Sibanye Stillwater Limited

Ladies and gentlemen, welcome to our 2023 H2 and year end presentation. Please take note of the international piggy bank. We gave considerable thought as to what would be the appropriate way to signal our focus on the balance sheet, and we thought this was the most appropriate way to indicate our focus for a challenging 2024. and we are not trying to create a silk purse out of a sow's ear. So let's move on. First of all, please take note of the safe harbour statement. There are lots of forward-looking statements, especially around what the markets may or may not do. What we intend to cover today is is I will go through the salient features of 2023. We want to start with it all starts and ends in the market. We really just want to focus on the PGM market. I think that is the priority. We want to share with you our proactive focus and our protection of the balance sheet. That is definitely our priority for 2024. I will also discuss a concept that I introduced at the last presentation, a little bit more on resource stewardship. I will then hand over to Charles Cater, our CFO, who will do the financial review. Shole will hand over to the Chief Regional Officers Richard, Charles, Mika and Robert for the operational review and then I will pick up again to conclude today's presentation. So let's just look at the salient features for the year ended 31 December 2023. I think in terms of embedding ESG as the way we do business and work, we certainly can celebrate a record low serious injury frequency rate. Unfortunately, we did suffer regression in fatalities year on year, predominantly due to the Burnstone conveyor contractor incident where we unfortunately lost four human lives. We are pleased to say that we well advanced with our renewable energy projects with 267 megawatts in construction. We're also pleased to say that we achieved conformance for our storage facilities, tailing storage facilities, according to GISTM. And in line with our capital allocation model, we established the Sabana Stillwater Foundation and the first allocations for the benefit of social upliftment have been made, and Richard will cover that in his section. In terms of financial performance, earnings and cash flow were significantly impacted by a steep decline in PGM prices. We have been looking after our balance sheet not only recently, but for some time. And I'm pleased to say that we ended the year on a net debt to adjusted EBITDA ratio of 0.58 times. We have a low risk and well staggered, I should say, debt maturity ladder. And, of course, we applied our dividend policy, but due to the losses in the second half of the year, there is no final dividend policy. in terms of the south african pgm operations again another really consistent and solid operational performance um we achieved industry leading cost control with only a four percent increase in our all-in sustaining costs to approximately 20 000 per 40 hours um I want to point out, and Richard will do more of this, there's significant revenue generated by our byproducts, and particularly Chrome. And I think that it's not well understood how much revenue comes from Chrome. But in terms of byproduct credits, 10.9 billion Rand was the impact. Load curtailment was very well managed. And we ended up the year with effectively zero inventory, which is a good outcome considering what other companies have had to report. We were proactive in restructuring many parts of our business, but in the South African PGM operations, we started just after mid-year results presentation, and that restructuring was completed in February of 2024. The South African operations, I'm pleased to say, both gold and platinum operations, are profitable despite the depressed PGM basket price. In terms of South African gold operations, again, another good outcome, a very significant turnaround from a 3.5 billion adjusted EBITDA loss to a 3.5 billion adjusted EBITDA profit. That's a R7 billion loss. Swing. Load curtailment was also managed very well. Clear foreshaft was restructured again proactively due to a constraint resulting from seismicity and the implementation of our safety strategy. resulted in the closure of that shaft. Obviously, the final catalyst was a shaft accident in the shaft. The South African gold operations, as I've said, are also profitable and generating a positive cash flow. Important, we often asked, why do we continue to pursue gold as part of our commodity mix? Well, I think it's very clear in global economic downturns that gold safe haven status is is a positive. And just to note, if we could create value by growing our gold portfolio, we would. Gold is a good commodity to have when you have a large base of industrial commodities as well. In terms of the US, the first half of 2023 was also impacted by a shaft accident at Stillwater West. We moved in quarter four to right-size the operations for the lower palladium price environment. That has worked extremely well. We've got a number of other levers we can pull and there's ongoing work to ensure that these operations become profitable. They're still loss-making at the moment. I will note when we look at reserves and resources, that's always a strategic asset, both for ourselves as a company and for the US. And we have really no option but to ensure that it becomes profitable, even at these depressed