Q2 2025 Sibanye Stillwater Ltd Earnings Call

[music].

Speaker #3: It's important. There are forward-looking statements within our presentation. Thank you. If we can move on to the next slide, as you are well aware, today is my last results presentation with Sibanye as I retired at the end of September.

Good afternoon, and good evening, a very warm welcome to a H 120 25 results presentation.

Please take note of the Safe Harbor.

Speaker #3: As such, the format for today is: I will essentially start with an introduction, covering the salient features, and of course, all of that is focused on the first half of 2025 or the six-month period of 2025.

Statement, it's important they all forward looking.

Uh Huh statements.

With an all presentation.

Thank you if we can move on to the next slide.

As you are well aware today is my last results.

Speaker #3: And then I'll literally hand over the baton to Richard Stewart, our CEO designate. Richard will manage the rest of the presentation delivery and the Q&A.

Presentation with somebody here.

As I retire at the end of September.

As such the format for today is I will.

He.

Start with an introduction covering the salient features.

Speaker #3: Of course, I'll also be available for questions, but I'd ask you to please address your questions to Richard. And if you specifically have something for me, I would be happy to answer.

And of course, all of that is focused on.

The first half of 2025 of the six month period of 2025.

Neal Froneman: If you specifically have something for myself, I would be happy to answer. Thank you. If we can move on to the salient features, safety, of course, is our single biggest priority. Regrettably, we did have three fatalities during this reporting period. However, as sad as that is, we need to see the progress we're making, and we're making good progress with an improvement in our safety frequency rates. That will be covered in more detail in the rest of the presentation. Generally, in my view, H1 has been a period of solid delivery, except for a disappointing performance at our gold operations. This will be well covered later in the presentation. Pleasingly, group adjusted EBITDA was 120% higher than the same period in 2024. All my references to previous periods will be the same period in 2024.

And then I'll literally hand over the baton to Richard Stewart.

Speaker #3: Thank you. If we can move on to the Salient features, safety, of course, is our single biggest priority, and regrettably, we did have three fatalities during this reporting period.

Oh designate rich.

Richard will manage the rest of the.

Presentation delivery.

And the Q&A.

Of course, I'll also be available.

Four questions, but I'll ask you to please.

Our ratio questions to Richard and if you specifically asked something for myself.

Speaker #3: However, in a sad as that is, we need to see the progress we're making, and we're making good progress with an improvement in our safety frequency rates.

I would be happy to.

To answer.

Thank you we can move on to the <unk>.

Speaker #3: But of course, that'll be covered in more detail in the rest of the presentation. Generally, in my view, H1 has been a period of solid delivery.

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Features.

Safety of course is our single biggest priority and regrettably.

We did add three fatalities.

During this reporting period.

Speaker #3: Except for a disappointing performance at our clerk gold operations, and again, this will be well covered later in the presentation. Pleasingly, group-adjusted EBITDA was 120% higher than the same period in 2024.

However, and as said is that is we need to we need to see the progress, we're making and we're making good progress.

With.

And the improvement in our <unk>.

Safety frequency rates, but of course that will be covered in more detail.

In the rest of the presentation.

Speaker #3: And all my references to previous periods will be the same period in 2024. Even if you strip out the 45X credits, it was still 51% higher than that same period at $10 billion rent.

Generally in my view.

One has been a period of.

Of solid delivery.

Except for the disappointing performance at our club gold operations and again this will be well covered.

Neal Froneman: Even if you strip out the Section 45X credits, it was still 51% higher than that same period at R10 billion. Obviously, from my point of view, due to solid operational performance, and later in the latter half of the first six months, we did have the benefit of increasing basket prices. Together with increased earnings, our leverage measured in net debt to adjusted EBITDA 2.89 times. Again, well below 1 and certainly very far below some of the numbers that were projected by the market earlier on in this year and late last year. Importantly, Section 45X credits to date amount to R5.2 billion. You can see the US dollar in brackets. At current conservative production rates, the total fair value of these Section 45X credits out until 2034 increases to R12.6 billion.

Later in the presentation.

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Speaker #3: Obviously, from my point of view, due to solid operational performance, and of course, later in the quarter, we had the benefit—sorry, later in the latter half of the first six months—we did have the benefit of increasing basket prices.

Group adjusted EBITDA was 120% higher than the same period in 2024.

And Omar references to previous periods will be the same period in 2024.

Even if you strip out the 45 X credits.

It was still 51% higher than the same.

Speaker #3: Was retained. And together with increased earnings, our leverage measured in net debt to adjusted EBITDA is 2.89 times. Again, well below 1, and certainly very far below some of the numbers that were projected by the market earlier on in this year and late last year.

At $10 billion rent.

Obviously.

From my point of view due to solid operational performance and of course later in the quarter, we had the benefit sorry late in the in the latter half of the.

The first six months.

We did have the benefit of increasing.

Basket process.

Speaker #3: Importantly, 45X credits to date amount to $5.2 billion rent. You can see the US dollar in brackets. And at current conservative production rates, the total fair value of these 45X credits up until 2034 increases to $12.6 billion rent.

This was retained.

And together with increased earnings.

Leverage measured as net debt to adjusted EBITDA.

Two eight.

Toms.

Again, well below one.

And certainly the fall.

Below some of the numbers.

That were projected by the market.

Earlier on in this year and late last year.

Importantly, 45 credits.

Speaker #3: I want to point out that that is 32% of the acquisition value of Sibanye Stillwater: the Stillwater operations in Montana. Remember, we also raised a $500 million stream on that.

Neal Froneman: I want to point out that is 32% of the acquisition value of Sibanye-Stillwater, the Stillwater operations in Montana. Remember, we also raised a $500 million stream on that. It is also important to remember that this asset has been paid for out of previous earnings. Money raised that is not related to operations from Section 45X and the stream, on a conservative basis, amounts to 54% of the original acquisition value of the Stillwater operations, making it a very, very good acquisition. You would have also noted that we have filed a petition for a palladium trade remedy. That is all part of our multipolarity strategy. When you look at both Section 45X and, assuming a successful outcome, the remedy, these are testament to the value already created and to value we expect to be created from completing this strategy in the U.S.

To date amounted to $5 2 billion Rand you can see the U S.

And records.

And then current conservative production.

Production rates the total fair value of these 45.

Speaker #3: And also, it is important to remember that this asset has been paid for out of previous earnings. However, money raised that is not related to operations comes from 45X in the stream.

Ex credits out until 2034 increases to $12 6 billion rank.

I want to point out that there is 32%.

The acquisition value.

Offset by new store.

Speaker #3: On a conservative basis, amounts to 54% of the original acquisition value of the Stillwater operations, making it a very, very good application acquisition. You would have also noted that we have launched a— or filed a petition for a palladium trade remedy.

Apologies of Stillwater These forward operations in Montana.

Remembering we also raised a $500 million stream moment.

And also important to remember that.

This asset has been paid for out of.

Out of previous earnings, but money money raise debt is not related to operations.

From 45 weeks in the stream on a conservative basis amounts to 54% of the original acquisition value of the Stillwater operations.

Speaker #3: And again, that's all part of our multi-polarity strategy. When you look at both 45X and assuming a successful outcome, these are testament to the value already created and to the value we expect to be created from completing this strategy in the U.S.

Canada, a very very good application acquisition.

You would have also noted.

That we have launched a.

And we will filed a petition for palladium trade remedy.

Speaker #3: When you look at the graphs below, you'll find all the quality information. However, you will note the punchline: the trend is your friend.

And again, that's all part of our multi polarity strategy and.

Neal Froneman: When you look at the graphs below, a lot of you will be. A lot of quality information. You will note the punchline is the trend is your friend. I am very pleased to say that I leave this company with an increasing earnings trend and a decreasing leverage trend. I have no doubt that Richard will take this company forward to new heights. Let us look at the last slide before I really refer to the CEO petition. Again, relative total shareholder returns since listing, not an arbitrary date. You will note we are right at the top of the list. I know that Richard and his team, especially with an increasing commodity price, will take us back to number one. That is a position I am very proud that we have achieved under quite difficult market circumstances. If we can go to the next slide, please. Thank you.

When you look at both 45% <unk> and assuming a successful outcome.

Maybe.

These are testament to the value already created.

Speaker #3: And I'm very pleased to say that I leave this company with an increasing earnings trend and a decreasing leverage trend. I have no doubt that Richard will take this company forward to new heights.

Two.

When do we expect to be created.

From completing the strategy.

In the U S.

When you look at the the graph below a lot of good quality information.

Speaker #3: So let's look at the last slide before I really refer to the CEO position. Again, relative total shareholder returns since listing, so not an arbitrary date.

But you will be.

You will note. The punch line is the trend is your friend.

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I am very pleased to say that.

Speaker #3: You will note we write at the top of the list. And again, I know that Richard and his team especially with an increasing commodity price will take us back to number one.

I'll leave this company with.

And increasing earnings trend and the decreasing leverage trend and I have no doubt that.

Richard will take this company.

Speaker #3: But a position I'm very proud that we have achieved under quite difficult market circumstances. If we can go to the next slide, please. Thank you.

Two new hot so let's look at the the last slide before I really referred to the CEO.

Kitchen again.

Relative total shareholder return since listing so not an arbitrary date you will note we right at the top of the list and again I know that Richard and his team.

Speaker #3: And at this point, it would be nice, Richard, if you could join me. I have, at previous results presentations, spoken about best practice in succession planning. I have highlighted the fact that I believe we have followed best practice, and in fact, I believe we've had a world-class transition.

Neal Froneman: At this point, it would be nice, Richard, if you could join me. I have at previous results presentations spoken about best practice in succession planning. I have highlighted the fact that I believe we have followed best practice. In fact, I believe we have had a world-class transition, and not just at CEO level. We have in place, and later on in the presentation, Richard will certainly introduce the C-team and the new members in his office. As I have just said, I know that Richard will take this company together with his world-class team to new heights. Richard, all that really remains for me to say, I will follow your progress as an interested shareholder. I will watch your progress carefully. I'm not going to be one of those shareholders that asks those type of questions at results presentations.

Especially with an increasing commodity price will take us back to number one better position I'm very proud that we have achieved in the quite difficult.

Market circumstances.

If we can go to the next slide please.

Speaker #3: And not just at the CEO level, we have in place. Later on in the presentation, Richard will certainly introduce the C team and the new members in his office.

Thank you.

And at this point it would be lost Richard if you could join me.

I have at previous results presentations.

Coke and advanced best practice.

Succession planning.

Speaker #3: And as I've just said, I know that Richard will take this company, together with his world-class team, to new heights. So Richard, all that really remains for me to say is that I will follow your progress as an interested shareholder; I will watch your progress carefully.

I have.

Highlighted the fact that I believe we have solid based practice and in fact, I believe we had a world class team.

Cision and not just at <unk>.

At CEO level.

We have in place and later on in the presentation Richard will also introduce.

Speaker #3: I'm not going to be one of those shareholders that asks those types of questions at results presentations. But, Richard, I want to wish you all the best in your new chapter.

The <unk> team and the new members.

In his in his office and.

And as I've, just said I know that Richard will take.

Neal Froneman: Richard, I want to wish you all the best in your new chapter.

This company together with these world class team.

Two new hot so Richard OLED really remains for me to to say I will follow your progress as an interested shareholder.

Speaker #4: Neil, thank you very much. I guess if I could just take a brief opportunity to firstly say, I think when I was informed of my appointment to be taking over from Neil in October, I got some very sage advice from a seasoned campaigner at the time for whom I have much respect.

Grant (Surname not specified): Neal, thank you very much. I guess if I could just take a brief opportunity to firstly say, I think when I was informed of my appointment to be taking over from Neal in October, I got some very sage advice from a seasoned campaigner at the time for whom I have much respect, whose advice to me was, just remember that what got you to this point in your career may not be what you need for the next phase. I think over the last six months, I have realized that I don't know that you are ever 100% ready for a transition of this nature. However, as Neal has outlined, I think I would like to commend and thank our Chairman, our Board, but Neal in particular, for what has been a very well-thought-out, deliberate, and structured transition process.

I will watch Youll progress carefully I'm not going to be one of those shareholders that asks.

Thus those top of Christians that results presentations.

Speaker #4: His advice to me was, "Just remember that what got you to this point in your career may not be what you need for the next phase."

But Richard I want to wish you all are based in your new chapter.

Speaker #4: And I think over the last six months, I have realized that I don't know if you are ever 100% ready for a transition of this nature.

Neil Thank you very much.

I guess, if I could just take a brief opportunity to two firstly say I think when I was informed of my my appointment to be taking over from Neil in October.

Speaker #4: However, as Neil has outlined, I would like to commend and thank our chairman, our board, and Neil in particular, for what has been a very well-thought-out, deliberate, and structured transition process.

I've got some great sage advice from a seasoned campaigner at the time you might have much respect.

<unk> was just remember that what got you to this point to North Korea might not be what you need for the next phase.

Speaker #4: This has given me the opportunity to transition out of my last role and ensure a continuation of the leadership within the South African region, which remains a critical region for our business.

Grant (Surname not specified): This has given me the opportunity to transition out of my last role and ensure a continuation of the leadership within the South African region that remains a critical region to our business. It's also given me the opportunity to visit our operations and meet with stakeholders, both internal and external, but in particular to work alongside Neal and truly understand the many nuances of our business that I don't know you always get to experience when filling an individual executive role. I truly hope that this instills confidence amongst our many stakeholders that this transition has been planned with the utmost efficiency, and that together with the experienced team that we have, we will continue to build and evolve the legacy that is Sibanye-Stillwater. I'd also like to just take this opportunity to thank Neal.

And I think over the last six months I have realized I don't know that youre ever 100% ready for a transition of this nature.

Speaker #4: It's also given me the opportunity to visit our operations and meet with stakeholders, both internal and external, but in particular to work alongside Neil and truly understand the many nuances of our business that I don't know you always get to experience when filling an individual executive role.

However, as Neil has outlined.

I would like to commend and thank our chairman our board.

No in particular for what has been a very well thought out.

Deliberate and structured transition process.

Speaker #4: I truly hope that this instills confidence among our many stakeholders that this transition has been planned with the utmost efficiency and that, together with the experienced team that we have, we will continue to build and evolve the legacy that is Sibanye Stillwater.

This has given me the opportunity to transition out of my last role and ensure a continuation of the leadership within the South African region that remains a critical region through our business.

Let's also given me the opportunity to visit our operations in mutual stakeholders, both internal and external.

But in particular to work alongside Neil and truly understand the many nuances of our business, but I don't know you always get to experience when filling in individuals executive role.

Speaker #4: I'd also like to take this opportunity to thank Neil. No doubt from the slides that you've seen him present, you would realize that the company Neil will be leaving at the end of September as he transitions into a new phase of life.

Grant (Surname not specified): No doubt from the slides that you've seen him present, you would realize that the company Neal will be leaving at the end of September as he transitions into a new phase of life is a very different platform to what we inherited and started with in 2013. We have a significant operating base. We have a fantastic set of resources, and we have a world-class experienced and committed team that will continue to grow the legacy of Sibanye-Stillwater. Neal, thank you for that.

I truly hope that the installs confidence amongst our many stakeholders that the strong Susan has been planned with utmost efficiency.

Speaker #4: He's a very different platform from what we inherited and started with in 2013. We have a significant operating base; we have a fantastic set of resources, and we have a world-class, experienced, and committed team.

And that work together with the experienced team that we have we.

We will continue to build and evolve the legacy.

Bunions for water.

Speaker #4: That will continue to grow the legacy of Sibanye Stillwater. Neil, thank you for that.

I'd also like to just take this opportunity to thank Neal no Doc from the slides that you're seeing in presumed <unk>.

Speaker #3: Thanks, Richard.

Neal Froneman: Thanks, Richard.

Speaker #4: Moving on to an overview of the first half of 2025, I think, as mentioned in my last statement, we have significant continuity in the leadership of the team.

You would realize that the company will be leaving at the end of September as these transitions into a new phase of life.

Grant (Surname not specified): Moving on to an overview of the first half of 2025. I think, as mentioned in my last statement, we have significant continuity in the leadership of the team. For those of you who have been familiar with the team, you'll see there's very little change at a C-suite level. We do, however, welcome Richard Cox into the role of the Chief Regional Officer for Southern Africa, taking up the role that I previously fulfilled. We have not moved quickly to replace the Head of Business Development at this stage. It has not been a huge priority for us over the last few months. Certainly, looking ahead, that will be a position we will look to fill in the near future. Where we have seen some expansion in terms of the leadership team is in the CEO's office.

Very different platform to what we inherited and started with in 2013.

A significant operating base, we have a fantastic set of resources and we have a world class experienced and committed team that will continue to grow the legacy of some bunions for water.

Speaker #4: For those of you who have been familiar with the team, you'll see there's very little change at a C-suite level. We do, however, welcome Richard Cox into the role of Chief Regional Officer for Southern Africa, taking up the role that I previously fulfilled.

Neil Thank you for that.

Thanks Richard.

Speaker #4: We have not moved quickly to replace the head of business development at this stage; it has not been a huge priority for us over the last few months.

Moving on to an overview of the first half of 2025.

I think as mentioned.

Speaker #4: But certainly looking ahead, that will be a position we will look to fill in the near future. Where we have seen some expansion in terms of the leadership team, is in the CEO's office.

My last statement, we have significant content you assume the leadership of the team.

For those of you who have been familiar with the team Youll see theres very little change in the C suite level.

Speaker #4: James Wellsted will be known to many of you, and he will continue in his role as the head of Investor Relations and Corporate Affairs for the group.

We do however, welcome Richard Cox into the role of the Chief Regional Officer for Southern Africa.

Grant (Surname not specified): James Welsted will be known to many of you, and he will continue in his role as the Head of Investor Relations and Corporate Affairs for the group. We also welcome on board Bryony Watson. Bryony will be taking over from George Ashworth as our Chief of Staff as George retires with Neal at the end of September. We also welcome Kianta Pele, who will be moving into a group role heading up our Sales and Marketing. This is very much an underpin towards our customer focus for the various metals and products that we produce. Finally, George Kotsis is joining the team as Head of Group Safety and will be reporting directly into myself. On safety, that certainly remains our number one focus and our first priority.

King of the role that I previously fulfilled.

Speaker #4: But we also welcome aboard Bryony Watson. Bryony will be taking over from George Ashworth as our Chief of Staff, as George retires with Neil at the end of September.

We have not moved quickly to.

Replacing the head of business development at this stage it has not been a huge priority for us over the last few months.

But certainly looking ahead that will be a position we will look to fill in the near future.

Speaker #4: We also welcome Keantha Pillay, who will be moving into a group role heading up our sales and marketing. This is very much an underpin towards our customer focus for the various metals and products that we produce.

Where we have seen some expansion in terms of the leadership team is in the Ceo's office.

James well state will be known to many of you and he will continue in his role as the head of Investor Relations and corporate affairs for the group but.

Speaker #4: And finally, George Coutsir is joining the team as Head of Group Safety and will be reporting directly to myself. On safety, that certainly remains our number one focus and our first priority.

But we also welcome onboard Brian you Watson.

Brian He will be taking over from George Ashworth as our chief of staff is Georgia titles with Neil at the end of September.

We also welcomed <unk>, who will be moving into a group role heading up our sales and marketing and this is very much an underpin towards our customer focus for the various metals and products that we produce.

Speaker #4: As Neil mentioned, I think it's been very pleasing this half to see a continued, sustained decline in many of our lagging indicators. Over the past three and a half years, since we started our fatality elimination program, we have seen both our serious injury frequency rate and our total recordable injury frequency rate declining by about 15% year on year.

Grant (Surname not specified): As Neal mentioned, I think it's been very pleasing this half to see a continued sustained decline in many of our lagging indicators. Over the past three and a half years since we started our fatal elimination program, we have seen both our serious injury frequency rate and our total recordable injury frequency rate declining by about 15% year on year. Having achieved 3.9, the lowest ever in terms of our total recordable injury frequency rate the first half of this year, was particularly pleasing, given that we had set ourselves a target of going below 4 by the end of 2025. Nevertheless, despite these improving trends, it is with a very heavy heart that we do need to still report on the loss of three colleagues during the first half of this year. Mr. Xavier Humberto at our Clerk operations, Ms. Bonkasi Jozana at our Griffontain operations, and Ms.

And finally, George could series joining the team as head of group safety, and we will be reporting directly to myself.

On safety.

Speaker #4: Having achieved 3.9, the lowest ever in terms of our total recordable injury frequency rate, the first half of this year was particularly pleasing given that we had set ourselves a target of going below 4 by the end of 2025.

Certainly remains our number one focus on our first priority.

As Neil mentioned I think it's been very pleasing this half to see a continued sustained decline in many of our lagging indicators.

Over the past three and a half years since we started our fight elimination program, we have seen both our serious injury frequency rate and our total recordable injury frequency rate declining by about 15% year on year.

Speaker #4: Nevertheless, despite these improving trends, it is with a very heavy heart that we still need to report on the loss of three colleagues during the first half of this year.

Having achieved three 9% the lowest ever in terms of our total recordable injury frequency rate to the first half of this year was particularly pleasing given that we have set ourselves a target of going below four by the end of 2025.

Speaker #4: As Xavier Humberto at our clerk operations, as Momkazi, Jozana, and our Drefontaine operations, and Miss Nomsa, my swallow, at our Rustenburg operations. Our thoughts and prayers are with their families, who will continue to receive our support.

Grant (Surname not specified): Nomsa Matsuolo at our Rustenberg operations. Our thoughts and prayers are with their families, who will continue to receive our support. It is also sad to note that we have lost a colleague in July post the reporting period at our Stillwater operations. Similarly, our thoughts, prayers, and sincere condolences go to the families of Brian Hansen. Eliminating fatal incidents and life-changing incidents is our absolute number one priority. That is because we care. One of the ways to measure ourselves against whether or not we are progressing on this journey is through a leading indicator we've developed around our high potential incidents.

Nevertheless, despite these improving trends.

Speaker #4: It is also sad to note that we have lost a colleague in July post a reporting period at our Stillwater operations, and similarly, our thoughts, prayers, and sincere condolences go to the families of Brian Hansen.

As with a very heavy heart, but we do need to still report on the loss of three colleagues during the first half of this year.

Mr. Xavier Humberto at our turf operations.

One causes giovanna grief on time operations.

Speaker #4: Eliminating fatal incidents and life-changing incidents is our absolute number one priority, and that is because we care. One of the ways to measure ourselves against whether or not we are progressing on this journey is through a leading indicator we've developed around our high potential incidents.

<unk> Chawla.

Solo Rustenburg operations.

Our thoughts and prayers are with the families who will continue to receive our support.

It is also sad to note that we have lost a colleague in July post the reporting period.

Our store water operations and.

Similarly, our thoughts prayers and some shift condolences to the families of Bryan Hanson.

Speaker #4: And it has been pleasing that since we started measuring this in August 2022, despite a significant increase in the number of near-miss reports that we are generating across our group, we have seen a consistent decline in the high-energy incidents that could potentially result in a loss of life.

Grant (Surname not specified): It has been pleasing that since we started measuring this in August of 2022, despite a significant increase in the number of near-miss reports that we are generating across our group, we have seen a consistent decline in the high energy incidents that could potentially result in a loss of life. These number of incidents have decreased from an average of around 50 to 60 incidents per month down to below 10. This still remains high and is the absolute focus of our leadership and management team to mitigate and eliminate these incidents and nearby fatalities within our operations. For 2025, we will continue to drive this through enhancing compliance across the group, primarily through our leadership and effective management routines, but also through embedding critical controls that mitigate against this high risk.

Eliminating fatal incidents and life changing incidents is our absolute number one priority.

And that is because we can.

One of the ways to measure ourselves against whether or not we are progressing on this journey is through a leading indicator we've developed around our high potential incidents.

Speaker #4: These number of incidents have decreased from an average of around 50 to 60 incidents per month down to below 10. This still remains high and is the absolute focus of our leadership and management team.

And it has been pleasing that since we started measuring this in August of 2022.

Speaker #4: To mitigate and eliminate these incidents and thereby fatalities within our operations, for 2025 we will continue to drive this by enhancing compliance across the group, primarily through our leadership and effective management routines, but also through embedding critical controls that mitigate against this high risk.

Despite a significant increase in the number of numerous reports, but we are generating across our group.

We have seen a consistent decline in the high energy incidents that could potentially result.

Loss of life.

These number of incidents have decreased from an average of around 50 to 60 incidents per month down to below 10.

Speaker #4: We fully recognize that, in order to have a long-term sustainable elimination of fatal and life-changing incidents, it requires a true culture throughout the organization—a culture of care.

Grant (Surname not specified): We fully recognize that in order to have a long-term sustainable elimination of fatal and life-changing incidents, it requires a true culture throughout the organization, a culture of care. That too is being driven from the highest levels. Moving on to our strategic positioning, I think as Neal mentioned, when we look at how we currently position, I think we're well positioned not only to survive, but in fact, to thrive in what is currently a very turbulent and volatile industry and world. Firstly, looking at our commodity diversification and particularly our exposure to gold, that has assisted us to stabilize earnings through very turbulent commodity market cycles. We've also invested very strategically to position ourselves to deliver into long-term strengthening markets, including the lithium market as well as PGMs.

This still remains high and is the absolute focus of our leadership and management team to mitigate and eliminate these incidents and thereby fighters within our operations.

For 2025, we will continue to drive this through enhancing compliance across the group primarily through our leadership and effective management routines.

Speaker #4: And that too is being driven from the highest levels. Moving on to our strategic positioning, I think as Neil mentioned, when we look at how we are currently positioned, I believe we are well positioned not only to survive, but in fact to thrive in what is currently a very turbulent and volatile industry and world.

But also through embedding critical controls that mitigate against this high risk.

We fully recognize that in order to have a long term sustainable elimination of cycling and life changing incidents.

Speaker #4: I think, firstly, looking at our commodity diversification and particularly our exposure to gold, that has assisted our stabilized earnings through very turbulent commodity market cycles.

Requires a true culture throughout the organization our culture of care.

And that too is being driven from the highest levels.

Moving onto our strategic positioning.

Speaker #4: We've also invested very strategically to position ourselves to deliver into long-term strengthening markets, including the lithium market, as well as PGMs. Importantly, we've positioned ourselves in specific ecosystems, recognizing the global geopolitics from several years ago and what we call multi-polarity.

I think as Neil mentioned, when we look at how we currently positioned.

I think we're well positioned not only to survive, but in fact to thrive in what is currently a very turbulent and volatile industry and world.

Grant (Surname not specified): Importantly, we positioned ourselves in specific ecosystems, recognizing the global geopolitics several years ago and what we called multipolarity, and that the need for local supply, especially of critical minerals, was going to increase. Not only have we positioned ourselves in these ecosystems, we've also ensured that we beneficiate the metals we mine to produce an ultimate product that is of value to the supply chains which we serve into. We've already seen the tangible benefits of this from our U.S. operations in terms of the Section 45X credits that we've received and our ability to file a petition against the unwrought palladium, an anti-dumping petition against unwrought palladium coming into the U.S. from Russia. We've also developed the first fully integrated lithium project in Europe. With an increased focus on local supply and local protection of critical metals, this remains a critically strategic project.

I think firstly looking at off commodity diversification and particularly on exposure to gold.

Speaker #4: And that the need for local supply, especially of critical minerals, was going to increase. But not only have we positioned ourselves in these ecosystems, we've also ensured that we beneficiate the metals we mine.

Has assisted our stabilized earnings through very turbulent commodity market cycles.

We've also invested very strategically to position ourselves to deliver into long term strengthening markets, including the lithium market as well as pjm's.

Speaker #4: To produce an ultimate product that is of value to the supply chains we serve, we've already seen the tangible benefits of this from our U.S. operations in terms of the Section 45X credits that we've received.

Importantly, we positioned ourselves in the ecosystem specific ecosystems, recognizing global geopolitics several years ago, and what we call multi polarity and that the need for local supply, especially of critical minerals was going to increase.

Speaker #4: And our ability to file a petition against the unwrought palladium and an anti-dumping petition against unwrought palladium coming into the U.S. from Russia. We've also developed the first fully integrated lithium project in Europe and, again, with an increased focus on local supply and local protection of critical metals, this remains a critically strategic project.

But not only are we positioned ourselves in these ecosystems. We also ensured that we beneficiate. The metals, we mine to produce an ultimate product that is of value to the supply chains, which we serve into.

We've already seen the tangible benefits of this from our U S operations in terms of the section 45 credits that we've received and our ability to file a petition against the unrated play.

Speaker #4: Construction of Calibre is nearing completion and will be completed in the first half of next year. We do recognize that today, the lithium market remains under pressure.

Grant (Surname not specified): Construction of Calibre is nearing completion and will be completed in the first half of next year. We do recognize that today, the lithium market remains under pressure. As such, we are evaluating a responsible startup to these operations. We've also seen the benefit of being granted a strategic project status at both Calibre and our Galicam project in France under the EU Critical Raw Materials Act, which has provided us with access to both grants and tax credits as these projects ramp up. I think an important aspect of our asset base are our extensive resources. We have significant brownfields opportunity within our existing operations, and we have already commenced selectively investing through the cycle in select projects. Many of these brownfields projects are very low capital intensity, the lowest in the industry, given that they already have much of the supporting infrastructure, surface infrastructure, and overheads in place.

