Good morning, everyone, and thank you very much for joining myself, Riaan and Jaco for our results presentation for the financial year ending the June 30, 2023. Before we start -- all right. I think this is somebody who needs to go on to mute. Thank you. Before we start, I think maybe just a moment to remember Derek Watts, who passed away yesterday. I think we all remember Derek is a fearless journalist with integrity, relentless pursuit to the truth (ph). And I think he state for certainty leaving a gap in the community, the media community. Moving on to the first page. That is our disclaimer. We are keeping the content of this presentation fairly light. We're not going to go into a lot of detail, really just the highlights and the events that impacted and contributed to our financial operating performance this year. We'll obviously deal with everything from more extensively in our integrated report. Just in terms of highlights, the key group features for this year, see that on the back of a very good gold price. Our revenue is up 7% for the year, and that also contributed to an 8% increase in operating profit of just over ZAR1.8 billion. That in turn contributed to a very nice increase in headline earnings, a 14% increase of just 14% or rather 14% to just over ZAR1.2 billion, and that has enabled us to pay, 16th consecutive dividend. We're topping up the interim dividend by another ZAR0.65 to take the total dividend for the year to ZAR0.85. And I remind myself that being a shareholder myself, a very large percentage of the shares that I purchased and which are now earning dividends I bought for just over ZAR2, I think ZAR2, 13 months. It's been a long-term…

Thank you very much, Niel. Good morning, everyone, from my side. As always, a hedge privilege for me to take you through the financial results, was very helpful with the operating context that Niel has fined to be, before I do that, just two specific words of thanks from my side, firstly, to our operational team for delivering these results. We all know that we're a 24-hour a day business. In a sports analogy, what that means is we can capitate our eye off the ball, the ball is always in play. And I want to recognize the operational team that produces ultimately these results. And then secondly, just a reporting team as well. I know when we talk, as Niels said, in a summarized way in these presentations that it may look pretty simple, pretty easy, but I can show you it's not a lot of effort and dedication by the team goes in, and I want to just want to thank each and every one of them for their support in ultimate coming up with the set of numbers for our year, which I'm very, very proud to present. And then as Niel said, yes, there's a summarized presentation. Hopefully, we'll give you the key features of our results. But please do have a look at our condensed financial statements that we've released. We prepare that booklet with great care, and I know you will find the information in there. So on the financial review side, as nearest time to start with ERGO. As you could see there, Ergo's revenue overall for the year, increased by 11% in comparison to the FY 2022 financial year, which was driven by overall an increase of 16% in the average rand gold price received although gold sold was down 5%, as…

Thanks, Riaan. Yes, it has been a good period for us in terms of share price performance. I think you could see that the share price is still tracking the gold price compare to the multiple might be slightly more steeply get to the gold price than some of the other companies. And to Riaan’s point, on performance year-to-date minus loans I think basically, we kindly emailed me some statistics in July, suggesting that year-to-date at the time, DRD gained 58%. But I think that the one number that I thought I feel just explain this, performance gold sector performance or return over 10 years, which is 794%. And that's what DRD is all about. It's the long-term performance. It's a sustainability focus. That's hopefully taking us into the future and is setting us up to take full advantage of ore body and continue to deliver into the multiple value focused areas that we've made part of our strategy. And that takes us into sustainable development, the very next slide, what we've been doing in that regard. So moving on to the environmental aspect of that. The prior to reduce potable water usage by relying increasingly on industrial water, recycled water or water that we harvest that continues. And again, we saw a 10% decrease this year. And compared to where it was 10, 15 years ago, it's come down every year. For most years, and we're now a point we're roughly 90%, which is more than 90% of all the processed water that we use. In fact, all the water that the we use in our process is non-potable, which I believe is an important part in terms of the sustainability drive. We're having power issues now. We know that in the not-too-distant future, we're going to be adding…

Thank you.

Okay. Wonderful. Thank you very much. So I just wanted to ask the master of ceremonies, can I move on to the question for lack of a better description. So we seem to be -- Okay, good stuff. So we can move on to that. So [indiscernible] from Nedbank once a breakdown of the 3.5%. I don't I think I sort of cover that in the looking forward in terms of the solar and the large part also in terms of tailings. And then, of course, there's element of sustaining CapEx as well, Riaan, I don't know if you want to elaborate on that?