palladium prices. So that's not due for closure at this stage. In terms of the European region, the construction of the Calibre Lithium Refinery is on schedule and on budget. Late last week, we received a court ruling on the appeal regarding the environmental permits for both the Rappasari mine and the concentrator. The court upheld the permit. but referred certain of those conditions back to the permitting authority. We suspect that may have an impact on when we bring Ropposari mining into operation, and it may also require some rescheduling of capital. And once we have done that work and we are clear on the impact of this, we will provide the market with more guidance. The Sandoval nickel refinery in France was severely impacted by the collapse in nickel prices. However, we had a very good outcome from the work that we initiated to look at the conversion of that refinery into a nickel sulfate processing plant, incorporating battery recycling. That study, as it was done, morphed into a study on PCAM, on producing PCAM, and we had a positive outcome from that transition, and we will now take this to the next level of engineering. For the first time, we have, I think, a positive way forward for Sandalwood. In the Australian region, again, good news. We completed the acquisition of New Century Resources. We now own 100% of the company. The adjusted EBITDA turned positive in Q4 after the very extreme weather event in March of 2023. And we also acquired 23 to acquire 100% of the Mount Lyle Copper Project. So let me move on to it all starts and ends in the market. And that's a quote from one of our previous non-executive directors, Barry Davison. And as you know, Barry was instrumental in building Anglo-Platinum, and we learned a lot from Barry. And this is one of the things I would like to acknowledge that he taught us and very often listens into our calls. And if you are listening in, Barry, greetings. I'm not going to get into the nuts and bolts of supply and demand as it relates to the PGM. I want to take more of a bit of a philosophical view of the market. Our view has been consistent. We recognise the issues of the day. very solid and very positive. And let me share with you why. The graph on the right hand side indicates the makeup of light vehicle production by powertrains. On the left hand scale is millions of units of light vehicle production and you can see the different colors indicate what is ice, what is hybrids, what is BEVs and fuel cells are hardly seen in this period. The point that needs to be made is the following. is that absolute light duty vehicle production is forecast to grow over the rest of this decade to well in excess of 100 million units per annum. I think the second point is that electric powertrains are expected to increase in market share in coming years. Now, that does mean that battery electric vehicles will increase in market share. But for some time we've been saying those penetration rates are overstated. But what seems to be forgotten is the role that hybrids will play and what's becoming much clearer to us As we get to understand supply constraints, consumer preferences, and technology advances, the use of PGMs in the hybrid and internal combustion engine segment of the market is well supported. More recently, you had GM, Ford, Toyota, BMW, and in fact, about a week, 10 days ago, Mercedes have all made public announcements pulling back on battery electric vehicle plans. And that type of messaging, drive sentiment, sentiment is impact short positions in the market. And from a palladium point of view, you're starting to see that unraveling. The point of all this is that those technologies that use autocats, and that's ice engines in the purest form and plug-in hybrids, In this decade, I expect it to provide approximately 70% of the powertrain mix, which is a very solid underpin to the PGMs. I think it's clear and it's well understood that the majority of PGMs, especially platinum, ruthenium, and iridium, have significant industrial underpin as well. In other words, they're not really impacted by what happens in the auto segment. So, again, another underpin to the demand side of PGMs. We do expect primary supply cuts from loss-making We've cut back, you know, 40,000, 50,000 ounces on shafts that have come to the end of their lives on some loss making production. And I expect other companies will do exactly the same. So-called recycling and extrapolating recycling of AutoCADs in straight lines is not going to happen. Recycling remains subdued for very good reasons. There's very little price incentive to collectors. Logistics are difficult at the moment. People are not scrapping cars. The steel price is not underpinning the scrapping of cars either. So where we've ended up is in a bit of a volatile situation where supply chains have created major disruptions for end users who, through the experience, stocked up. and built up inventory and what we're seeing in the depressed environment at the moment is that that inventory is being reduced and there's destocking taking place. That's what's depressing the price. None of the fundamentals have been impacted And, of course, inventory is finite, and we're already seeing a little bit more activity in the spot market from end users. So we remain positive and constructive regarding the PGM markets. Now, this is