Palladium.

The antidumping.

Titian against Unrolled played them coming into the U S from Russia.

Speaker #4: And as such, we are evaluating a responsible startup for these operations. We've also seen the benefit of being granted a strategic project status for both Calibre and our Galley Cam project in France.

We've also developed the first fully integrated lithium project in Europe, and the gain with an increased focused on local supply and local protection of critical metals.

Speaker #4: Under the EU Critical Raw Materials Act, which has provided us with access to both grants and tax credits as these projects ramp up, I think an important aspect of our asset base is our extensive resources.

Mines are critically strategic project.

Construction of caliber is nearing completion and will be completed in the first half of next year and.

And we do recognize that today with lithium market remains under pressure.

Speaker #4: We have significant brownfields opportunities within our existing operations, and we have already commenced selectively investing through the cycle in select projects. Many of these brownfield projects are very low capital intensity, the lowest in the industry, given that they already have much of the supporting surface infrastructure and overheads in place.

And as such we are evaluating irresponsible startup to these operations.

We've also seen the benefits of being drawn to the strategic project status with both caliber and arguably can project in France under the EU critical Raw materials Act, which has provided us with access to both grants and tax credits as these projects ramp up.

Speaker #4: It is pleasing to see K4 ramping up in the positive impact that it is having on the Morricana operations, including on unit costs. Most recently in June, we also approved the commencement of the Sipumu Leli Bambanani mechanization project, which will see the benefits from having combined the Kirndal operations and the Rustenburg operations.

I think an important aspect of our asset base, our our extensive resources.

Grant (Surname not specified): It is pleasing to see K4 ramping up and the positive impact that that is having on the Marikana operations, including on unit costs. Most recently, in June, we also approved the commencement of the Sipumaleli Bambanani mechanization project, which will see the benefits from having combined the Kloof operations and the Rustenburg operations. This is a project that will not only significantly enhance the efficiencies and therefore costs of both Sipumaleli and Bambanani, but also brings to account significant resources that were previously sterilized while these mines sat in two different companies. We are assessing the Burnstone project that was placed on care and maintenance to preserve our balance sheet 18 months ago, and a decision on Burnstone is likely to be made towards the end of this year.

We have significant brownfields opportunity within our existing operations and we have already commenced selectively investing through the cycle and select projects.

Many of these brownfield projects, a very low capital intensity the lowest in the industry given that they already have much of the supporting infrastructure surface infrastructure and overheads in place.

Speaker #4: This is a project that will not only significantly enhance the efficiencies and therefore costs of both Sipumu Leli and Bambanani, but also brings to account significant resources that were previously sterilized while these mines sat in two different companies.

It is pleasing to see K for ramping up and the positive impact that is having on the more economy operations, including on unit costs.

And most recently in June we also approved the commencement of the <unk> Lilly Bumba 90 mechanization project.

Speaker #4: We are assessing the Bone Stone project that was placed on care and maintenance to preserve our balance sheet 18 months ago. A decision on Bone Stone is likely to be made towards the end of this year.

Which we'll see the benefits from having combined the crooned all operations and the rest of the <unk> operations.

Speaker #4: In addition, earlier this year, we announced the joint venture with Glencore and Marathi to optimize value from the byproducts being produced from our, in particular, our South African PGM operations and chrome for a potential transaction that is currently under consideration by the competition commission. This will add significant value and longevity to our operations and significant value to multiple stakeholders.

Grant (Surname not specified): In addition, earlier this year, we did announce the JV with Glencore and Marathi to optimize value from byproducts being produced from our, in particular, our South African PGM operations and chrome, a potential transaction that is currently under consideration by the Competition Commission, but that will add significant value and longevity to our operations and significant value to multiple stakeholders. Finally, our strategy is underpinned by sustainability. Sustainability will continue to underpin modern responsible mining companies. It is extremely pleasing that during the first half of this year, we have announced an expansion of our presence in the circular economy through the acquisition of MetalX that will be complementary to our existing recycling business. Also very pleasing is to have received our first renewable energy from our Castle Wind Farm.

This is a project that will not only significantly enhanced efficiencies and therefore costs of both Super M'lady N-bomb benign, but also brings to account significant resources that were previously sterilized, while these mindset in two different companies.

We are assessing the Bernstein project that was placed on care and maintenance to preserve our balance sheet 18 months ago and a decision on Bernstein is likely to be made towards the end of this year.

Speaker #4: And finally, our strategy is underpinned by sustainability. Sustainability will continue to underpin modern, responsible mining companies. It is extremely pleasing that during the first half of this year, we have announced an expansion of our presence in the circular economy through the acquisition of Metalex, which will be complementary to our existing recycling business.

In addition earlier this year, we did announced the JV with Glencore and Murphy to optimize value from bought products being produced from our in particular, our South African PGM operations on chrome.

A potential transaction that is currently under consideration by the competition Commission, but that will add significant value and longevity to our operations and significant value to multiple stakeholders.

Speaker #4: Also very pleasing is to have received our first renewable energy from our Castle Wind Farm. This particular project was commissioned at the end of Q1 and has already added significant savings of just over $20 million to our energy bill in South Africa. More importantly, it has reduced our total carbon footprint by some 60,000 tons while it has been in operation.

Grant (Surname not specified): This particular project was commissioned at the end of the first quarter and already to date has added significant savings of just over $20 million to our energy bill in South Africa, but even more importantly, has reduced our total carbon footprint by some 60,000 tons while it's been in operation. Finally, we concluded last week our annual Murikana Memorial Lectures. I dare say if I had to take a sound bite out of these lectures, the key theme that came through, and I dare say this could be a lesson for the country as a whole, was the power of genuine stakeholder engagement. Stakeholder engagement to build trust, to understand one another, and together co-create a new future which can add significant benefits and value to all stakeholders around our operations.

And finally, our strategy is underpinned by sustainability.

The inability will continue to underpin modern responsible mining companies and it is extremely pleasing that during the first half of this year, we have announced an expansion of our presence in the circular economy through the acquisition of Netflix and Hulu.

Speaker #4: And finally, we concluded last week our annual Morricana Memorial Lectures. I dare say if I had to take a sound bite out of these lectures, the key theme that came through, and I dare say this could be a lesson for the country as a whole, was the power of genuine stakeholder engagement.

And be complementary to our existing recycling business.

Also very pleasing is to have received our first renewable energy from our castle windfall.

This particular project was commissioned at the end of the first quarter and already to date has added significant savings of just over $20 million to our energy, but in South Africa, but even more importantly has reduced our total carbon footprint by some 60000 tonnes, while that's been in operation.

Speaker #4: Stakeholder engagement is essential to build trust, to understand one another, and to co-create a new future together, which can add significant benefits and value to all stakeholders around our operations.

And finally, we concluded last week, our annual Maracana Memorial lectures.

Grant (Surname not specified): Moving on to our operations at a very high level, I think our SA PGM operations can best be described as stable and consistent. They do consistently deliver on both production and cost guidance. We have, as I mentioned, been investing in these assets through the cycle, through K4, and more recently, the decision to invest in the Sipumaleli Bambanani mechanized project. Our US PGM operations have delivered on their restructuring from 2024, significantly reducing absolute costs and minimizing cash outflows. With the recent Section 45X providing financial support on the increasing palladium price, these operations are returning to positive earnings. We do, however, recognize that within our control is costs, and to be truly competitive over the long term, reducing those costs is an absolute necessity. We have a pathway to reduce costs to below $1,000 per two ounce over the next two to three years.

Speaker #4: Moving on to our operations at a very high level, I think our SAPGM operations can best be described as stable and consistent. They do consistently deliver on both production and cost guidance.

I Daresay, if I had to take a sound bite out of these lectures the key theme that came through and I Dare say this could be a lesson for the country as a whole was the power of genuine stakeholder engagement.

Stakeholder engagement to build trust to understand one another and together co create new future just kind of add significant benefits and value to all stakeholders around the operations.

Speaker #4: And we have, as I mentioned, been investing in these assets through the cycle, through Q4, and more recently, the decision to invest in the Sipumu Leli Bambanani mechanized project.

Speaker #4: Our U.S. PGM operations have delivered on their restructuring from 2024, significantly reducing absolute costs and minimizing cash outflows. With the recent Section 45X providing financial support on the increasing palladium price, these operations are returning to positive earnings.

Moving onto our operations at a very high level I think our SA PGM operations can best be described as stable and consistent.

I do consistently deliver on both production and cost guidance and.

And we have as I mentioned being investing in these assets through the cycle through Q4 and more recently the decision to invest in a super malaria <unk> project.

Speaker #4: We do, however, recognize that within our control are costs, and to be truly competitive over the long term, reducing those costs is an absolute necessity.

Speaker #4: And we have a pathway to reduce costs to below $1,000 per two-year ounce over the next two to three years. As Neil mentioned, the only operations that are not currently within guidance and have been disappointing relative to our own expectations were ISA gold operations.

Our U S. PGM operations have delivered on the restructuring from 2020 for significantly reducing absolute costs and minimizing cash outflows.

Grant (Surname not specified): As Neal mentioned, the only operations that are not currently within guidance and have been disappointing relative to our own expectations was our South Africa gold operations. The operations had a tough start to the year. Pleasingly, during the second quarter, both Kloof and Beatrix improved to expected output levels, and we look forward to a much improved second half from both Beatrix and Kloof. Kloof, however, was significantly impacted by seismicity, and due to safety concerns, we did reduce production in certain areas of Kloof. This, coupled with some infrastructure challenges during the transition from a low volume, high grade operation to higher volume, low grade operation, has meant that we are reassessing Kloof to understand what a stable and future-looking production profile could look like from these operations within the current environment. That work will be concluded during the second half of this year.

With the recent section 45 X, providing financial support on the increasing palladium price. These operations are returning to positive earnings. We do however, recognize that was in our control those costs and to be truly competitive over the long term, reducing those cost cost is an absolute necessity and we have a pathway.

Speaker #4: The operations had a tough start to the year. Pleasingly, during the second quarter, both Drefontaine and Beatrix improved to expected output levels, and we look forward to a much better second half from both Beatrix and Drefontaine.

To reduce costs to below $1000, but to be honest over the next two to three years.

Speaker #4: Clerk, however, was significantly impacted by seismicity, and due to safety concerns, we did reduce production in certain areas at Turf. This, coupled with some infrastructure challenges during the transition from a low-volume, high-grade operation to a higher-volume, low-grade operation, has meant that we are reassessing Clerk to understand what a stable and future-looking production profile could look like from these operations within the current environment.

As Neil mentioned the army operations that are not currently within guidance and have been disappointing relative to our own expectations was ISI gold operations.

Sure.

The operations had a tough start to the year pleasingly during the second quarter. Both from time NBA tricks recruit improved to expected output levels and we look forward to them.

Second half from both Beatrix Andre from time.

However was significantly impacted by seismicity and due to safety concerns we did reduce production in certain areas a trough.

Speaker #4: And that work will be concluded during the second half of this year. I dare say, however, these were operations that were slated to have been closed by 2020.

Grant (Surname not specified): I dare say, however, these were operations that were slated to have been closed by 2010, and yet still, after 13 years of operating, they remain significantly leveraged to the gold price. For operations that were due to have been closed today to contribute just under half, 50%, of our earnings, I think is a significant testament to our gold operating teams and management. Also pleasing has been the return on our investment into DRDGOLD, which remains our long-term exposure to gold. Despite significant capital investment over the past few quarters into what is called Project 2028, a project that will not only increase production by about 30% but also the longevity of the West Rand operations under DRDGOLD, they have also managed to make a significant dividend payment for which, Neal, we are extremely grateful.

This coupled with some infrastructure challenges during the transition from a low volume high grade operation to higher volume low grade operation.

Speaker #4: And yet still, after 13 years of operating, they remain significantly leveraged to the gold price. For operations that were due to have been closed today, which were expected to contribute just under 50% of our earnings, I think this is a significant testament to our gold operating teams and management.

Has meant that we have we are reassessing truth to understand what is stable.

In future looking production profile could look like from these operations within the current environment.

Our network will be concluded during the second half of this year.

Speaker #4: Also, pleasing has been the return on our investment into DRD Gold, which remains our long-term exposure to gold. Despite significant capital investment over the past few quarters into what is called Project 2028, a project that will not only increase production by about 30%, but also the longevity of the western operations under DRD Gold, they have also managed to make a significant dividend payment for which, Neil, we are extremely grateful.

However, these were operations that were slated to be closed by 2020.

And you had stalled after 13 years of operating they remain significant deleverage to the Gulf of price and for operations that reduce have been closed to date to contribute just under half.

50% of our earnings I think is a significant testament to a gold operating teams and management.

Also pleasing has been the return on our investment in to D. R D gold, which remains our long term exposure.

Speaker #4: Our Australian operations last year suffered at the hands of what of the impact of climate change, having experienced both flooding and fire within a single year.

Grant (Surname not specified): Our Australian operations last year suffered at the hands of the impact of climate change, having experienced both flooding and fire within a single year. Full credit to our operating teams in Australia, who took learnings from those incidents, mitigated those risks, and put in remediation measures, and this year are performing well above expectation. Our recycling business remains a significant differentiator and a way to gain exposure to critical metals through low capital cost and certainly is becoming more strategically important as we see regional supply chains and regional ecosystems tampering to secure critical minerals. Sandoval is continuing to ramp down, and we look to that operation going on to full-time care and maintenance from January 2026. The Galicam pre-feasibility project will be completed around year end, and the results of that project will drive some of our thinking around Sandoval moving forward.

Two gold.

Despite significant capital investment over the past few quarters.

Into what is called project 2028, a project that will not only increase production by about 30%, but also the longevity of the west Strand operations under Darby Gold. They have also managed to make a significant dividend payment for which Neil we are extremely grateful.

Speaker #4: I think full credit goes to our operating teams in Australia, who took learnings from those incidents, mitigated those risks, and put in remediation measures. This year, they are performing well above expectations.

Speaker #4: Our recycling business remains a significant differentiator and a way to gain exposure to critical metals through low capital cost. It is certainly becoming more strategically important as we see regional supply chains and regional ecosystems clamoring to secure critical minerals.

Our Australian operations last year suffered at the hands of what of the impact of climate change, having experienced both flooding and fire within a single year.

I think full credit to our operating teams in Australia, who took learnings from incidents mitigated those risks and put in remediation measures and this year are performing well above the expectation.

Speaker #4: Sandoval is continuing to ramp down, and we look to that operation going on to full-time care and maintenance from January 2026. The galley cam pre-feasibility project will be completed around year-end, and the results of that project will drive some of our thinking around Sandoval moving forward.

Our recycling business remains a significant differentiator and a way to gain exposure to critical metals through low capital cost.

And certainly as becoming more strategically important as we see regional supply chains and regional ecosystems clambering to secure critical minerals.

Speaker #4: And finally, Calibre is on track to deliver the construction phase by early 2026. We have been through the peak project capital cycle, and as I mentioned earlier, we are assessing the optimal and most responsible ramp-up of Calibre, given the current depressed lithium market fundamentals.

Grant (Surname not specified): Finally, Calibre is on track to deliver the construction phase by early 2026. We have been through the peak project capital cycle, and as I mentioned earlier, we are assessing the optimal and most responsible ramp-up of Calibre given the current depressed lithium market fundamentals. I think looking at our earnings graph over the last two and a half years tells the story that we have been through from an operational restructuring and repositioning. Having recognized the significantly and very fast decline in the PGM markets in 2023, we moved to restructure our loss-making operations and reposition our business. Through this, we were able to arrest that earnings decline and kept it stable during that period of significant restructuring.

Sandoval is continuing to ramp down and we look to that operation going on into full time care and maintenance from January 2026, <unk> pre feasibility project will be completed around year end and the results of that project will drive some of our thinking around Sandoval moving forward.

Speaker #4: I think looking at our earnings graph over the last two and a half years tells the story of what we have been through from an operational restructuring and repositioning.

And finally caliber is onsite is on track to deliver construction the construction phase by early 2026.

Speaker #4: Having recognized the significant and very fast decline in the PGM markets in 2023, we move to restructure our loss-making operations and reposition our business.

We have been through the peak project capital cycle and as I mentioned earlier, we are assessing the optimal and most responsible ramp up of caliber given the current depressed lithium market fundamentals.

Speaker #4: Through this, we were able to arrest that earnings decline and keep it stable during that period of significant restructuring. We are now seeing the benefits of that coming through, together with good operational performance, and, as Neil mentioned, more recently increasing commodity prices. This has led to a significant turnaround in our earnings base.

Grant (Surname not specified): Seeing the benefits of that now coming through together with good operational performance, and as Neal mentioned, more recently, increasing commodity prices has seen a significant turnaround in our earnings base, more than 50% higher than what we experienced at the same time last year, excluding the one-off credits, which are a real value that have been added during the period under review. I think as we move through our peak capital cycle, getting to the end of the Calibre and the K4 projects, this is an opportunity to focus on cash conversion from our operations. As Neal mentioned, it's been pleasing to see the turnaround as well in the declining trend in terms of our net debt to EBITDA, with that number coming in significantly or comfortably below one times, which is the level and target that we have set ourselves.

I think looking at our earnings graph over the last two and a half years tells the story that we have been through from an operational restructuring and repositioning.

Having recognized the significantly them very fast decline in the PGM markets in 2023, we moved to restructure our loss, making operations and reposition our business.

Speaker #4: More than 50% higher than what we experienced at the same time last year, excluding the one-off credits, which are a real value that have been added during the period under review.

Through this we were able to arrest that earnings decline and kept it stable during that period of significant restructuring and.

Speaker #4: I think as we move through our peak capital cycle, getting to the end of the Calibre and the K4 projects, this is an opportunity to focus on cash conversion from our operations.

And seeing the benefits of ethanol coming through together with good operational performance.

And as Neil mentioned more recently, increasing commodity prices has seen a significant turnaround in our earnings base.

Speaker #4: As Neil mentioned, it's been pleasing to see the turnaround as well, and the decline in trend in terms of our net debt to EBITDA, with that number coming in significantly, or comfortably, below one times, which is the level and target that we have set for ourselves.

More than 50% higher than what we experienced at the same time last year, excluding the one off credits, which are a real value that had been added during the period under review.

Speaker #4: But with increasing cash generation, our focus will now also turn to an overall reduction in our gross debt number. And finally, I think our capitalization model is one we've shared with the market on several occasions and one you're probably familiar with.

Grant (Surname not specified): With increasing cash generation, our focus will now also turn on an overall reduction on our gross debt number. Finally, I think our capital allocation model is one we've shared with the market on several occasions and one you're probably familiar with. Again, during the difficult cycle we have been through over the last couple of years, I think just to confirm that we have remained true to our capital allocation model. Firstly, looking at project capital, we have responsibly invested through the cycle. We have completed or nearing completion of the build of the Calibre lithium project. We're nearing completion of the K4 project as that is currently ramping up in production, and most recently approved the commencement of the Sipumaleli Bambanani mechanization project. Burnstone, as I mentioned, is currently being assessed.

I think as we move through our peak capital cycle are.

Getting to the end of the caliber and the K for projects.

It is an opportunity to focus on cash conversion from our operation from our operations.

As Neil mentioned, that's been pleasing to see the turnaround as well and the declining trend in terms of our net debt to EBITDA well that number coming in significantly youll comfortably below one times, which is the level on target we have set ourselves.

Speaker #4: Again, during the difficult cycle we have been through over the last couple of years, I think it is important to confirm that we have remained true to our capitalization model.

Speaker #4: Firstly, looking at project capital, we have responsibly invested through the cycle. We have completed, or are nearing completion of, the build of the Calibre Lithium project; we're nearing completion of the K4 project as that is currently ramping up in production.

But with increasing cash generation our focus will now also turn on an overall reduction on our gross debt number.

And finally, I think our capital allocation model is one we've shared with the market on several several occasions in one you published familiar with.

Speaker #4: And most recently, we approved the commencement of the Sipumu Leli Bambanani mechanization project. Burnstone, as I mentioned, is currently being assessed. To talk to the responsible nature of this, we have also walked away from several investments, including the Rhyolite Ridge opportunity, the lithium project in the U.S., which did not meet our hurdle rates.

The game during the difficult cycle, we have been through over the last couple of years I think just to confirm that we have remained true to our capital allocation model.

Grant (Surname not specified): To talk to the responsible nature of this, we have also walked away from several investments, including the Rye Light Ridge opportunity, the lithium project in the U.S., which did not meet our hurdle rates. We have said in terms of our capital allocation that we do want to maintain healthy cash reserves, and we have managed to maintain our targets at R20 billion, which provides us with the required liquidity and headroom to manage the business comfortably. I think it's important to highlight that our dividend policy does and will continue to remain unchanged at 25% to 35% of normalized earnings. Over the past few years, dividends have not been paid in line with the policy. At present, we are just starting to enter again a position of dividend-paying territory.

Firstly looking at project capital we.

We have responsibly invest through the cycle.

We have completed or nearing completion of the bulk of the caliber lithium project. We're nearing completion of the <unk> project that is currently ramping up in production and most recently approved the commencement of the CECO Malaney bump banana mechanization project.

Speaker #4: We have stated, in terms of our capitalization, that we do want to maintain healthy cash reserves. We have managed to keep our target at $20 billion, which would provide us with the required liquidity and headroom to manage the business comfortably.

First and as I mentioned is currently being assessed and to talk to the responsible Mitra of this we have also walked away from several investments, including their ILEC ridge opportunity. The lithium project in the U S, which did not meet our hurdle rates.

Speaker #4: I think it is important to highlight that our dividend policy does and will continue to remain unchanged at 25% to 35% of normalized earnings. Over the past few years, dividends have not been paid in line with the policy.

We have said in terms of our capital allocation that we do want to maintain healthy cash reserves and we have managed to maintain our targets at $20 billion, which provides us with the required liquidity and headroom to manage the business comfortably.

Speaker #4: And at present, we are just starting to enter again a position of dividend paying territory. Given the current global uncertainty and commodity price volatility, we have made a decision not to pay dividends at the interim at the half years, but we will be reviewing this at the year end and certainly with our current outlook on the second half should commodity prices remain where they are, we are confident that we will be back in dividend paying territory by the end of the year.

Grant (Surname not specified): Given the current global uncertainty and commodity price volatility, we have made a decision not to pay dividends at the interim at the half years, but we will be reviewing this at the year end. Certainly, with our current outlook on the second half, should commodity prices remain where they are, we are confident that we will be back in dividend-paying territory by the end of the year. Moving on to our balance sheets and debt management, I think as you've heard, our balance sheet remains in a healthy position. We have sufficient liquidity. We've got an undermining debt maturity ladder, which Shaw will touch on in a bit more detail. Our net debt to adjusted EBITDA has returned to below one times and therefore de-risked our balance sheet compared to where we were 12 to 18 months ago.

I think important to highlight that our belief that our dividend policy does and will continue to remain unchanged at 25% to 35% of normalized earnings.

Over the past few years dividends have not been paid in line with our policy.

And at present, we are just starting to enter a gain a position.

Speaker #4: Moving on to our balance sheets and debt management, I think as you've heard, our balance sheet remains in a healthy position. We have sufficient liquidity; we've got an undying debt maturity ladder, which Saul will touch on in a bit more detail.

Dividend paying territory.

Given the current global uncertainty and commodity price volatility we have made the decision.

Not to pay dividends at the interim.

Speaker #4: And on net debt to adjusted EBITDA, we have returned to below one times, and therefore de-risked our balance sheet compared to where we were 12 to 18 months ago.

Half years, but we will be reviewing this at the year end and certainly with our current outlook on the second half should commodity prices remain where they are where they are we are confident that we will be back in dividend paying territory by the end of the year.

Speaker #4: And finally, we have made some small but very measured and strategic growth investments. The acquisition of Metalex, which we announced in July, will expand our very strategic recycling footprint.

Grant (Surname not specified): Finally, we have made some small but very measured and strategic growth investments. The acquisition of MetalX, which we announced in July, will expand our very strategic recycling footprint. This is an acquisition that is expected to contribute immediately to the group's earnings and cash flow. It also presents significant opportunity to leverage our existing recycling relevant footprint that we have in the US and internationally. As I mentioned, we have also announced the Glencore Marathi JV transaction, where we truly look to enhance value from our chrome byproducts at our SA PGM operations. With that, I'll hand over to Kianta, who will take us through an overview of the markets. Thank you.

Moving on to our balance sheet and debt management I think as you've heard our balance sheet remains in a healthy position we have sufficient liquidity, we've got an undemanding debt maturity ladder with Shaw will touch on in a bit more detail and I'll make debt to adjusted EBITDA has returned to below one times and therefore derisked our balance sheet.

Speaker #4: And this is an acquisition that is expected to contribute immediately to the group's earnings and cash flow. It also presents significant opportunity to leverage our existing recycling-relevant footprint that we have in the U.S. and internationally.

There to where we were 12 to 18 months ago.

Speaker #4: And then, as I mentioned, we have also announced that Glencore Marathi JV transaction where we truly look to enhance value from our Chrome byproducts at ISA PGM operations.

And finally, we have made some small but very measured and strategic growth investments the acquisition of <unk>, which we announced in July we will expand our very strategic recycling footprint.

Speaker #4: And with that, I'll hand over to Keantha, who will take us through an overview of the markets. Thank you.

And this is an acquisition that is expected to contribute immediately to the group's earnings and cash flow.

And also presents significant opportunity to leverage our existing recycling relevant footprint that we have in the U S and internationally.

Speaker #5: Thank you, Richard, and good afternoon to everyone. I'm going to talk through T-slaves and I'll be covering the macros. PGMs and lithium performance over the half year, as well as our expectations for the next 18 months.

James Welsted: Thank you, Richard, and good afternoon to everyone. I'm going to talk through three slides, and I'll be covering the macros, PGMs, and lithium performance over the half year, as well as our expectations for the next 18 months. Markets have been overwhelmed by the constant tariff news, which continues to create uncertainty. The cost of goods imported into the U.S. will rise to reflect the tariffs, in turn potentially reducing demand. The U.S. is forecast to have slower GDP growth as a result of these tariffs, although this has been upgraded following the passing of the spending bill. In the near term, Q3 and Q4 growth is expected to slow as the impact of tariff front running fades. Global Data's U.S. light vehicle sales forecast has been reduced by a million ounces for 2025 and over a million ounces in 2026 to reflect the impact of the tariffs.

And then as I mentioned, we have also announced the Glencore Murawski JV transaction, where we truly look to enhance value from our chrome byproducts that obviously SA PGM operations.

Speaker #5: Markets have been overwhelmed by the constant tariff news, which continues to create uncertainty. The cost of goods imported into the U.S. will rise to reflect the tariffs.

And with that I'll hand over to Panther, who will take us through an overview of the markets. Thank you.

Speaker #5: In turn, potentially reducing demand. The US is forecast to have slower GDP growth as a result of these tariffs. Although this has been upgraded following this passing of the spending bill.

Thank you Richard and good afternoon to everyone.

I'm going to talk through the slides and I'll be covering the mattress PGM and lithium performance over the half year as well as our expectations for the next 18 months.

Speaker #5: In the near term, quarter three and quarter four growth is expected to slow as the impact of tariff front-running fades. Global data's US light vehicle sales forecast has been reduced by a million ounces for 2025.

Okay.

Markets have been overwhelmed by the constant passes which continues to create uncertainty.

The cost of goods imported into the U S will rise to reflect the test and potentially what you think demand.

Speaker #5: And over a million ounces in 2026. To reflect the impact of the tariffs. While this will lower PGM demand, it will also impact used vehicle scrapage rates.

The U S is forecast to have snow in GDP credits.

James Welsted: While this will lower PGM demand, it will also impact used vehicle scrappage rates, with cars being kept on the road for longer, putting pressure on the secondary supply. China is only modestly impacted by the tariffs, having reduced their reliance on the U.S. for exports over the past few years. Growth is still, however, predicted to fall short of government's 5% target. Global growth is forecast to slow to 2.6% this year, largely dragged down by the weaker outlook for the U.S. A combination of the weaker U.S. dollar, range-bound yields with expectations of future rate cuts, and worsening geopolitical tensions has resulted in strong gold investment demand from the over-the-counter markets, ETFs, and of course, from central banks.

Results of these tests.

Although this has been upgraded following this passing up the spending bill.

Speaker #5: With cars being kept on the road for longer, putting pressure on the secondary supply. China is only modestly impacted by the tariffs, having reduced their reliance on the US for exports over the past few years.

And then you can see in quarter four growth is expected to slow as it is.

Impact of tariff front running fades.

Global data U S light vehicle sales forecast has been reduced by a million ounces for 2025 and over a million ounces in 2026.

Speaker #5: Growth is still, however, predicted to fall short of the government’s 5% target. Global growth is forecast to slow to 2.6% this year, largely dragged down by the weaker outlook for the U.S.