No, that's right, Niel. So the majority of it, as you said, towards the solar project at Ergo, then different than to what is if expansion is the ZAR800 million, and roughly that difference, as I alluded to around ZAR500 million to the sustaining CapEx for both operations. And again, it sounds quite a number and it will be a challenge to spend all of that. But again, for something like the battery I think a lot of that is happening as we speak and we're confident that we will be able to execute that. Jaco, I don't know if you want to add any comments to that.

Riaan, you are 100% correct. Do you hear me? So the -- as you said, the majority of that is on base and Phase 2 of Far West and in some reclamation sites at Ergo. There will possibly be some capital from the solar and batteries running over into the next year, but that's a normal cash flow.

Riaan, and then do you want to have a little bit of the next question from Alexander, the contribution towards decommissioning liabilities that come down? What informs its reduction and what future contributions can we expect on average, please?

Yeah. Thanks, Niel. Thanks, Alexander, for the question. So yes, you note well. Maybe just some of the points that were also elaborate on in our results, booklet, and for example, on Far West, we only spent -- we only vegetated five week days [indiscernible]. But in this year, that positive maximum available CapEx that we could vegetated. So it's still a relative good achievement. At Ergo, for Bracknell storage facility. Yes. So we experienced by long wet season. There was some rain damage scores, which avoided us to vegetate the tailings and to the extent that we would have liked. And there's also some community disruptions sadly that hindered our vegetation program on the [indiscernible] complex. But to give you an indication now, so that's not the level that we would like to spend at. And we've again committed to up that to at least between ZAR30 million and ZAR40 million for this year and hope to achieve, and we'll continue to do that. So specifically on our tailing stands to keep on with the concurrent vegetation program. Hopefully, that gives you a sense of what we want to do. Unfortunately, it's not always possible for us to keep that up in the way that we would like, but we'll definitely continue to do that.

Thanks, Riaan. [Indiscernible] has a question about [indiscernible]. I'll deal with that question. But before maybe that's a bold strategic issue. Before I do that, there is still a question on some of the numbers Riaan, which I'm also going to deflect to you. And that is Nick Hoskin, asking the discussion around the [indiscernible] and reflecting that it's positive and optimistic and an early build up. To ask you question about the expected Phase 1 build and also the NPV improvements on the project. I'm not quite sure the extent to which we can delve into the specifics, but we're in a position to give an indication on sort of the range I suppose the one thing before you go into that. The one thing that we should maybe just point out is the fact that the regional trading facility, the design that we've now submitted, which is an amendment will enable us to perceive tailings in addition to our own resource. So once we've depleted our entire owned resource, there will still be an efficient space on the standing stand to receive very significant quantities of material to from surrounding mine. So everyone in that area as a trading stand on [indiscernible] and who wants to remove it, or is going to take in to remove that because of the impact that the infrastructure is having on underground water, there will be an opportunity to do that. And I think a good way of describing that would be a sustainable solution, environmental site as solution, but also a collaboration or consolidation of sorts. So we're setting it up for the next generation of operators to bring about an enduring and effective solution environment that and that is a purely on the capacity that we're creating in terms of the tailings not going to be all in one go. And this thing is going to be built the curve over six or seven years if I'm not mistaken. You can correct me if I'm wrong. But once it's there, the footprint is there. That it does provide a very significant opportunity to bring about a wholesale cleanup of the 12 weeks, right? So Riaan, if you want to maybe reflect on what Nick (ph) is asking there?

Yeah. So specifically I agree, Nick, it is very exciting around the route that you also alluded in the letter to shareholders and yield around that are really taking for the [indiscernible]. So we're not pursuing the interim solution that we indicated last year, but going for that build of the [indiscernible]. And as we indicated, that has always been our objective from a Far West trend consolidation point of view. So we're planning for much more resources than what we currently own, but we know those resources in that area. So -- and a lot of work has gone into that design. I know over the last year, and we're very optimistic about the next steps. And then, yes, you will maybe on the detail of that. As everyone knows, this is our just condensed financials that we give out. So no reserve changes that we are anticipating. But more detail, obviously, spelt out in our integrated report and other reporting that we do towards the end of October around the 20-F filling and its related documents. But we're very enthusiastic about this Far West project, which is hopefully coming to fruition. And I'll maybe ask Jaco to add anything to that.

No, Riaan, I think you've covered it well.