some company information. coupled with, of course, forecasts of others from a base data point of view. But it's very difficult to look at platinum and palladium as separate metals, and we initiated the substitution of palladium with platinum for very good reasons, and we'll get to more of that later. But the graph that you see here indicates a base case market balance in red. It indicates through the gold bars our view as a company of lower BEV growth. And, of course, you can see in terms of platinum and palladium looked at from a 2E perspective, The deficits increase from the base case just through that out into 2028. And when you look at supply rationalization and you develop what we call a combined scenario of both lower BEV growth and supply rationalization, you can see why we remain constructive and bullish regarding these two metals with deficits all the way out, in our view, to 2030. In terms of erodium, it's also not too different. When you factor in Our view of lower BEV growth, which we've maintained, as I've said earlier on in the presentation, for some time, when you look at supply rationalization, and yes, we're very mindful of the changes occurring in the fiberglass industry in China, you can see, again, from a combined scenario point of view, rhodium remains only moves into a surplus in 2030. All of this bodes very well for the underpin to our PGM business. In addition to that, and I said I was going to come to this, we have as a company been driving what we believe is innovative market development. Now, I referred to the tri-metal catalyst work that we did with BASF in 2020. We felt that the palladium demand had entered a phase where it was not sustainable in terms of the way we are mining. We looked at the international basket weighting and recognized that it was important to look at the potential substitution of palladium with platinum. Now, today we received many comments that you've actually undermined your own business. That's not true. Because the reverse is also true, as platinum will increase in price, that provides the underpin at a logical point in time for palladium to be substituted for platinum. And therefore, we are very confident that we've done the right thing from a sustainability point of view to ensure that our baskets are balanced. In addition to that, we've more recently embarked with Aurelius Precious Metals on two projects. I'm not going to go through these in detail, but the one is a ruthenium-based CAC LISP or PEM electrolysis. And again, that is to ensure that there are cheaper options for producing hydrogen and and not having to revert to scarce iridium. The other one is we are exploring new applications for palladium in the hydrogen economy. So palladium has had, in our view, very little market development investment, and we are following through on that. I'd like to now move on to what we believe is a very proactive focus and protection of the balance sheet, which is going to be a key focus for us in 2024. But before I go into the details, I think it's important to just look at the external context in terms of the world we're operating in and again refer to the grey elephants. And the grey elephants you would know are those highly probable, high impact, yet often ignored trends that are shaping the 2020s. And we spent quite a bit of time on talking about these grey elephants. Today, I really want to pick up on just a few. And we had noted previously the increasing trend in temperatures. 2023 was the warmest year on record. And that's accelerating this imperative for climate change. And, of course, our metals are key and underpin what is necessary to protect the world from this runaway climate change. That's not the focus of this. But I think... the global trade patterns and supply chains are being significantly disrupted and geopolitical developments are making deeper and deeper impacts. I refer to the destocking that's currently taking place. I have not yet referred to, you know, palladium that we believe is coming from Russia via China at a discount and impacting and undermining what is a commercial palladium price. Those are all patterns that come from the grey elephant of big squeezes. We are very cognizant of them and, of course, have strategies to deal with it. I have said many times in these presentations, the issue of multipolarity or in another word, the de-globalization of the world is happening at an accelerated rate. Our positioning in Europe and the U.S. was not by chance. It was taking recognition of this multipolarity. And, of course, those are markets that are short of these critical metals. Those are markets that we can support and jointly prosper in together with our stakeholders. I think when you look at the fact that 64% Elections will take place, country elections that is, in 2024. And you look at what is happening in the division between the East and the West. This is a very significant platform for angry people to express their discontent all over the world. And it is something that can really undermine very quickly the underpins and the changes to market. So it's something we are monitoring very, very closely. But that is the broad external context. When we bring that into the company, you are all familiar with our strategic strategy. thinking, our three-dimensional strategy, the strategic foundation, the strategic