Sibanye Stillwater Limited

Good morning ladies and gentlemen and welcome to our H1 2022 presentation. We have defined this period as a challenging period and I think as we go through the presentation you will see why. Obviously, there are forward-looking statements, so please take note of our safe harbour statement. If I can then move on to the agenda, as always, we will start with safety and ESG. I'll cover that. I would like to do a recap on our strategic positioning. Thank you very much. being Richard and Charles Carter, Richard Stewart and Charles Carter. Richard will cover the South African region, Charles will cover the US region, and our new head of recycling, Ron Stewart, will cover the recycling segment. Grant will hand over to Charl Keyter, our Chief Financial Officer, and Charl will cover the financial results. And then I'll conclude with a brief conclusion. So please sit back, enjoy, and relax if you can. As I said, health and safety and ESG are our primary focus areas. They are our first, second and third priorities. Our focus on the fatal elimination strategy is an imperative for 2022. We had a shocking 2021. I'm pleased to say we've made really good progress. Post all the sharp stoppages that we introduced ourselves towards the end of last year and some of them even went in to the beginning of this year, we brought in an independent safety expert to review our safety strategy. I'm very pleased to say that he ratified Our safety strategy is consistent with global industry standards and of course we were quite relieved with that. What we did find though is that perhaps the ownership of that strategy was not owned throughout the organisation and certainly at some of the lower levels We need to institutionalize and get ownership of our strategy and our safety commitments and we worked very hard on that and we have achieved some good results and have made good progress. Of course You will not progress safely unless you make real risk reduction initiatives an imperative. And we have had real risk reduction in our company and that we've achieved through critical controls. We call it our critical life-saving behaviors and critical management routines. And those are non-negotiable issues in our company. Let's have a look at what we've achieved. So we've certainly maintained the improving safety trends that we were achieving towards the end of 2021. Unfortunately, we have lost two of our colleagues. Both in accidents that certainly are accidents you would find very unusual. The one is we had a driver jump from a moving train due to a flash, an electrical flash, and then we had a very unfortunate surface rail accident regarding a hopper door. in February. So that's very disappointing but very pleasing. We had zero fatal accidents in 2022 and if you look at the direction or the trends of our injuries, of our fatal injury frequency rate, and of the TRIFA, it's all heading in the right direction and we can see it on the ground as well. So I have a lot of confidence that this will be a much better year from a safety perspective. If we just talk a little bit about ESG, and there are many things to talk about when you talk ESG, but I thought it was appropriate and Tommy just to talk about what we call our Marikana Renewal. It's a tragic legacy that we have taken on. I don't even want to use the words inherited. We have taken it on based on the acquisition of Lonman and last week we had the 10th anniversary of that tragedy. In 2020 we introduced what we call the renewal process and it has three pillars, honour, engage and create and we've made good progress with this. First of all we made commitments to all the widows and families and you may remember that initially there were only 34 There were people that lost their lives very tragically even before the actual Marikana tragedy. Through the 1698 Memorial Trust We've educated the children of those widows. I'm not going to go through it in detail. It is set out very clearly in the table on the right-hand slide. Very pleasing. We've had our first PhD come through that system, and I'm very pleased to say we've employed that person. So Manla now works with us. This is a long journey and it requires stakeholder collaboration. All stakeholders are invited to participate, but I can assure you those that don't are not going to slow us down. We've got good momentum. The key stakeholders are working with us. The widows are working with us. It's a journey of renewal and hope. It does require trust building between stakeholders. Our commitment to co-create the future for Marikana is sincere, but change will not happen overnight. So I would urge you not to look for big changes every year. This is a long, long journey. The Lezema process is fostering regular and open engagement. If you want to understand more about that process, We have put a link at the bottom of the slide where you can go and actually have a look at what it includes. We have finally got all the families together, established the task team to deal with the legacy issues including the memorial. There was no point in us