Harmony Gold Mining Company Limited

Good morning, ladies and gentlemen, and welcome to the Harmony FY26 Results Analyst Call. All participants will be in a listen-only mode. There will be an opportunity to ask questions later during the call. If you should need assistance during the call, please signal an operator by pressing star, then zero. Please note that this event is being recorded. I would now like to hand the conference over to Bayes now. Please go ahead, sir.

Good morning and thank you for joining us for Harmony's results for the six months ended 31 December 2025. During the period under review, we reinforced Harmony's position as a higher quality, lower risk global producer of gold and copper. We continue to grow selectively, sequentially and affordably, turning today's gold price tailwind into durable compounding value. Our first rent or dollar spent goes to safety and sustaining our operations. We then allocate to organic projects and advance copper and gold scale only where risk-adjusted returns clear our hurdles. Every initiative in Harmony competes on risk, margin and cash conversion. We continue preserving balance sheet strengths for disciplines and consistent through the cycle dividends. Operationally, we remain on track to meet our full-year production cost and grade guidance, and the exceptional gold price environment has further supported another strong financial performance. As a result of our strength in cash flow generation, we are pleased to announce that we have revised our dividend policy to provide shareholders with enhanced upside participation. The revised policy now includes a base dividend and an upside participation model based on pre-dividend net debt to EBITDA levels. In line with our new dividend policy, we have declared an interim dividend of 530 SA cents, or 32 US cents per share, and a rolling 12-month dividend yield of 2.2%. The interim dividend payout has doubled to a record 3.4 billion rand, or 204 million US dollars. This represents a payout of 43% of net free cash. Looking ahead to our FY26 guidance. For our gold operations, we reiterate our previous guidance of production between 1.4 and 1.5 million ounces, underground recovery grades above 5.8 grams per ton, and only sustaining costs of between 1.15 and 1.22 million round a kilogram. Our copper production guidance only includes the CSA mine. The guidance for the financial year 26 is as follows. Production of between 17,500 and 18,500 tons, C1 cash costs of between $2.65 and $2.80 per pound, and recovered grades above 3.5%. Group capex for financial year 26 has been updated to 18.5 billion rand and now include capital expenditure for CSA and EVA. Updated capex for gold operations have been reduced by 1 billion rand to 11.8 billion. CSA capex guided at 1.1 billion rand or 65 million US dollars. Eva Copper's capex is projected to come in at a 5.6 billion rand or around 320 million US dollars this financial year. Total project capital for Eva Copper is expected to be between 1.55 and 1.75 billion US dollars over three years with an estimated 20-40-40 split over the three years. We will provide longer term guidance for the CSA mine at the time of our full year results release. Thank you. We will now take your questions.

Thank you, Sal. Ladies and gentlemen, if you would like to ask a question, please press star and then 1 now. You will hear a confirmation tone that you have joined the queue. If you decide to withdraw the question, please press star and then 2. Again, if you would like to ask a question today, please press star and then one now. The first question that we have comes from Rene Hochreiter of NOAA Capital. Please go ahead.