essentials, and, of course, our strategic differentiators. In a challenging environment, the primary focus has to be on strategic essentials, and that is where our focus is. And just to remind you, what does that actually mean? It means, first of all, we've got to ensure the safety and well-being of our employees. So safety first. Prospering in every region in which we operate. That means having good stakeholder relations with all stakeholders in the regions we operate in. Achieving operational excellence and optimizing long-term resource value. We're going to cover a number of those aspects in this presentation. You saw increases within our South African PGM business of only 4% in a high inflationary environment. I will get on to our recently declared reserves and resources and show you how we've optimized long-term resource values. Those are some of the key assets within the company. Maintaining a profitable business and optimizing capital allocation. In this presentation, I believe I will talk about capital allocation, Shal will talk about capital allocation, and Richard will talk about capital allocation. But dealing with loss-making shafts in a proactive way, dealing with loss-making parts of our business in a proactive way, considering capital allocation and even rescheduling capital such as Burnstone and perhaps even Calibre is important. Embedding ESG is the way we do business. That was the very first strategic highlight for 2023 that I covered. So that's what we mean by strategic essentials and focusing on the strategic essentials to protect the balance sheet is what is critical in a year like 2024. So let's talk about the proactive actions we've taken to protect and strengthen the balance sheet. And I want to do that against the backdrop of the table on the right-hand side. What we've got listed there is some of the restructuring benefits that have been achieved in our business over the last year and early into this year. I'm not going to go through it in detail, but you can see that our gross savings and capex deferrals from the period that we're going to talk about now has amounted to 6.6 billion Rand or $375 million. And this you do not do overnight. This has been a journey and I will share with you that journey. So, In February 2022, at our year-end results presentation, we noted the prospects of a global economic downturn post the invasion of the Ukraine by Russia. And we knew it was going to drive up energy prices. We knew it was going to drive up inflation. And of course, the only way central banks can really manage inflation is to raise interest rates. So we could see that coming. In August of 2022, we recognized that our U.S. PGM business could well be delivering additional palladium into an anticipated palladium price weakness in 2028. And that was the first round of restructuring at our U.S. business. CLUF number two processing plant. From May of 2023, we started to protect the downside in terms of gold price at, let's call it significant levels, probably even record levels. That is protecting the balance sheet. In November of 2023, instead of using our balance sheet to acquire Reldon, we raised $500 million through a convertible note to fund the Reldon acquisition. And that was actually raising $500 million at an interest rate of 4.25% in a time where interest rates were well north of that. Bond rates were sort of at 7%, 8%, 9%. Yes, you can talk about dilution, but there's no reason why this convertible note has to actually convert. In November of 2023, we closed clear foreshaft, mainly due to safety reasons. In November of 2023, we went through a further round of USPG operational restructuring with the very fast decline in the 2DE basket price. 2024, we completed the 189 process for the closure of Soumenier shaft, the rightsizing of Soukoumelele, and rolling shafts and conditional operations of our four belt shaft. That is, in my mind, being proactive and being on the front foot in dealing with changing economic circumstances. Our operating guidance for 2024, again, I'm not going to go through it in detail, But you will note that the US region is now being pinned from primary mining at about 440,000 to the ounces a year. Our US recycling business. excluding Reldon, is expected to generate about 300,000 three ounces. Our South African PGM operations, again, a solid performer at about 1.8 million ounces of production with costs around just under 22,000 rand a 40 ounce. Gold is profitable with an expected production of just over 600,000 ounces. The Sandoval Nickel Refinery is unfortunately still going to be loss-making, but we are working our way to reduce those losses at the current nickel prices and, of course, minimize the losses as we progress the feasibility study to convert that plant into a PCAM plant. The Calibre Lithium project is ongoing. As we noted early on in the presentation, we are still understanding the impact of the court judgment, and that might require a little bit of rescheduling, both on the capital and the output side. The Australian region is profitable. And, of course, we exercised, as I said earlier, our option on the Mount Lyle copper mine, and we will continue to take that up the value curve. As I said right at the beginning, I wanted to talk a little bit about resource stewardship. I did introduce the concept at the previous results presentation, and