erecting a memorial that that suited one stakeholder. The people that require closure, those widows, they are the important beneficiaries of a memorial and we now have alignment and we have a process further forward and I hope that in a year's time we will be able to show you absolute progress. On-site may not be complete because it's going to be a substantial Memorial. There's one area of confusion that I do want to just clear up. We have taken on the obligations of what we call SLP 2. This was approved by the Competition Commission and of course we've got our own new SLP 3, but we did not take on any obligations No obligations on SLP1 and there's lots of confusion around that and I really just wanted to clear that up. So looking at strategy now I want to just refresh your memory and based on the grey elephants which I'm going to come to after the slide We developed what we call our three-dimensional strategy, which is designed to harness opportunities and manage in this very complex environment, this very complex backdrop. And I'm going to cover the backdrop and how it's changed from 2021 to 2022. Our strategic foundation is essentially the same foundation we've had. There's been some minor revisions to wording. We've included one additional value to our CAERS values. We now talk about ICAERS. We've introduced innovation. We think it's an important cross-cutting value that is required to achieve the strategic differentiators. What has made us successful up until now is really encompassed in the foundation and in these strategic essentials and they are not things that we are going to forget. They are absolutely essentials and I would even suggest that the second half of this year there will be much more focus on those essentials to ensure we deliver on our plans and achieve operating excellence. The strategic differentiators continue to be worked on. We continue to set out processes to do the due diligence on various issues so that we can deliver on our strategic differentiators. But just to remind you what they are, being recognized as a force for good. That is part of our vision, building a unique portfolio of green metals, that's PGMs, battery metals and others, and being involved in energy solutions that reverse climate change. That in itself feeds into being recognised as a force for good. Out of some of the grey elephants, which again I will cover shortly, we developed the differentiator of being inclusive, diverse and bionic. and I honestly believe that diversity and inclusion and using technology in the right way will lead progress ahead of our competition. And then of course pandemics and being resilient to them. COVID was the first of many to come. and pandemics are not just viral pandemics. The Russian invasion of the Ukraine is in our language a pandemic. So that's the three-dimensional strategy that we introduced to you at the beginning of the year and it's the strategy that we continue to build our company on. So let's now move on to the grey elephants and ant and a grey elephant is a highly probable and high impact factor that will transform the 2020s. And we went through these in some detail and there's eight of them. Pandemics, I've already referred to the pandemics, you know, and from a viral point of view, we can expect more COVID. In fact, the World Health Organization has predicted another three pandemics this decade. But in our language, pandemics is also highly disruptive events such as the invasion of the Ukraine, the great elephant of aging, the world is getting older, people are older. By 2030, there'll be more older people than young people below the age of nine. Those are Those are very important issues to be cognizant of in terms of ensuring that you have future ready leaders and a workforce that is going to be older. And the Angry Pack Planet is well understood probably of all the grey elephants. Climate change, the need to deal with achieve carbon neutrality, decarbonization. It's a real challenge, but it's a real opportunity as well. Inequality is well understood. In fact, 9 out of 10 people are of the most unequal people in the world in Africa. And we operate extensively in Africa and therefore we have to be very cognizant of that. The events of July last year is a very good example of inequality coming to the fore. But it's not just an African issue. It's an issue, it's an international issue. Big squeezes, they started to appear in COVID with supply chain disruptions. They continue to manifest themselves through the invasion of the Ukraine in terms of energy shortages and other disruptions to the supply chains that we are dependent on. It's an ongoing issue and in fact our strategy to become part of ecosystems in Europe and North America is designed to get around some of those issues. Every grey elephant here has an outcome that results in angry people. And again, if I refer to the outcomes or the riots in July that we experienced in South Africa, that's angry people. And if you don't take cognizance of it, I dare say that you're going to have a very volatile operating environment. Multipolarity