The impact of the tariffs.

While this will lower PGM demand, let's say impact used vehicle scrappage rates with costs being kicked down the road for lung that putting pressure on the secondary supply.

Speaker #5: A combination of the weaker US dollar, rangebound yields with expectations of future rates cuts, and worsening geopolitical tensions has resulted in strong gold investment demand, from the over-the-counter markets, ETFs, and of course from central banks.

China is only modestly impacted by the tariffs having reduced the reliance on the U S for exports over the past few years.

But it's still a holiday that's predicted to fall short of governments like the same targets.

Speaker #5: Gold prices were up 26% in the first half of the year, with average gold trading volumes of 329 billion dollars per day during the first half.

James Welsted: Gold prices were up 26% in the first half of the year, with average gold trading volumes of $329 billion per day during the first half, the highest for any half-year period on record. Broad and sustained conflict resolution, which seems quite unlikely in the current environment, could see a moderation in price. More likely, though, should economic conditions deteriorate, exacerbating geopolitical tensions, safe haven demand will remain strong. Now moving on to PGMs. The rally in PGM prices, including those of the minor metals, is reflective of the tight supply situation in South Africa. Platinum prices have outperformed, driven by lower mine supplies. Looking ahead, local production is expected to fall below the 3.8 million ounce level this year, reflecting the lack of investment over the years, coupled with aging assets. Metal sales were significantly impacted by tariff threats, with almost 360,000 ounces of platinum flowing into U.S.

Global growth is forecast to slow to two 6%. This year lastly, dragged on by the weaker outlook for the U S.

A combination of the weaker U S dollar range bound yields with expectations of future rate cuts.

Speaker #5: The highest for any half year period on record. Broad and sustained conflict resolution, which seems quite unlikely in the current environment, could see a moderation in price.

And we're seeing geopolitical tensions have resulted in strong investment demand.

Speaker #5: More likely, though, should economic conditions deteriorate, exacerbating geopolitical tensions, safe-haven demand will remain strong. Now, moving on to PGMs. The rally in PGM prices, including those of the minor metals, is reflective of the tight supply situation in South Africa.

Over the counter market Etfs and of course from central banks.

Both prices were up 26% in the first half of the year with average gold trading volumes of $329 billion per day during the first half.

For any hockey up period on record.

Fraud, and sustained conflict resolution, which seems quite unlikely in the current environment could see a moderation in price.

Speaker #5: Platinum prices have outperformed driven by lower mine supplies. And looking ahead, local production is expected to fall below the 3.8 million ounce level this year.

More likely though should economic conditions deteriorate exacerbating geopolitical tensions safe Haven demand will remain strong.

Speaker #5: Reflecting the lack of investments over the years, coupled with aging assets, metal flows were significantly impacted by tariff threats. With almost 360,000 ounces of platinum flowing into U.S. COMEX vaults between January and April.

Now moving on to P. J.

The rally in PGM prices, including those that's the minor macros is reflective of the tight supply situation in South Africa.

James Welsted: COMEX vaults between January and April. Following the delay in reciprocal tariffs and then PGMs being on the list of goods not subject to tariffs, COMEX vault stocks fell back to the 270,000 ounce level by mid-July. Platinum release rates have been significantly elevated through the half year, with one-month release rates moving from just over 11% in January to a July peak of almost 37%. Investor interest in platinum contributed to the elevated demand, with more price outside expected compared to gold. We saw a net platinum ETF inflow of 30,000 ounces during the half year. Chinese platinum imports were up 63% year to June, driven by investment interest and as some jewelry manufacturing, which is dominated by gold, switched to the lower-cost platinum metal. While positive, Chinese consumer sentiment and the October Golden Week holidays will offer indicators of whether this actually translates into retail success.

Speaker #5: Following the delay in reciprocal tariffs and the NPGMs being on the list of goods not subject to tariffs, COMEX vault stocks fell back to the 270,000-ounce level by mid-July.

Platinum prices of outperformance driven by lower mine supplies and looking ahead local production is expected to fall below the $3 8 million ounce level this year.

And the lack of investment over the years, coupled with aging assets.

Speaker #5: Platinum lease rates have been significantly elevated through the half year, with one-month lease rates moving from just over 11% in January to a July peak of almost 37%.

Metal first was significantly impacted by tariff states with almost 360000 ounces of platinum flowing into U S. Comex fell between January and April.

Speaker #5: Investor interest in platinum contributed to the elevated demand, with more price upside expected compared to gold. We saw a net platinum ETF inflow of 30,000 ounces during the half year.

Following the delay in the cyclical Paris, and then PJM has been on the list of goods not subject to tariffs.

<unk> stocks fell back to the 270000 ounce level by mid July.

Speaker #5: Chinese platinum imports were up 63% year to June, driven by investment interest. Additionally, some jewelry manufacturing, which is dominated by gold, has switched to the lower-cost platinum metal.

Check the release states are insignificantly elevated to the hacienda.

With one month, giving states moving from just over 11% in January so the July peak of almost 37%.

Speaker #5: While positive, Chinese consumer sentiment and the October golden week holidays will offer indicators of whether this actually translates into retail success. Palladium demand has also been driven by investment.

Investor interest in platinum contributed to the elevated demand with more price upside expected compared to gold and we saw a net cash inflow of 50000 ounces during the half year.

James Welsted: Palladium demand has also been driven by investment. We saw net palladium ETF inflows of 115,000 ounces in the first half of the year, while more recent high prices have led to some profit taking. Since early August, positions have stabilized around the 870,000 ounce level. The increase in rhodium prices can also be attributed to the tight supply from South Africa, as well as more buying interest from auto OEMs. Stocks are clearly depleted, and some OEMs are gearing up for more stringent China 6B testing standards. The demand for ruthenium has been driven by new chemicals capacity in China, and this is the production of caprolactam, which is used to make nylon fibers, as well as for the ever-increasing demand for data storage, boosted by the AI boom. Ruthenium prices were up 49% in the half year and have since hit all-time highs of $930 per ounce.

Speaker #5: We saw net palladium ETF inflows of 115,000 ounces in the first half of the year. While more recent high prices have led to some profit taking.

Chinese imports were up 63% year to June driven by investment interest.

There's some jewelry manufacturing, which is dominated by gold switched to the lower cost metal.

Speaker #5: Since early August, positions have stabilized around the 870,000 ounce level. The increase in rhodium prices can also be attributed to the tight supply from South Africa, as well as more buying interest from auto OEMs.

While positive Chinese consumer sentiment.

We have told the Golden week holidays will offer indicators of whether this actually translates into retail success.

Palladium demand, it's also being driven by investment.

Speaker #5: Stocks are clearly depleted and some OEMs are gearing up for more stringent China 6B testing standards. The demand for ruthenium has been driven by new chemicals capacity in China.

We saw net palladium ETF inflows of 415000 ounces in the first half of Fiat.

But the more recent high prices have led to some profit taking.

Speaker #5: And this is a production of kaprolactam, which is used to make nylon fibers, as well as for the ever-increasing demand for data storage, boosted by the AI boom.

Since early August positions have stabilized around the 870000 ounce level.

Okay.

The increase in rhodium prices can also be attributed to the tight supply from South Africa.

Speaker #5: Ruthenium prices were up 49% in the half year and have since hit all-time highs of 930 dollars per ounce. Global government and defense industry interest in securing niche critical metals has also resulted in emerging investor interest in the minor PGMs.

Well as more buying interest from auto Oems stuck.

Stocks I can't eat the pizza and some Oems are gearing up for more stringent China's six be testing standards.

James Welsted: Global government and defense industry interest in securing niche critical metals has also resulted in emerging investor interest in the minor PGMs. Over the next 18 months, we again see downward revisions to light-duty vehicle production, with battery electric vehicles being the most impacted, while hybrid vehicles have been slightly upgraded. We also see some near-term growth in PGM loadings as China gears up for tighter emissions testing standards. Secondary supply is expected to remain largely flat year on year, and the higher PGM prices during the first half of this year, together with some consolidation in the U.S. recycling market, resulted in some hoarded volumes at U.S. scrap yards being liquidated. However, scrapped vehicle numbers are expected to fall both in the U.S. and Europe following new vehicle sales. In Asia, we see some pickup as Japan's new car sales improve, and China's scrappage incentive scheme lifts volumes.

The demand for refined him has been driven by new chemicals capacity in China and this is a production of caprolactam, what you used to make nylon fibers.

Speaker #5: Over the next 18 months, we again see downward revisions to light duty vehicle production, with battery electric vehicles being the most impacted. While hybrid vehicles have been slightly upgraded.

As well as for the ever increasing demand for data storage boosted by the AI too.

Lithium prices were up 49% in the half year and extends hit all time highs up $950 per ounce.

Speaker #5: We also see some near-term growth in PGM loadings as China gears up for tighter emissions testing standards. Secondary supply is expected to remain largely flat year on year, and the higher PGM prices during the first half of this year, together with some consolidation in the U.S. recycling market, resulted in some hoarded volumes at U.S. scrapyards being liquidated.

Global government and defense industry interest in securing these critical networks has also resulted in you making investor interest in the mining peak yes.

Over the next 18 months, we again see downward revisions to light duty vehicle production with battery electric vehicles being the most impacted by and hybrid vehicles have been slightly upgraded.

Speaker #5: However, scrapped vehicle numbers are expected to fall both in the U.S. and Europe following weak new vehicle sales. In Asia, we see some pickup as Japan's new car sales improve, and China's scrappage incentive scheme lifts volumes.

We also see some near term growth in PGM loadings as China goes up four types of emissions testing standards.

Secondary supply is expected to remain largely flat year on year.

Speaker #5: In summary, in the short term, the run in PGM prices has been underpinned by supply tightness and purchasing for investment and jewelry. Longer-term cyclical trends, as we all know, are demand rather than supply driven.

James Welsted: In summary, in the short term, the running PGM price has been underpinned by supply tightness and purchasing for investment and jewelry. Longer-term cyclical trends, as we all well know, are demand rather than supply-driven. We therefore remain rather cautious on prices, though the recent run has possibly set us a new higher base. The outlook to the end of next year remains positive due to higher hybrid vehicle forecasts, coupled with declining primary supply and lower levels of auto CAT recycling. We expect to see both platinum and palladium remaining in deficit after 2026, with the rhodium market remaining close to balance. Global growth remains the biggest risk to the forecast. Finally, let's look at lithium, where the market has remained oversupplied and prices during the first half of the year have remained depressed.

And the higher PGM prices during the first half of this year together with some consolidation in the U S recycling market.

As noted in some of our debt volumes at U S scrap yards being liquidated.

However, scrapped vehicle numbers I expected before both in the U S and Europe following week new vehicle sales.

Speaker #5: And we therefore remain rather cautious on prices, though the recent run has possibly set us in a new, higher base. The outlook to the end of next year remains positive due to higher hybrid vehicle forecasts, coupled with declining primary supply and lower levels of auto catch recycling.

In Asia, we see some pickup as Japan's new class sales improve and Chinas scrappage incentive scheme less volumes.

In summary in the short term.

They run in PGM price has been underpinned by supply tightness and purchasing for investment in Germany.

Speaker #5: We expect to see both platinum and palladium remaining in deficit up to 2026, with the rhodium market remaining close to balance. Global growth remains the biggest risk to the forecast.

Longer term cyclical trends as we all well know a demand rather than supply driven and.

And we therefore remain rather cautious on prices. The recent trend has plus or would you say, that's a new higher base.

Speaker #5: And then finally, let's look at lithium, where the market has remained oversupplied and prices during the first half of the year have remained depressed.

The answer to the end of next year remains positive due to higher hybrid vehicle forecast, coupled with declining primary supply and lower level stuff I'll take that you're thinking.

Speaker #5: At the average first half of the year, price just over 9,000 dollars per ton, approximately a third of all lithium supply was unprofitable. The surpluses have been exacerbated by the slowdown in battery electric vehicle demand growth, some as a result of the US tax credits for battery electric vehicles scheduled to end in September.

James Welsted: At the average first half of the year price just over $9,000 per ton, approximately a third of all lithium supply was unprofitable. The surpluses have been exacerbated by the slowdown in battery electric vehicle demand growth, some as a result of the U.S. tax credits for battery electric vehicles scheduled to end in September. The most recent price movement, up to just over $11,000 per ton in mid-August, has come as a result of the Chinese government tightening its oversight of domestic lithium extraction, part of a wider push to reduce excess capacity across many industries in China. China's initial focus has been on operations that are underutilized, inefficient, and uneconomic, and also on those that may not have the correct permits. Many of the Chinese lepidolite mines are uneconomical at current price levels but have been supported financially through vertical integration.

Expect to see both platinum and palladium remaining in deficit after 'twenty 'twenty six but they're really in the MA market remaining close to balance.

Global growth remains the biggest risk to the forecast.

And then finally, let's look at lithium where the market has remained oversupplied and prices during the first of half of the year have remained depressed.

Speaker #5: The most recent price movement up to just over 11,000 dollars per ton in mid-August has come as a result of the Chinese government tightening its oversight of domestic lithium extraction.

At the average first half of the price just over $9000 per tonne approximately as soon enough or lithium supply was unprofitable.

Speaker #5: Part of a wider push to reduce excess capacity across many industries in China, China's initial focus has been on operations that are underutilized, inefficient, and uneconomic.

The surfaces has been exacerbated by the slowdown in battery electric vehicle demand growth. Some as a result of the U S tax credits for battery electric vehicles Samuel to end in September.

Speaker #5: And also on those that may not have the correct permits. Many of the Chinese lipidolite mines are uneconomical at current price levels, but have been supported financially through vertical integration.

The most recent price movement.

Up to just over $11000 per ton in mid August has come as a result of the Chinese government tightening its oversight of domestic lithium extraction.

Speaker #5: We see short-term price pressure persisting due to oversupply. The sustainability of the recent price rally is very difficult to call as it will largely depend on the next steps the Chinese government take.

James Welsted: We see short-term price pressure persisting due to oversupply. The sustainability of the recent price rally is very difficult to call, as it will largely depend on the next steps the Chinese government takes. We remain fairly bullish that electrification will continue to drive demand. We're forecasting a healthy 10.7% CAGR for battery electric vehicle production over the next 10 years. We expect to see lithium deficits later in this decade. This will really underpin incentive pricing for new lithium projects. Now let me hand over to Richard Cox to talk you through the operations.

Part of a wider push to reduce excess capacity across many industries in China.

China's initial focus has been on operations that are underutilized inefficient and I'm economics and also on those that may not have the permits.

Speaker #5: We remain fairly bullish that electrification will continue to drive demand. We're forecasting a healthy 10.7% CAGR for battery electric vehicle production over the next 10 years.

Many of the Chinese Liberty life mines, and economical at current price levels that have been supported financially through vertical integration.

Speaker #5: And we expect to see lithium deficits later in this decade. This will really underpin incentive pricing for new lithium projects. And now let me hand over to Richard Cox to talk you through the operations.

We see short term price pressure persisting due to oversupply.

The sustainability of the recent price rally is very difficult to call out as it will largely depend on the next steps the Chinese government take.

Speaker #3: Thank you, Keantha. Hello, everyone. Our South African PGM operations, which continue to deliver consistent reliable performance, are on track to achieve guidance for the third year running.

Neal Froneman: Thank you, Kianta. Hello everyone. Our South African PGM operations, which continue to deliver consistent, reliable performance, are on track to achieve guidance for the third year running and eight out of nine years overall. Total production for the first half of 2025 was 840,000 total ounces, 4% lower year on year. This reflects consistent performance from underground operations at 750,000 total ounces, in line with the first half of 2024. Rustenburg up 2%, Marikana down 1%, while surface production was down by 50% to 54,000 total ounces, impacted by high seasonal rainfall affecting the entire industry in the first quarter of 2025. Purchase of concentrate volumes from third parties were also 29% lower at 35,800 total ounces, in line with revised annual contractual agreements. The second quarter of 2025 production improved 13% over the first quarter across most shafts.

We remain fairly bullish that electrification will continue to drive demand.

Forecasting a healthy 10, seven the same kgs for battery electric vehicle production over the next 10 years.

Speaker #3: And eight out of nine years overall. Total production for the first half of 2025 was 840,400 ounces, 4% lower year on year. This reflects consistent performance from underground operations at 750,400 ounces, in line with the first half of 2024.

We expect to see lithium deficits later in this decade.

This will really underpinned incentive pricing for new lithium projects.

Okay.

Now, let me hand over to Richard Cox to talk to each of the operations.

Thank you Clarence.

Hello, everyone, South African PGM operations, which continued to deliver consistent reliable performance are on track to achieve guidance for the third year running.

Speaker #3: Rustonburg, up 2%. Morricana down 1%. While surface production was down by 30% to 54,400 ounces, impacted by high seasonal rainfall. Affecting the entire industry in the first quarter of 2025.

And eight out of nine years overall.

Total production for the first half of 2025 was 840040 ounces.

4% lower year on yes.

Speaker #3: Purchase of concentrate volumes from third parties. We're also 29% lower at 35.8,400 ounces. In line with revised annual contractual agreements. The second quarter of 2025 production improved 13%.

This reflects consistent performance from underground operations at 750000 fully ounces in line with the first half of 2024.

Rustenburg up 2%.

Our economy down 1% our surface production was down by 50% to 54040 ounces impacted by high seasonal rainfall affecting the entire industry in the first quarter of 2025.

Speaker #3: Over the first quarter, across most shafts, operating costs excluding the purchase of concentrate in the modes of production were well contained, increasing by just 4% to R19.3 billion.

Neal Froneman: Operating costs, excluding purchase of concentrate and Mimosa production, were well contained, increasing by just 4% to R19.3 billion, which is below inflation, attributable in part to last year's restructuring and closure of high-cost shafts, offsetting additional toll processing costs from K4 shift to toll treatment of concentrate in September 2024. All-in sustaining unit costs increased 11% to R23,900 per total ounce, in line with our R23,500 to R24,500 per total ounce guidance range, impacted by lower production, a 20% rise in sustaining capital, mainly at Marikana, and 11% lower byproduct credits. Chrome ore sales of 1.07 million tons decreased 17%, with revenue down 31% to R2.2 billion due to 12% lower production of 1.16 million tons under heavy rainfall and a 13% fall in chrome ore price to $259 per ton.

Purchase of concentrate volumes from third parties were also 29% lower at 35 8040 ounces in line with the revised annual contractual agreements.

Speaker #3: Which is below inflation. Attributable in part to last year's restructuring and closure of high cost shafts, offsetting additional toll processing costs from Kirndal shift to toll treatment of concentrate.

The second quarter of 2025 production increased 13% over the first quarter across most shops.

Speaker #3: In September 2024. All in sustaining unit costs increased 11% to 23.9,000 rand per 40 ounce. In line with our 23.5 to 24.5,000 rand per 40 ounce guidance range.

Operating costs, excluding purchase of concentrate in the laser production with well contained increasing by just 4% to $19 $3 billion range, which is below inflation.

Speaker #3: Impacted by lower production, a 20% rise in sustaining capital mainly at Morricana. And 11% lower by product credits. Chrome all sales of 1.07 million tons decreased 17%.

So in part to last year's restructuring and culture of high cost shops, offsetting additional toll processing costs for <unk>.

I will shift to toll treatment of concentrate in September 2024.

All in sustaining unit costs increased 11% to 23 9000 ramped to 40 ounce in line with our 23 five to $24 5000 brands at 40 ounce guidance range impacted by lower production at 20% rise in sustaining capital mainly it's Marty Connor.

Speaker #3: With revenue down 31% to 2.2 billion rand. Due to 12% lower production at 1.16 million tons under heavy rainfall. And a 13% fall in Chrome all price to 259 dollars per ton.

Speaker #3: Our strategic efforts since 2016 to boost our chrome-all business have contributed to industry-leading all-in sustaining unit cost. Adjusted EBITDA was consistent at R4.8 billion year on year.

Neal Froneman: Our strategic efforts since 2016 to boost our chrome ore business have contributed to industry-leading all-in sustaining unit costs. Adjusted EBITDA was consistent at R4.8 billion year on year, despite 16% fewer total ounces sold due to smelter rebuilds of Marikana furnaces one and two and the consequent lower volumes through the precious metal refinery circuit. This was offset by a 7% higher average basket price of R26,300 per total ounce. We did have a R1.6 billion inventory buildup, partly from K4's pipeline change, reversal of net realizable value adjustments, and the smelter rebuilds. This buildup will be released in the second half of this year.

And 11% lower byproduct credits.

Credit wholesales of one 7 million tons decreased 17% with revenue down 31% to $2 2 billion Rand.

Speaker #3: Despite a 16% fewer 40 ounces sold. Due to smelter rebuild at Morricana furnaces, one and two. And the consequent lower volumes through the precious metal refinery circuit.

12% loan production of one 6 million tons under heavy rainfall.

And a 13% falling chrome oil price to $259 per ton.

Speaker #3: This was offset by a 7% higher average basket price of R26,300 per 40 ounces. We did have a R1.6 billion inventory buildup, partly from Kirndal's pipeline change.

Our strategic efforts since 2016 to boost our credible business have contributed to industry, leading all in sustaining unit cost.

Adjusted EBITDA was consistent at $4 8 billion Rand year on year to.

Speaker #3: Reversible of net realizable value adjustments. And the smelter rebuilds. And this buildup will be released in the second half of this year. The Morricana K4 project reduced 44,000 40 ounces.

Despite a 16% fewer ounces sold.

Two smeltery bullshit, Marty Connor furnishes, one and two and the consequent lower volumes to the precious metal refinery circuit.

Neal Froneman: The Marikana K4 project produced 44,000 total ounces, a 68% increase year on year, positively contributing to reduced unit costs of Marikana with project capital at K4 expected to decline from current levels of R305 million for the first half of 2025 as the project ramps up. Our partnership with Glencore on the Marikana venture will unlock value by accelerating delivery of legacy Marikana chrome ore volumes by about 20 years, enhancing byproduct credits against all-in sustaining costs, and we're awaiting Competition Commission approval. We focused on moving down the cost curve and improving relative competitiveness. Pleasingly, Marikana continues to move down the cost curve as the Marikana K4 project ramps up to steady state and enhancing efficiency. This positions us favorably against peers, underscoring our cost discipline and leverage in the rising PGM environment.

This was offset by a 7% higher average basket price of $26 3000 Rand per fully arms.

Speaker #3: A 68% increase year-on-year is positively contributing to reducing unit costs at Morricana, with project capital at K4 expected to decline from current levels of $305 million for the first half of 2025.

We did have a $1 6 billion Rand inventory buildup, partly from <unk> pipeline change.

Reversible of net realizable value adjustments and the smelter reimbursed.

Speaker #3: As the project ramps up, our partnership with Glencore on the Marathi venture will unlock value by accelerating delivery of legacy Morricana chrome volumes by about 20 years.

And let's suppose that will be released in the second half of this year.

The <unk> project, which is 44040 ounces, a 68% increase year on year.

Speaker #3: Enhancing byproduct credits against all-in sustaining costs. We are awaiting Competition Commission approval. We focused on moving down the cost curve and improving relative competitiveness.

<unk> contributing to reduce unit cost at monarch Kona project capital at Kay for expected to decline from current levels of $305 million for the first half of 'twenty five ish approach it travel shops.

Speaker #3: Pleasingly, Morricana continues to move down the cost curve as the Morricana K4 project ramps up to steady state. And enhancing efficiency, this positions us favorably against peers and is scoring our cost discipline and leverage in the rising PGM environment.

Partnership with Glencore on MLC venture will unlock value by accelerating delivery of legacy Americana travel volumes by about 20 years enhancing byproduct credits against all in sustaining cost and we are awaiting competition Commission approval.

Speaker #3: The combined Rustonburg and Kirndal operation is moving slightly up the cost curve due to the Kirndal change in toll treatment of concentrate, which added processing costs but profitability benefits from higher revenue and margins, elevated metal prices, plus chrome as all byproduct offsets.

Neal Froneman: The combined Rustenburg and Knel operation are moving slightly up the cost curve due to the Knel change in toll treatment of concentrate, which added processing costs, but profitability benefits from higher revenue and margins at elevated metal prices, plus chrome ore byproduct offsets. Our low capital intensity brownfields projects relative to peers, such as the Sipumaleli Bambanani project, the Tembelani project, and the Kwezi Shallows project, will continue to improve competitiveness. During the second quarter of 2025, the board approved the Sipumaleli Bambanani project. This project involves the extension of the Bambanani decline, allowing extraction of Sipumaleli and UG2 reserves from low-cost mechanized Bambanani infrastructure.

We focused on moving down the cost curve and improving relative competitiveness pleasingly. Our economy continues to move down the cost curve as the modern economy Queso project ramps up to steady state and a.

<unk> efficiency.

Speaker #3: Our low capital intensity brownfields projects relative to peers such as the Bambanani Sipumu Leli project, the Tembalani project, and the Quercy Shallows project will continue to improve competitiveness.

This positions us favorably against peers, underscoring, our cost discipline and leverage and the rising PGM environment.

The combined <unk> <unk> operation are moving slightly up the cost curve due to the current bill change in Tulsa treatment of concentrate which added processing costs.

Speaker #3: During the second quarter of 2025, the board approved the Bambanani Sipumu Leli project. This project involves the extension of the Bambanani decline allowing extraction of Sipumu Leli energy to reserves from low cost mechanized Bambanani infrastructure.

Right ability benefits from higher revenue and margins to elevated nitro prices plus crowd.

Product offsets.

Our low capital intensity brownfield projects relative to peers, such as abundant nonissue for malaria project 15, the laundry project liquidity Shallows project.

Speaker #3: Given the improving production and sales outlook in the second half of this year, and the PGM price which has improved by 23% since the end of May to the current level of R31,600 per 40 ounces, the outlook for Sibanye Stillwater's operations is very positive.

Neal Froneman: Given the improving production and sales outlook in the second half of this year and the PGM price, which has improved by 23% since the end of May to the current level of R31,600 per total ounce, the outlook for the SA PGMs operations is very positive. Our South African gold operations are highly leveraged to the gold price with an improving outlook. The average gold price received increased 36% year on year to slightly more than R1.8 million per kilogram. Adjusted EBITDA, which includes DRDGOLD for the first half of 2025, increased by 118% to R4.8 billion from R2.2 billion for the first half of 2024. This is the highest since the second half of 2020. The contribution to group adjusted EBITDA increased to 48% from 33% for the first half of 2024, confirming the strategic importance of the South African gold assets in the diversified portfolio.

Continue to increase competitiveness during the second quarter of 2025.

The board approved a bump a nonissue cumulated project. This project involves the extension of the bump benign decline, allowing extraction of chipotle and AUC to reserves from low cost mechanized benign infrastructure.

Speaker #3: Our South African gold operations are highly leveraged to the gold price with an improving outlook. The average gold price received increased 36% year on year to slightly more than 1.8 million rand per kilogram.

Given the improving production and sales outlook in the second half of this year.

PGM price, which has improved by 23% since the end of May to the current level of $31 6000 ranked 40 ounce the outlook for the SA PGM operations is still positive.

Speaker #3: And adjusted EBITDA which includes DRD gold for the first half of 2025 increased by 118% to 4.8 billion rand from 2.2 billion rand for the first half of 2024.

Yeah.

Speaker #3: This is the highest since the second half of 2020. The contribution to group adjusted EBITDA increased to 48%. From 33% for the first half of 2024 confirming the strategic importance of the South African gold assets in the diversified group portfolio.

South Africa Golar operations are highly leveraged to the gold price with an improving outlook.

The average gold price received increased 56% year on year to slightly more than $1 8 million Rand per kilogram.

And adjusted EBITDA, which includes DRG codes for the first half of <unk> increased by 118% to $4 8 billion range from $2 2 billion range for the first half of 2024.

Speaker #3: Production for the first half of 2025, including DRD Gold, declined 13% to 9.3 tons of gold. From managed operations, excluding DRD Gold, production was lower by 14% to 7.1 tons.

Neal Froneman: Production for the first half of 2025, including DRDGOLD, declined 13% to 9.3 tons of gold, and from managed operations, excluding DRDGOLD, production was lower by 14% to 7.1 tons. Excluding DRDGOLD, EBITDA increased by 166% to R3 billion. Capital spend was lower by 16% to R1.7 billion, with the Burnstone project on care and maintenance, or reserve development down 3% to R1.4 billion, and sustaining capital higher by 2%. Notably, and historically, these managed assets, unbundled in 2013 as high-cost end-of-life assets with 13.5 million ounces in reserve and an eight-year remainder life of mine, have produced 12.9 million ounces over the past 12 years. As stated, our managed gold assets delivered R3 billion EBITDA in the first six months of this year. Since our R10 billion market capitalization in 2013, they've generated substantial cumulative earnings far exceeding that valuation.

This is the highest since the second half of 2020.

The contribution to group adjusted EBITDA increased to 48%.

Speaker #3: Excluding DRD gold, EBITDA increased by 166% to 3 billion rand. Capital spend was lower by 16% to 1.7 billion rand with a burnstone project on Cairn n maintenance.

