Sibanye Stillwater Limited

Good morning, ladies and gentlemen. Welcome. I think it's a real pleasure to have you with us today as we present our operating and financial results for 2025. So thank you very much for joining us today. I think just in terms of the agenda that we've got, I will start off with a few high-level salient points. Then we'll move into the performance excellence, which will be presented by a number of the team. We'll then move into growth and just touch briefly on the resources, the mineral resources and reserves that we've recently published. Charles will take us through the financial performance and Kiantha touch on how we're interpreting these very volatile markets we're seeing and a little bit of the outlook in that regard before I wrap up with the way forward. I think there are several forward-looking statements in the document, so I would urge you please to just take note of the safe harbour statement. Thank you. I think when we reflect on December 1, 2025, I think certainly during the latter half of the year, it was a time of significant change at Savania. We of course had the leadership transition, and with that we also undertook a refresh of our strategy. This was something that we presented to the market at the end of January, but for anybody who was not able to make that, if I could try and summarize our strategic refresh in one word, it would be simplification. Specifically, what we're really focusing on in the short term is around maximizing and driving our operating margins. We're doing that through a keen focus on operational excellence and simplifying the operating model that we have. and then further simplification through our portfolio such that we're focusing on the highest return assets, of course cash generative assets and ensuring an appropriate management focus in that regard. This is all coupled with a very disciplined capital allocation framework which we shared as being roughly a third towards shareholder returns, a third towards reducing our gross debt and a third towards growth. and again, Charles will unpack that in a little bit more detail. And in terms of growth, we certainly see the best value at the moment for us in terms of returns as being internal, in terms of the resource value that we have. We have a significant resource base, particularly in South Africa, our PGM operations and organic growth will be our immediate focus. But we did also share a value creation framework that we have put together that will help us assess any external growth opportunities moving forward. In addition to the strategic refresh, I think there were some quite key decisions that we needed to make towards the end of last year, especially amongst several of our operations. One of the big ones was the startup of the Caliber Lithium project in Finland. That is a greenfields project that we have built and given the volatility in the lithium market, we had to make a decision how best to proceed with that project. And I think very pleasingly towards the end of last year, together with our partners, the Finnish Minerals Group, came to a way forward which really considers a staged ramp-up of the Kelleber project. And we'll share a bit more of those details with you in the presentation. But it really is an approach that mitigates some of the risk of the market while allowing us a lot of strategic optionality around the project. And we'll unpack that for you in the coming slides. The second big decision we had to make was around cliff. We did share with the market that early on in the year, due to increased risk of seismicity and what we deemed to be an unacceptable safety risk, We ceased mining at quite a few of the deeper level areas at CLIRF and this had a material impact not only on the output from the CLIRF operations but also the future of that operation. Towards the end of last year, we did make a decision that Cliff would continue to operate on a year-by-year basis, assessing the profitability each year as we proceed, so very dependent on sustained higher gold prices. And then there were several priority projects that we have been evaluating during the year and we'll be making financial investment decisions on during the course of this year. There was also some overhangs from previous or legacy issues. We had to address the Apian Court case. We came to a settlement there in November. ultimately a settlement payment of $215 million and then we also had these South African gold wage negotiations that had been continuing from about the middle of the year and I think credit to the team we successfully settled that also towards the end of the year and again credit to all stakeholders I think a very good outcome considering the environment we're currently operating in. But I share this because I guess it was a rather busy, a transformational and actually quite a noisy second half of the year with lots of decisions being made in terms of how we will continue going forward. And that has also reflected in our finances which are complex and again I dare say a lot of noise. But hopefully, certainly the way I feel and hopefully you can see that what this has done is simplified our operations going forward. It's already simplified where our focus needs to be. and I think it's set up a solid operational base which we have launched into 2026 and I look forward to that simplification also starting to feature in the financial numbers as we ultimately simplify the total portfolio. I think looking at our operational output, safety, and I'll unpack safety in a bit more detail in a coming slide, but very pleased with the continuous improvements that we've seen in many of our indicators, both lagging and leading indicators. We have seen some of our best numbers ever, which is pleasing in terms of the progress that we've made over the years, but our focus on eliminating fatals remains our absolute priority as a company. I think I have to give full credit to many of our operational teams. As I say, this was a busy period. It was a very volatile period in the markets. And yet our operational teams delivered solidly across most of our business. All of our operations came in largely within guidance, recognizing we did have to revise guidance at the gold operations because of the cliff decision I mentioned earlier. But to have come in within guidance or better than guidance