Thanks, Riaan. And then [indiscernible] question on guidance. So his comment is that the guide for higher production, but the mid guidance ranges around this year's gold production, does this mean you guide for an [indiscernible] gold production. I think if we do hit midrange, then yes, it's in essence, we are guiding the same. But I think we're guiding within a tighter range because of -- hopefully, we passed this what I referred to as an interim phase or a changeover year with some of the higher volume sites now coming on stream. So effect which we're assuming and that which we're anticipating and that which we're factoring into our planning for the time being, if that were to play out, been hopefully in the range. The volume range will be tighter than last year, we'll get closer to that. And of course, if we sort of hit the higher end of at range and if we can maintain plant efficiencies. And hopefully, we will do better than mid guidance, we do not guiding in order to hit the mid-range we are guiding hopefully to meet to test the higher range of guidance. But yes, I think it's a valid comment. So it’s tighter range and hopefully less uncertainty based on current assumptions in terms of volume throughput. And then with higher CapEx, the interest income will be less and with higher cash operating costs unchanged production does this mean that net income will be negatively affected by the higher CapEx. Yes, I'm pretty sure that we'll see less in net cash flow. And then the 20-megawatt solar plant will be online during next year, how come we do not see positive effects on the cash operating cost. We're sort of talking about that internally, but I think we want to see exactly just what the actual reduction is going to be. And then we might want to factor that into the guidance as well. But the guidance that you're seeing, you're absolutely right, does not take into account the potential flow-through of benefits from the silo in terms of power costs. I'm correct in saying that.

That's right, Niel. And maybe I can -- you alluded to it. So that's something, although we're executing it flat out the solar and battery project at Ergo. We are busy fine-tuning, let's say, the structuring. And we have many possibilities there because under our control to optimally structure for, as you mentioned, we are to make sure that we do not only benefit Ergo, but also because it's not only an asset that will contribute to Ergo. That's why we planned it, but there's also other possibilities. And we're setting that up to ultimately with the capital that we're spending. And clearly, it's clear from our cash balance now, what we're spending, what will generate that it is that time towards the end of the financial year that we need refinancing in place for that solar project. I mean, it's ideally suited, it's a wonderful project, and we're doing it almost the other way around. We'll take cash, building it and then refinancing the best terms possible. And those benefits and what you are asking will then optimize around how do we account and how do we allocate to show the benefit in Ergo, by Far West definitely for the group and then very precisely say how we measure that. So that's an exciting development. But like I say, the most important bit is to run build it, and we know it -- we're busy doing that and then to update the market as and when we've progressed on that funding solution. But ultimately, we're aiming for that to be in place nothing later at the end of our financial year 2024.

Thank you, Riaan. I think that also deals with question that’s next asked [indiscernible] on the solar project and how we'll see that in the numbers also in terms of its sort of let's call it, stand-alone valuation. We have a few questions from the floor from Bruce Williamson. Before I take Bruce’s question, I just want to answer [indiscernible] question, which was, do you still see any value in being listed on the JSE and the answer to it is, we do and the reason why we do a significant or register then we're certainly seeing some names popping up in the register, which we find encouraging local names, local funds, some money that's finding its way into the register, which we've been hoping to happen. And that is finally starting to happen. We don't consider it to be particularly onerous, and we don't consider. We don't see any downside in the invested [indiscernible]. So yes, we didn't see that as a benefit. Remembering also that we are the oldest [indiscernible] Johannesburg that's still in business. Many there's been a tradition there as well, but we are looking at the value proposition. So please, Bruce Williamson, rise his hand up. Happy to take your question, please.

Yes, Niel. Hi, good day and good day to Riaan and Jaco. Thanks very much for the update. It's been great. Also your closing remarks on the interaction between this additional private expenditure and some pretty positive outcomes with society, and that's great to hear. Can you maybe just tell us whether that is spot over and that the security side of things has improved. And then secondly, could you sort of look a little bit further out and say, let's say, over the next five years, your confidence in continuing to convert resources to reserves and possibly just a wild guess of how much more CapEx would you spend over five years on infrastructure, tailings storage, et cetera. And then finally, third one is any progress on the PGM recycling opportunities?