I think it's really about saying, that if you are going to position yourself as a metals producer which on design address climate change, you need to think broader than just primary mining. Secondary mining has... has been something we've been part of for some time through drd gold and of course more recently century um we are looking to grow that business um recycling or urban mining is is an area where we're quite active and we have recently announced the real done transaction which i'll get to now but those are the three operating legs um of the company and Let me just provide you with a bit more detail on RELDUN, which is a US-based metals recycler based in Pennsylvania and has joint ventures and operations in both India and Mexico spreading our footprint. So in November 2023, we announced the acquisition of RELDUN. at a $211 million enterprise value. And, of course, the taking from enterprise to the cash consideration will result in $155.4 million cash outflow. It's anticipated to be value accretive on day one. That's not a big ticket in the big scheme of things. It reprocesses industrial and electronic waste to produce various metals. And I think it's important to understand the scale of these businesses. So we've really... highlighted the amount of gold a recycler produces. And in this case, for 2022, it was 140,000 ounces of gold. Now, that compares very favorably to 164,000 ounces that DRD Gold produces. And DRD Gold is considered a large gold mining company. It also produced just under 2 million ounces of silver, 22,000 ounces of palladium, 25,000 ounces of platinum, and 3.4 million pounds of copper. So a significant producer, significant scale. As I said, got a presence in Mexico and in India. A number of environmental certifications and accreditations which attract blue chip suppliers. And we expect this transaction to close during this month. So let me. Let me then move on to the bigger part of resource stewardship and just talk a little bit about our reserve and resource base as recently declared. And obviously the pie charts on the right-hand side of the slide are important. What stands out before I even go into the text is the very large reserve base that we have in the US. And you can see why that is so strategic in terms of our own company and, as I've said, also for the United States. So, really pleasing to announce a 55% increase in attributable lithium mineral resources. And We will, I do believe, in the not too distant future, be able to upgrade the manure reserve as well. We have a very sizeable PGM manure resource and reserve base with long life operations and lots of optionality. As I've said, the U.S. resource and reserve base is strategic and significant. The South African PGM base is also significant and large. The South African gold resources and reserves went down, impacted mainly by the closure of Kluwerf foreshaft and Beatrix foreshaft. The new century operations we have a an attributable um zinc mineral reserve of 1.7 million pounds um which we've declared for the first time and for the first time time mount lyle has just under uh or just over i should say 1.6 million pounds of copper mineral resource which was added Lots of questions on uranium. As you know, we've been sitting on our uranium waiting for the prices to be what they are. We have 32 million pounds of uranium resources on the Cook tailings dam. With DOD having now finalized their regional tailings facility, that can be brought to account very quickly. And then, of course, we've got the Biza uranium mine with 27 million pounds of resource. And we're actively progressing the thinking around that. So with that, I'm going to hand over to... our Chief Financial Officer, to take us through the financial review. Thanks, Charles.

Thank you, Neil. Good morning and good afternoon to all participants. Having now spent almost 30 years in the mining industry, you very quickly learn that summers are short half of 2023, financially speaking, we entered a period which is beginning to feel like autumn as we saw a pullback in commodity prices, specifically PGMs. This has had a significant impact on our results, as you will see during the financial review. Our balance sheet remained strong and we maintained our financial flexibility. However, for the first time in four years, we moved into a net debt position. Net debt to adjusted EBITDA increased to 0.58 times, and this was driven predominantly by lower commodity prices, capital expenditure, and timing of year-end payments. Now, debt maturities, as can be seen on the slide, remains manageable. Gross debt, including borrowings, increased by approximately R15 billion, And this was due to R4 billion drawn under the RAND revolving credit facility due to the earlier payments in December 2023 associated with the South African mines closing around 23 December. We also issued the convertible bond at the end of 2023. Cash on hand was at R25.5 billion and net debt was just under R12 billion. Liquidity still remains very strong, and we have headroom of just under 50 billion Rand, which is split roughly half cash and half available facilities. Our North Star remains the capital allocation framework, and the decisions taken around cost cuts and production rightsizing bears testimony. Looking at project capital, Burnstone has been slowed down, and we will continue to