From 53% for the first half 2024.

Confirming <unk> importance of the South African gold assets in the diversified portfolio.

Production for the first half of 2025, including Vod Gold declined 13% to nine three times in code and Tom managed operations, excluding Vod gold production was lower by 14% to seven one times.

Excluding the Rd Gulf EBITDA increased by 166% to $3 billion range.

Capital spending was lower by 16% to $1 7 billion Rand with Bernstein project on care and maintenance or is it a development down 3% to $1 4 billion Rand.

Sustaining capital higher by 2%.

Notably and historically these managed assets unbundled in 2013 as high cost end of life as ships with $13 <unk> million ounces in reserves.

Neal Froneman: With another four to ten years ahead, these are functional and viable assets that have delivered outstanding returns. Driefontein operational performance improved during the second quarter of 2025, with gold production 32% higher compared to the first quarter after a January fire and March stoppage by Section 54 order delayed ramp-up at the Kloof Main shaft. Seismicity in high-grade BCR stopes also led to crew reassignments to lower grade areas. At Beatrix, we've built up a stockpile of ore ahead of the metallurgical plant due to ongoing upgrades and infrastructure constraints that have temporarily reduced throughput. This includes approximately 28,000 tons containing around 92 kilograms of gold, which we expect to process fully during the second half of this year.

And in Ikea remainder lots of mine.

Have produced $12 9 million houses of the past 12 years a.

As stated many skilled ashish deliver 3 billion Rand of EBITDA in the first six months of this year.

Since our 10 billion Rand market capitalization in 2013 and generated substantial cumulative earnings far exceeding that evaluation.

With another four to 10 years ahead is a functional and viable assets that have delivered outstanding returns.

From China operational performance improved during the second quarter of 2025 with gold production of 32% higher compared to the first quarter. After a January fire.

In March stock night by section 54 order delayed ramp up at several of the nominee five shaft.

Neal Froneman: Overall, the mine itself is performing very well, and rather, the targeted improvements to the leach and carbon regeneration circuits have necessitated this reduction in processing capacity, leading to the temporary buildup. Turning to Kloof, our operations faced a tough first half of 2025, primarily driven by increased seismicity in high-grade isolated blocks of ground, along with infrastructure limitations in the shaft or passing ventilation systems at Kloof 1 shaft. These issues have resulted in stop-start operations that further impact stability of production, compounding this with two significant incidents: a tragic fatal accident at Tutukaling 1 shaft in January, together with a Section 54 stoppage, resulting in a loss of about 25,000 ounces, and a shaft incident in May at the Manyano 7 shaft, causing a further loss of roughly 2,000 ounces.

Mississippi and high grade detailed steps also need to pre reassignments to better trading areas.

At Beatrix, we built up the stockpiled all ahead of the metallurgical plant due to ongoing upgrades and infrastructure constraints that has temporarily reduced throughput. This includes approximately 28000 tons containing around 92 kilograms of gold, which we expect to process fully during.

The second half of this year.

Overall, the mine itself is performing very well.

Rather the targeted improvements to the leach carbon regeneration circuit instead of Mississippi.

<unk> and processing capacity.

Leading to the temporary buildup.

Turning to cliffs operations face a tough first half of 2025, primarily driven by increased seismicity and high grade oscillated blocks around along with infrastructure limitations and the shaft or Pos and ventilation systems at two declining one shaft is issues that resulted will stop start.

Neal Froneman: Throughout, though, our decisions have been guided by a strong emphasis on safety and, as such, limited operational flexibility. Longer term, Pluath's life of mine is currently under comprehensive review to optimize the plan for long-term sustainability and commercial viability, all the while upholding our unwavering commitment to safe production practices. Gold wage negotiations started in mid-July this year and are progressing constructively to date. Production and all-in sustaining cost guidance for the managed operations for the full year has been revised to between 15 and 16 tons, and between R1.45 million and R1.55 million per kilogram, following the first half performance and constraints at the Pluath operations. Our Burnstone project has been evaluated in the current high gold price environment, together with funding options for value.

Operations at further impacts stability of production.

Content compounding this with two significant incidents.

Tragic fatal accident at <unk>, one shaft in January together with a 664 stoppage, resulting in a loss of about 25000 ounces in the shaft incident in may at the money on our seven shelved, causing a further loss of roughly 2000 doses.

Throughout their decisions had been guided for.

Our strong emphasis on safety and as such limited operational flexibility.

Longer term.

First lots of mine is currently under comprehensive review to optimize with plan for long term sustainability and commercial viability.

While upholding our unwavering commitment to safe production practices.

Gold wage negotiations started in mid July of this year and are progressing constructively to date.

Neal Froneman: Turning to DRDGOLD's stable operating performance, supported by higher gold prices that boosted earnings, production decreased by 8% to 2.27 tons of gold for the first half of 2025. All-in sustaining costs increased 15% to R1.08 million per kilogram, adjusted EBITDA grew 70% year on year to R1.8 billion for the first half of 2025. This strong result enabled a final dividend of R0.47 per share for the year ended 30 June 2025, with about R178 million accruing to Sibanye-Stillwater. We thank DRDGOLD for this dividend and the consistent cash flow the company provides. Our investment in DRDGOLD's circular economy model continues to deliver reliable earnings across market cycles. Looking forward to the second half of the year, we expect improved results from DeFontaine and from Beatrix, with Pluath operations under review.

Production and all in sustaining cost guidance for the managed operations for the full year.

Has been revised to between 15, and 16 tons and between 145, and a 155 million Rand per kilogram. Following the first half performance and constraints at the Cristal operations.

Turning to drd goals, stable operating performance, supported by higher gold, prices that goes to the earnings.

Production decreased by 8% to 2.27 tons of gold for the first half of 2025.

<unk> project is being evaluated in the current high gold price environment together with funding options for value.

All in sustaining costs, increased 15% to 1.08 million rounds per kilogram.

Just an even dog, you see 70% year-on-year to $1.8 billion for the first half of 2025.

Turning to the Rd goes stable operating performance supported by higher gold prices that boosted earnings.

Production decreased by 8% to $2 two seven tons of calls for the first half of 2025.

This strong result in able to final dividend of 40, South African cents per share for the year ended. 30. June 2025 with about 178 million Rand, the crewing to manage storm water.

All in sustaining costs increased 15% to one 8 million Rand per kilogram.

We thank the Rd goal for this dividend and the consistent cash flow. The company provides

Adjusted EBITDA grew 70% year on year to $1 8 billion for the first half of 2025.

Our investment in drd, Gold. Circular economy, model continues to deliver reliable earnings across Market Cycles.

This strong result enabled a final dividend of <unk> 40, South African change the shape for the year ended 30 June 2020, with about 178 million Rand occurring Super storm water.

Neal Froneman: Encouragingly, the third quarter average gold price to date at slightly more than R1.9 million per kilogram, 7% above the first half, if sustained, further profitability gains are anticipated. I'll now hand over to Charles from the U.S. operations.

Looking forward to the second half of the year, we expect improved results from different timeframes and from Beatrix, with clear operations under review.

We think the RB goes to this dividend and the consistent cash flow the company provides.

Our investment in <unk> circular economy model continues to deliver reliable earnings across market cycles looking.

Encouragingly the third quarter average gold price today, that's slightly more than 1.9 million, Rand per kilogram 7% above the first half. If sustained further, profitability, gains are anticipated.

I'll now hand over to Charles from the US operations.

Richard Stewart: Thank you, Richard. In our Montana PGM operations for the half-year 2025, we produced 141,000 ounces at an all-in sustaining cost of $1,207 an ounce. This was in line with our plan, which, as compared to our performance pre-restructuring late last year, saw a 41% decrease in all-in sustaining costs and a 52% reduction in total capital to $45 million. We had several disruptions during Q2, one of which was commissioning of an electric furnace number two in Columbus, which resulted in an inventory lockup of approximately 5,700 ounces. This is cleared post-quarter. As you'll see, adjusted EBITDA for the half-year was $151 million. Richard Cox showed in the industry cost curve in his presentation that the Stillwater assets are currently sitting in the middle of the pack, whereas a year ago, you were the highest cost producer in the industry on the same graph.

Looking forward to the second half of the year, we expect improved results from different time and from Beatrix with Cliff Operation Center with you.

Thank you, Richard.

Encouragingly, the third quarter average gold price state that slightly more than $1 9 million Rand per kilogram, 7% above the first off is sustained further profitability gains are anticipated.

You know, I'm Montana PGM operations for the half year 2025, we produced 141,000 ounces.

At an all-in sustaining cost.

Of 1,270.

I'll now hand over to Charles from the U S operations.

This was in line with our plan which as compared to our performance pre- restructuring late last year.

Thank you Richard.

In our Montana PGM operations for the half year 2025, we produced 141000 ounces.

Saw a 41% decrease in oil sustaining costs and a 52% reduction in total capital to $45 million.

At an all in sustaining cost.

We had several disruptions during Q2.

$1207 an ounce.

This was in line with our plan, which as compared to our performance pre restructuring late last year.

1 of which was commissioning of an electric furnace. Number 2 in Columbus, which resulted in an inventory lock up of approximately 5,700.

Answers.

So a 41% decrease in all in sustaining costs.

Uh, this is cleared post quarter.

And a 52% reduction in.

In total capital to $45 million.

As you'll see adjusted IBA de for the half year was 151 million.

We had several disruptions during Q2.

Richard Cox showed the industry cost curve in his presentation.

One of which was commissioning of an electric furnace number two in Columbus, which resulted in an inventory lockup.

Um, the store order assets are currently sitting in the middle of the pack.

<unk> 5700 <unk>.

Richard Stewart: The team has done significant work to effect the shift, and our intent is to keep moving down the cost curve, but to get to a consistent $1,000 an ounce cost character in these Montana operations from our current run rates of just under $1,400 an ounce before the Section 45X credit is going to take several years and requires a large number of changes from equipment through to de-bottlenecking all aspects of the mining and ore handling process in both Stillwater and East Boulder. That work is underway. It's looking good. We have a lot of heavy lifting to do to hit that aspirational target, but I think we're well on the way, and we'll talk to that as we go in the future on the plan for next year, etc.

So is.

Whereas, a year ago, you were the highest cost producer in the industry on the same graph.

This is kid post quarter.

As you'll see adjusted EBITDA for the half year was $151 million.

The team has done significant work to effect the shift, and our intent is to keep moving down the cost curve.

Richard Cook showed in the industry cost curve in his presentation.

But to get to a consistent thousand dollar enhance cost character in these Montana operations.

That the steward of assets occurred currently sitting in the middle of the pack.

From our current run rates of just under 1400 an ounce. Before the section 45x credit,

Whereas a year ago, you were the highest cost producer in the industry on the same graph.

The team has done significant work to set the shift and our intent is to keep moving down the cost curve.

But to get to a consistent $1000 an ounce cost character and these Montana operations from our current run rates of just under $1400 an ounce before the section 45 ex credit.

Is going to take several years and requires a large number of changes from equipment through to debottlenecking all aspects of the mining and or handling process in both store water and East Boulder. That work is underway. It's looking good. We have a lot of heavy lifting to do this to hit that.

Is going to take several years and required a large number of changes from equipment through the debottlenecking all aspects of the mining and ore handling process and bus Stillwater and east Boulder that work is underway.

Richard Stewart: Section 45X of the Inflation Reduction Act saw a benefit for the mining operations of $159 million credited to costs in the half-year. The impairment of $238 million was not related to operations, but rather was due to a change in accounting treatment from the original evergreen treatment of Section 45X and the original Inflation Reduction Act to it now being phased out from 2031 through to 2034 with a 25% step down each year. Our treatment of Section 45X in our books has followed the letter of the law from the original Inflation Reduction Act now to revisions in the newly promulgated Big Beautiful Act, which revised tax and spending policies in the U.S. We will be making our formal 45X submissions with revised tax filings during the second half of this year.

Aspirational target, but I think we will be on the way, and we'll talk to that as we go in the future on the plan for next year, etc. Section 45X of the Inflation Reduction Act saw a benefit for the mining operations of $159 million.

Looking good we have a lot of heavy lifting to do this to hit that.

Credited to costs in the half year.

Aspirational target, but I think we will on the way.

And we will talk to that as we go in the future.

The impairment of $238 million was not related to operations, but rather was due to a change in accounting treatment from the original Evergreen Treatment of Section 45X.

On the plan for next year et cetera.

645 ex of the inflation reduction X. So a benefit for the mining operations of $159 million.

And the original Inflation Reduction Act will be phased out from 2031 through to 2034, with a 25% step down each year.

<unk> costs in the half year.

The impairment of $238 million was not related to operations, but rather was due to a change in accounting treatment from the original evergreen treatment of section 45 weeks and the original inflation reduction act to it now being phased out from 2031 through 2034.

Our treatment of Section 45X in our books has followed the letter of the law from the original Inflation Reduction Act, now to revisions on the newly promulgated Big Beautiful Act.

Which revised tax and spending policies in the US.

The 25% step down each year.

Richard Stewart: We would expect the cash flow for the 2023 filing and the 2024 filing years to be realized next year in 2026. You will have also seen that together with the United Steel Workers, we recently filed an anti-dumping and countervailing duty petition against unrouted Russian palladium imports into the U.S. The petitions were filed with the U.S. Department of Commerce and the U.S. International Trade Commission. The goal of U.S. anti-dumping and countervailing duty law is to ensure that domestic producers can compete on a level playing field by addressing the market distortions caused by unfair trade practices elsewhere. These investigations by Commerce and the ITC should take approximately 13 months, though preliminary duties and determinations are expected in the next three to five months.

We will be making our formal 45x submissions with revised tax filings during the second half of this year.

Our treatment of section 45 acres.

Books has followed the letter of the law from the original inflation reduction Act now to revisions in the newly promulgated Big Beautiful Act.

Which revised text and spending policies in the U S.

We will be making a formal 45 X submissions with revised tax filings during the second half of this year.

You will have also seen that together with the United Steel Workers, we recently filed an anti-dumping and countervailing duty petition against unroasted Russian palladium imports into the U.S.

We would expect the cash flow for the 2023 filings in the 2020 full funding used to be realized next year in 2026.

the petitions were filed with the US Department of Commerce and the US International Trade Commission,

You will have also seen that together with the United Steelworkers.

The goal of U.S. anti-dumping and countervailing duty law is to ensure that domestic producers can compete on a level playing field.

We recently filed an antidumping and countervailing duty petitions.

By addressing the market distortions caused by unfair Trade Practices. Elsewhere.

Against unload Russian palladium inputs into the U S.

These investigations, by Commerce and the ITC should take approximately 13 months.

The petitions were filed with the U S Department of Commerce in the U S International Trade Commission.

Richard Stewart: The heavily subsidized Russian imports have been sold below market prices since 2022, and at the very time that we reduced annual production at our Montana operations by 200,000 ounces and cut 700 jobs because of low palladium prices, Russian imports stepped up into the U.S. Imports of unrouted palladium from Russia into the U.S. increased by 35% from 2022 to 2024 and increased by another 50% in the first quarter of 2025. It is this unfair trade practice specifically that we are addressing with the trade remedies that we have available to us in the U.S. In handing over to Grant to talk to our recycling business, let me just note that while auto catalyst recycling remains subdued in the U.S. and hence impacts our Columbus recycling business, our move into industrial scrap and e-scrap recycling through Reldan is performing above plan, which is very pleasing to see.

Though preliminary duties and determinations are expected in the next 3 to 5 months.

The goal of U S antidumping and countervailing duty law is to ensure that domestic producers can compete on a level playing field.

The heavily subsidized Russian Imports have been sold below market prices since 2022.

And the market distortions caused by unfair trade practices elsewhere.

And at the very time that we reduced annual production at our Montana operations by 200,000 oz and cut 700 jobs.

These investigations by Commerce, and the ITC should take approximately 13 months.

Preliminary duties and determinations are expected in the next three to five months.

The heavily subsidized Russian imports have been sold below market prices since 2022.

Because of low Palladium, prices Russian Imports stepped up into the US Imports of unreal Palladium from Russia into the US increased by 35%, from 2022 to 2024.

An increased by another 50% in the first quarter of 2025.

And at the very time that we reduced annual production at our Montana operations by 200000 ounces and cut 700 jobs.

Because of low palladium prices Russian input stepped up into the U S.

It is this unfair trade practice specifically that we are addressing with the trade remedies that we have available to us in the US.

Imports of annual Palladium from Russia into the U S increased by 35% from 2022 to 2024.

And increased by another 50% in the first quarter of 2025.

It is this unfair trade practice, specifically that we are addressing with the trade remedies that we have available to us in the U S.

Richard Stewart: We are also excited to add MetalX to this platform in the near future, which will allow us to unlock further synergies as we build out a substantial critical minerals recycling business that is complementary to our U.S. PGM mining business. Thank you.

In handing, over to Grant to talk to our Recycling business. Let me just note that while AutoCAD recycling remains subdued in the US and hence impacts our Columbus recycling business. I move into industrial scrap and East scrap recycling. Through rein is performing above plan which is very pleasing to see

And handing over to grant to talk to our recycling business. Let me just note.

While order cat restructuring remains subdued in the U S and hence impacts our Columbus recycling business.

Grant (Surname not specified): Thanks very much, Charles, and good day, everyone. Our recycling journey in Montana began over two decades ago when spare smelt capacity was first leveraged to process spent autocatalytic converters. What started off as an efficiency initiative has evolved into a strategic platform. Since acquiring Stillwater in 2017, we have deliberately strengthened and expanded this capability, transforming Columbus into the cornerstone of our recycling business and the springboard for broader growth. While the global autocatalytic recycling market remains under pressure, with macroeconomic factors extending a vehicle's life on the road and thereby limiting short-term volume recovery, Columbus continues to perform as a stable cash-generative platform.

We are also excited to add metallics to this platform in the near future which will allow us to unlock further synergies as we build out a substantial critical minerals Recycling business. That is complimentary to our uspg mining business, thank you.

Moving to industrial scrap and E scrap recycling through relevant is performing above plan, which is very pleasing to see.

Thanks very much, Charles, and good day, everyone.

We are also excited to add metallics to this platform in the near future, which will allow us to unlock further synergies as we build out our substantial critical minerals recycling business that is complementary to our U S. PGM mining business. Thank you.

My recycling journey in Montana began over two decades ago when Space Metals' capacity was first leveraged to process spent auto catalytic converters.

What started off. As an efficiency initiative has evolved into a strategic platform since acquiring still water in 2017. We have deliberately strengthened and expanded this capability transforming Columbus into the Cornerstone of our recycling business and the springboard for broader growth.

Thanks, very much chosen good day everyone.

Recently, I think journey in Montana began over two decades ago when space melt capacity was first leverage to prices linked altogether the contributors.

What started off as an efficiency initiative has evolved into a strategic testing since acquiring <unk> in 2017, we have deliberately strengthened and expanded this capability transforming columbus into the cornerstone of our recycling business and a springboard for broader growth.

Grant (Surname not specified): In the first half of 2025, average daily feed was 9.6 short tons per day, slightly below the prior year, due in part to market factors, but also due to the transition to a second furnace, which resulted in a temporary inventory buildup of 147 tons containing an estimated 12,003 PGM ounces. With the electric furnace now operational, inventories are expected to normalize in Q3 2025. Together with the $126 million of Section 45X credits that Charles has just mentioned, Columbus delivered an adjusted EBITDA of $129 million, or R2.4 billion. As part of our growth strategy, we acquired Reldan 15 months ago. Reldan has been a successfully integrated entity into our organization and delivered $20 million in operating cash flows year to date, equating to an adjusted EBITDA of $18 million, or R330 million.

well the global AutoCat recycling Market remains under pressure with macroeconomic factors extending a vehicle's life on the road and thereby limiting short-term volume recovery, Columbus continues to form as a stable Cash Generator platform

While the global auto care recycling market remains under pressure with macroeconomic factors extending of vehicles on the road and thereby limiting short term volume recovery Columbus.

In the first half of 2025 average daily feed was 9.6 tons per day, slightly below the prior year due in part to Market factors, but also due to the transition, to a second furnace, which resulted in a temporary inventory. Buildup of 147. Tons containing an estimated 12,000 003 EPG, enhancers

Columbus continues to perform as a stable cash generative platform.

With the electric furnace, now, operational inventories are expected to normalize in Q3 for 2025.

In the first half of 2025 average daily feed was nine six tons per day slightly below the prior year due impart to market factors, but also due to the transition to a second furnace, which resulted in the temporary inventory buildup of 147 tonnes containing an estimated 12000 PGM ounces.

Together with the 126 million dollars of section 45x credits, that Charles has just mentioned Columbus. Delivered, an adjusted EBA of 129 million or 2.4 billion Rand

With the electric furnace not operational inventories are expected to normalize in Q3 2025.

Together with the $126 million of section 45 credits that Charles has just mentioned Columbus delivered an adjusted EBITDA of $129 million or $2 4 billion Rand.

Grant (Surname not specified): Reldan is structurally well positioned, underpinned by a strong Fortune 500 customer base and a disciplined operating model with a sharp focus on cost management in a suite of industrial and precious metals. Year to date, we have processed 8.6 million pounds of industrial scrap and waste and sold 64,000 ounces of gold, 933 ounces of silver, 20,000 ounces of PGMs, and 1.5 million pounds of copper. Most recently, we announced the acquisition of MetalX. Now, MetalX further strengthens our value proposition by adding scale, advanced processing technologies, and a logistics fleet that extends our sourcing reach across the U.S. Together with Reldan, we will have presence in Mexico, India, the United Kingdom, South Korea, and Taiwan. MetalX brings increased volumes of gold, silver, PGMs, and copper, and like Reldan, is expected to be cash generative from day one.

As part of our growth strategy, we acquired relevant 15 months ago. Ralden has been a successfully integrated, uh, entity into our organization and delivered 20 million dollars in operating cash flows year to date. Equating to an adjusted EBA D, 18 million or 330 million Rand

As part of our growth strategy, we acquired relevant 15 months ago, rather than has been successfully integrated.

Roland is structurally. Well, positioned and a pin by strong Fortune, 500 customer base. A disciplined operating model with a sharp, focus on cost management and a suite of industrial and precious metals.

<unk> organization and delivered $20 million in operating cash rates year to date, equating to an adjusted EBITDA of $18 million or $330 million.

Here. Today, we have processed 8.6 million pounds of industrial scrap and waste and sold 64,000 oz of gold, 933 oz of silver, 20,000 oz of pens, and 1.5 million pounds of copper.

Rather it is structurally well positioned underpinned by strong fortune 500 customer base and disciplined operating model with a sharp focus on cost management and the suite of industrial in precious metals.

Most recently, we announced the acquisition of metallics.

Year to date with price is $8 6 million pounds of industrials.

Now, Metallics further strengthens our value proposition by adding scale, advanced processing technologies, and a logistics fleet that extends our sourcing reach across the U.S.

<unk> and waste and sold 64000 ounces of gold 933 ounces of silver 20000 ounces of PGM, and one 5 million pounds of copper.

Together with Ralden, we will have presence in Mexico, the near United Kingdom, South Korea, and Taiwan.

Grant (Surname not specified): What we have now is a platform with real structural integrity and reach. Our AutoCAD platform is the mature foundation with PGM scale, dependable assay capability, quick turnaround times, and a business with integrity and reputation. Reldan is a diversification engine with a geographic reach and competence in scaling gold and silver, and now MetalX as the accelerator of scale and innovation. It is expected that the transaction will close in September, now that we have all regulatory approvals in hand. In conclusion, this is more than a series of acquisitions. It's a strategic convergence that redefines what's possible in precious metal recycling and positions us uniquely to shape a cleaner, greener future. Thanks, and over to you, Robert.

Metallics brings increased volumes of gold silver PJs, and copper and light rails and is expected to be cash generated from day 1.

Most recently, we announced the acquisition of Metallics.

Now metallics further strengthens our value proposition by adding scale advanced processing technologies, and logistics and logistics keep that extends our sourcing reach across the U S.

Together with relevant we will have a presence in Mexico, India, United Kingdom, South Korea and Taiwan.

Dependable, essay, capability, quick, turnaround times in a business, with integrity and reputation.

<unk> brings increased volumes of gold so the P James and Copa and like World and is expected to be cash generative from day one.

Ralden is a, as a diversification engine with a geographic reach and competence and scaling gold and silver. And now metallics as the accelerator of scale and innovation.

So what we have now is a platform with real structural integrity and reach.

It is expected that the transaction will close in September. Now that we have all regulated naturally approvals in hand,

Okay, that's cool.

The mature foundation with PJM scale dependable assay capability quick turnaround times in our business with integrity and reputation.

Relevant as I put it as a diversification engine with a geographic reach and competence and scanning Goldman So now metallics.

In conclusion, this is more than a series of Acquisitions, it's a strategic convergence that redefines. What? Possible Impressions Metal Recycling and positions us uniquely to shape the cleaner Greener future.

James Welsted: Thank you, Grant, and hello, everybody. I'm pleased to report that Australian operations are at a good start to 2025. They produced 51,000 tons of zinc metal, which is a 22% year-on-year increase. This level of production even exceeded my own expectations, and it was thanks to less rain this year compared to last year and also the successful implementation of remedial measures to address risk of excessive rainfall. As one would expect, with an increase in production, costs come down, and the unit costs this year are 21% lower than for the same period last year. The exponential performance was supported by an 11% increase in the average zinc metal price, an increase from $2,366 per ton in 2024 to $2,626 per ton in 2025. Worthwhile mentioning is the treatment targets, which were less than 50% of what they were last year.

Thanks and over to you, Robert.

Thank you. Alright and

The accelerated build scale and innovation.

Hello everybody.

It is expected that the transaction will close in September and all that they are already in the luxury approvals in hand.

I'm pleased to report that their Australian operations, at a good start to the 2025.

In conclusion. This is more than a series of acquisitions, it's a strategic convergence that redefine what's possible in precious metal recycling and positions us uniquely to shake the cleaner greener future.

They produced 51,000 tons of payables in Metro, um, which is a 22% year-on-year, increase this level of production even exceeded my own expectations. And it was thanks to less rain this year.

Thanks and over to you Robert.

Thank you Roger.

Hello, everybody.

I am pleased to report that.

Finally in operations had a good start to 2025.

Compared to last year, and also the successful implementation of remedial measures to improve risk management and address excess rainfall.

Produced 51000 tons of favorable Zing Mitchell.

As 1 would expect um, with an interesting production costs come down.

Is it 22% year round.

And the unit costs this year are 21% lower than for the same period last year?

Firstly loan production that you can exceed it.

Thanks to this trend this year.

Okay, two last year and also the successful implementation of remedial and vigilance to.

Chip just adjacent risk excessive rainfall.

As one would expect.

The it's been a good performance was supported by an 11% increase in the average, zinc metal price, um, and interest from 200366 a ton in 2024 to 2,626 per ton in 2025,

Interest in production costs come down.

Worthwhile mentioning is.

And the unit costs this year a 21%.

For the same period last year.

James Welsted: This is in part due to the industry benchmark, which was lower, but also the team capitalizing on very lucrative spot sale agreements in the first half of this year. Increased metal production, reduced costs, and higher metal price all contributed to an adjusted EBITDA of $36 million, which was significantly more than the $19 million loss of 2024. Looking at the remaining six months for the year, we've hedged approximately 60% of our zinc, which we can produce, and this at a cap and a floor of between A$4,900 per ton and A$4,100 per ton. This, coupled with additional performance, is going to assist us to contribute very significantly to the organization again. Following up with the development projects, the feasibility study for the Maploud Copper Project in Tasmania is progressing well, and I'm expecting it to be finished before the end of this year.

The H one good performance was supported by an 11% increase in the average mutual cross.

The treatment charges, which were less than 50% of what they were last year, is in part due to...

The industry Benchmark, which was lower.

Increased throughout $2366 a ton truly grateful.

But also the team capitalizing on very lucrative spot sale.

Agreements in the first half of of this year.

<unk> thousand $626 per ton in 2025.

Increased metal production.

Reduced costs.

Worthwhile mentioning is.

The treatment charges, which were less than 50% of what they were last year. This impact Q2.

The industry benchmark.

By a metal price or contributed to an adjusted ibida of 36 million, which was significantly more than the 19 million dollar loss of 20 to 24.

But also the team capitalizing on very lucrative spot sale a.

Looking at the remaining 6 months for the year.

The agreements in the first half of this year.

We've had approximately 60%.

Increased metal production.

Reduced costs.

Metro crossing all contributed to an adjusted EBITDA of $36 million.

Of our a zinc which we can produce and this at the cap and a flow of between 4,900 Australian dollars per ton.

Which was significantly more than the $19 million loss.

Thank you thank you for that.

And 4,100 Australian dollars were done and this coupled with additional performance is going to assist us to contribute very significantly to the organization again.

Looking at the remaining six months for the year.

We've hedged.

60%.

Zinc, which we can produce at the cap.

James Welsted: The phosphate feasibility study, which uses the Century existing infrastructure, is expected to be finished in the first quarter of next year. At this point, I'll hand over to Mika. Thank you very much.