is another area that we have seen. We could not predict the invasion of the Ukraine by Russia, but we could predict due to what we saw in COVID that globalization was going to unravel. It's actually accelerated because of that particular pandemic, that invasion of the Ukraine. We've seen the East and the West aligning with Western allies and Eastern allies. The world has recognized that 90% of what's required for antibiotics comes out of China. The US has very recently introduced legislation to make them less dependent on the battery aspects of China and so on. Again, our positioning in Europe and North America has really become... Quite successful because of our identification of this deglobalization issue. And then, of course, artificial intelligence. You would remember me describing how the industrial revolutions have been hard on people and how The fifth industrial revolution needs to be very different. It needs to consider people, it needs to make it easier for people and not be hard on people and how we have therefore from that developed the strategic essential to be inclusive, diverse and bionic and in fact one of the first steps in that is becoming more digital in the way we work. So that's the backdrop of and a lot of that backdrop is playing out and providing us with opportunities because we are pre-prepared for that. So let's have a look at the next slide, which shows us how this environment, which we think is similar, has changed between 2021 and 2022. and I'm not going to go through all the detail on the slide. But in 2021, we were just coming out of COVID. There was widespread economic stimulus to address the COVID distress. There was stuttering recovery in automotive production because of the supply chain issues and different lockdowns across the globe. which of course I just want to again say has changed the view of many companies to regionalize their supply chains and we've positioned ourselves in those regions. There was the increased commitment to global decarbonization and the environment we found ourselves in was one that was partially inflationary but low interest rates To some extent Europe was in a worse position than the US, but we could just start seeing a bit of inflation. And then in 2022, early in 2022, we had Russia invading the Ukraine and that really accelerated the inflationary issues. and of course with central banks now moving to deal with inflation and raising interest rates where you had Europe already in a weak economic position that has basically pushed Europe into a recession and in fact we are starting to see the same things happening in the US. So where we had a pent-up demand in 2021 The spending power of consumers has changed dramatically in 2022 and again instead of having chip shortages we now have other supply chain issues such as wiring harnesses that were manufactured in the Ukraine affecting the newborn side of our business. The acceleration to carbon neutrality has increased and again we are well positioned having restructured and repositioned our business to focus on green metals being battery metals, PGMs and so on. So a very different environment in 2022 compared to 2021. So let's move on with that as background. As you've heard me say a few times now, the fact that we moved very early to position ourselves in regional supply chains rather than global supply chains has put the company in a very good position. We have realized pandemics are more than just COVID-19 and there's going to be many more of them. The regional supply chains is really the multi-polarity and of course the big squeezes. We want to be part of the solution in terms of what we produce. So we are well positioned. I just want to really highlight one other thing. The multipolarity you now see playing out in the recently released US Inflation Reduction Act. And that's good for those companies that are positioned in the US. Our view is that it will slow battery electric vehicle penetration in the US. But it's positive for us, but good for battery electric vehicles in the long run. So that is just one aspect I wanted to cover. And the next one is our positioning in Europe. So we have moved to secure our position in Calibre. Calibre is a wonderful project. It's an advanced lithium hydroxide project in Finland. It will produce some of the greenest lithium and not only that it's close to the end user market so when you look at total carbon footprint this is going to be the greenest lithium in Europe and we will get a premium for it and it underpins our need to reduce carbon footprints but The investment to date and the funding is set out in the bullet points below that heading. We do anticipate owning a little bit more than 80% and Calibre will effectively be fully funded through our equity investment and growth. and an equally sized debt facility and in our view that gives us the most opportunity to take advantage of future lithium prices without having to contract The detail feasibility study, the increase in ore reserves confirms the quality of this project. Our entry point has been achieved at about 