review this based on the financial position of the group. For now, we will continue with our two major projects, K4 and Kelleber. If we look at stakeholder shared value, as stated and based on the financial performance and in line with our dividend policy, no dividend has been declared at year end. If we now move to stakeholder shared value again. The Sabanje Stillwater Foundation nonprofit company was conceived at the end of 2021, but it was only finally registered in 2023. The historical allocation of R212 million has flown, and more on that later. At the end of 2023, we issued a convertible bond of $500 million, and the proceeds will partially be utilized for the funding of Reldon. The message I want to leave you with on this slide is that we are well aware that we are on a much tighter period, but we will continue to evaluate all investments and expenditures based on this capital allocation framework. Looking at the income statement, revenue at R114 billion was down from R138 billion in 2022. Volumes at all our major primary producing operations were up, but were offset by pullbacks in PGM basket prices of between 24% and 32%. The gold price was the shining light and was up 21% year on year. Costs were down almost R5 billion, and this is a function of solid cost control by the operations, and a major contributor was lower volumes from recycling. Adjusted EBITDA halved year on year and still came in at a respectable R21 billion. And we forget that not too long ago, this was considered record performance, but it has been completely overshadowed by the last three years. We also, as signaled in our trading statement, booked impairments to the value of R47 billion. This was at our US PGM operations, Mimosa, Sandoval, new century resources and the Burnstone operation. The biggest contributor was the significantly lower consensus price outlooks. We also fully impaired the now closed Kluwer foreshaft. Taxes and royalties were much lower and reflects the lower profitability. The net impact of all of the above was a loss for the period of 37 billion rand or 13 rand 34 per share. And this was primarily driven by the impairments that we booked during 2023. I'm now going to pass you back to our chief regional officers to take you through the operational reviews.

Thank you, Richard. Thank you very much, Charles, and good afternoon or good morning, ladies and gentlemen. It gives me real pleasure today to share with you our operational update. I will specifically be sharing some of the group safety and South African regional update. I'll then hand over to Charles to talk us through the Americas region. Grant will update us on the recycling and then Mika on the EU region. And finally, Robert will pick up on the Australian region. Thank you very much. So I guess just starting off with what is our number one priority, both in our operations and as a group in terms of safety, 2023 was really a story of two tails. I think it was very regrettable that we saw an increase in the number of fatal incidents that we had from five in 2022 to eight in 2023. Very sadly, one of these incidents was a multiple fatal where we tragically lost four contracting colleagues when a conveyor belt that was under construction at Burnstone collapsed. Our sincere condolences go to the families and friends of all of our lost colleagues. While the number of fatal incidents experienced is deeply regrettable, and I think took a hard toll on the team, We have since 2022 been implementing our fatal elimination strategy. And I do think that there are many underlying trends that show us that we are progressing well along this journey. This strategy at its heart really looks at eliminating high energy or high risk incidents. And we mitigate against those risks through our critical controls of behaviors and also through our management routines that make sure we enable safe work. Some of the trends that we have seen that tell us we're on the right journey would be instances such as our serious injury frequency rate. This we use as a measure since the energy that's involved in a serious incident is quite often similar to what could result in a fatal. And having seen a consistent year-on-year decline with many of the serious injury frequency rates we experienced last year, the industry leading and certainly records for ourselves does tell us that we're on the right trend. I also think last year for the first time, we saw that frontline stoppages, safety stoppages by our frontline employees exceeded the number of safety stoppages we saw from management and from our safety officers. This is important because it really tells us two things. Firstly, that our frontline employees are able to identify risk within their working areas. But more importantly, that we're developing a culture where our frontline supervisors stopping for safety incidents rather than continuing work is embraced and really seen as part of our overall commitment to not working in unsafe environments. We've also seen a real reduction in risk, where historically some of our top incidents that resulted in fatality, such as fall of ground, we've now gone 25 months without seeing a fall of ground incident, showing us that where these controls are implemented, we are able to eliminate fatalities. And I remain absolutely confident that if we can continue to implement the strategy and