across the board was very pleasing and full credit to our teams in that regard. We also made some great strides on our sustainability strategy. across many aspects, including water, including the social investments in South Africa. But one that really is a bit of a standout is our positioning with regards to our renewable energy, where I think we really are now positioned as a leader in renewable energy and South African mining. and certainly that is not only going to have a material impact on our carbon footprint going forward in our ability to provide responsible metals but also a significant commercial benefit. Just during the year to date on a small portion of the projects we've commissioned, we've already achieved close on 100 million rands worth of savings and avoided over 300,000 tonnes of carbon dioxide and we see that going up to close on a billion rands worth of savings over the coming years. Like I mentioned, I think with much of the decisions and complexity we had in the business over the second half of the year, that does reflect in our numbers. But looking through those numbers, I guess sort of really through to the core financials, I think what we really see is stability, a real turnaround, and I think a solid base of which to build into 2026. We achieved the highest EBITDA that we have in three years at just under $38 billion or just over $2 billion. and to see a headline earnings per share up by just under 300% I think is very pleasing, particularly given that most of that just came during the second half of the year. Our balance sheet remains strong. Our total net debt to adjusted EBITDA has declined to below 0.6 times, so very comfortably within government limits. But as we shared during our strategy, a renewed focus on gross debt to ensure stability through a cycle is where our focus will be going forward. Overall, with a good operational output, with a strong financial stability and underpinned, I think as a company and a board, the board is very comfortable to declare a dividend of 131 cents per share. That equates to roughly a 2% dividend yield, and again, I think reflecting largely just the earnings over the second half of the year. and that dividend declaration is at the top end of our dividend policy. So very glad to be back into dividend paying territory. As we look at performance excellence, we did share at the end of January during our strategic update that our strategy is based on four pillars. A simplification I've mentioned already, simplification of how we operate, driving accountability, simplification of our portfolio, getting our focus and capital allocation in the right place. And the second pillar was performance excellence. Performance excellence really covers a holistic improvement, and within there we have safe production, we have the operational excellence, which I think will be well understood by many, resource optimization, how best we can extract our resources, maximizing long-term economic value, and of course embedding sustainability in the way we operate. And for us, sustainability is really about people, the planet, and prosperity for both. I will specifically touch today on safe production and then hand over to the two COOs Richard and Charles to look at operational excellence and Melanie on sustainability. So I think touching on safe production, as I mentioned earlier, it's been extremely pleasing to see the trend that we have seen since 2021 in particular, and I raise 2021 because that's the time when we started our fatal elimination strategy. Since then we've seen over a 40% reduction in serious injuries and the reason we look at serious injuries is that is very often associated with high energy incidents. So high energy incidents that could result in either fatal incidents or certainly life-changing incidents. I think we've also seen a very similar pleasing decline in terms of the high potential incidents that we measure. Some of those are associated with injuries, some not. but it certainly gives us a good data point to understand whether or not we are decreasing risk within our operations and whether we look at our own history, whether we benchmark ourselves against peers who have similar underground narrow tabular labour intensive operations Generally across the board I think we've seen a significant reduction in risk in our operations and that is a trend we would like to see continue and we continue to benchmark ourselves against ICMM peers, many of whom of course operate in very different environments. I think what's always tough talking about these safety trends is as pleasing as it is to look in the rearview mirror and understand that we're doing the right things to reduce risk, As a management team, we also recognize that that is unfortunately very cold comfort to family and friends of colleagues who we have lost on our operations. And tragically, during 2025, we did experience six fatal incidents across our operations. And in this regard, I would really like to extend our heartfelt condolences on behalf of the management team and the board to the family and the friends of Umberto Xavier, Omkazi Drozana, Nomsa Matsolo, Brian Hanson, Vasiswe Ramalia, and Klaas Nkosana. Eliminating fatal incidents is absolutely our number one priority as a board, as a management team, and as a company. Our focus moving forward into 2026 remains on how we can more effectively embed our fatal elimination strategy. The strategy fundamentally hangs on three pillars of critical controls, what we call critical management routines, or effectively management practices, and then life-saving behaviors. Those are the three key pillars that will mitigate risk within our operations. The focus for 2026 is how we can enhance compliance in this regard, but most importantly enhancing it through a transformation of culture which will also drive behaviour. I think what we have seen historically within the mining industry is that compliance is driven through force, through instruction, and we recognise the opportunity to change that culture and to drive compliance through a culture of accountability and a culture of care. and through that we truly believe we will eliminate fatal incidents from our operations. Thank you very much and with that I will hand over to Richard Cox to take us through the South African operations. Over to you Richard. Thank you.