Full of between 4900 Australian dollars per tonne.

And 4100 Australian dollars per tonne and this coupled with additional performance is going to assist us to contribute significantly to the open collaboration again.

Close in after the development project, the feasibility study for the Mao corporate project in Tasmania is progressing. Well, and I'm expecting it to be finished before the end of this year and then the phosphate feasibility study which uses the century.

Existing infrastructure, is expected to be finished in the first quarter of next year.

Closing after the development projects the feasibility study for the <unk> copper project in Tasmania is progressing well and I'm expecting that to be finished before the end of this year and then.

Um, at this point, I'll hand over to Mika. Thank you very much.

Mika (Surname not specified): Thanks, Rob, and hi all. Greetings from Finland. We have two strategic projects in the region Europe, which are classified as strategic by the European Commission, and it's obviously related to the EU Critical Raw Materials Act. We are quite proud of that. Although markets for lithium are currently challenging, we can see that the electric vehicle volumes are growing again in the region Europe. If you look at Q2 sales numbers, it was almost 30% positive year on year. Our long-term view about EVs and lithium has not changed. We see it very positively. What we can say also is that particularly when we are having the pole position to enter the lithium hydroxide market in Europe, we are confident that that will give us longer term a lot of opportunities.

Thanks Rob. And how are you all 3 things from Finland?

We have 2 strategic projects.

In the region in Europe.

Phosphate feasibility study.

Which uses the century.

Which are classified as strategic by the European Commission.

Existing infrastructure is expected to be finished in the first Portugal.

And it's obviously related to critical minerals Act.

We are quite proud of that.

At this point I'll hand over to <unk>. Thank you very much.

Thanks, Rob and Hi, all three things from Finland.

Although markets will lead to is currently challenging.

We have two strategic projects.

We can see that electric vehicle volumes are growing again in the region, Europe.

In the region Europe.

Which are classified as strategic by the European Commission.

If you look at Q2 sales numbers, it was almost

And it's obviously related to critical minerals Act, we are quite proud of that.

30% positive year on year.

Although market totally Doom is currently challenging.

Our long-term view about EVs and lithium has not changed. We see it very positively.

We can see that the NFC Vita volumes are growing again and the reach in Europe.

and,

If you look at Q2 sales numbers it was almost 30% positive year on year.

What we can say or also is that particularly when we are having the poll position to enter the lithium hydroxide Market in Europe?

Our long term view.

Mika (Surname not specified): We are on schedule, and we are also on the CapEx plan, which was revised just some time ago to €783 million. As you can see, €577 million so far has been used, and we haven't changed the guidance for the total year 2025 on this one. It's still €300 million. The permits are in place for us to start, and we did an impairment because of the lithium price outlook being more challenging than what it was before. This impairment is about 35% of the value. Currently, we are working on different options, different financial scenarios, different risk management actions, how to mitigate the risks during the ramp-up, but also looking at what is the most responsible way of ramping up and starting this operation for all the stakeholders. Let's then move to Sandouville, France. Actually, we are working on two streams there.

So, we are confident that that will give us longer term, a lot of opportunities.

<unk> Evs.

We are on schedule.

And lead to them has not changed we see it very positively.

And we are also on the capex plan.

And.

What we can say also.

Also east, particularly when we are having the pole position to enter into lithium hydroxide market in Europe.

Which was revised just some time ago to €7,803 million.

7, so far has been.

So we are confident that that will give us longer term a lot of opportunities.

Used.

We are on schedule.

And we are also on the Capex plan, which was revised just some time ago to 783 million euros.

And we haven't changed the guidance for the total year. 25 on this 1, it's still 300 million euros.

The permits are in place for us to start.

and we did an impairment because of the

As you can see 577, so far has been.

lithium price Outlook being

more.

Used.

And we haven't changed the guidance for the total year 25 on this one it's still 300 million euros.

Challenging than what it was before. This impairment is about 35% of the value.

The permits are in place for us to stop.

Currently we are working on different options, different finances, scenarios.

And we deepen impairment because of the.

Lithium price outlook being.

Different risk management actions. How to mitigate the risks during the ramp up, but also looking

More.

John licensing than what you've lost before they.

This impairment is about 35% of the valley.

What is the most responsible way of ramping up and starting this operation for all the stakeholders?

Yes.

Currently we are working on different options different financial skin oreos.

Let's then move to sanderville France.

Mika (Surname not specified): One is about history, and the other one is about future. We have ramped down the current production during H1, and we are now preparing Q3 for care and maintenance, and we continue that Q4, and at the end of the year, we are going to be in care and maintenance. The future work is obviously about Galicam, and the Galicam project is now going forward in a good way. We believe that we can finalize the pre-feasibility study around the year end. Maybe just a few words about the ramp down of the current production. We have been following the plan, and the plan was to ramp it down at the end of H1, and we are there. We have also agreed already with 72 out of our 200 headcount to leave the company still during this year.

Actually, we are working on two streams there.

Different risk management actions, how to mitigate the risks during the ramp up but also looking what is the most responsible way of ramping up and stocking this operation for all the stakeholders.

1 is about history.

And the other one is about the future.

We have ramped down the current production during H1.

Let's then move to some to build house.

Actually we are working on two streams there.

And we are now preparing you Q3 for cim maintenance and we continue that Q4 and at the end of the year, we are going to be in Kam maintenance.

One is about history.

The future work is obviously about Galican.

And the other one is about future.

And galican project.

Is now.

We have ramped down the current production during H one.

Going forward in a good way.

And we are now preparing U Q3 for cat are maintained.

We believe that we can finalize the previous study around the year end.

And we continue that Q4 and at the end of the year, we are going to be in care and maintenance.

Maybe just few words about the ramp down of the current production.

The future work is obviously about calico.

We have been following the plan.

Gallican project.

And the plan was to ramp it down at the end of H1 and we are there.

He is now going for a walk in a good way.

We believe that we can finalize the pre feasibility study around the year end.

We have also agreed already with 72 out of our 200 headcount.

Mika (Surname not specified): We are negotiating with the unions in good faith to do further reductions in order to reach the care and maintenance position at the end of the year. What does it mean? We are targeting, give and take, to 60 in this headcount reduction, and half of that would be CARA maintenance, and the other half is Galicam project. About Galicam, I said it's advancing well, and we have very good encouraging results from the lab tests. The PCAM product is not yet ready. We are still working with the density of the product. We are going to do tests in the cells and so on. The research and development work, together with the engineering work, is progressing well.

Uh, to leave the company still during this year.

Maybe just a few words about to ramp down after current production.

We have been following the plan.

And the plan was to ramp it down at the end of each one and we are there.

We are negotiating with the unions in, good faith to do further reductions in order to reach the care and maintenance position at the end of the year.

We have also agreed already with 72 out of our 200 head count.

We are targeting, give and take.

To.

60.

In this head count reduction.

To leave the company still during this year.

And half of that would be.

We are negotiating with the unions in good faith to do further reductions in order to reach the care and maintenance position at the end of the year.

Commas and the other half is Galica Project.

About Galaxy.

I said, it's

What does it mean, we are pocketing gave on tank.

Under and we have very good encouraging results from the lab tests.

260.

The peak and product is not yet ready.

In this head count reduction.

And half of that would be.

Kevin maintenance and the other half is gallium approach.

We are still working with the density of the product, we are going to do tests in the cells and so on.

About <unk> com.

But the research and development work together with the engineering work is progressing. Well,

Mika (Surname not specified): We are also looking for possible partners to mitigate the risks further and to make sure that we are part of the right ecosystems if we make the decision after the feasibility study to continue. Thank you very much all, and over to you, Charles.

I said, it's advancing well.

We are also.

And we have very good encouraging results from the lab tests.

The peak in product is not yet ready.

We are still working with the density of the product.

We're going to do tests in the sales and so long.

Looking for possible Partners to mitigate the risks further and to make sure that we are part of the right ecosystems. If we make the decision, after the feasibility study to continue

Research and development book together with the engineering work is progressing well.

So, thank you very much. Over to you, Sharp.

Shaul (Sha) (Surname not specified): Thank you, Mika, and good afternoon to all participants on the call. It is my pleasure to take you through the financial results for the six months ended 30 June 2025. Group revenue decreased by 1% to R54.8 billion, with increased commodity prices offset by lower volumes. Cost of sales decreased by 20%. However, if we normalize for the impact of Section 45X for 2023 and 2024, it reduced by 11% or R5.4 billion. EBITDA increased from R6.6 billion to R15.1 billion, and if we normalize for the Section 45 impact of 2023 and 2024, it increased by 60% to R10.7 billion. Moving on to impairments, the U.S. operations realized an impairment of R4.2 billion, and this was due to the Section 45X credits phased out in 2034, which was clarified in the One Big Beautiful Bill Act recently enacted in the United States.

Yes.

We are also.

Looking for possible partners to mitigate the risks further and to make sure that we are part of derived ecosystems.

Thank you, Ma and good afternoon to all participants on the call. It is my pleasure to take you through the financial results for the 6 months in the 32 June 2025

We made the decision after the feasibility study to continue.

So thank you very much all and.

Group Revenue decreased by 1% to 54.8 billion Rand with increased commodity prices offset by lower volumes cost of sales, decreased by 20%.

Oh, where do you shop.

Thank you <unk> and good afternoon to all participants on the call. It is my pleasure to take you through the financial results for the six months ended 30 June 2025.

However, if we normalize for the impact of section 45x for 2023 and 2024 it reduced by 11% or 5.4 billion Rand,

Group revenue decreased by 1% to $54 8 billion Rand with increased commodity prices.

Take by lower volumes.

Cost of sales decreased by 20%.

Ibadur increased from R6.6 billion to R15.1 billion, and if we normalize for the Section 45 impact of 2023 and 2024, it increased by 60% to R10.7 billion.

If we normalize for the impact of 645 ex for 2023, and 2020 full it reduced by 11% or $5 4 billion Rand.

moving on to impairments.

EBITDA increased from $6 6 billion Rand to $15 1 billion Rand and if we normalize for the section 45 impact of 2023 and 2024, it increased by 60% to $10 7 billion Rand.

1954.

Which was clarified in the 1, big beautiful bull Act.

Shaul (Sha) (Surname not specified): Previously, this legislation had an evergreen timeframe for Section 45X. The impairment at Calibre of R5.3 billion was predominantly due to changes in economic factors, most notably the lithium price assumptions. At Mimosa, we also booked a R461 million impairment due to the increased operating cost and capital and the introduction of the Zimbabwean beneficiation tax on platinum. The net impact of all of this was a loss for the period of R3.9 billion, but it turns into a profit of R1.9 billion if we exclude the non-cash impairments and the historical Section 45X credits. Headline earnings per share increased from R0.10 per share to R1.19 per share, or a 19 times increase. On the dividends, as mentioned by Richard, due to the current volatile global economic and geopolitical environment, we felt it prudent not to pay an interim dividend.

Uh, recently enacted in the United States.

Previously, this legislation had an evergreen time frame, for section 45x.

Moving on to impairments.

The U S operations realized and in payment of $4 2 billion Rand and this was due to the 645 ex credit phase out in 2054, which was clarified in the one big Beautiful Bolt Act.

The impairment at caliber of 5.3 billion. Rand was predominantly due to changes in economic factors. Most notably the lithium price assumptions

Recently enacted in the United States.

Previously this legislation had an evergreen timeframe for 645 eggs.

The payment that caliber of $5 3 billion Rand was predominantly due to changes in economic factors, most notably the lithium price assumptions.

At the Mauser, we also booked a $461 million Randy payment due to the increased operating cost to capital and the introduction of the Zimbabwean beneficiaries with tax on platinum.

At Mimosa, we also booked a R461 million impairment due to increased operating costs and capital, as well as the introduction of the Zimbabwean beneficiation tax on platinum. The net impact of all of this was a loss for the period of R3.9 billion, but it turns into a profit of R1.9 billion if we exclude the non-cash impairments and the historical Section 45X credits.

The net impact of all of this was the loss for the period of $3 9 billion Rand, but it turns into a profit of $1 9 billion Rand, if we exclude the noncash impairments and the historical section 45 credits.

Headline. Earnings per share increased from 10 South African cents per share to 119 South African cents per share or a 19 times increase.

Shaul (Sha) (Surname not specified): A decision will be taken at the end of the year once we've had some time to see if the commodity price performance is sustainable. Turning to our debt position, gross debt increased to R40.2 billion from the December 2024 reported number of R59.4 billion. Net debt stands at R19.2 billion, and available cash was R21 billion, and available liquidity, which includes our undrawn facilities, is just under R47 billion. On the bonds, we remain on track to refinance the 2026 $675 million notes in H1 2026. At this stage, we are targeting downsizing the notes to $500 million. Also, pleasingly, the 2028 $500 million convertible bond is now in the money as the share price has been trading well above the conversion price of approximately R24 a share. Just to note that this convertible bond is callable in November 2026.

On the dividends as mentioned by Richard due to the current volatile global economic and geopolitical environment. We felt The Prudent not to pay an interim dividend.

Headline earnings per share increased from two south African cents per share.

A decision will be taken at the end of the year, once we've had some time to see if the commodity price performance is sustainable.

119, South African cents per share or 19 times increase.

On the dividends as mentioned by Richard.

Due to the current volatile global economic and geopolitical environment, we felt it prudent not to pay an interim dividend.

Turning to our debt position. Gross debt increased to 40.2 billion. Rand from the December 2024, reported number of 59.4 billion Rand

A decision will be taken at the end of the year. Once we have had some time to see if the commodity price performance is sustainable.

Net debt stands at 19.2 billion Rand and available cash was 21 billion. Rand and available liquidity which includes our undrawn facilities is just under 47 billion. Rand

Turning to our debt position gross debt increased to $40 2 billion Rand from the December 'twenty 'twenty four reported number of $59 4 billion Rand.

On the bonds, we remain on track to refinance the 2026 $675 million notes in the first half of 2026.

Net debt stands at $19 2 billion Rand and available cash was 21 billion Rand and available liquidity, which includes our undrawn facilities.

At this stage we are targeting downsizing. The notes to 500 million.

Just under 47 billion Rand.

On the bonds, we remain on track to refinance the 20 to 26 675 million nodes in half one 'twenty 'twenty six.

Also, please inly. The 2028 500 million convertible bond is now in the money as the share price have been trading. Well, above the conversion price of approximately 24 and a share.

Shaul (Sha) (Surname not specified): I will now hand over to Melanie Naidoo from MAARC to provide an update on our renewable energy portfolio. Thank you, Melanie.

Just to note that, this convertible bond is callable in November 2026.

At this stage, we are targeting downsizing the nodes to $500 million.

Also pleasingly, the 2000 $28 million to $500 million convertible bond is now in the money as the share price has been trading well above the conversion price of approximately 24 into shape.

I will now hand over to Melanie Naidu for Mark to provide an update on our renewable energy portfolio. Thank you Melanie.

Melanie Naidoo: Thank you very much, Charles. Good morning, good afternoon, and good evening to all our attendees. As Neal and Richard have often emphasized, sustainability is a principle and one that's deeply embedded in the group's strategy, its operations, and values. Our sustainability framework comprises several key pillars, with our commitment to decarbonization being one of the most critical. The group's renewable energy program is our most powerful lever for decarbonization, given that 92% of our group emissions originate from Eskom. Through the development of our large-scale solar and wind projects, alongside innovative energy solutions, we're actively reducing our emissions, lowering our operational costs, and strengthening energy security. The milestones achieved this year demonstrate that we are firmly on track to meet our 600 megawatt renewable energy target by 2027.

Thank you very much. Sure, good morning, good afternoon, and good evening to all our attendees.

Just to note that this convertible bond is callable in November between between two six.

As Neil and Richard have often emphasized sustainability, is a principle and 1. That's deep deeply embedded in the group strategy, its operations and values.

I will now hand over to millennium, neither for Mark to provide an update on our renewable energy portfolio. Thank you Melanie.

Our sustainability framework comprises several key pillars with our commitment to decarbonization being 1 of the most critical.

Thank you very much sure. Good morning, good afternoon, and good evening to all our T&D.

Neely and Richard have often emphasized sustainability is a principle.

The group's renewable energy programs are our most powerful lever for decarbonization, given that 92% of our group emissions originate from Eskom.

When this deeply deeply embedded in the group's strategy its operations and values.

Our sustainability framework comprised of several key partners.

With our commitment to decarbonization being one of the most critical.

And through the development of our large-scale solar and wind projects alongside Innovative Energy Solutions, we're actively reducing our emissions. We're lowering our operational costs and strengthening energy security.

They create Sydney Liberal energy program is almost powerful lever for decarbonization, given that 92% of our group emissions and we can make from Eskom.

Melanie Naidoo: At the end of March this year, Castle Wind Farm entered commercial operations, already giving us 56 gigawatt hours of clean energy, with a R21.6 million cost saving for the South African region. Our Springbok Solar facility is undergoing BESS compliance certification as we speak, and we expect our first energy from that project in the next few days. The graphs on this slide show our growing portfolio of privately developed renewable projects, which, when fully operational, will get us to the 30% substitution of our utility energy supply by mid-2027, and that will reduce our annual emissions by 1.5 million tons of CO2 equivalent. These projects, coupled to our pipeline in development, get us to that 600 megawatt target by 2027, driving tangible progress toward a more sustainable and resilient energy future. Thank you. Richard, handing back to you to conclude.

And the milestones achieved this year demonstrate that we are firmly on track to meet our 600 megawatt renewable energy target by 2027.

And see the development on large scale solar and wind projects alongside innovative energy solutions to.

To be reducing our emissions.

Now moving to operational costs.

Strengthening energy security.

Milestones achieved this year.

Demonstrates that we have from the Uncheck sneak ethics hunted maker with renewable energy target.

<unk> 27.

At the end of March this year, Castle Wind Farm entered commercial operation, already generating 56 gigawatts of clean energy, with 21.27% expected in the next few days.

At the end of March this tee up constantly windfarm, indeed, commercial operation and really giving us 56 gigawatts.

In Q1.

With a $21 6 million net cost savings for the South African region.

And as Springbok solar facility is going create compliance certification as we speak.

And we expect our first LNG from that project in the next few days.

The graph on this slide show our growing portfolio of privately developed renewable projects which went fully. Operational will get us to the 30% substitution of our utility energy Supply by mid 2027, and that will reduce our annual emissions by 1.5 million tons of CO2. Equivalent

The graphs on this slide show I was gonna inputs.

Privately develops renewable projects, which when fully operational we will.

Get us to the 30% substitution of high utility energy supply by mid 2027, and that we could use that annual emissions are one 5 million tons of CMT equivalent.

Richard Stewart: Thank you very much, Melanie. I think just to move us into a final conclusion for today's presentation, as mentioned earlier, most of our operations are still well within guidance, and we look forward to a very constructive second half of 2025. The only guidance that we are revising in line with, as I discussed, the review of the current TUF operations, is our South African gold guidance, which has been revised down from 16 to 17 tons of gold to 15 to 16 tons of gold at all-in sustaining costs of between R1.45 million and R1.55 million per kilogram. The balance of guidance, as I say, remains unchanged from what we put out earlier this year. Thank you very much to all of my colleagues for the detailed presentations given.

Intangible progress toward a more sustainable and resilient energy future. Thank you. Richard, handing back to you to conclude.

Thank you very much Melanie. Um, so I think just to move us into a final conclusion for today's presentation.

These projects coupled to our pipeline into development gets us to that 600 megabyte topic.

I think, as mentioned earlier,

<unk> 27, driving tangible progress toward a more sustainable.

Most of our operations are still well within guidance. And we look forward to a a very constructive second half of 2025.

<unk> energy future.

Thank you Richard hanging back to you to conclude.

Thank you very much Melanie.

So I think just to move us into a final conclusion for today's presentation.

I think as mentioned earlier.

Most of our operations are still well within guidance and we look forward to a very constructive second half of 2025.

The only guidance that we are revising in line with as I discussed the review of the current Turf operations is our South African gold guidance, which has been revised down from 16 to 17 tons of gold to 15 to 16 tons of gold at all. In sustaining costs of the between 1.45 and 1.55 million Rand per kilogram.

And the guidance that we are revising in line with as I discussed the review of the current tariff operations is our South African gold guidance, which has been revised down from 16 to 17 tons of gold to 15 to 16 tons of gold at all in sustaining costs of between $1 45, and one five.

The balance of guidance as I say, remains unchanged from what we put out earlier this year.

Richard Stewart: In conclusion, as you can see from both the heading as well as the strap line on the slide, our immediate focus is very much on prioritizing safe production, optimizing our margins, and ultimately continuing to strengthen our balance sheet. As described earlier, we have a unique asset portfolio and are very well strategically positioned to not only survive but thrive in the very turbulent market conditions we currently find ourselves in. Our production turnaround has been pleasing post the repositioning and restructuring, and good progress made on eliminating fatalities, albeit that still remains our number one focus. Our improved operational performance has underpinned the financial turnaround that we have seen over the last six months, and today, most of our operations are either generating positive cash flow or very close to it, and we expect to see that turning during 2026.

Thank you very much, to, to all of my colleagues for, for the detailed presentations given. So, I think in, in conclusion, as you can see, from both the heading, as well as the strap line on the slide,

5 million Rand per kilogram the <unk>.

Our immediate focus is very much on prioritizing. Safe production optimizing our margins and ultimately continuing to strengthen our balance sheet.

Balance of guidance as I say remains unchanged from what we put out earlier this year.

Thank you very much to all of my colleagues for for the detailed presentations given so I think in conclusion as you can see from both the hitting as well as the strike line on the slide.

As described earlier, I think we have a unique asset portfolio and are very well strategic positioned to not only survive. But thrive in the very turbulent market conditions, we currently find ourselves in

Our immediate focus is very much on prioritizing safe production optimizing our margins and ultimately continuing to strengthen our balance sheet.

Our production turnaround has been pleasing post the repositioning and restructuring, and we have made good progress. My focus is on eliminating fatalities; that still remains our number one focus.

As described earlier I think we have a unique asset portfolio and a very well strategic positioned to not only survive, but thrive in a very turbulent market conditions. We currently find ourselves in.

Our production turnaround has been pleasing post the repositioning and restructuring.

Our improved operational, performance has underpinned. The financial turnaround that we have seen over the last 6 months, and today, most of our operations are either generating, positive CLA cash flow or very close to it. And we expect to see that turning during 2026.

Richard Stewart: The closure of Sandoval later this year will continue to reduce losses further from that operation, and as we move through the peak funding of both Calibre and K4, we look to a higher cash flow conversion, and that benefiting our overall gross debt position. The significant Section 45X payments, we look to that cash coming through in 2026, again benefiting the balance sheet, and today we remain very bullish on gold given the current market dynamics, and are cautiously optimistic about the outlook for PGM markets, fundamentally remaining very bullish in the medium term, but in the short term, remain focused on the fundamentals coming through. I think our balance sheet is healthy. We have a low leverage, we have ample liquidity, and sufficient debt headroom, with a derisked debt maturity ladder ahead of us.

Good progress on eliminating fatalities, albeit that still remains our number one focus.

The closure of sanderville later this year will continue to reduce losses further from that operation.

Our improved operational performance has underpinned the financial turnaround, but we have seen over the last six months and today most of our operations all other generating positive cash flow or very close to it and we expect to see that turning during 2026.

And as we move through the peak funding of both Caliber and K4, we look to a higher cash flow conversion, and that benefiting our overall growth deck position.

The closure of Sandoval later this year, we'll continue to reduce losses further from that operation.

And as we move through the peak funding are both caliber MK four we love to have higher cash flow conversion.

The significant section: 45 payments. We look to that cash coming through in 2026, again benefiting the balance sheet. Today, we remain very bullish on gold, given the current market dynamics, and we are cautiously optimistic about the outlook for PGM markets. Fundamentally, we remain very bullish in the medium term.

And that's benefiting our overall gross debt position.

but in the short term remain focused on the fundamentals, coming through,

The significant section 45 payments, we look to that cash coming through in 2026 again benefiting the balance sheet and today, we remain very bullish on gold given the current market dynamics and are cautiously optimistic about the outlook for PGM markets fundamentally remaining very bullish in the medium.

I think our balance sheet is healthy. We have low leverage, ample liquidity, and sufficient debt headroom.

Richard Stewart: We have been responsible with our capital allocation during a very difficult cycle, both managing to preserve the balance sheet, but at the same time, investing to ensure the longevity of our business. Overall, the outlook for the second half, particularly if commodity prices remain where they are, is extremely positive, both on an operational and from a financial perspective. We recognize that our absolute focus needs to be on what is within our control, which means a sustained safety improvement combined with operational and cost discipline, which will remain our absolute core focus. Thank you once again for joining us today, and I'll now hand over to James to manage any questions you may have. Thank you.

With a d risk, uh, debt maturity ladder ahead of us.

<unk> term.

But in the short term remain focused on the fundamentals coming through.

We have been responsible with our Capital allocation during a very difficult cycle, both managing to preserve the balance sheet, but at the same time investing to ensure the longevity of our business.

I think our balance sheet is healthy we have a low leverage we have ample liquidity and sufficient debt headroom.

Overall, the outlook for the second half, particularly if commodity prices remain where they are, is extremely positive.

With a derisked.

both on an operational and from a financial perspective.

At maturity that are ahead of us.

Haven't been responsible with our capital allocation during a very difficult cycle.

Both managing to preserve the balance sheet, but at the same time investing to ensure the longevity of our business.

But we recognize that our absolute focus needs to be on what is within our control, which means sustained safety improvement combined with operational and cost discipline. This will remain our absolute core focus.

Overall, the outlook for the second half, particularly if commodity prices remain where they are is extremely positive both on an operational and from a financial perspective.

Thank you, once again for joining us today and I'll now hand over to James to manage any questions. You may have thank you.

James Welsted: Thanks, everyone, and well done, James, for the presentation. Starting with a question from Arnold Van Kroon from Nedbank. Richard, you had some challenges at the SA Gold Ops. Have we seen the brunt of the impacts of these challenges? I see meaning end. When do you expect the operational performance to stabilize? How should we think about the SA Gold production and CapEx profile over the next two to three years?

But we recognize that our absolute focus needs to be on what is within our control.

Thanks everyone. And Well, Done. James for the presentation. Um, starting with, uh, question from Arnold Fran from nedbank.

The sustained safety improvement combined with operational and cost discipline, which will remain our absolute core focus.

Thank you once again for joining us today and I'll now hand over to James to manage any questions you might have thank you.

Richard, you had some challenges at the Essay Gold operations. Have we seen the brunt of the impact of these challenges? Um, I assume we mean 'end.' When do you expect the operational performance to stabilize?

Thanks, Hey, Brendan Weldon James for the presentation.

How should we think about the essay on gold production and capex profile over the next 2 to 3 years?

Richard Stewart: Arnold, good afternoon. Thanks very much for that question. I think, as we mentioned, I do think that both Beatrix and DeFontaine have stabilized. It's always important to remember, and that's the point we were trying to highlight. Assets of this size, when they get to this point in their lives, are very operationally geared. Of course, they don't have the levels of flexibility that they had five or ten years ago. Certainly, those two operations seem to have stabilized well. I think our major challenge has, of course, been the Cliff operations, and on the back of the seismicity and some of the decisions we've made around what we will not consider mining, predominantly from a safety perspective, and the infrastructure that we've got there, we are undertaking that review to understand what Cliff's outlook looks like.

Starting with a question from one of our Crown from mid Bank.

Arnold good afternoon. Uh, thanks very much for that question.

Richard you had some challenges that the SA gold ups have we seen the brunt of the impact of these challenges.

Meaning in and when do you expect operational performance to stabilize.

So I think as we as we mentioned, I do think that uh you know, both Beatrix and brief Fantine have stabilized. Um, you know I think always important to remember and and that's the point we were trying to highlight

How should we think about the SA gold production and Capex profile over the next two to three years.

Uh, assets of this size, when they get to this point in their lives, are very operationally good.

Good afternoon, thanks, very much for that question.

So I think as we.

Um, and of course, they don't have the levels of flexibility that they had 5 or 10 years ago. Um, but certainly, those two operations seem to have stabilized. Well,

As we mentioned I do think that to be a tricks and grief one time have stabilized.

You know I think always important to remember them and that's the point we were trying to highlight.

So the size when I get to those points in their lives all very operationally geared.

And of course that doesn't have the levels of flexibility that they had five or 10 years ago.

Richard Stewart: To try and give you some sort of high-level numbers, I think what we can expect over the next couple of years, DeFontaine is probably going to be producing in the region of eight to eight and a half tons of gold, or let's call it a quarter of a million ounces odd. I think Beatrix is probably around half of that, so about four tons of gold, 125,000 ounces. Cliff has historically been doing and expected to do in the region of about five to six tons. I think we can expect to see that probably halving based on what we have seen, but that is the work that we are finalizing and will come to the market with in the near future. I'd be saying from our underground operations going forward, probably in the region of about 475,000 to 480,000 ounces per annum.