30% of net asset value at conservative lithium prices. So this is very value accretive and will be a real underpin to our battery metals initiatives. We do like what we see in terms of battery metal outlooks and I'll cover that in the next slide. But of course the permits are also progressing nicely. So let's Let's just pick up on battery metals and the continued strong EV demand pool. Now I've been the first one to say that penetration rates, in my view, are hugely overstated in many cases. Having said that, I do believe that this is still going to be a very significant segment of the market and some interesting Interesting developments are coming to the fore. So despite the impact of supply chain issues on internal combustion engines and high battery metal prices, battery electric vehicle sales in H1 of 2022 were up 75% year on year. In contrast, other sales are down just under 9% over the same period. So this is real outperformance and I think if I see if there is a group that pooh-poohs the inroads that battery electric vehicles are going to make I'm not in the camp where there's going to be huge penetration but there is going to be very significant penetration and I think quite significant outperformance The other thing that is becoming apparent is that that year-on-year growth shows that to some extent it's inelastic to battery commodity prices which I found strange. I don't intend to go through the rest of the slide in detail. Just to say I'm happy that we're in this space. It doesn't mean we've lost faith in PGMs at all. We've always been strong proponents of the internal combustion engine. But you can see some very significant companies are actually now starting to invest So let me just as a leading to the operational updates. Let me just talk you through the salient features. Despite the challenges of underperformance on volume in South African PGMs, the floods in Montana, the industrial action in our gold business, we still delivered a solid financial performance. It's our third highest attributable profit. of 12.3 billion. So that's not a bad result. Of course, it could have been better. Our net cash position was maintained. And if you look at our ratios, our debt ratios, we are on a 0.16 times net cash to adjust the EBITDA. So that we have maintained. And again, pleasing considering the challenges. Our commitment to dividends is unchanged. We calculated the interim dividend at 35% of normalised earnings and that's at the top end of our dividend policy. It amounts to one rand 38 cents per share or 32.46 US cents per ADR. That's a significant amount of money at $3.9 billion and it's equivalent to a 7% annualized yield. Very decent. Looking at some other salient features, we held the line. We held our ground. We did not give in to unreasonable demands and we achieved an inflation-linked three-year settlement. Unfortunately, that was with A lot of industrial action, but Richard will give you some of the other wins that have come out of that and hopefully we don't have to go through this industrial action every time there's wage negotiations. Our lockout, which was unpopular with the unions, served its purpose in that there was no inter-union violence. There was no Platform for that to take place. It came at a cost but you cannot put cost to a person's life and if we have to do the same thing again we will. In terms of the South African PGMs, I've already alluded to the fact that there was some volume under performance, which makes achievement of good costs even that much more difficult. and it's one of the standouts of this business especially compared to Pierce who continue to show well in excess of 7-8% increasing cost. This segment has shown very small increases in oil and sustaining costs and I have no doubt with higher volumes that that will even come down and We will position all of our businesses towards the lower quartile in the PGM segment. The US was severely impacted by the flood. We presented that a few weeks back. We are looking through the palladium commodity cycle and we've re-engineered a very different plan, much lower cost structure, which will ensure the margins of this business when you look through the commodity cycle. So Charles will not spend a lot of time on the change in that plan, but we'll provide an update. I've already covered, as I say, as a very important positioning in Europe, the company extended its ownership of Calibre and I think in a very value-accretive way. And then, of course, Sandoval is being integrated and we like what we see at Sandoval. There's still some challenges. We've got to up the volume, but that was all factored into our due diligence, the feasibility studies in terms of the production of nickel sulfate as opposed to other nickel products as a battery metal precursor is currently taking place and we are also progressing our PGM recycling facility at that site with a view to capturing a significant part of the European recycling market. So with that, those are the salient features. I will now hand over to Richard Stewart to cover the South African region. Thank you.