Thanks Rich. Hello everyone. As Chief Operating Officer of our South African operations, my focus is on delivering performance excellence through safe production. operational efficiency and holistic improvement. Our strategy ensures we consistently improve delivery across our portfolio. So let's take a look into our 2025 results for the South African business. Turning to our SAPGM operations, we've maintained consistent delivery, meeting or exceeding guidance each year since 2017. More specifically, for 2025, total 4-year PGM production reached 1.8 million ounces, including attributable production from Mimosa at 117,000 ounces and third-party purchase of concentrate at 73,000 ounces. And all aggregated, aligning with our 1.75 to 1.85 million ounce guidance, hand-stable year-on-year. Since the Lonman acquisition in 2019, production has remained steady between 1.73 and 1.83 million ounces annually, reflecting our operational resilience and ongoing progress toward the second quartile of the industry cost curve. Breaking it down, underground production increased 2% to over 1.6 million ounces, supported by improvements at Rustenburg's mechanized body-peeler shaft, and more stable output compared to 2024's disruptions at Sipumalele and Kruendal operations. At Marikana, output was affected by safety-related stoppages at the high-performing SAFI shaft, but this was partially offset by K4's ramp-up, where production rose 41% to almost 100,000 ounces, contributing to Marikana's improved cost position. Surface production was lower by 29%, at 108,000 ounces, influenced by high first quarter rainfall and the commencement to transition feed resources such as Rustenburg's Waterfowl West TSF and Marikana's ETD1 to ETD2 tailings facilities. We are evaluating long-term surface opportunities at Rustenburg to support the sustainability of the surface business. Purchase of concentrate volumes were reduced by 24% in line with contractual terms. We remained focused on cost discipline. Operating costs increased by just 7.3% in absolute terms. All-in sustaining cost rose 10% to just over R24,000 per 40 oz and that was within our R23.5 to R24.5,000 an oz guidance. by by-product credits of $11.1 billion. Now these credits were enhanced by stronger ruthenium and iridium contributions helping offset the 261% increase in royalties to $765 million from higher prices and a 12% rise in sustaining capital to $2.9 billion for key mining equipment and precious metal refinery infrastructure. Project Capital was lowered by 16% at $675 million, which was below guidance due to completed Rustenburg initiatives and deferred Maracana expenditures. Total capex came in at $5.9 billion under our $6.5 billion estimate. So this foundation we are creating enables us to capitalise on stronger PGM prices, The 2025 average for e-basket price increased 28% to over 31,000 grand per ounce, driving e-justed EBITDA up 125% to 16.7 billion. Early 2026 prices have risen 43% to over 44,000 per ounce as shown in the chart, following an even higher and brief January adjustment. With supported fundamentals, we anticipate potential for additional earnings and cash flow improvements in 2026. We will continue investing through the cycle in low-risk, low-capital intensity projects with quick paybacks, all supporting stable, high-performing operations with optionality to extend our portfolio. Overall, our SA PGM operations are very well positioned to benefit long term and also from the current market upside. This slide illustrates our advancement on the PGM cost curve and based upon end December 2025 data and highlights our positioning relative to peers. Starting on the right, Marikana's total cost, including CapEx, has been influenced by K4's project build-up phase, but as K4 approaches steady state, we're seeing a shift towards lower costs. This combined Russenburg and Kruendal position has moved slightly higher due to the Kruendal transition to toll treatment, which does introduce processing costs, however, enhances profitability through improved revenue and margins. While we are at or below the 50th percentile now, and our low capital intensity groundfields projects are poised to further strengthen competitiveness against peers, spot 4E and 6E, which includes base metal basket prices, are positioned well above our costs, underscoring our leverage in the prevailing market. And so our progression from the fourth to the second quarter The value of our strategic investments in building long-term sustainable advantage in this business. Now to our gold operations. These mature assets are highly geared to gold prices and continue to generate strong cash flows in the current supportive price environment. Total production, including BRD gold, was lower by 10% at 19.7 tonnes. Underground production reduced by 8%. primarily due to operational challenges that are true of operations including seismicity and infrastructure constraints while surface production was down 16% influenced by lower yields as we transitioned from higher grade to lower grade tailings and lower grade third party sources. A 39% increase in the gold price received helped mitigate this impact all in sustaining cost increased 15% to 1.4 million per kilogram with 14% lower gold sold. At our clue of operations, persistent challenges including a shaft incident at Amaniano 7 shaft in May of 25, infrastructure age showing in ventilation pass and all-pass systems, logistics constraints in seismic, risk in high-grade isolated blocks of ground or RBGs, resulted in production lower by 31% year-on-year at 3,374 kilograms. This prompted a rebasing of the plan and a life of mine adjustment to one year. Safety remains our number one priority. We did relocate a number of CLUF teams from higher risk IBGs to Drift and Tang operations and subsequently Post the comprehensive review process, remove those areas that clue of operations from the long-term plan to align with our risk tolerance. That said, the sustained rise in the Rand Gold price over the period boosted adjusted EBITDA 115% to $12.5 billion, representing 33% of Group EBITDA and surpassing 2020's record. Excluding VRD Gold, EBITDA increased 111% to R6.1 billion on average price of R1.8 million. For the whole gold business, we are pleased to have concluded a three-year wage agreement with Labour and that provides a degree of cost certainty moving forward. There is a lot of work underway supporting our strategic transitioning of the SA Gold business. and this effort is to ensure long-term sustainability. Our investment in DRD Gold is a prime example, providing long life, high margin, surface gold exposure that is cash generative. We are also focusing on a higher margin, shallow gold mining business, with Burnstone's feasibility study underway and final investment decision being targeted for the first half of 2026. As you see in the image here, the Burnstone project exemplifies this strategic shift. We are also focusing on high margin, shallow gold mining, where we have added over 1 million ounces in reserves at Cook Surface, Burnstone, attributable VRD and Beatrix operations. Turning to the charts, the gearing and all-in-sustaining cost margin chart illustrates how rising prices are opening up expanding margins. with the average gold price received climbing steadily against controlled all-in sustaining costs. The adjusted free cash flow bar chart highlights the magnitude and rapid cash flow turnaround moving from negative in 2024 to positive and significant in 2025. Looking forward, our core operations will continue to drive performance excellence and we're excited about the prospects in our current portfolio. For 2026, the outlook is positive. Spot prices are up 9% year-to-date to over 2.5 million Rand per telegram and 20% above second half 2025 levels. All boding well for another successful year with potential earnings and cash flow growth. I'll now hand over to Charles.