Operations and, on the back of the seismicity and some of the decisions we've made around what we will not consider mining predominantly from a safety perspective, um, and the infrastructure that we've got there, we are undertaking that review to understand what Cliffs' outlook looks like.

But certainly those two operations seem to have stabilized well.

I think a major challenge has of course been been a proof operations and on the back of the seismicity and some of the decisions. We've made around what we will not consider mining predominantly from a safety perspective.

So, I think to try and give you some sort of high level numbers. I think what we can expect over the next couple of years. Uh, Dr. Fontaine is probably going to be producing in the region of 8 to 8 and a half tons of gold or that's called of quarter of a million ounces. Odd.

And the infrastructure that we've got there we are undertaking that review.

Uh, I think Bittrex is probably around half of that, so about 4 tons of gold, 125,000 oz.

I understand what what drove softer look looks like so.

So I think to try and give you some sort of high level numbers you know I think what we can expect over the next couple of years are.

<unk> is probably going to be producing in the region of 828, and a half tons of gold or let's call. It a quarter of a million ounces.

I think <unk> is probably around half of that so about four tons of gold of 125000 ounces.

Richard Stewart: Of course, we've obviously got our surface operations and DRDGOLD on top of that. I think the CapEx question is a good one. If you go back and look at our capital profile over the years, it's been pretty consistent at about R3.5 billion per annum over the last few years, excluding project CapEx. As I say, these are large operations with a lot of fixed infrastructure. Most of that goes into sustaining that fixed infrastructure, so we've sustained that throughout, and that won't change. I think sustaining capital in terms of that infrastructure is almost irrelevant in terms of the total volume you're outputting. I would say you can expect the capital to remain roughly the same at about R3.5 billion per annum.

Qoph has historically been doing unexpected today or in the region of about 5% to six tons. You know I think we can expect to see that probably harbin.

Um clear for the historically been doing an expected to do in the region of about 5 to 6 tons. Now I think we can expect to see that probably having um based on what we have seen. Um, but that is the work that we are finalizing and we'll, we'll come to the market with them in the near future. So so I'd be saying from our underground operations going forward, probably in the region of about 475, 480,000 Oz per pound. Of course, we've obviously got our surface operations and drd on top of that.

Just on what we have seen but that is the work that we are finalizing and we'll we'll come to the market with them in the near future. So so I'd be saying from our underground operations going forward probably in the region of about 475 480000 ounces per annum of course, we've obviously got our surface operations in Vod on top of that.

I think the CapEx question is a good one. You know, if you go back and look at our capital profile over the years, it's been pretty consistent at about R3.5 billion per annum.

I think the Capex question is a good one and if you go back and look at our capital profile over the years, it's been pretty consistent at about three and a half billion Rand per annum.

Over the last few years, excluding project Capex.

Um, over the last few years, excluding project capex. And again, as I say these are, these are large operations with a lot of fixed infrastructure. Uh, most of that goes into sustaining that fixed infrastructure. So we've sustained that throughout, you know, and that that won't change. I think sustaining capital in terms of that, that infrastructure is almost Irrelevant in terms of the, the total volume you're outputting. Um, so I would say you can expect the capital to remain roughly the same at about 3 and a half billion pound.

James Welsted: Thanks, Rich. I must say it does look like some of these analysts and investors are a bit quick off the trigger because they're asking questions that were covered in the presentation, but all my hard work done for nothing. Just a first one from Rene Hochreiter on congrats, and I'm not directing that at Rene, by the way. Congrats on the Section 45X benefits. Can you expand on how you can get costs down below $1,000 per ounce at Stillwater? Rich, do you want to take it or hand it to Charles?

And the Guy and as I say. These are these are large operations a lot of fixed infrastructure most of that goes into sustaining that fixed infrastructure. So we've sustained that threw off.

That won't change I think sustaining capital in terms of that infrastructure is almost irrelevant in terms of the total volume you off putting.

Thanks Rich. Um, I must say it does look like uh, some of these endless and investors are a bit quick off the trigger because uh they're asking questions that were covered in the presentation. But uh all my hard work done for nothing.

So I would say you can expect the capital to remain roughly the same at about three and a half billion Panama.

Thanks Rich.

I must say it does look like some of these analysts and investors, but quick off the trigger because they're asking questions like we're covered in the presentation, but oh my hardware done for nothing.

Um, just uh first 1 from Reno Hawk writer on congrats. And these I'm not directing that Adrina, by the way, congrats on the section, 45 benefits, uh, 45x benefits. Can you expand on how you can get costs down below 1,000 Parts? It's still water.

Richard Stewart: Charles, would you like to comment on that one? Yeah.

Rich, do you want to take that or hand it to Charles? Charles, would you like to comment on that?

Charles (Surname not specified): Sure. Thanks, James and Rich, and thanks, Rene, for the question. I think, you know, the short answer is there are no immediate silver bullets. This is a shift over time. It's one that we've done a lot of work on and continue to work on. I think when you look at both Stillwater East and you look at East Boulder, there are two big shifts over time that you need to affect. The one is to fully mechanize cut and fill, and the second is to increase sub-level extraction. We've done recently some really good internal work on mining cycles, and what that shows you is that time spent at the face is largely related to bolting, 36% on average, and secondly, mucking, 21% on average. If you look to address that, we've done a number of things. One is we trial in a fully mechanized bolter.

Just first one from me now right.

Congrats on these.

Yeah, sure. Thanks. James and Rich. Um,

I'm not.

Director level, driven by the way congrats on the section 45 benefits 45 X benefits can you expand on how you can get cost down below a 1000 dollar parts of slaughter.

Rich do you want to take up the all hands to Charles Charles Charles would you like to comment on that one.

Sure, Thanks, James and rich.

And thanks <unk> for the Christian So I think.

The short answer is there's no immediate silver bullets.

And thanks Renee for the question. So I think you know the the short answer is there, there no immediate silver bullets. That this is a a shift over time. It's it's 1 that we've done a lot of work on and continue to work on I think I think when you look at both Stillwater East and you look at East Boulder, they're 2. Big shifts over time that you need to affect the 1 is um to fully mechanized mechanized. Cut and full and the second is to increase sub-level extraction.

This is a shift over time.

It's one that we've done a lot of work and continue to work on I think I think when you look at both store to East and you look at East Boulder.

The two big shifts over time that you need to stick to one is to fully mechanized mechanized cut and fill and the second is to increase sub literally extraction.

Um now we've done recently, some really good internal work on on mining cycles. And and what that shows you is is that time spent at the face is is largely related to bolting 36% on average and secondly mucking 21% on average and if you if you look into address that um

Charles (Surname not specified): What this does is it increases your height and length of each round, so you get some dilution with that, but you potentially get a lot more ounces per blast cycle. If we can get that right and the early trials on a Komatsu mechanized bolter at Stillwater East are good, then there's a knock-on effect you have to address because you now have higher tonnage and volumes. You've got to look very carefully at your ore handling. We've got some debottlenecking to do there, certainly at Stillwater. At East Boulder, you've got a different dip angle on the ore body, so you've got to go with a smaller bolter. All of this work is daylighting the fact that there is a real opportunity set here to realize lower cost, improved productivity, enhanced mining cycles.

Now we've done recently, some really good internal work on mining cycles and what that shows you is is that time spent at the face is largely related to Bolton, 36% on average and secondly, making 21% on average and if you if you're looking to.

We, we, we've done a number of things. One is we trialed a fully mechanized bolter.

The address that.

We've done a number of things one is we've tried in a fully mechanized bolter.

What this does is it increases your heart and length of each round.

What this does is, it increases your height and length of each round. Um, so you get some dilution with that, but, but you potentially get a lot more answers per blast cycle. Um, now now if we get that right, and and and the early trials on a Komatsu mechanized bolt, it it still would Easter good. Um, then then there's a knock on effect, you have to address because, you know, have high tension volumes,

So you get some dilution with that but you potentially get a lot more ounces per blast cycle.

Now if we get that right and the early trials on a commodity mechanize bolter at store to east are good.

Then then there is a knock on effect you have to address because you now have.

You've got to look very carefully at your or or handling. So we got some deep bottle and necking to do there. Um, certainly at Still Water. Um, at at East Boulder, you've got a different dip angle on the whole body so you've got to go with a smaller Bolter. Um, so all of this work is is daylight in the fact that there is a real opportunity set here to realize lower

Our tonnage and volumes you've got to look very carefully at your ore handling. So we got some debottlenecking to do there.

Charles (Surname not specified): As you increase ounces, you've now got to look very carefully at your tailings capacities and your rock dump capacities. What we've done at East Boulder through this year is we've deferred some capital spend on those expansions. There's a kind of, you know, there's a confluence of factors that have to be worked quite carefully. We absolutely know we can get towards $1,000 an ounce over a couple of years if you work all of these different components and you start to spend back the capital to enhance the tailings capacity, particularly at East Boulder. That trade-off work is underway. I think by year-end, we'll have that well in hand. We will be guiding the market early next year on what that looks like near term. I hope, Rene, that addresses the key aspects of your question.

Sydney at Stillwater.

At East Boulder, you've got a different angle on the ore body. So you've got to go with a smaller bolter.

So all of this work is daylight in the fact that there is a real opportunity set here to realize lower.

Cost improved productivity enhanced mining cycles, but as you increase ounces.

You've now got a look very carefully at your tailings capacities and so in Europe down capacity. So what we've done at east Boulder through this year as we've deferred some capital spend on those expansions.

So there's a kind of.

There's a there's a.

Confluence of factors that have to be worked quite carefully.

Effect. Is that have to be worked quite carefully. Now, we absolutely know we can get towards 000 an ounce over over a couple of years. If you work all of these different components um and and you start to spend back the capital to, to enhance the the tailings capacity, particularly at East Boulder. So, that trade-off work is underway. I think, I think by year end, we'll have that. Well, in hand, we will be guiding the market early next year on. What? What that looks like near term.

We absolutely know we can get towards $1000 an ounce over a couple of years. If you work all of these different components.

Charles (Surname not specified): If you're moving towards sub-level extraction on greater opportunity sets, there's a lot of geotech work we're busy doing to understand how that can work most effectively. It's work in hand. We've also done really good work at the back end on the mine planning, introducing a digital twin capability. I think our sort of trade-off optimization work is a step change from where it was a year or two ago. When you put this all together, I'm quite comfortable when we start talking to this early next year, we'll have a good roadway. It's not a one-quarter wonder. This is going to take two to three years to really get that right. Thanks.

Um, I hope, Renee, that um addresses the key aspects of your question. And then, if you know, move in towards sub-sub-level extraction.

And you start to spend back to capital to enhance the tailings capacity, particularly at east Boulder. So that tradeoff work is underway I think I think by year end, we will have that well in hand, we will be guiding the market early next year on what that looks like near term.

Hope you know that.

Congestion key aspect to your question then if you you know moving towards sub sub level extraction.

On greater opportunity sits then theres lot of Geo Tech work, we believe doing two to understand how that can work most effectively so its work in hand.

And then we've also done really good work at the back end on the mine planning.

Introducing a digital capability.

Um on greater opportunity sets. Then there's a lot of Geotech work, we busy doing to, to understand how that can work most effectively, so it's, it's working hand. Um, and then, you know, we've also done really good work at the back end on, on, on the Mind planning, um, introducing, a digital twin capability. So, I think our sort of trade-off optimization work is, is is a step change from where it was a year or 2 ago when you put this all together, I'm quite comfortable. When we start talking to this early next year, um, you know, we'll we'll we'll have a good uh, roadway. Again, it's not a 1 quarter 1. So this is going to take 2 to 3 years, to really get that right, thanks.

It's a capability so I think sort of trade of optimization work is a step change from where it was a year or two ago. When you put this all together I'm quite comfortable when we start talking to this early next year.

James Welsted: Thank you, Charles. The next question is from Lorenzo Parissi at JP Morgan. Again, I think these are answered or were answered in the presentation, but how confident are we to receive the $285 million actual cash inflow next year from the Section 45X credits? Would we expect to receive additional Section 45X credits in future on top of the $285 million? I think Neal indicated a fair value that was quite sizable from future Section 45X credits. Can you remind us of the expected CapEx for next year? At current prices, would you expect to generate free cash flow next year, but also the lower CapEx spend, but excluding Section 45X credits? I think that's probably for Charles.

We will have a good roadway again, it's not a one quarter wonder. So this is going to take two to three years to really get that right. Thanks.

Thank you Charles.

The next question is from Lorraine <unk> J P. Morgan.

Again, I think these are offered or will answer it in the presentation, but how confident are we to receive the 285 million actual cash inflow next year from the section 45 credits.

Would we expect to receive additional section 45 credits in future on top of the 285 million I think Neil indicated a fair value that was quite sizable for from future section 45 credits.

Thank you, Charles. Um, the next question is from Lorenzo Parisi at JP Morgan. Um, again, I think these are answered or were answered in the presentation, but how confident are we to receive the $285 million actual cash inflow next year from the Section 45X credits? Um, would we expect to receive additional Section 45X credits in the future on top of the $285 million? I think Neil indicated a fair value that was quite sizable from future Section 45X credits. Um, can you remind us of the expected capex for next year? Uh, and then at current prices, would you expect to generate free cash flow next year? But also the lower capex spend, but excluding Section 45X credits? Um, I think that's probably for Charles.

Charles (Surname not specified): Yeah, thanks. Look, on Section 45X, you know, I mean, we follow in the letter of the law. We're doing our tax submissions and revisions in the second half, and then it runs a process. It is legislated. You know, we are still first cabs off the rank on this. Until we get the check in the mail next year, I'm obviously cautious, but there's nothing that suggests you wouldn't get that. Hence our current accounting treatment. I think the whole industry is now navigating the early submissions on Section 45X. There is a look back for two years, and that's what we've been dealing with in the numbers today. There is obviously a look forward over the next several years. It is a very material positive addition to U.S. critical minerals mining.

Can you remind us of the expected Capex for next year and then at current prices would you expect to generate free cash flow next year, but also the lower capex spend but excluding section 45 credits.

That's probably for Charles.

Thanks, Luke and 45.

Thanks, look. Look on 45x. You know, I mean we we follow in the letter of the law, we're doing uh tax submissions and revisions in in the second half and then and then it runs a process. So it's, it's legislated, um, you know it we we are still first cabs off the rank on this. So, so, you know, until we get the check in the mail next year. Um, um, obviously cautious, but there's nothing that suggests. You wouldn't get that. So,

We were following the letter of the law, we're doing text submissions and revisions.

In the second half and then and then it runs a process so.

It's it's legislated.

We are through first cab's off the rank on this.

So until we get the check in the mail and next year.

Obviously cautious, but theres nothing that suggests you wouldn't get that.

Charles (Surname not specified): I think it's one that we've been very directly involved with in the prior administration and also with the current administration to make sure that it works well. I think the mechanics are mapped out in law. I think the process is there, and we are busy navigating that. We expect the cash returns next year. James, just remind me of the second part of the question, please.

So hence our current accounting treatment.

But I think the whole industry is navigating the early submissions on 45 weeks. So there's a look back for two years and that's what we've been dealing within the numbers today.

And then there is obviously a look forward over the next several years. So it's a very material positive addition to two U S crude are critical minerals mining.

So hence our current accounting treatment. Um, but I think the whole industry is is now navigating the early submissions on 45x. So there's a look back for 2 years and that's what we've been dealing with in the numbers today. And then there's obviously a look forward over the next several years. So, you know, it's a very material positive addition to to us crit, critical, minerals, Mining. And and I think it's, it's, you know, 1 that we've been very directly involved with in the pride ministration and also with the current Administration to make sure that it, it works well. So I, I, I think the mechanics are mapped up in in law. I think the process, you know, it is there and, and we are busy navigating that. So, you know, we we, we expect the the, the, the cash returns next year. Um,

And I think it's it's one that we've been very directly involved with in the prior administration and also with the current administration to make sure that it works well so.

James Welsted: Okay, let me just get back to that.

Charles (Surname not specified): That's just capital. We'll guide capital at Stillwater next year with our market release once we've got it through our executive and board on the late-year planning submissions. On pricing, we've seen positive movement in particularly palladium in the last couple of months. Obviously, we can't bank that yet. We would expect that to keep firming. I think once you get into a two-week price that's in the $1,200 to $1,300 range, and given all the heavy lifting we're doing to improve operating efficiency and cost structures, the net of that is you start to return to positive cash flow, and that is absolutely our intent. Exactly the timing of that will be price-dependent, and it'll be dependent on all the work we're doing to move down the cost curve.

I think the mechanics are mapped up in la I think the process.

Is there and we are busy navigating that so we expect the cash returns next year.

James just reminded me of the the second part of the question please. Um, okay. Let me just get back to that. Uh, just Capital so. So we'll guide Capital at at store order next year with with our Market, uh, release. Once we've got it through through our executive and board on on The Late year planning submissions,

James just remind me of the second part of the question. Please Okay. Let me just get back to capital. So we will go ahead capital at Stillwater next year with our market.

Released once we've got it through through our executive and board on the late year planning submissions.

And on pricing.

So we've seen we've seen positive movement in particularly palladium in the last couple of months.

Obviously, we cant bank debt yet.

We would expect that to keep firming.

So I think once you get into to reprice that that's in the 12 to 13 hundreds.

Charles (Surname not specified): As we've tried to demonstrate, there's been a real shift in the last 12 months, and we continue on that journey.

And given the all the heavy lifting we deemed too to improve operating efficiency and cost structures.

There's been a real shift in the last 12 months, and we continue on that journey.

James Welsted: Thanks, Charles. Sibanye-Stillwater has announced it will acquire U.S. precious metals recycler, MetalX, in a deal valued at $82 million in cash. When shall the 2025 figures?

Then.

The net of that is us restart to return to positive cash flow and that is absolutely our intent exactly the timing of that it'll be price dependent and it'll it'll.

Thanks, Charles. Um, Essaye Stillwater has announced it will acquire U.S. Precious Metals Recycler Metallics in a deal valued at $82 million in cash.

When shall the?

It'll be dependent on all the work we're doing to move down the cost curve and as we've tried to demonstrate there's been there's a real shift in the last 12 months and we continue on that journey.

25 figures.

Thanks Charles.

So by municipal water has announced accrual acquired U S. Precious metals recycler metallics in a deal valued at $82 million in cash when you showed us be finalized and will this affect the 'twenty to 'twenty five fingers and huh.

Operator: Ladies and gentlemen, apologies, we have lost the main line of the main speakers. Please remain online, and they'll be returning us shortly. Thank you.

What is the sense, Okay, maybe that's the first part of the question and I'll ask the second part.

Ladies and gentlemen, apologies. We have lost the main line of the main speakers. Please remain on the line, and they will be rejoining us shortly. Thank you.

Later, Charles do you want to take that.

Grant (Surname not specified): Making sure that we realize synergies from that. We expect that the operation will be cash generative from day one, together with the synergies and optimization opportunities, definitely impacting positively the financials of 2025.

Uh,

James I think let grant good I mean, I can address it but be good for <unk> to work with it. Thanks.

Yeah. Thanks, James Thanks, Charles.

Deal the transaction is looking to close towards the back end of this month. So yes, we're looking towards September we'll be welcoming the <unk> team on board.

Making sure that we realize synergies from that. So we expect that the operation will be cash generative from day one, together with the synergies and optimization opportunities, definitely impacting positively the financials for 2025.

James Welsted: Thanks, Grant. The second part I'll guide to Richard is what is the sense in the longer term for Sibanye-Stillwater when thinking about the strategy of the company?

As far as the strategy goes and the integration, we're looking at clearly optimizing and.

Making sure that we realized synergies from it. So we expect that the operation will be cash generative from day, one together with the synergies and optimization opportunities definitely impacting positively the financials for 25.

Thanks. Uh, Grant, the second part, uh, I'll guide to Richard, is what is the sense in the longer term for SBA, Sibanye Stillwater? When thinking about the strategy of the company?

Richard Stewart: Thanks very much, James. If that relates specifically to recycling, I'm not quite sure, but let me just answer that. I think strategically, recycling is a critical part of our business that we've always discussed in terms of getting exposure to the circular economy. I think it gives us exposure to many different critical metals very quickly and at a relatively low capital cost. I dare say that recycling is becoming increasingly important in the world, not only from a footprint perspective, but also in terms of being a source of quick supply of local critical metals in terms of security of supply for certain regions. Recycling certainly still remains a core part of the strategy, and it is a nice steady margin business for us.

Thanks Grant the second part Oh.

Got to Richard is what is the sense in the longer term for Sylvania Stillwater when thinking about the strategy of the company.

Thanks, very much James if that's if that relates specifically to two recycling.

I'm not quite sure, but let me just answer that so I think strategically recycling is a critical part of our business that we've always discussed in terms of getting exposure to the circular economy.

I think it gives us exposure to too many different critical metals that are very quickly and at a relatively low capital cost.

Richard Stewart: If the question related more to the general strategy of the company, as we have shared before, we don't see a significant shift in the strategy coming. Hopefully, as you would have picked up from the presentation, our immediate focus and short-term focus is very much on our operational excellence, on increasing margins, and of course, continuing to strengthen the balance sheet. In terms of long-term strategy, we will continue to review and refine that together with our board to take into account the environment we're operating in, but we certainly don't see significant or massive changes coming in that regard. Thanks.

Thanks very much James. Uh, if if that's but if that relates specifically to, to recycling, um, not quite sure, but let me just answer that I think strategically, you know, recycling is a critical part of of our business that we've always discussed in terms of getting exposure to the circular economy. Uh, I think it gives us exposure to, to many different critical metals that are very quickly and at a, at a relatively low Capital cost, uh, and I dare say that cycling is becoming increasingly important in the world, not only from a, from a footprint perspective. But also in terms of being being a source of quick, supply of local critical Metals, uh, in terms of security of supply for certain regions. So, so recycling, certainly Still Still Remains a core part of the strategy, um, and it is a nice steady uh, steady margin business for us.

They say that talking to becoming increasingly important in the world not only from a from a footprint perspective, but also in terms of being being a source of quick supply of local critical metals in terms of security of supply for certain regions. So.

So recycling certainly still still remains a core part of the strategy.

There's a nice steady a.

Steady margin business for us.

Um, I think if the question related more to the general strategy of the company, I think as we have have shared before, um we don't see a significant shift in the in the strategy coming. Uh I think hopefully as you would have picked up from the presentation, you know, immediate focus. And short-term focus is very much on. On our operational excellence uh, on increasing margins. And of course uh continuing to strengthen the balance sheet but in terms,

I think if the question related more to the general strategy of the company I think as we have shared before.

We don't see a significant shift in the and the strategy coming out.

Hopefully as you would have picked up from the presentation.

James Welsted: Thanks, Richard. While we're on the topic of recycling, this is from Rene Hochreiter again. What PGM incentive basket price do you think is needed for recycling to return? Our current spot basket price is around $1,700 per ounce, higher than this incentive price. Richard?

Of long-term strategy. We will continue to review and refine that together with our board to take into account the environment we are operating in, but we certainly don't see significant or massive changes coming in that regard. Thanks.

Their focus on short term focus is very much on our operational excellence.

On increasing margins and of course, continuing to strengthen the balance sheet, but in terms of long term strategy.

Thanks, Richard. While we're on the topic of recycling, this is from Renee Hawk Rite. Again, what PGM incentive basket price do you think is needed for recycling to return?

We will continue to review and refine that together with our board to take into account the environment. We're operating in.

Our current spot basket prices of around $1,700 per ounce are higher than this incentive price.

Richard Stewart: Rene, thank you. I don't think it's quite as simple as looking for a trigger price. That's oversimplifying it. This is obviously a significant business we've been in for a while. As I've shared before, in my mind, there are probably four big drivers to ultimately what drives recycling. Price does play a role, tends to play more of a role higher up in the value chain, at a collector level. As you get lower down in the recycling chain, it is more of a margin business. That's really the fact that price plays. Much bigger drivers really go around scrappage rates of vehicles, and of course, that is far more linked to macroeconomics. Another big driver is interest rates. The recycling business is working capital-intensive throughout the chain, and interest rates can eat a lot into those margins, so that's quite a big driver.

Richard.

But we certainly don't see significant tau massive changes coming in that regard.

Thanks, Richard while we're on the topic of recycling. This from RNA Horcrux again, what PJM in Saint <unk> Basket price do you think is needed for recycling to retail.

Current spot basket prices of around $1700 per ounce higher than same store price.

Richard.

Thank you.

So I don't think it's quite as simple as is looking for a trigger to trigger price I think that's oversimplifying. It. This is obviously a significant business we've been in for a while.

Renee. Thank you. Um, so I don't think it's quite as simple as uh, as looking for a trigger, trigger price. Um, I think that's oversimplifying it, this is obviously a significant business, we've been in for a while. Um, I think as I've as I've shared before in my mind they're probably 4 big drivers to to ultimately what drives recycling. Um, price does play a role, uh, tends to play more of a role sort of uh, higher up in terms of in higher up in the value chain sort of where the collector level. Yeah, I think as you get lower down in the recycling chain it is it is more of a margin business. Um,

I think as I've as I've shared before in my mind, they probably full big drivers to ultimately what drives recycling.

Price does play a role tends to play more of a role of a higher up in terms of and higher up in the value chain and sort of other collector level I think as you get lower down in the recycling China is there's more of a margin business.

Richard Stewart: The final one is supply chain efficiencies. Certainly, more globally, we have seen a lot of breakdown in those supply chains over the last few years, and I think that will continue to make it a bit more disruptive or more expensive to move material around the world. It's a combination of those rather than necessarily looking for a single price trigger point at which we can expect a return. In terms of the market, as we've said before, many of those actually work in reverse to the drivers of primary demand, so you tend to get an overall balanced market. Thanks, Rene.

But that's really the effect of price plays I think much bigger drivers really go around scrappage rates of vehicles and of course that is far more linked to two macro economics I think another big driver is interest rates.

Our recycling business is working capital intensive.

Threw off the chime in and interest rates tend to have can eat a lot into those margins. So that that's quite a big driver.

And then the final one is supply chain efficiencies and certainly you know I think a more globally, we have seen a lot of breakdown in our supply chains over the last few years and I don't think that will continue to make it a bit more disruptive are more expensive to move material around the world.

A primary demand. So you tend to get an overall balanced market.

Thanks Renee.

James Welsted: I can just say that a lot of the market forecasters have been expecting recycling to recover for the last two or three years, but no sign of it yet. This is from Enkiteko Matonzi. Can you give guidance on the life of mine of Battle Pele and the surface operations at SA PGM? Do you plan to open up new tailings dams? I guess that's a question about capacity of our tailings dams. Richard?

So I don't think it's a combination of those rather than necessarily looking for a single price trigger points at which at which we can expect a return.

In terms of the market as we've said before many of those actually work in reverse to the drivers of primary demand. So you tend to get a an overall balanced market. Thanks Renee.

I can just say that a lot of the market forecasters have been expecting recycling to recover for the last 2 or 3 years, but, uh, there’s no sign of it yet. Um, this is from Inco Monsey. Can you give guidance on the life of mine of Battle and the surface operations that SAP GM?

I can just say that a lot of the market forecast have been expecting a recycling to recover for the last two or three years.

Do you plan to open up new tailings? Dams, I guess that's a question about the capacity of our tailings, then.

Richard Stewart: Okay, thanks very much. The life of mine at Battle Pele is about four or five years that is remaining there. I think in terms of the surface strategy, that's a good question. I think at the moment, you know, we currently have official reserves of about two years, if I'm not mistaken, in that sort of ballpark. They are quite short life, and that's been intentional in that we've really just continued with those operations almost year to year. I think as we have alluded to before, and this is also where some significant value from the potential future partnership with Glencore and Marathi can play a role, is we have been working on quite a significant surface strategy.

Richard. Thanks very much. Uh,

No sign of it yet.

The life of mine at Butter Patties is about 4 or 5 years that is remaining there.

This is from tickled my tongue Z can you give guidance on the life of mine of butter pillar and the surface operations that SA PGM.

Do you plan to open up new tailings dams I guess, that's a question about the capacity of our titles.

Richard.

Um, I think in terms of the surface strategy. That's a, that's a good question. I think at the moment, you know, we currently have official reserves of about 2 years, if I'm not mistaken in that sort of ballpark, they are quite quite short life. Um, and that's been intentional in that, we've really just continued with those operations, almost year to year.

Thanks very much.

The life of mine a bunch of pay these about four or five years that that is remaining there.

I think in terms of the social strategy. That's a that's a good question I think at the moment.

Currently have official reserves of about two years, if I'm not mistaken and that sort of ballpark, they're all quite quite short life.

Richard Stewart: We do have significant tailing dams that still contain both PGMs and chrome, and that is a strategy that we will be, or a project that we'll be looking to finalize towards the end of this year, and probably will be coming to the market with that early in the new year. We do have significant surface resources which do have a lot of value that we are looking to unlock. In terms of new tailings capacity, we have got plenty of capacity either on existing tailings or within permitted footprints ready for the life of our current operations. I am happy with the deposition capacity we've got, but certainly we are looking at a much bigger surface potential similar to what we've unlocked on our gold operations that will be coming to market in the near future.