drive it throughout our organization, we can show that deep-level mining is possible without fatal incidents. Moving on to social, I think Shaul did highlight the formation of the Sabania Stillwater Foundation last year. I think a key achievement towards delivering on our ultimate vision of shared stakeholder value. The specific foundation allocated its first funds to the South African region last year, and through that we've disimbursed our first set of funds to two very esteemed partners in Gift of the Givers and Breadline Africa. This specific foundation is really aimed at uplifting our communities around our operations and also from where many of our employees originate with a focus on infrastructure. And Gift of the Givers will be working with us in uplifting infrastructure around schools, around our operations, and Breadline Africa investing those funds into creating sanitation and replacing pit-between toilets in many of our originating areas. I think two absolutely key initiatives that really underpin our commitment to social upliftment and ultimately education in our country, which is core to providing equal opportunity for all South Africans. Onto energy and the E in ESG. I think very proud to say today that Sabania is one of the top three private power purchasers within the country. And in fact, as we stand today, have the largest amount of energy projects currently under construction. Last year, we concluded the financial close of three significant projects that are currently in construction and will deliver 267 megawatts of solar and wind renewable energy to our operations from 2025 onwards. This is estimated to contribute about 15% of our total electricity requirements from 2026 onwards. And we'll also significantly reduce our scope to emissions by just under a million tons of carbon dioxide per annum. In addition, we've got five further projects that are currently under in development, and we are looking forward to reaching financial close on those during the current year. And those should be in operation by 2026. These five projects will deliver a further 365 megawatts of energy that will ultimately provide about 30% of our total energy requirement from 2027. Not only does this have a significant impact on our scope two emissions and carbon footprint, but in addition comes in at tariffs that are lower than current ESCOM and certainly where we forecast ESCOM tariffs to be going over the coming years. This has come at a significant capital investment of between 12 and 14 billion Rand, largely funded from third-party balance sheets with ourselves providing power purchase agreements to underpin that capital investment. Moving on to our SA Gold operation, I think 2023 we saw a very pleasing turnaround from 2022. moving from an EBITDA loss of about $3.5 billion in the previous year to an EBITDA profit of about $3.5 billion last year. This came on the back of a 30% higher production output, coupled with a 20% increase in the gold price received over the year. With the increase in output, our all-in sustaining costs dropped by just over 10% year-on-year, And I think this output was particularly pleasing given two significant operational disruptions we experienced during the year, one being the Kerr foreshaft incident, where at the end of July, we had steel on the counterweight of a conveyance system that fell down the Kerr shaft and resulted in a decision to close that shaft, a process that was concluded in December of 2023. We also had a significant fire at our Driefontein 5 shaft, our largest operation at Driefontein, and that largely resulted in no production for the third quarter of last year and a ramp up during the fourth quarter with more production only normalizing in November and December of 2023. The net impact of that fire was almost a ton of gold that was dropped out of our production. ERD production decreased by about 8% to just under 165,000 ounces, and all in sustaining costs rose by about 10% to just under 900,000 rand per kilogram. Nevertheless, this did contribute a 13% higher EBITDA to the group of 1.75 billion, driven largely by a 20% increase in gold price. As was mentioned earlier in the presentation, we have made a decision to defer much of the Burnstone capital over the coming years, and this will be evaluated on an annual basis. Moving on to our PGM operations, I think production from PGM was pleasing and consistent year on year. In total, we produced just under 1.75 million ounces annually. And that excludes about 21,000 ounces that came from Kruendal towards the end of the year in November and December, where we now account for 100% of production, given the transaction with Anglo Platinum, which I'll talk on in a bit more detail in a second. Very pleasing was the continued and sustained industry-leading cost performance. Our total unit costs last year only increased by 4% to just over R20,000 per 40-ounce, significantly below both inflation and mining PPI experienced across the industry. This, of course, has given us the benefit of continuing to move down the industry cost curves and increasing our resilience to the overall PGM environment that we are facing at present. This cost performance largely comes off the back of two things. The first one is a very tight and stringent cost control, but also through the increased focus we've had on delivering