So I'll deal with the first one. Let me deal with the second question first on the wild guess of CapEx going forward. Since we've been required to file a technical summary report for the SEC will no longer take qual cases. We're very careful about what we put in there and this is also to a question that [indiscernible] asking of a contradiction between the SK-39 production cost guidance on this guidance and as to explain the reason for that. In as much as we do qualify the numbers that we published, and we do list the assumptions on which we rely and we try to be thorough in using the contingencies associated with that. Then we reassess them from time to time. I think as much as those assumptions have changed, we apply them. And hopefully, it's not seen as a contradiction because of an oversight or is there anything that we got wrong, it will be seen as a number that's been adjusted because the assumption on which it was based, which at the time was a responsible assumption at some of those assumptions of chat. To give these forecasts in the sort of environment that we're in and where the volatilities and contingencies associated with that environment. There are a lot of things over which we do have control, but then there are also a whole lot of things which you do not have control. And you need to take a view on the things over which you have not controlled. But in fact, you've got to take a view on both. And sometimes, you don't get it right. And if you don't get right, you've got the same way. You've got to explain why and then explain what the basis is for whatever the newer…

It was on the possibility of the PGM tailings project.

Yes. So it's been a project that we've been involved in as, let's call it, almost in a consultancy capacity in providing and collaborating in defining what could potentially become a project and the plans have been finalized. And I think what we're waiting for now is to see whether we could sort of transition from being a so-called consultant into being an operator. But that is -- remember, it's a binders asset. It is [indiscernible] choice as to whether or not they want one of their subsidiaries to operate that or whether they want to do that in us. We remain keen, and we think that we can make that contribution. But it's a decision that will be made on the basis of where the best value contribution is. And obviously, we have a responsibility to all of our shareholders, so we need to make sure that whatever structure is decided upon is for the benefit of all of our shareholders. But the opportunity is certainly there, and we're certainly keen to be part of that, but it's going to be -- it's a decision that's going to be taken at a different level. But I have to say that, which is very important to present. And I think this is something that we only appreciated the deeper we got into this study is that this particular the layout is very complex, and it is extensively integrated in existing operations. But they're also -- it's a very complex legal structure, they're minorities that own different parts of the whole -- it's what the PGM footprint. I remember that entire footprint that Frasenburg footprint is made up of several companies that have been acquired over time, they were acquired over time, and they have different empowerment structures, et cetera, et cetera. And then the one thing that I never do, but that's become I find confusing but also that it's been explained to me is that, it would seem that different entities have conflicting or competing interests in different parts of the basket of minerals that come out of what we refer to as a PGM resource. And then that also needs to be thought about. So it's not easy to sort of just wondering you don't just open a plant and say, hey, I'm [indiscernible]. It's a little bit more complicated than that. Having said that though, it's an exciting project. It's got exciting prospects. So it's certainly doable, and we dead keen to be part of that, if given a chance given half the chance.

Thanks very much, Niel. Thank you.

I think that covers it. I don't see any more hands. And I think we question...

There was one earlier question by Alexander Dave. Asking about total water, if you're comfortable, can I answer that?

Yes, please do that. Sorry, I saw one question by Alexander I didn't see the second, thank you Jaco for pointing that out. You can please go ahead.

So just on optimization of the portable water, we specifically look at optimizing the usage and reusing of our water from the tailings dam by investing in infrastructure and distribution and collection infrastructure, making sure that we take the water back to the mining sites. Secondly, we utilize additional water from TCTA treated asset in drainage. And then the third source is dams that were created to cumulate rainwater. We also utilize that in the circuit. And only once all of that has been depleted, do we actually look at the potable water circuit itself. So that's the way that we reduce the amount of water intake portable take into the operation. Second section of your question was just around the radio activity, all of the resources that we are currently treating are below the exposure limits. So that's not a problem for us. And then as mentioned, the third section -- the third question you had is on grade. How do we intend to maintain a Far West operations. We've moved over from Driefontein 5 tailing dam to Driefontein 3 tailings dams. Both tailings dams have got very similar head grades. But Driefontein 3 being a much larger resource than Driefontein 5. Going forward, as part of Phase 2, we will obviously look at bringing in additional resources, as Niel said, and that will look at -- those resources will be at lower grades. But for obvious reasons been, higher tonnages and therefore, unit costs also comes down. So I hope I've answered that question now.

Thanks, Jaco.

All right, I think that covers it. I don't see anything else. So I think we can call it a day. Thank you very much, everyone, for listening in, and we'll obviously update as we go along from time to time and thank you for dialing in. We appreciate it.

Thanks, everyone.