And that's been intentional and that we've really just continue though those operations almost a year to year.

Uh I think as we as we have alluded to before, um, and this is also where where some significant value from the potential future partnership with uh with Glenn corn. Marafi can play a role is we have been working on quite a significant surface strategy. We do have significant tailing dams that still contain both pgms and chrome um and that is a strategy that we will be or a project that we'll be looking to finalize towards of the end of this year. Um and probably

I think as we as we have alluded to before and this is also where we have some significant value from the potential future partnership with with Glencore neuropathy can play a role because we have been working on quite a significant surf a strategy. We do have significant tailings dams are still contained both P gyms and crime.

We will be coming to the market with that early in the new year, but we do have significant surface resources, which do have a lot of value that we are looking to unlock.

And that is a strategy that we will be or a project that we will be looking to finalize towards of the end of this year and probably will be coming to the market with that early in the new year, but we do have significant surface resources.

Do you have a lot of value that we are looking looking to unlock.

James Welsted: Thanks, Richard. Another one from Enkiteko. Richard talked about higher cash conversion as the CapEx spend on Calibre and Galicam all started to conclude. Does it mean M&A is no longer a priority in the meeting? I think she probably means as we generate more cash, are we going to spend more on M&A?

Um, in terms of new tailings capacity, uh, we have got plenty of capacity, um, either on existing tailings or within permitted footprints for ready for the life of our of our current operations. Um, so so happy with the deposition capacity, we've got, but certainly, we are looking at a, at a much bigger surface potential. Similar to what we've unlocked on our gold operations, that that will be coming to Market in the near future.

In terms of new tailings capacity, we have got plenty of capacity either on existing tidings or within permitted footprints for ready for the life of all of our current operations.

Thanks, Richard. Another one from Cayo. Richard talked about higher cash conversion as the capex spend on Caliban and K4 started to conclude.

So so happy with the deposition capacity, we've got but certainly we are looking at are at a much bigger surface potential similar to what we've unlocked on our gold operations that that'll be coming to market in the near future.

Does it mean M&A is no longer a priority? I think she probably means as we generate more cash, are we going to spend more on M&A?

Richard Stewart: Thanks, James. Let me answer your question. I think James put a different twist on it there, but let me just, I think, be clear on the view. Listen, I think importantly, you know, M&A has always been part of the DNA of the company. I think we have shown how we've been able to create significant value through it over the years, and I think it will continue to be part of the DNA going forward. Importantly, of course, is the timing of how you grow, when you grow, and that's driven by a multitude of factors, a lot of which is obviously dependent on your current strength and ability, as well as value propositions that may be out there.

Thanks, Richard another one from <unk>, Richard talked about higher cash conversion as the Capex spend on Kilobar NK force started to conclude.

Does it mean M&A is no longer a priority I think she probably means as we generate more cash flow or we get them to spend more on M&A.

Thanks James.

Let me answer your question I think James put a put a different twist on up there, but they've been just I think we care on on the view.

Thanks. Thanks James. Uh, let me answer your question. I think James put a, put a Different Twist on it there but let me just, I think be clear on on The View. Listen, I think importantly, you know, m&a has always been part of the DNA of of the company. I think in the, I think we have shown how we've been able to create significant value, uh, through it over the years. Um, and I think it will continue to be part of the DNA going forward. Um, you know, importantly, of course, is the timing of of of how you grow when you grow and that's driven by a multitude of factors.

I think importantly, you know M&A has always been part of the DNA of the company I think in the but I think we have shown how we've been able to create significant value through it over the years and I think it will continue to be part of the DNA going forward.

Richard Stewart: I think to give you two short answers, M&A will remain part of the DNA of the company, but in the short and medium term, as we've highlighted, our current focus is on our existing operations, optimizing margins, and we do have some brownfields projects which we've committed to, and that will remain our focus for now.

Um, a lot of which is, is obviously dependent on your current strength and ability, as well as, you know, value propositions that may be out there.

Importantly of course is the timing of how you grow when you grow and that's driven by a multitude of factors.

So so I think to to give you 2 short answers m&a will remain part of the DNA of the company but in the short and medium term as we've highlighted, our current focus is on our existing operations optimizing margins. Uh and we do have uh some brownfields projects which we've committed to and that will remain our Focus for now.

James Welsted: Thanks, and I hope my twist was right, but apologies, Enkiteko. This one from ING Bank, and moving on to Calibre questions. What does the responsible start of Calibre refer to, if I may ask? Is it related to mine or the refinery part of the project producing lithium hydroxide? Richard?

A lot of which is obviously dependent on your on your current strengths and ability as well as you know value propositions that might be out there.

So I think to give you two short answers M&A will remain part of the DNA of the company, but in the short to medium term as we've highlighted our current focus is on our existing operations optimizing margins and we do have some brownfields projects, which we've committed to and that will remain our focus for now.

Thanks, now I hope my tools are right, but um, apologies in C. Um, so from ING Bank, I’ll move on to caliber questions. What does the responsible start of caliber refer to, if I may ask?

Is it related to mine or the refinery part of the project producing lithium hydroxide, Richards?

Richard Stewart: Thanks very much. I think, as you've quite rightly pointed out, Calibre is very much an integrated project, so it comprises a mining operation, concentrator, and refinery. I think if we step back and look at the project overall, as mentioned, this is the only current refinery in Europe and one of very few outside of China. I think we remain very bullish on the lithium price in the long term, but the prices are very depressed right now, and to commence operations at a significant loss is just not something that we believe is in the best interest of all stakeholders. We are evaluating multiple opportunities. Some of them include potential revenue drivers because this is such a critical project in Europe. Are there opportunities where we can get competitive pricing to recognize that opportunity? Others may include either phased or much slower ramp-ups.

Thanks, and I hope motto, suppose Ryan, but some apologies okay Tycho.

The sudden from Angi bank.

And.

Moving on to caliber questions or what does the responsible starts of caliber referred to if I may ask.

Oh, thanks very much. I think, as you've quite rightly pointed out, um, you know, Caliber is very much an integrated project. So it comprises mining operations, a concentrator, and a refinery.

As it relates to mine or the refinery part.

Of the project producing lithium hydroxide Richard.

Thanks, very much I think as you've quite rightly pointed out caliber is very much an integrated and integrated projects are comprised of the mining operation concentrate and refinery.

Um, I think if we if we step back and and look at the project overall, you know as mentioned this this is the the only current refinery in Europe uh and 1 of very few outside of China. Um and I think, you know, we remain very bullish on the lithium price in the long term but the prices are very depressed right now and to commence operations at a significant loss, you know, it's just not something.

I think if we if we step back and look at the project overall.

As mentioned this this is the the only current a refinery in Europe and one of very few outside of China.

And I think we all remain very bullish on the lithium price in the long term, but the prices are very depressed right now and to commence operations at a significant loss.

Richard Stewart: These are all the options that we are looking at responsibly, and that's what we mean by responsible startup. At current spot prices and where it has been right now, our focus is to ensure we minimize risk and minimize losses to all stakeholders. Critically, we do recognize, of course, as well, that there are multiple stakeholders included in this, various financiers, and of course, within the projects themselves, and all of that will be taken into consideration as part of these decisions.

It's just not something that we believe is in the best interest of all stakeholders.

So we are evaluating multiple opportunities some of them include potential revenue drivers.

Because this is such a critical project in Europe, you know are there opportunities.

We can get competitive pricing to Rick to take to recognize that opportunity.

And others might include other phased phased over a much slower ramp ups.

These are all the options that we are looking at responsibly and that's.

All the options that we are looking at responsibly. Uh and that's what we mean by responsible startup. Um but at current spot prices and where it has been right now. You know, our our focus is, is to ensure we minimize risk and minimize losses to, to all stakeholders critically. We do recognize, of course, as well. That there are multiple stakeholders included in this, uh, various financiers and, of course, uh, within the projects themselves and all of that will be taken into consideration as part of these, these decisions.

James Welsted: Thanks, Richard. A question from Alexandra Simionde from William Blair. What do we expect the production cost to be at Calibre, and where do we expect it to be in the global cost curve? I'll direct it to Durit at first.

What we mean by responsible startup, but at current spot prices and where it has been right now.

Now our focus is to ensure we minimize risk and minimize losses to all stakeholders critically we do recognize of course as well that there are multiple stakeholders and crude are endless.

Thanks, Richard. Uh, a question from Alexander Simeone from William Blair: What do we expect the production cost to be at Killer, and where do we expect to be in the global cost curve?

I'll go direct to the Dior at first.

Richard Stewart: Thanks. I think at the moment, of course, it does depend on how we ramp up and the timing of that, but roughly speaking, you know, the total cost at the moment, you're looking at about $12,000 to $12,500 per ton. That would put us currently in the fourth quartile of existing projects today. What is important to look at, and I think that's why we're looking at it carefully, is what the future cost curve looks like when we start looking out a few years, and that does become competitive. I think that also does set some sort of target of where we'd be looking for the market to be as we move forward.

<unk> finance yields and of course within the projects themselves and all of that will be taken into consideration as part of these decisions.

Thanks Richard.

<unk> from Alexandra <unk> from William Blair.

What do we expect the production cost to be at Kilobar, and where do we expect to be in the global cost curve.

Derek do you Richard first.

Thanks.

I think at the moment the of course, it does depend on how we ramp up and the timing of that but but roughly speaking.

Total cost at the moment, you're looking at about 12% to 12 and a half thousand dollars per ton.

Thanks. Uh I think at the moment the uh of course it does depend on on how we ramped up in the timing of that but but roughly speaking, you know, the total cost at the moment you're looking at about 12 to 12 and a half thousand dollars per ton. Um, you know, that would put us in the currently, in the fourth quartile of existing projects today. You know, what is important to look at? And I think that's why we're looking at a carefully is what future future cost curve looks like, uh, when we start looking out a few years, uh, that that does become competitive, um, but I think that also, you know, does set some sort of Target of where we'd be looking for the, for the market to be, as we move forward.

James Welsted: Thank you. From Bradley Beerwinkel, a retail investor. Please talk about the uranium business progress, NEO Energy, as well as the tailings. What is Greg Cochran cooking up? Sorry, it's a pun on cook dump, but okay. How much zinc is still left in the dumps and in the ground at Century? Are there any mine developments surrounding the underground pipeline at Century? Does the Mount Lyle feasibility focus include recoveries from the historical waste dumped into the river? Rich, do you want to get all those, or should I ask them one by one?

That would put us in the currently in the fourth quartile of existing projects. Today, you know what is important to look at and I think that's why we're looking at it carefully is what future future cost curve looks like when we start looking at a few years.

Thank you, uh, from Bradley Binkle, uh, retail investor.

Please talk about the uranium business progress, Neo Energy, as well as the tailings. What is Greg Cochran cooking up?

That does become competitive but I think that also does set some sort of target of where we'd be looking for the for the market to be as we move forward.

So sorry, it's a pan on cook dump, but how much zinc is still left in the dumps and in the ground at Century?

Thank you.

From Bradley be I wouldn't call a retail investor.

And are there any mind developments surrounding the underground pipeline at Century?

<unk> talk about the uranium business progress Neo energy as well as the tailings what is Greg Cochrane cooking up.

Does amount L feasibility.

[laughter].

Richard Stewart: I think, James, if I could, let me tackle the uranium ones, and then perhaps if you could just pick up on the others. I think just on the uranium side, as you correctly mentioned, we are in a sales process of Beatrix 4 to NEO Metals. That process is continuing. We are awaiting some regulatory approvals in that regard, so that is in process. The Cook Tailings project, which is obviously a significant uranium resource, we are looking for that feasibility to be completed towards the end of this year, and we will see how best to progress with that project. It is a significant project and a significant resource where we do believe there'll be a lot of value coming from that. That'll be driven by the outcome of the feasibility later this year.

Sorry, that's a patent on cooked up okay, how much zinc history lift in the dumps and in the ground at century.

Or are they any mine developments surrounding the underground pipeline that century.

Does amount low feasibility.

Focus include recoveries from the historical waste dumped into the river.

Rich do you want did you get all those orchard I'll ask them one by one.

James if I could let me tackle the uranium ones and then perhaps if you could just pick up on the others. So.

So I think just on the uranium side as you correctly mentioned, we are in a probably the sales process of AR VR tricks for two metals that process is continuing.

We are awaiting some regulatory approvals in that regard. So so that is in process.

Focus include recoveries from the historical, waste, dumped into the river. Rich. Do you want, did you get all those 1 by 1? I think James if I could, let me tackle the uranium ones and then, perhaps, if you could just, yeah, pick up on the others. Um, so I think just on the uranium side, as you correctly mentioned, we are in a pro, a sales process of, uh, beatrich 4 to to Neo Metals. Uh, that process is continuing. Uh, we are awaiting some regulatory approvals in that regard. So so that is in process. The uh, the cook tailings, uh, project which is obviously a significant uranium resource. Uh, we are looking for that feasibility to be completed towards the end of this year, uh, and then we will see how how best to progress with, with that project. Um, but so certainly, there's a, there's a significant project on a significant resource where we do believe there will be a lot of value coming from that, uh, but that'll be driven by the

Outcome of the feasibility later this year.

James Welsted: The next, yeah, the other two questions were around Century. How much zinc is still left in the dumps and in the ground at Century? Are there any mine developments surrounding the underground pipeline at Century?

The Cook tailings project, which is obviously a significant uranium resources.

Looking for that feasibility to be completed towards the end of this year.

And then we will see how how best to progress was with their project, but certainly it is a significant project and a significant resource we do believe there'll be a lot of value coming from that.

Uh, the next year. So the other two questions were around Century. How much zinc is still left in the dumps and in the ground at Century? And then, are there any mine developments surrounding the underground pipeline at Century?

Richard Stewart: Thanks, James. Let me have an initial comment, and Rob, if you'd like to add anything. In terms of resources, we've got roughly two years' worth of the zinc operations remaining in those tailings dams. Yes, there are significant resources surrounding that infrastructure, in particular phosphate. That certainly could be an opportunity to utilize that infrastructure going forward. It is a feasibility study that we are working on with the owners of that project. It is probably worth noting that phosphate was recently included in the critical minerals list that was recently published in the U.S. Yes, there are the resources around that.

But that'll be driven by the outcome of the feasibility later this year.

The next year or so the other two questions were around century, how much zinc is still left in the dumps in the ground at century, and then are there any mine developments surrounding the underground pipeline that century.

Thanks, James Let me have an initial comment on the Robert if you'd like to add anything but in terms of resources. We've got roughly two years worth of the zinc operations remaining in those in those tailings dams.

Yes, they're all significant resources surrounding that infrastructure in particular phosphate you know, that's that's where it could be an opportunity to utilize that infrastructure going forward. It is a feasibility study that.

Thanks James. Let me have an initial comment and uh Rob if you'd like to add anything. But in terms of resources, we've got roughly 2 years worth of the uh the zinc operations remaining and those in those tailings dams. And uh yes there are significant resources uh surrounding that infrastructure in particular phosphate. Um you know and that's that's certainly could be an opportunity to to utilize that infrastructure going forward. It is a feasibility study, uh, that we are that we are working working on with the with the owners of that project. Um probably worth noting that uh phosphate was recently included in the critical minerals list that was recently published in the US. Um, but yes, there are the resources around that.

James Welsted: A question on Mount Lyle, the feasibility focus. Does it include recoveries from historical, this is waste dumps, I would have said, tailings deposited into the river?

That we are that we are all working working on with the with the owners of that project.

And then a question on Mount Lyell, the feasibility focus. Does it include recoveries from historical waste dumped? I would have said tailings deposited into the river.

Probably worth noting that our phosphate was recently included in the critical minerals list that was recently published in the U S.

Richard Stewart: Not as far as I am aware, but perhaps Rob could ask if you've got any comments to add to that.

Uh, not as far as I am aware, but perhaps, uh, Rob, could I ask if you've got any comments to add to that?

But yes, they are the resources around it.

Rob (Robert) (Surname not specified): Richard, I can confirm you have corrected feasibility study deals only with the underground operation. Having said that, any surface sources, whether in the waste material or surface tails, will and can be considered as optimization to the feasibility study. The study expected by the end of the year only focuses on underground material. Thanks.

And then a question on Mt. Lyle the feasibility focus does it include recoveries from a historical waste dumps I would've said tailings deposited into the river.

Not not as far as I'm aware, but perhaps a rob could ask if you've got any comments to add to that.

Richard um I can't confirm your director feasibility study bills only with a hand operation. Um having said that any surface sources whether in in in waste material or or harm surface Tales? Um well and can be can and will be considered as optimization to the physiology study but the study expected by the end of the year, only focuses on underground material. Thanks.

James Welsted: A question from Sipelelemdudu from Matrix. Are you not worried that these inventory buildups will be released in H2 2025? Comments will put downward pressure on PGM prices in the near term, as it seems that the industry has built up inventories. Richard?

Understood.

Got you and you are correct the feasibility study deals with us.

Beyond operation.

Having said that any surface sources.

In our waste material.

Citrus towns.

And can be can and will be considered there is optimization to the feasibility study, but the study are expected by the end of the year only focuses on underground material. Thanks.

These inventory buildups will be released in Q2 2025 comments. This will put downward pressure on PGM prices in the near term, as it seems that the industry has built up inventories.

Richard Stewart: Thanks very much. No, I think it's a short answer. I think what's really driven up the prices, yes, I think some of the supply shortage that came up, particularly during Q1, out of primary production in South Africa, was one of the triggers to prices moving. I think that that's something that's been well understood and modeled. Overall, primary supply continues to decline. I think these are short movements. More of a driver to what we've seen in terms of the commodity price increases has been the investment buying and the increased buying, particularly going into China, as Kianta mentioned. I don't think the release of inventory coming, I think there are a few companies, as you quite rightly mentioned, where we're seeing inventory coming out over the next few quarters.

A question from <unk> <unk> to do from matrix.

Not worried that this inventory buildup will be released in April two 2025 comments will put downward pressure on PGM prices in the near term as it seems that the industry has built up inventories.

Richard.

Thanks, very much no I think is the short answer you know I think what's what's really driven up the process here. So I think the some of the supply shortage that came out, particularly during Q1 out of primary production in South Africa.

It was one of the triggers to price was moving but I think that that's something that's been well understood and muddled overall primary supply continues to decline.

Richard Stewart: I don't think it's big enough to materially move the market, and much of it does come out over an extended period of time. I think the bigger fact is that overall primary supply continues to decline at the moment, particularly out of South Africa over the coming years.

So I think these off these are short movements, you know more of a drive up true to what we've seen in terms of the commodity price increases has been the investment buying and the increased buying particularly going into China as Ken mentioned.

Richard. Thanks very much. Um, no. I think is the short answer. Um, you know, I think what, uh, what's really driven up the the prices? Yes. I think the, some of the supply shortage that came out particularly during q1 out of primary production in South Africa, uh, you know, did was 1 of the triggers to to prices moving. Um, but I think that that's something that's been been well, understood and modeled overall, primary Supply continues to decline. Um, so I think these are, these are short movements, you know, more of a driver to to what we've seen in terms of the, the commodity price increases, uh, has been the investment buying and the, The increased buying particularly going into China as Ken mentioned. Um, so so I don't think the release of inventory coming. I think there are a few companies that you quite rightly mentioned where we're seeing inventory coming out in the over the next few quarters. Um, but I don't think it's big enough to to materially move move the market now and and much of it does come out over and extended.

The period of time. I think the bigger fact is that overall primary supply continues to decline at the moment, particularly out of South Africa, over the coming years.

So I don't think the release of inventory coming I think there are a few companies as you quite rightly mentioned, where are you seeing inventory coming after them over the next few quarters.

James Welsted: The next question from Antoine Dassault. The question's on Galicam about timing, CapEx installation, R&D work, etc. I think we've said in the book that the pre-feasibility study is going to be done by the end of the year, and obviously those numbers will be revealed after that. I don't think we'll carry on with that question. There was a question from William Blair as well. Sorry, I missed what Charles said. Is there a plan to tender a part of the 26s to reduce them to $500 million ahead of H1 2026 when you plan to refi? Or did Charles mean that the new bond will be $500 million, I guess? Thanks.

But I don't think it's big enough to materially move move the market to know and much of it does come out over an extended period of time I think the bigger effect is is that overall primary supply.

Continues to decline at the moment, particularly out of South Africa over the coming years.

The next question from Antoine.

The question's on Kellie, Kim about timing Capex installation R&D work etcetera. So I think we've said in the book.

Uh, the next question from Antoine, do, um, the questions on Galy Cam, uh, about timing, CAPEX, installation, R&D work, etc. So I think we've said in the book that the pre-feasibility study is going to be done by the end of the year, and obviously, those numbers will be revealed after that. So I don't think we need to carry on with that question. Um, there was a question from William Blair as well; sorry, I missed. Roch Charles said, is there a plan to tender part of the 26s to reduce them to $500 million?

The pre feasibility study is going to be done by the end of it yet and obviously those numbers will be revealed after that so.

Uh, dollars ahead of H1 2026 when you plan to refi.

I think we'll carry on with that question.

Or did she mean that the new bond will be $500 million? So, $500 million, I guess.

There was a question from William Blair as well, sorry, I Miss what Charles said is there a plan to kind of part of the 26 wells to reduce them to 500 million.

Thanks.

Shaul (Sha) (Surname not specified): Yes, thank you. No, we do not have any plans to tender the bond before H1 2026. The plan is to use some of our excess liquidity and launch a smaller $500 million bond. As Richard has explained, there is a focus on gross debt reduction. If you look at our debt, it's really chunky, really consists of four blocks, being the 2026 bond, the 2028 convertible, the 2029 bond, and then the Calibre debt. We don't get a lot of opportunities to address the chunkiness of the debt, and that's why at this stage, the planning stage, we are considering a $500 million bond to be issued in H1 2026. Thank you.

Yes, thank you. And, uh, no. We do not have any plans to tender the bond before H1 2026.

Head.

H, one and 2026 when you plan to refi.

Or did <unk> mean that the new bond will be 500 million.

So 500 million I guess.

The plan is to use some of our excess liquidity and, you know, launch a smaller $1 million bond. Um, you know, as Richard has explained, there is a focus on gross debt reduction.

Thanks.

Yes, Thank you and.

We all we do not have any plans to tender their bonds before <unk> 2026.

Land is to use some of our excess liquidity and launch a smaller $500 million bond.

As Richard has explained there is a focus on gross debt reduction and.

And if you look at our data you know its really chunky really consists of four blocks being the 2026 bond the 28 convertible the 'twenty nine bond and then the caliber date. So we don't get a lot of opportunities to address.

James Welsted: A question from Joma Hakka. The company has not been profitable since 2022, which was when the downturn in commodity prices happened. It seems 2025 will be a third year in a row making a loss. I don't think that's strictly correct, but when do you expect the company to become profitable again? Richard or Charles?

And if you look at our debt, you know, it's really chunky, really consists of 4 blocks, being the 2026 Bond, the 28, convertible the 29, Bond, and then the killer debt. So, you know, we don't get a lot of opportunities to address, um, the chunkiness of the debt and that's why at this stage, the planning stage. Um, we are considering a 500 million dollar bond to be issued in half 1 2026. Thank you.

A question from John Mahaka: the company has not been profitable since 2022.

The chunky Ness of the data and that's why at this stage the planning stage.

Uh, which was when the downturn in the quality prices happened. Um, it seems 2025 will be a third year in a row making a loss.

We are considering a $500 million bonds to be issued in half one 2026.

Yes.

A question from Thomas HOKA.

Shaul (Sha) (Surname not specified): Thank you for the question. If you look at the bottom line numbers, we do report losses, but those include the impairments that we had to take. We do operate in a cyclical business, and we suffer the vagaries of the market, specifically with reference to commodity prices. Those have necessitated that we do write downs on some of our assets, predominantly the U.S. and more recently on Calibre. If you do strip out for those non-cash impairments, we've made profit in all of those years. Even if we include this year's impairments of just under R10 billion, we do forecast that we should make a bottom line profit including that number. As I've said, you really have to add those numbers back. They relate to historical acquisitions and due to the accounting standards determining that we have to do those impairment assessments. Thank you.

I don't think that's strictly correct. But when do you expect the company to become profitable again? Richard or Shaw?

Sure. Yeah.

Thank you.

The company has not been profitable since 2022.

Which was when the downturn in the quantities process happened.

It seems 2025 will be a theme.

So, thank you for the question. And, uh, you know, if you look at the bottom line numbers, we do report losses. But those include.

The third year in a row, making a loss.

Um, the impairments that we had to take.

I don't think that's strictly correct, but when do you expect the company to become profitable profits.

Um, we do operate in a cyclical business, and we, you know, suffer the vagaries of the market, specifically with reference to commodity prices.

Profitable again.

Richard awful.

Sure Yep.

Thank you.

So thank you for the question and you know if.

If you look at the bottom line numbers, we do report losses, but those include.

I'm the payments that we had to take them, we do operate in a cyclical business and we suffered the vagaries of the market specifically with reference to commodity prices.

Um, so those have necessitated that we do write downs on some of our assets. Um, predominantly the US and more recently on Caliber. If you do strip out for those non-cash impairments, um, you know, we've made a profit in all of those years.

Um, even if we include this year's impairments of just under R10 billion.

So those have necessitated that we do write downs on some of our assets.

Um, we do forecasts that we should make a bottom-line profit, including that number.

Predominantly the U S and more recently on Caleb if you do strip out for those noncash impairments.

We've my profit in all of those years.

James Welsted: Thanks, Charles. Just before we go to the phone lines, I think we'll just end with the question or a comment from Steve Shepherd. Not a difficult question from me this time, which is unusual for Steve, but if you think it is appropriate, I'd like to wish Neal a long and happy retirement. The oldies amongst us know that he's been a legend in the mining industry, and to Richard, all the very best of luck filling Neal's big shoes. For what it's worth, I believe the group is going to be in strong hands with you. All the best to Neal and Rich. Thanks, Steve. I think can we go to the phone lines for questions?

Even if we include this he is.

Repayments of just under 10 billion Rand.

But as of i as, as I've said, you know, you really have to add those numbers back. They relate to, to historical Acquisitions and due to the accounting standards, determining that we have to do those impairment assessments. Thank you. Thanks Shaw. Um, just before we go to the phone lines. Um, um,

We do forecast that that we should make a bottom line profit including that number.

But as the loss as I've said, you know you really have to add those numbers back.

They relate to historical acquisitions and due to the accounting standards determining that we have to do those impairment assessments.

The question or comment from Steve Shepard. Not a difficult question from me this time, which is unusual for Steve, but if you think it is appropriate, I'd like to wish Neil a long and happy retirement.

Thank you.

Thanks, Sean.

The oldies amongst us know that he's been a legend in the mining industry.

Just before we go to the phone lines.

And to Richard, all the very best of luck filling Neil's big shoes.

I think we'll just end with a question or comment from Steve Shepherd not a difficult question for me. This time, which is unusual for Steve, but if you think it is appropriate I'd like to wish Neale, a long and happy retirement.

For what it's worth, I believe the group is going to be in strong hands. Wishing you all the best in your own rich endeavors.

Thanks Steve.

Uh, I think we can go to the phone lines for questions.

Operator: Thank you. First question, come from Adrian Hammond of SBG. Please go ahead.

The old he's amongst US know then he has been a legend in the mining industry.

Thank you. First question comes from Adrien Hammond of SPG. Please go ahead.

Shaul (Sha) (Surname not specified): Thanks.Operator,

And Richard all the very best of luck filling meals big shoes.

Neal Froneman: Good afternoon, everyone. I have a few questions. Firstly, for Sha on free cash flow, I see you've changed the definition to include deferred revenue. I see that as a low, and why have you included it at this time? Why have you changed the definition? For your EBITDA that you've explained in one of the slides with the Section 45X credits, how much deferred revenue is in your EBITDA for the first half? In your net debt to EBITDA calculation, sorry, a lot of accounting questions, but you do have a challenging set of accounts. Does the net debt strictly, the net debt benefits from any prepayments that you've arranged, but does the EBITDA as well include the deferred revenue relating to that, so that we can just understand your calculation there? Thanks.

For what it's worth I believe the group is going to be in stronger hands with you all the best to Neil enrich.

Thanks, Steve.

I think can we go to the phone lines for questions.

Thank you. This question comes from Adrian Hammond Duck SPG. Please go ahead.

Thanks, operator. Um, good afternoon everyone. I have a few questions. Firstly, uh, for sure on free cancel, as you've changed the definition to include the third revenue, I see that there's a low. Why have you included this time? Why have you changed the definition? Um, and then for your EBITDA that you've, uh, explained in the, uh, one of the slides.

Thanks, operator.

Good afternoon, everyone I have a few questions firstly for shell on free cash flow you've changed the definition to include deferred revenue.

With the section 45 credits, how much is the third revenue using your Eid doll?

Uh, for the first half.

And then in your net debt, at the dark calculation.

It is a learning wanted had indicated this time why we changed the definition.

