're definitely proud of what the things achieved so far.

Marna Cloete: Probably a slight increase in the latter parts of the year because of the fact that phase III and phase III concentrated would run.

David Harry Van Heerden: Slightly higher cash cost because of the great factor in because.

Speaker Change: That's great coming from tomorrow on the commodity will be.

David Harry Van Heerden: A slightly lower ethane coming from cooler, but definitely proud of what the team has achieved so far.

Alex Pickard: Great, thanks, David. And then the next question is Mark mentioned Western Foreland.

Matthew Richard Keevil: Great, thanks David. And then the next question is, Mark mentioned Western Foreland, so Alex, Marna, and Robert can chime in here, but Mark mentioned the next set of mines, and the question involves, what are the next steps following the completion of the 70,000 meters this year? And how do you see the sort of milestones for the Makoko West region over the next year or so?

Speaker Change: Great. Thanks, David.

Matthew Richard Keevil: And then the next question is Mark mentioned Western for Lynne, So Alex Marren, our Robert can chime in here, but Mark mentioned in the next.

Mark Farren: So Alex, Marna, Robert, can chime in here, but Mark mentioned the next set of minds, and the question involves, what are next steps following the completion of the 70,000 meters this year, and how do you see sort of milestones for the Makoko West region over the next year or so. If I can just answer the short term things, we do it drilling. So we've got this drilling program going. We've got desktop studies running, but I think we need a bit more time because we're defining at fantastic over there. We're trying to link shallow and deep, and then it will be a footprint that we create, but we need to do the drilling to define the whole body with better.

Matthew Richard Keevil: Set of mines and the question involves what are next steps following the completion of the 70000 meters. This year.

Matthew Richard Keevil: And how do you see sort of milestones for the Makoko West region over the next year or so.

Mark Farren: If I can just answer the short-term things, we're drilling. So we've got this drilling program going. We've got desktop studies running, but I think we need a bit more time because we're defining a fantastic ore body there. We're trying to link shallow and deep. And then it will be a footprint that we create, but we need to do the drilling to define the ore body a bit better. I'm not sure if Robert will want to comment, but I'm sure. But I think what we're finding is very exciting. It needs to be linked, and then we will design, and like we've been doing with all the other phases, we'll do something similar.

Speaker Change: If I can just answer the short term things we drill drilling. So we've got this drilling program going we've got desktop studies running but I think we need a bit more time, because we defining a fantastic orebody gate, we're trying to link.

Robert: Hello and deep.

Mark Farren: And then it will be a footprint that we create but we need to do the drilling to define the ore body, but Peter.

Mark Farren: I'm not sure if Robert will, Robert will want to comment, I'm sure, but I think what we're finding is very exciting. It needs to be linked, and then we will just learn. And that we've been doing with all the other phases will do something similar. Thank you, Mark.

Robert: I'm not sure if Robert Robert will want to comment on I'm sure, but I think what we're finding is very exciting it needs to be linked and then we will do.

Mark Farren: And like we've been doing with all the other phases, we'll do something similar.

Robert Martin Friedland: Thank you, Mark. This is Robert. I think the less said, the better. It's summertime.

Mark Farren:

Robert Friedland: This is Robert. I think the less said, the better at summertime. We've said more than enough. The fundamental restriction on the development of copper in this new part of the copper belt in the Western Fourlands, primarily we've been limited by skilled people. We've put together. We've been limited by stable electrical energy, which we put together. And we've had to train very young and very talented young labor force. Where we now have the best safety statistics in the mining industry. So given that we don't fight ice and snow, given that we can, we're on pancake flat lead, given that it's downhill to world markets to the new low veto quarter.

Mark Farren: Thank you Mark this is Robert.

Robert: I think the less said the better it's summertime.

Robert Martin Friedland: We've said more than enough about the fundamental restriction on the development of copper in this new part of the Copper Belt in the Western Forelands. Primarily, we've been limited by the skilled people we put together. We've been limited by stable electrical energy, which we put together, and we've had to train a very young and very talented young labor force, where we now have the best safety statistics in the mining industry. So, given that we don't fight ice and snow, given that we can, we're on pancake flat land, given that it's downhill to world markets to the new Lobito quarter. The Congo is going to inherit its position as the lowest cost, greenest copper producer in the world. It's already the second largest producer after Chile, having passed Peru as the second largest producer.

Robert: We've said more than enough.

Robert Martin Friedland: The fundamental restriction on the development of copper.

Robert Martin Friedland: And this new part of the copper belt in the Western <unk>, primarily we've been limited by skilled people we've put together.

Robert Martin Friedland: We've been limited by stable electrical energy, which we've put together.

Robert Martin Friedland: And we've had to train very young and very talented young labor for us to where we now have the best safety statistics in the mining industry.

Robert Martin Friedland: So.

Robert Martin Friedland: Given that we don't fight ice and snow given that we can we're on pancake flat led.

Robert Martin Friedland: Given that it's downhill to world markets.

Robert Martin Friedland: The new <unk> quarter.