Go ahead, Richard. Thank you very much, Neil, and good morning, ladies and gentlemen. I think in terms of the Southern African region's operating update, the first half of the year was really characterized by the industrial action we experienced on our gold operations. that commenced in March of the first quarter and really we only got back to production in July, started production again in July. In addition to that we undertook remediation at our Beatrix tailings for storage facility that commenced in December and as a result Beatrix did not have any production output for the first half of this year. As a result of those two things combined production was significantly lower year on year than compared to the comparative period at just over 190,000 ounces for the first half. Of this, DRD Gold, who was not impacted by the industrial action, contributed just over 91,000 ounces of that total output. I think with production having commenced again in July, we certainly are looking forward to a significant improvement in the second half of the year, where we are forecasting in the region of 350,000 ounces from our operations, excluding DRD Gold. I think it would be good just to touch a little bit on the wage negotiations. As you know, industrial action commenced on the 9th of March, and that was after 10 months of extensive negotiations, many of which were facilitated by the CCMA. I think at the same time as the strike issue was notified, we exercised our right to implement a lockout of employees, and there were largely two reasons for doing this. The first one was of course to exercise our right to manage our costs in our business during the industrial action but also to limit or to provide safety to employees in an attempt to limit the violence and intimidation which was a significant aspect of the previous industrial action we experienced in 2018. I dare say this was successful with very little levels of violence or intimidation experienced. I also think credit needs to go to our management teams who implemented their strike plans and very proactively managed the overhead costs of the gold business, which significantly reduced the financial impact during this period. After two months into the strike, we specifically requested the assistance of the CCMA through a formal Section 150 mediation process. I think we have to give full credit to the CCMA who, under a lot of political and public pressure, ran a very independent process with a lot of integrity and that resulted in an outcome of a three-year wage agreement that was largely in line with inflation at 6.3% average increase per annum over the three years. I think in addition to settling wages at a in line with inflation increase, some other notable outcomes that we managed to achieve was a wage averaging agreement This is really a legacy item, particularly in the gold industry that has been in dispute for several years, and we were finally able to conclude that with organised labour. In addition, it is a full and final settlement, so it does provide three years of stability to these operations, and we were able to reclaim some debt by employees that was incurred during the strike, which we agreed to partially offset through an ex gratia payment that was part of the ultimate settlement. I think it's important to recognise though that why we undertook this was really to be consistent not only with our values but this was very necessary to protect the long-term sustainability of our operations and I dare say this is an approach that is required by the entire industry to protect our sustainability and competitiveness going forward. Moving forward wage negotiations and wage increases have to be linked to inflation. Without doing this and that includes our employees. I think the other important aspect is we were able to firmly get onto the table the discussion around a more variable linked wage package aligning all stakeholders and I'll touch on that. But I truly hope that out of this action there's been some learnings by all stakeholders that we can use going forward to more constructive and sustainable wage negotiations in the future. When we look at our wages I think we ask ourselves three questions. The first question that is critical is, are our wages fair? Looking at this graph that goes back to 2013, which is when Savania Stillwater started, and when we look at that over the last eight to nine years, up to 2021, what we can see is that our entry-level employees have seen wages increase by about 84% over the period. Over the same time, inflation has gone up about 46%. have seen a real wage increase in the region of 40%. And we recognize that this was very necessary in order to make those wages fair and to create parity with entry-level employees. But the second question we have to ask ourselves is going forward, are our increases linked to inflation? And this is a critical question because if our wages are fair and we did a lot of benchmarking against not only other industries but our own industry, But if our wages are fair and we continue with the trend that we are currently seeing, all we are doing when we have a cost base that's a 50% to 60% comprising of salaries and wages, all we are doing is significantly eating into our margins and through cycles, this will impact the sustainability of our operations. It will also make us less globally competitive and ultimately be to the detriment of all stakeholders. I think when we're sitting in an environment like we're sitting in now, where there are inflationary pressures across the board, again, continuing to pay above inflation increases simply perpetuates those inflationary pressures and results in them lasting longer than they should. And that is not in a national interest or anybody's interest. So ultimately moving forward, we have to align these to inflation if we want to remain sustainable and competitive as a company and as an industry. The third question that we ask ourselves then is how does our wage increases impact on the overall sustainability of the operations and of course that is a question around the margins and the profitability of those operations not just today but through mining cycles and this is where the introduction of a variable wage component becomes so critical because it truly does align all stakeholders where all of us including employees benefit during the up cycles and all tighten