additional by-product benefits, most notably in Chrome, which I'll expand on. Overall, creating a credit benefit of about R6,500 per four-year ounce to our PGM costs. It was also mentioned that we were very proactive in terms of restructuring our PGM operations, with foreshafts being impacted last year, a process that was concluded in February of this year. And overall, we expect that to deliver about R750 million of annual benefits to the PGM operations. Adjusted EBITDA was down by about just over 50%, and that was largely driven by a 32% decline in the total PGM basket price that we received, largely as a reduction of palladium and rhodium prices. I think we also highlighted that at the end of 2022, the deferred payment agreement with Anglo-Platinum came to an end, and that last payment was made in the first half of last year, the benefits of which going forward would accrue to the Sabania Store Water Group and, of course, our empowerment partners at the Rustenburg operation. I do think we're in quite a unique position in many ways in the industry with our current processing capacity. We do have spare capacity, especially in our base metal and precious metals refinery. And that puts us in quite a unique position to manage load curtailment and ensure we can keep work in progress down to a minimum. But in addition, also the ability to unlock future value. And I'm sure many of you would have seen the announcement by Ivanplatz, where we have agreed to purchase a concentrate agreement with them for their future expansion projects due to come online later this decade. I'll touch a little bit more just on the focus on byproducts. When we commenced our operations or started the PGM operation some four or five years ago, Chrome sales amounted to about a billion Rand per annum. Over the last four to five years, we've placed a significant focus on enhancing our Chrome production, both on our existing underground operations, as well as looking at ways to optimize a significant surface resource that we have in terms of our tailings. This has seen the production from Chrome increase to where it was forecast to be currently. We've increased that by more than 25%, which when you combine it with the current Chrome prices, means the revenue we received from Chrome last year was just over R5 billion, or some 10% of our total revenue basket. Given that Chrome comes at a very small incremental cost, this has had a significant benefit to the overall revenue or credit towards our overall PGM costs. We still see a lot of upside with Chrome and look forward in the coming months to share with you some of the plans we've got to further increase our overall Chrome production and become a significant provider into the global Chrome markets. Just moving on to the Crandall transaction, this is a transaction that we've shared with the markets before and essentially includes us buying 50% of Anglo-American share in what was called the PSA or the Crandall operations. The consideration for that transaction was a delivery of 1.35 million ounces into the existing PSA structure, and we expect to complete that delivery by the middle of 2024. In addition, we do pick up the closure liabilities for the infrastructure we have purchased from Anglo. This transaction has added significant value to the overall Crandall infrastructure. In total, we've unlocked almost 1.7 million ounces of additional reserves that could not have been done outside of this transaction. As we know, we had significant resources at Rustenburg that could not be mined from the existing Rustenburg infrastructure, but can be mined from the low-cost Kruendal mechanized infrastructure. This adds about 1.4 million ounces to the overall Kruendal life of mine. In addition, through having this critical mass in terms of production, it also means we can unlock a lot of the Kroendal tail, and that's about 300,000 ounces that previously would not have had sufficient production capacity or could not have covered its costs as a standalone operation. But by being incorporated into Rustenburg, we are therefore able to unlock the 1.7 million ounces and extend the life of these assets out well into the middle of the next decade. I think importantly, and as a heads up to the market, when we do close the transaction in the middle of the year, Kruendal effectively gets amalgamated into Rustenburg. And that also means that we will transform from a purchase of concentrate agreement that we currently have with Amplats to a toll treatment agreement. What this essentially means is that our overall operating costs at Kruendal will increase. So essentially, we will incur additional tolling costs that will increase the total operating cost base. However, you also achieve 100% of revenue. So under the current purchase of concentrate agreement, we only receive a percentage of the total revenue basket, whereas under the toll agreement, we receive 100% of the revenue basket. The net increase in the revenue received does exceed the increase in the costs, and therefore the overall margins will increase from the Kruendahl operations once the toning agreement is instituted around the beginning of this year, albeit you will see that increase in unit costs and increase in associated margins. Thank you very much. And with that, I will hand over to Charles to take us through the U.S. region. Thank you.