Robert Friedland: The Congo is going to inherit its position as the lowest cost, greenest copper producer in the world. It's already the second largest producer after Chile, having passed Peru as a second largest producer. You can rest assured that more copper will be found in the Western Fourlands. And in time, the copper will no longer be the limiting factor; it will be drilled off, and it'll be a question again of applying people and electricity. and Water. And we'll talk more about our plans during the season and the fall when we go speak at public forums. But for today, we're seeing very strong interest globally in our efforts.

Robert Martin Friedland: The cargo is going to inherit its position as the lowest cost greenest copper producer in the world. It's already the second largest producer after Chile.

Speaker Change: During past, Peru is the second largest producer.

Robert Martin Friedland: You can rest assured that more copper will be found in the Western Forelands, and in time, the copper will no longer be the limiting factor; it will be drilled up, and it'll be a question again of using people, electricity, and water. And we'll talk more about our plans during the season and the fall when we go speak at public forums. But for today, we're seeing very strong interest globally in our efforts, getting interest from sovereign wealth funds and major financial institutions, and although copper has gone from $5 to $4 a pound in the recent correction and now back up again, it's going back up again today, you see our share price being very stable and huge amounts of new institutional interest.

Robert Martin Friedland: You can rest assure that more copper will be filed in the western <unk>.

Robert Martin Friedland: And in time, the copper will no longer be the limiting factor will be drilled up there will be a question again about flying people in electricity and water.

Robert Martin Friedland: And we will talk more about our plans during the season and the fall would we go speak.

Robert Martin Friedland: Public forums, but for today.

Robert Martin Friedland: We're seeing very strong interest globally in our efforts.

Robert Friedland: We're getting interest from sovereign wealth funds and major financial institutions. And although we're going back up again today, we've seen our share price being very stable and huge amounts of new institutional interest. So in mining, you have to take a five or 10-year view, and we think we're going to grow this to a $50 or $100 billion value enterprise over the next five years. As we continue our leading industry growth based on Marna's team and what they're doing to try to bring in the Congolese people as true stakeholders in this enterprise, which is a pattern that we intend to continue in South Africa as well.

Robert Martin Friedland: We're getting.

Robert Martin Friedland: Interest from sovereign wealth funds and major financial institutions.

Robert Martin Friedland: And although covers goes from $5 to $4 a pound and the recent correction is now back up again, it's going back up again today.

Robert Martin Friedland: Our share price staying very stable.

Robert Martin Friedland: And huge amounts of new institutional interest.

Robert Martin Friedland: So in mining, you have to take a five or 10 year view, and we think we're going to grow this to a 50 or 100 billion dollar enterprise over the next five years, as we continue our leading industry growth based on Marna's team and what they're doing to try to bring in the Congolese people as true stakeholders in this enterprise, which is a pattern that we intend to continue in South Africa as well. So with that, let's call it a great midsummer update.

Robert Martin Friedland: So in mining you have to take a five or 10 year view and we think we're going to grow this $50 billion to $100 billion value enterprise over the next five years.

Robert Martin Friedland: As we continue our leading industry growth based on minus team and what they're doing to try to bring in the Congolese people as true stakeholders in this enterprise, which is a pattern that we intend to continue in South Africa as well so with that let's call. It a great mid summer update we look forward to the third.

Robert Friedland: So, with that, let's call it a great mid-summer update. We look forward to the third quarter. We hope you enjoy the photographs of the progress. We have more than 20,000 people hard at work, essentially 24 hours a day. And let's call an end to this conference. Wish you all the best in the summer.

Robert Martin Friedland: We look forward to the third quarter. We hope you enjoy the photographs of the progress. We have more than 20,000 people hard at work, essentially 24 hours a day. And let's call it that at this conference. Wish you all the best for the summer.

Robert Martin Friedland: We hope you enjoyed the photographs.

Robert Martin Friedland: The progress we have more than 20000 people hard at work essentially.

Speaker Change: Four hours a day.

Robert Martin Friedland: And let's call it into this conference wish you all the best this summer.

Matthew Keevil: Thank you, Robert.

Matthew Richard Keevil: Thank you, Robert. And so that concludes today's call. I'd like to thank everyone again for attending, and we look forward to speaking with everyone soon on the many more exciting milestones coming up for the rest of the year. With that, operator, would you please wrap up the call on the line? Thank you.

Robert Martin Friedland: Thank you Robert and so that concludes today's call I'd like to thank everyone again for attending and we look forward to speaking with everyone. Soon on the many more exciting milestones coming up for the rest of the year with that operator would you. Please wrap up the call Lloyd Thank you.

Matthew Keevil: And so that concludes today's call. I'd like to thank everyone again for attending. And we look forward to speaking with everyone soon on the many more exciting milestones coming up for the rest of the year.

Operator: With that operator, would you please wrap up the call in the line. Thank you. This does conclude today's conference call. Thank you all for joining.

Operator: Thank you. This does conclude today's conference call. Thank you all for joining us. You may all disconnect.

Operator: Thank you. This does conclude today's conference call. Thank you all for joining you may all disconnect.

Operator: You may all disconnect. Thank you.

Operator: Okay.

Operator: [music].

Operator: Okay.

Operator: Yes.

Operator: Okay.

Operator: Okay.

Operator: [music].