Sorry, a lot of accounting questions, but you do have a challenging set of accounts.

um,

And then so your EBITDA, but you have it.

<unk> explained in the a or the slides with the section 45 credits how much.

Does the net debt shift? Certainly, the net debt benefits from any prepayments.

Revenues and EBITDA.

That you've arranged, but does the ever do as well? Cleared the deferred revenue relating to that. Um,

For the first half.

And then in net debt to EBITDA calculation sorry.

So that we can, uh, just understand your calculation there. Uh, thanks.

Sorry.

Richard Stewart: Thank you, Adrian. Yes, we did change the definition. We specifically looked at the impact that the cash receipts have on those numbers because those numbers simply had the entry in where we actually recognize the deferred revenue. You really have to match the two, show the inflow and the outflow, and it's for that reason why we've changed that definition just to make it more clear. Insofar as the EBITDA, I don't have the exact number, but it's probably about R1 billion. There's definitely R733 million for the chrome portion, and then there's obviously the deferred revenue from the Stillwater Stream and the recently announced Franco Nevada Stream. It's roughly about R1 billion of deferred revenue that's being recognized in our numbers.

A lot of accounting questions, but you did have a challenging set of accounts.

Does the net debt should certainly than it did benefit from it.

Prepayments.

That you're the range, but does the EBITDA as well clearly the deferred revenue relating to that.

So maybe you can.

So thank you, Adrian. Yes. Um, we we did change the definition. Um, you know, we we specifically looked at the impact that, um, the cash receipts has on those numbers because those numbers simply had the entry in where we where we actually recognize the deferred revenue.

Just understand your calculation.

Alright. Thanks.

So thank you I didn't yes, we did change the definition.

So you really have to match the inflow and the outflow, and it's for that reason why we've changed that definition just to make it more clear.

We specifically looked at the impact that the cash receipts has on those numbers because those numbers simply had the entry in way, we actually recognized the deferred revenue. So you really have to match that to show the inflow and the outflow and it's for that reason why why.

We've changed that definition just to make it more clear.

Richard Stewart: On the net debt to EBITDA, yes, we have shown the inflows, insofar as the cash is concerned and the impact that that has on the debt or the net debt number. Similarly, we do recognize the deferred revenue in the EBITDA calculation as it comes in on that revenue line. There is a matching of that, Adrian. It's not just simply, you know, we're not just picking the fruits of the one portion, but we're also showing the other side as well.

Um, in so far, as as the EBA, um, I don't have the exact number, but it's, it's probably about a billion Rand. Um, there's definitely 7334 for the Chrome portion and then there's obviously the deferred revenue from, from the store water stream. And the recently, um, announced Franco, Nevada stream. So, it's roughly about a billion, Rand of deferred revenue, that's being recognized in our numbers.

In so far as as the EBITDA.

Don't have the exact number but it's probably about 1 billion Rand.

There's definitely 733 for the Crown portion and then there's obviously the deferred revenue from from the Stillwater stream and the recently announced Franco Nevada stream. So that's roughly about 1 billion Rand of deferred revenue that's being recognized in our numbers.

On the net debt to EBITDA, yes, we have shown the inflows, um, in so far as the cash is concerned and the impact that that has on the debt or the net debt number. Um, but similarly, we do recognize the deferred revenue, um, in the EBITDA calculation as it comes in on that revenue line.

On the net debt to EBITDA, yes, we have shown the inflows in.

So far as the cash is concerned and the impact that that has on the the date or the net debt number.

So, there is a matching of that Adrian. It's not just simply, you know, we are not just picking the fruits of the one part, showing the other side as well.

Grant (Surname not specified): Thank you. Next question, please.

Neal Froneman: Thanks, Brendan.

Thank you. Next question, please.

Grant (Surname not specified): And then.

Neal Froneman: Sorry, yeah, I don't know.

Grant (Surname not specified): Oh, sorry, it's still you, Adrian.

But similarly, we do recognize that deferred revenue.

Sorry, I don't know. Oh, sorry, it's still you.

Neal Froneman: Just wanted to understand, Calibre, that the outlook there seems to suggest you may delay the ramp-up. Would that mean you push CapEx out or you cut CapEx in the near term? I just want to understand the permit situation. Some of it's still pending appeals, so I'm trying to understand what the real implication is to the project based on those appeals. Thanks.

In the EBITDA calculation as it comes in on that revenue line.

So there is a matching of that Adrian it's not just simply are you know we not just picking the fruits of the one portion, but we're also showing the other side as well.

The outlook there seems to suggest you.

Thank you our next question please operator.

Yeah.

I'm, sorry, I'm, sorry, I'm still here.

Um, may delay the ramp-up, and would that mean you push CapEx out, or do you cut CapEx in the near term? I just want to understand what the permit situation has been. Some of it's still pending appeal, so I'm just trying to understand what the real implication is to the project.

Just wanted to understand that the outlook seems to suggest you.

Based on those appeals, thanks.

Grant (Surname not specified): Adrian, thanks very much. Let me, I can perhaps just touch on your capital question, and Mika will hand over to you just to unpack the permits. In terms of capital, we will continue the build of the project and finish the build of the project, which is in the first half of next year. The project capital, we will complete. I think it makes sense to complete the project fully. You know, what we really are looking at in terms of the responsible startup is whether that startup is slowed down or delayed in some form or another, compared to the original plan. That is the work that is currently being looked at. There is no impact on the project capital.

May delay the ramp up and would that mean, you push capex out cut capex in the near term.

Adrian, thanks very much. Let me, uh, I can perhaps just touch on your capital question, and, uh, I’ll hand over to you just to unpack the permit.

And then just want to understand the permit situation as being somewhat it's still pending appeals.

And I understand what the real implication as to the projects.

Um, so we, in terms of capital, we will continue the build of the project and finish the build of the project, which is in the first half of next year.

Based on those appeals thanks.

Okay. Thanks, very much let me I can perhaps just touch on the on your capital question and Mika, we'll hand over to you just to unpack the permits.

So what we in terms of capital we will continue the bulk of the project and finish the bulk of the project, which is a in the first half of next year. So the project capital we will we will complete.

Grant (Surname not specified): Of course, part of the reason we're looking at it is the cost of the startup, and once we have made a final decision on that, we will come to the market with that. No change on project capital. We will complete that build of the project. Mika, could I perhaps hand over to you just to pick up the permit questions? Thanks.

Thank <unk> I think it makes sense to complete the project fully.

What we really are looking at in terms of the responsible startup.

Whether that startup is slow down or delayed in some form or another.

Compared to the original plan. So so that is a work that is currently being looked at.

We will complete that bold uh of of of the of the project. Um Mika could I perhaps hand over to you just to pick up the

Permit questions, thanks.

Richard Stewart: Yes, thank you very much. We are ready to go when it comes to permits. Concerning this one appeal, we need to remember that we have an enhancement order, so we can start to concentrate despite this appeal. We also think that the likelihood that that appeal would change anything is almost non-existent. Thank you.

So no impact on the on the project capital.

Yes, thank you very much.

Of course part of the reason, we're looking at it as the as the cost of the startup and once we have made a final decision on that we will we will come to the market with that but no change on project capital, we will complete that fold.

Um, we are ready to go when it comes to permits. So, concerning this one appeal, we need to remember that we have an enhancement order, so we can start the concentrated.

Of.

The project Nuka Cola, perhaps hand over to you just to pick up the.

Despite this appeal, we also think that the likelihood that the appeal would change is almost non-existent. Thank you.

Hi, my questions. Thanks.

Grant (Surname not specified): Thank you, operators. Another question? I believe there was another one was pending.

Yes, thank you very much.

We are ready to go when it comes to permit so concerning this one appeal, we need to remember that we Havent Smith border. So we can start to concentrated.

James Welsted: Yes, sir. Next question comes from Chris Nicholson of RMB Morgan Stanley. Please go ahead.

Thank you, operators. Another question—I believe there was another one pending.

Yes, sir. The next question comes from Chris Nicholson of R&B Morgan Stanley. Please go ahead.

Mika (Surname not specified): Thank you. Thank you, everyone. Good afternoon, morning. I'll have three questions, but I'll ask them quite quickly. Just to understand on the IRA credit, you've shown a cumulative future value of that. Is that full amount in cash, or I seem to remember that in the future there may be some portion that is only available in tax offset? Could you just confirm that? Second, the IRA credit which relates to the recycling business, do you expect to be able to hold on to all of that, or do you anticipate that your customers who you, I guess, collectors who you're buying from, will want to share in that just in the same way that you've obviously come to some agreement with Johnson Matthey on the underground mining?

Part of this.

We also think that the likelihood that appeal would change anything is almost non existent. Thank you.

Thank you operator is there another question I believe there was another one pending.

Yes, Sir our next question comes from Chris Nicholson of RMB Morgan Stanley. Please go ahead.

Thank you. Thank you everyone. Good afternoon Tony.

Three questions, but I'll ask them quite quickly so just to understand on the IRI.

You've shown a cumulative future value.

Thank you. Um, thank you everyone. Good afternoon morning. Um, I have 3 questions but I'll ask them quite quickly so just to understand on the IRA credit, you've shown an accumulative future value of that is, is that full amount in cash? Or I seem to remember that in the future, there may be some portion that is only available in in tax offset. Could you just confirm that um, second, uh, the the ra credit which relates to the recycling business? Um, do you expect to be able to hold on to all of that? Or or do you, um, anticipate that your customers, who you, I guess, collectors who you're buying from or or want to share?

That full amount in cash, although I seem to remember that in the future. There may be some portion that aside any available.

Mika (Surname not specified): Final one, just, do you have capacity to process Rathenburg and Krendal at your own operations should you not be able to renew the toll agreement with Volterra from the end of next year? Thank you.

And that's just in the same way that you've obviously come to some agreement with, um, Johnson and me on the underground mining.

Tax offsets could you just confirm that.

Second.

<unk> credit, which relates to the recycling business and do you expect to be able to hold onto all of that.

And then finally, just, uh, do you have the capacity to process Rustenburg and Criminal at your own operations? Should you not be able to renew the toll agreement with Volta from the end of next year? Thank you.

Grant (Surname not specified): Chris, thank you. Thanks very much. Perhaps I can pick up the third part of your question and then ask Shaul and Charles perhaps just to deal with the first two. Chris, the short answer is yes. If we did have to process at our own operations, we certainly could do that. You know, we do have the opportunity to do that. I think there are, as I've said many times before, I think there are ways to optimize value better across the industry, and in that regard, we are continuing to engage with Volterra. If we did have to move and process across our own, we would. It would likely have an impact on, we would have to play a little bit with things like mass pools, etc., to make it work, but we do have a solution if we have to.

Anticipate that your customers.

Yes.

Buying from well one to Shannon that's just in the same way that you've obviously come to some agreement with Johnson.

Johnson Matthey on the underground mining.

Chris. Thank you, thanks very much. Um perhaps I can pick up the third part of your question and uh and ask shawl and and Charles perhaps just to, to deal with the first 2. Um,

And then final one just did.

Did you have capacity to prices Rustenburg and <unk>, China operations should you not be able to renew the total agreement with fault tariff renamed of Nextgen.

Hey.

Yeah.

Chris. Thank you thanks, very much perhaps I can pick up the third parts of your question and then.

Ask Shaul and tolls, perhaps just to deal with the first two.

Chris The short answer is yes, if we if we did have to process at our own operations. We certainly could do that you know we do we do have the opportunity to do that.

Grant (Surname not specified): We think there is better value and hence continue to engage. Shaul, could I perhaps pass over to you just on the.

I think they are.

Chris the short answer is is yes. Uh, if we if we did have the process on our own operations we certainly could do that. You know, we do we we do have the opportunity to do that. Um I think there are as I've said many times before, I think there are ways to to optimize value better across the industry and in in that regard We are continuing to, to engage with valterra. But if we did have to have to move and process across our own, we would um, it would likely have an impact on. We would we would have to play a little bit with things like Mass pools, Etc, to make it work, but we do have a solution if we have to. Uh, but we think there is better value and hence continue to engage

<unk> said many times before I think there are always true to optimize value better across the industry in that regard we are continuing to to engage with fell tariff, but if we don't have to have to move in process across our own reward.

Mika (Surname not specified): Sure.

Grant (Surname not specified): Short products? Thanks.

Richard Stewart: Thanks, Chris. On the IRA credit, you are right. There is, initially it's cash and thereafter it is an offset. However, there is a market for that offset. Effectively, you can unsell that at a discounted rate, which, based on historical numbers, is in the order of 90% to 95%. Yes, there is a portion that is an offset against future taxes, but you have the ability to generate cash off that. Peter, you can maybe confirm what the dates are. Peter, insofar as the recycling customers are concerned, maybe you can also just weigh in there. Thanks.

Um, shock, UPS, pass over to you just on the 45x. Thanks, thanks Chris. Um, on the IRA credits, you all right? You know, there is a, ah, um, initially it's cash, and thereafter it is an offset.

It would likely have an impact on what we would have to pay a little bit with things like mass pools et cetera to make it work, but we do have a solution if we have to but.

However, um, there is a market for that offset. So effectively, you can onsell that at a discounted rate.

But we think there is better value and hence continue to engage.

Chaco, perhaps pass over to you just on the Forex. Thanks, Thanks, Chris.

The IRI credits you all right now there is a initially it's cash and they offer it as an offset however, there is a market for that offset so effectively you can sell that at a discounted rate.

Which, um, you know, based on historical numbers, is in the order of 90% to 95%. So, yes, um, there is a portion that is an offset against future taxes, but you have the ability to generate cash off that.

Um, Peter, you can maybe confirm, um, what the dates are. And then, Peter, in so far as the recycling customers are concerned, maybe you can also just weigh in there. Thanks.

Which you know based on historical numbers is in the order of 90% to 95% so yes.

Mika (Surname not specified): Morning all. As it relates to the recycling customers, they don't really have a path to the Section 45X credits. We've got certificates from all of them that effectively state that they can't claim. It is obviously a market that we need to evaluate going forward, but at this point in time, there's no real risk from that point of view. Yeah, nothing else to add.

Yes, there is a portion that to that is I offset against future, Texas, but you'll have the ability to generate cash off that.

Peter you can maybe confirm.

What the dates all and then Peter insofar as the recycling customers are concerned maybe you can also just wayne thanks.

Morning all, um, as it relates to, uh, the recycling customers. They don't really have a path to to the 45x credits. Um, but we've got certificates with from all of them that effectively that they can't claim. Um, it is obviously a market that we need to evaluate going forward, but at this point in time, there's no real risk at at um, from from that point of view.

Good morning, all.

As it relates to the recycling customers I don't really have off to 245 credits.

Um, yeah, nothing else to add.

Grant (Surname not specified): Thank you. I think there's one more question on the line.

Thank you.

James Welsted: Yes, one more question. Question comes from Dmitry Miachenko of Investment Capital Ukraine. Please go ahead.

I think there's one more question on the line.

But we've got certificates with from all of them that effective heat that they call on clients.

It is obvious.

Shaul (Sha) (Surname not specified): Okay. Can you hear me? Hi, everyone. Thanks for the presentation. I have a question regarding the Burnstone project. I saw a media report in June suggesting that the company was going to restart the project, and now you say the project is currently being assessed with a decision expected by the end of the year. The question is what factors will influence the decision, the price of gold maybe, because to me, the long history of the project's development indicates some problems with the geology. For now, is the project more likely to be restarted or to remain on care and maintenance? Thank you.

Question, Council. Demetry, dear, Genco of Investment Capital Ukraine. Please, go ahead.

Market that we need to evaluate going forward, but at this point in time this no real risk.

Okay, you hear me?

From that point of view.

Nothing else to add.

Thank you.

I think there's one more question on the line.

Our present Kristian Kristian comes from Dmitry Genco.

Um, hi everyone. Thanks for the presentation. And, uh, I have a question regarding the Dior project. I saw media reports in June suggesting that the company was going to start deposit, and now you say the project is currently being assessed.

Is a decision expected by the end of the year?

Investment capital Ukraine. Please go ahead.

Okay. Thank you Herman.

Hi, everyone. Thanks for the presentation.

Um, the question is, what factors will influence the decision? The price of gold, maybe? Because, to me, the long history of the project development indicates some problems with the geology.

I have a question regarding the <unk> project I formulary person Johnson J companies I'm going to restart the project and.

Start to remain on KR and maintenance. Thank you.

And obviously the biotech scarring can be NSS.

Grant (Surname not specified): Dmitry, thank you very much. I think it's worth just sort of going back to the reason we put Burnstone on care and maintenance in the first place, which was very much around preserving the balance sheet. I think that's the major issue, the major things that we are currently assessing once again almost relates more to capital allocation in the coming year. The project is technically sound. We understand what's needed. We did start the ramp-up, and of course, we have done all the necessary studies. It's more around looking at what the detailed numbers would look like over the next 12 to 24 months to get the project restarted since it's been put on care and maintenance and how that ultimately will fit into capital allocation going forward. We're also looking at alternative mechanisms to potentially finance that startup.

As in the field unexpected by the end of the year.

The question is what factors will influence the decision well, maybe because to nederland, he's staying on the projects and developments indicate some problems in the geology.

Let me thank you very much. I think it's worth going back to the reason we put Bernstein on care and maintenance in the first place; it was very much around preserving the balance sheet.

And now if the projects more likely to Derek Oratory mine on care and maintenance.

Um, and I think that's, you know, the major issue, the major things that we are currently assessing, uh, once again, almost relates more to capital allocation in the coming year.

Dmitry. Thank you very much.

I think it's worth just sort of going back to the reason, we put bernstein on care and maintenance in the first place.

Much around preserving the balance sheet.

And I think that's you know that the major the major things that we are currently assessing once again were all months relates more to capital allocation in the coming year.

So the project is technically sound, we understand what what's needed we did start the ramp up.

Grant (Surname not specified): That's the assessment, far more so than any technical concerns or gold price, I should mention.

And of course, we have done done all the necessary studies.

Um so so the project is is technically sound. We understand what what's needed? We did, start the the ramp up, uh, and of course, we have done done all the necessary studies. Uh, so it's more around looking at, at what the details numbers would look like over the next 12 to 24 months, to, to get the project restarted. Since it's been put on care and maintenance, and how that ultimately will will fit into Capital, allocation going forward. Um, also looking at alternative mechanisms to to potentially finance that startup. So, so that's the assessment, uh, for more so than any any technical concerns.

So it's more around looking at what the detailed numbers would look like over the next 12 to 24 months to get the project restarted since that's been put on care and maintenance and how that ultimately will fit into your capital allocation going forward.

Or, gold price, I should mention.

Melanie Naidoo: Thank you. Question from Lorenzo, for Shaul. I think, would we call the convertible bond soon? As far as I know, we can't call before 2026 anyway.

Thank you. Um, question from Lorenzo, uh, for Shaw. I think we would call the convertible bond soon?

Richard Stewart: Thank you, Lorenzo. No, I mean, the call period only starts in November 2026 or shortly thereafter. Actually, I think it's the 19th of December. Yes, the price is well within that range now. At this stage, we simply don't have the ability to call it.

Also looking at alternative mechanisms to potentially finance that startup. So so that's the assessment.

Far more so than any any technical concerns.

As far as I know, we can't call before 2026 anyway, but yeah, thank you Lorenzo. Um, no, I mean, the, the call period only starts in November 2026 or shortly thereafter. Actually, I think it's the 19th of December.

All gold price I should mention.

Thank you question from Lorraine.

Um, yes, the price is um, well within that range now. Um, but at this stage, we simply don't have the ability to call it.

For sure I think would we call the convertible bond as soon.

Melanie Naidoo: Thank you. Question from Itumaling Rancho, from Sibanye-Stillwater, actually. Considering that many countries are looking for alternative trading partners to the U.S. in light of the tariff war, is it not the time to look east from a strategic growth perspective? Diversifying into Europe is consistent with the apparent paradigm shift to find alternatives, so a lower risk in that regard for current projects. I think it's two questions, Europe and China.

As far as I know, we called call before 2026 anyway, but yeah. Thank you Lorenzo.

No I mean, the the call period only starts in November 2026, or shortly thereafter actually I think it's the 19th of December.

Yes, the price is well within that range now, but at this stage, we simply don't have the ability to call. It.

Thank you. Uh, question from Ming Rancho from Sylvanas, to actually, considering that many countries are looking for alternative. Trading partners to the US in light of the Tariff war. Is it not the time to look East from a strategic growth perspective?

Thank you.

Question from it's a milling or entre from somebody else, who was actually considering that many countries are looking for alternative trading partners to the U S. In light of the tariff war is not the time to look east from a strategic growth perspective.

Diversifying into Europe is consistent with the apparent paradigm shift to find alternatives. So, there's a lower risk in that regard for current projects. I think it's two questions: Europe and China.

Grant (Surname not specified): Yeah, thanks very much, James. I think, you know, as we outlined in the strategic overview of the presentation, I think a large part of our strength is that we have positioned ourselves in ecosystems over the last few years where we believe we can be competitive, and one of those has been the U.S. We have been very successful in the U.S., I think as we've been outlining today, and that remains part of the strategy, you know, to deliver into those Western ecosystems. This is why we beneficiate our metals, and it's why we've developed footprints in those areas. That will continue with the strategy, as I mentioned during the presentation.

Diversifying into Europe is consistent with the apparent paradigm shift to find alternatives, so lower risk in that regard for current projects.

I think its two questions Europe and China.

Oh, Thanks, very much James I think you know as we outlined in our strategic overview of the presentation. You know I think a large part of our strength is that we have positioned ourselves in ecosystem over the last few years, where we believe we can be competitive and one of those has been has been in the U S. So we have been very successful.

Oh, thanks very much James. I think, you know, as we outlined in the Strategic overview of the presentation. Uh, you know, I think a large part of our strengths is that we have positioned ourselves in ecosystems over the last few years, uh, where we believe we can be competitive and 1 of those has been has been the US. Um, so we have been very successful in the US, I think, as we've as we've been outlining today, uh, and that remains part of the strategy, uh, you know, is, is to deliver into into those Western ecosystems. Um, this is why we benefici our Metals, um, and

That's why we've developed a footprint in those areas, so that will continue with the strategy. As I mentioned during the presentation,

Melanie Naidoo: Thanks. Last question from Robert Simmons at Seaver Hill Capital. First, I want to compliment Neal's bold acquisition of Stillwater and look forward to Richard's future efforts going forward. I'd like to know, though, why Sibanye-Stillwater has not acquired the missing card that would give the company the best possible hand, a royal flush, and that is silver. I believe Sibanye-Stillwater needs the diversification that silver can provide. Have you got one to sell, Robert? Let me pass that on to Richard, please.

Thanks. Uh,

Social in the U S. I think as we've as we've been outlining today.

Last question from Robert Senate at Sea Hill capital.

And that remains part of the strategy.

<unk> is to deliver into into those western ecosystems.

First I want to compliment mules bold acquisition of Still Water and look forward to Richard's future efforts going forward.

That's why we beneficiary ital metals.

And that's why we've developed footprint in those areas. So so that will continue with our strategy.

As I mentioned as I mentioned during the presentation.

Thanks.

I'd like to know though, why Saba still water has not acquired the missing card. That would give the company the best possible hand a royal flush. And that is silver. I believe.

Last question from Robert Simmons.

Seaver Hill capital.

First I want to compliment Neil's bolt acquisition of storm water and look forward to Richard's future if it's going forward.

Grant (Surname not specified): Yeah, Robert, thank you very much. I think a very interesting suggestion. Earlier on, I was asked a question around strategically how we see recycling playing a part of our business. I think your question relates really well to that. At the moment, in fact, we do have significant exposure to silver, in that we produce almost 2 million ounces a year out of our recycling operations. I think that's a really good example of where you can get relatively material and quick exposure to some of these critical metals through expanding those footprints. I do agree with you. It's a great part of the mix. In our case, we've really focused over the recent times in getting that exposure through our recycling footprint. Thank you.

The essay needs the diversification that silver can provide. Have you gotten into S. Roberts? Let me pass that on to Richard, please.

I would like to know why somebody is slow award has not acquired the missing cord that would give the company the best possible and.

Yeah, Robert. Thank you very much. And listen, I think it's a very interesting suggestion. Um,

Royal flush and that is silver.

Leave.

The banyan is the diversification that solar can provide.

Have you gotten to sell robots or less.

But can be pass it onto Richard please.

Yeah, Robert Thank you very much listen I think a very interesting suggestion.

Earlier on I was asked the question around strategically how we see recycling playing a part of our business and I think your question relates really well to that I think at the moment in fact, we do have significant exposure to silver.

Earlier on, I was asked the question around, strategically how we see recycling playing a part of our business? Um, and I think your question relates really well to that, I think in the at the moment, in fact, we do have significant exposure to Silver. Uh, in that we produce almost 2 million Oz a year out of our recycling operations. Um, so I think that's a, that's a really good example of where you can get relatively material and quick exposure to to some of these critical Metals um through expanding those those Footprints. So, so I do agree with you, it's a great part of the mix in our case. We've, we've really focused over the over the recent times.

Melanie Naidoo: Thanks, Richard, and thanks for all the questions. We really enjoyed the interaction. We are now done. I think we've answered all the questions that were sent through on the webcast. I'd like to hand over to outgoing CEO, Neal Froneman, for a last word.

In getting that exposure through our recycling footprint. Thank you.

We produced almost 2 million ounces, a year out of our recycling operations.

I think that's a that's a really good example of where you can get relatively material and quick exposure to some of these critical metals.

Thanks, Richard, and thanks for all the questions. We really enjoy the interaction.

Through expanding those those footprints. So so I do agree with you. It's a great part of the mix in our case, we've really focused over the over the recent times and getting that exposure through our recycling footprint. Thank you.

We are not done. I think we've had it answered all the questions that were sent through on the uh, webcast. So I'd like to hand over to outgoing CEO. Neil framan for a last word.

Richard Stewart: Thank you, James. I think let me start off by saying you saw the Sibanye-Stillwater team in action today. Let me start off by complimenting them, Richard, and you, the rest of the team that actually prepared these results, prepared this presentation, and it included all the preparation for the board work as well. Well done. I thought you guys and ladies all did very well. Let me also just thank my team for all the support that I've had over many years. As I've said, and I don't say it privately either, I believe this is the best team in the mining industry, and they will certainly demonstrate it. I also want to thank everyone on the call and specifically those that made positive comments about myself and Richard, Steve. Thank you. There were some comments on the questions sent. We recognize that and note them.

Thank you, James. And, um,

Thanks, Richard and thanks for all the questions, we really enjoyed the interaction.

We are not done nothing we've had to answer all the questions that were sent through only a webcast. So I'd like to hand over to outgoing CEO Neil front in a moment for a last word.

Thank you James and.

I think let me start off by saying you saw you saw the savanna team in action today.

And you, the rest of the team that actually prepared these results, prepared this presentation. And, um, it included all the preparation for the board work as well. So, well done. I thought you guys and ladies all did very well. Um,

And let me start off by complementing them.

Richard and the rest of the team that actually prepared these results prepaid this presentation and.

At it included all the preparation.

For the board work as well, so well that I'll throw to you guys and ladies all did very well.

Let me also just thank my team.

For all the support that I've had over many years and as I've said.

And I don't say it privately either that I believe this is the best team in the mining industry and.

Richard Stewart: Thank you very much. The company's in great shape, got a good strategy. As I've said, it's never going to be a dinosaur, does things off the wall, sometimes very hard for people on the outside to follow, but this company is going places, and under Richard's stewardship, I look forward to seeing that. Thank you very much, everybody, for those on the inside that did all this work, those on the outside that make all this happen, for your good questions and your support. Thank you very much.

They will they'll they'll certainly demonstrated also wanted to thank everyone on the call and specifically.

Is that.

<unk> made positive comments about myself and Richard Steve.

Let me also just thank my team. Um, for all the support that I've had over many years and, um, as I've said, um, and I don't say it privately either that, uh, I believe, um, this is the best team in the mining industry and, uh, they will they will. They'll certainly demonstrate it. Also want to thank everyone on the call and specifically those that um, uh, made positive comments about myself and Richard Steve. Thank you. Um, and, and there was some comments on the, the question sent, um, um, we recognize that and, and, and note them, uh, thank you very much. Um, the companies in great shape, got a good strategy as I've said, it's never going to be a dinosaur. Uh, does things off the wall, sometimes very hard, um, for people on the outside to follow. Um,

And and there were some comments on the the question since.

We recognize that and and and now Tim Thanks.

Thank you very much the company is in great shape got a good strategy as I've said, there's never going to be a dinosaur.

But this company is going places and under Richard stewardship. Um, I look forward to to seeing that. So, thank you very much everybody. Um,

Does things off the wall, sometimes very hard.

For those on the inside that did all this work those on the outside that uh make all this happen for your good questions and your support. Thank you very much.

For people on the outside to follow them, but this company is going places and then Richard stewardship.

I look forward to seeing that.

Thank you very much everybody.

For those on the inside that did all this work that was on the outside that make all this happen for your good questions and your support thank you very much.

Neal Froneman: Thank you, Neal.

[music].