our belts during the down cycles to ensure that we can be sustainable for the inevitable up cycle again. This is a conversation that needs to be progressed within our operations and again, I dare say, across the industry as a whole. Moving on to our PGM operations, the first half of this year saw an 8% reduction relative to the comparison period of last year. The portion of that production was planned and expected, particularly at our Kruendal operations where we do have some shafts that are winding down and in fact due for closure later this year and early next year. Other challenges that we faced on production was we did have some technical issues where we were mining through a significant fault structure at Butterpelly and some seismicity at our deeper conventional operations. Other than that, I think many of the challenges common to our industry peers, including power disruptions, which has become a real challenge over the last few months and one we are certainly getting to grips with. Despite this reduction in output however, I think it's extremely pleasing that we managed to maintain our costs. Our total unit costs with the lower production output increased by 7% which is largely in line with inflation but significantly below mining inflation which is closer to 12% for the year to date. Those two combined gave us an EBITDA of just over $21 billion, which is still, despite reduced PGM prices, the second highest EBITDA that we have achieved from these operations. Very pleasingly, our K4 project has also progressed according to plan, and we hoisted our first tonnes in May from that project, with significant underground and on-reef development currently taking place. Our wage negotiations at Rustenburg and Morikana commenced at the beginning of this month and we continue to engage with organised labour. Finally, we also paid a significant payment of the 35% cash flows from Rustenburg to Anglo-Platinum which is in line with the original acquisition agreement and that last payment is due to conclude this year and we certainly look forward to those additional cash flows reporting to Rustenburg from next year onwards. I think the continued focus on costs has been very pleasing. When we acquired Rustenburg and Morikana, these were operations that sat at the top end of the cost curve squarely within the fourth quartile, and the sustained focus on these costs and the benefits that we've seen from integrating these assets into the broader Savonia Soilwater Group has meant that they have now comfortably moved down into the third quartile I think Kruendal remains comfortably at the bottom end of the cost curve, as does Mimosa. But a very pleasing output during some very challenging operational times. In terms of the PGM market outlook, it's been a volatile first half to the year. I think both from a supply and from a demand perspective. On the supply side, we obviously had the Ukraine-Russian conflict, which I think put several shocks into the system. but as we've seen of late has probably had a very limited impact on total Russian supply finding its way into global supply chains. I think probably more important is that due to the sanctions in Russia we are seeing a limitation and unavailability of capital equipment within the country and we certainly think that could result in a constraint certainly in growth and possible production out of Russia in the medium term. I think we've also had extensive engagements with the market in the last couple of weeks at our US PGM operations. There we've seen a supply disruption due to the flooding events that we experienced a few months ago. And also we are repositioning that asset in line with our outlook for the market, which will have another impact on PGM ounces on an annual basis on supply going forward. In South Africa, several disruptions to supply, including wage negotiations and power constraints. And then on the secondary supply side, we also expect that to be lower by about 10% over the course of this year. Largely driven by two reasons. We are seeing fewer cars being scrapped. A lot of that, again, got to do with inflationary pressures, as well as significant logistics constraints in that secondary supply chain, which remained. On the demand side, we have seen a revision down of the forecasts for light duty vehicles, seeing demands down to, or forecasts down to about 80 million units for this year. That's just under a 10% reduction from original forecasts, and that's been driven by a myriad of factors. Certainly earlier in the year, the semiconductor chip shortages was still a big issue, although that does seem to be easing now, and wiring harness constraints that came out of Ukraine, lockdowns in China associated with COVID, and of course the economic pressures in terms of inflation and car prices and availability at all-time highs. Jewellery demand remains under pressure as well, particularly in China due to the continued current difficult macro conditions. So net-net looking at it for the year, both a negative supply or negative impact on both the supply and on the demand side. How that impacts on our outlook, we still see 2022, a slight deficit in terms of palladium demand and a slight surplus on the platinum side. Important to highlight this is before any potential investment demand on either of the metals. Rhodium we see being in balance and as we move forward into next year, platinum being in a slight surplus and rhodium and palladium being more in balance. In terms of our operational guidance for the year, I think there was extensive engagement, as I mentioned, on the new US PGM operations and the plans that they have put forward. So their guidance for this year is about 450,000 ounces and US recycling about 700,000 for the reasons I've mentioned. Our PGM operation guidance remains the same. We are largely in line with that and comfortable that that remains the same for the balance of the year. and our gold operations we are forecasting around 450,000 ounces for the year excluding VRD given the ramp up in production we started seeing since July. That does come as well with the reduction in our capital guidance down to 3.9 billion Rand of which about 1.1 will be on the Burnstone project and about 270 on the Turf project. Given the significant ramp up it does negatively impact costs wherefore Thank you very much and I'll now hand over to Charles for the US region.

Thank you Richard and good morning everyone. You'll be familiar by now with the impact of the flood event in Montana on the second quarter results. For those of you who did not see the specific presentation on that on August 11th, you'll find it on the company website. It's very detailed and I would encourage you to go there to get more context on the highlights that I'm going to cover now. So the Montana flood event hit just at the end of the second week of June, so it really impacted the last two weeks of the quarter. While East Boulder and the Met Plant were largely unaffected, it was really the Stillwater mine that was taken out for seven weeks due to no access and river infrastructure that needed addressing on the mine site. So the impact on the quarter is really 15,002 ounces and for the half year has been estimated to be 60,002 ounces for 2022. At the detailed presentation on August 11th, we went into the revised mine plan at length, and we also highlighted the fact that we're dealing with significant current events, both macro in the US and specific to Montana and the operations. and we looked at the mine plan also in the context of potential future price retracement in the context of a potential recession and the market is well aware of the elevated inflation impacts we're currently dealing with and then nationally in the states right now all businesses are impacted by various skills shortages mining Specifically, and in Montana, these are somewhat compounded by the nature of our operations, distance for travel, lack of housing, proximate to mine, and so on. So we are dealing with a significant skill shortage at all operations right now and significant turnover. And the plan is seeking to address that over the medium term with a big focus on recruitment, retention, and training, given that we are now already seeing a younger workforce growing. enter these operations. But the impact of the skills shortage and then the over-reliance short-term on contractors, which is also impacting cost structures, is something we're looking to address in the medium-term plan. And so the plan that we put forward on August 11th, that over five years really gets these operations to start to deliver to their potential, opens up greater operating flexibility, specifically at Stillwater Mine, We've got to push hard on the developed state, which is both primary and secondary development, everything impacting production readiness at each of the production stops is going to take a bit of time because we're building off a developed state that's really four to six months currently. We want to get it to 12 to 18 months, more in line with the East Boulder operation. and so that plan really starts to get us there over the next few years. Obviously we have high cost structures in the interim and we have productivities that we're working hard to improve and both linked to the macro and economic environment is the specific all-body context that Wayne Robinson dealt with in detail at the August 11th presentation which you can review on the website. and he spoke to the fact that at Stillwater Mine we're working through a depression zone and a number of fault structures which means minimal recoveries through the mining cycle. That's impacting obviously grades and it's impacting associated mining costs. But as we get through that we start to open up all body flexibility and we start to open up good grades and good recoveries and that'll have a knock-on effect to improve cost structures. and you'll see in that presentation that we step up there over the next several years and we're looking forward to that. Wherever possible we'll bring that forward but it's not a quick fix at Stillwater. But what the presentation on August 11th also did in great detail which Neil spoke to on the day was the fact that this has been a very good acquisition over the last five years since acquisition. It's more than paid back The original investment cost and you'll see on the graph that the current NPV which is done at reserve price in 1250 an ounce on palladium and on platinum gives us a significant return going forward and I would argue that as we get this mine plan right and the deliveries right that NPV obviously depending on price and other assumptions improves. So strategically a very good move at a difficult time in the market on the day when they did it. But it's a world-class all-body with good optionality going forward and our aim as management is to start today like that. So the payback is already in hand and I think in the plan that we've put forward although investors and analysts will be disappointed on short term quick fixes over the 3-5 years we really start to open that up and we start to get to a steady state of $700,000 or above 2 e-ounces a very competitive cost structure below $1,000 an ounce and I think you have flexibility on that once you start to get there So for these results, significant flood impact now dealt with and Stillwater is back in production and performing as we speak. We still have some access limitations to the mine site but we've got temporary workarounds on specifically the main access road which is a county road. The county is working with FEMA to try and address that and we are in daily discussions on how to expedite that. But we have all three operations back performing like they should and I think you'll start to see that in the results going forward. Thank you with that. Let me hand you over to Grant to talk to the recycling business. Thank you.