Thank you, Richard. The US PGM operations have had a solid year with production of 284,000 2E ounces, and an all-in sustaining cost of $1,203 an ounce each in our gardens, combined with a strongly improving safety performance into year end. The significant downsizing in late 2024, while turning around the cash bleed at the time in the context of depressed prices, also sowed the seeds of improved mining productivities and cost efficiencies that we have built on through the year under review. Certainly with improved pre-GM prices later in the year, we return to profitability, and when you overlay Section 45x benefits, you have a competent outcome. During this period of getting our operating performance right, albeit at lower volumes, the team led by Kevin Robertson has also done a significant amount of work on setting up the Montana operations for long-term success. You have seen in the earlier global cost curve that we are now sitting in the middle of the pack and have been for two consecutive quarters. But our drive towards $1,000 an ounce is aimed at being a lowest quartile PGM producer on a sustainable basis through price cycles. In the Montana operations, we have a legacy of semi-mechanized mining with narrow headings and small scopes using a range of small equipment such as 2-yard LHDs and CMAQ bolting. which ultimately constrains you with lower tons per cycle and a higher cost per ounce notwithstanding the fact that our miners are incredibly good at what they do and bring significant skills and experience to the process. Through last year we trialled mechanised bolting with success and we are right now rolling out a significant transformation program which will see amongst many changes a stepwise introduction of mechanised equipment, a progressive increase in heading size and advance, with associated workforce and supervisory upskilling and a shift from legacy captive stoping to task mining. The benefits of these changes really start bearing fruit in 2027 because we have a phased introduction of new equipment and changes to work practices running in parallel with our established approach. Where this takes us in the next 18 months is a fully mechanized and scaled operation with higher productivities and lower costs. Improved Safety and Wellness Benefits, and a business that we believe will be resilient through price cycles. We are starting these change interventions at Stillwater East and then moving to East Boulder. And once we know that we can deliver around $1000 an ounce, we will consider bringing back Stillwater West, although this will require infrastructure upgrades and a range of capital spend, which means that we have that decision point further down the road. and it will need to be based on an extensive feasibility study. If I turn to the US-based recycling business, 2025 has also been a busy year for us. We bedded down and integrated the Reldon acquisition and late year added the Metallics acquisition. Together with our Columbus AutoCat recycling business, we believe that we have a compelling PGM and precious metals recycling platform that has low capital intensity and which can provide stable margins through price cycles. The team led by Grant Stewart is moving very quickly to integrate the management teams and optimize which feeds go to which site, while leveraging a single source hit and sales platform that now has very wide reach both in the Americas but also into Asia and elsewhere. As investors and analysts will appreciate, there is significant change underway in global metals recycling. where we are seeing consolidation, vertical integration and indeed some companies in various parts of the value chain going to the wall. Within the significant shifts underway, I think we are well positioned. We know what our value proposition is, the niches that we play in and which differentiates us against some of our very large competitors. And we now have the ability to organically grow an integrated recycling platform without needing to necessarily chase new acquisitions. Our Century Zinc Retreatment business in Australia has also had a very good year, from a stellar safety performance through to increased production of 101 kilotons of payable metal and a 17% decrease in all its sustaining costs to $1,920 a ton, which exceeded guidance. This team is very ably led by Barry Harris, and I want to thank Robert Van Niekerk, who was the executive lead through the last couple of years, for a seamless handover. As you will be aware, the team has been working on two feasibility studies, FOSS-1 and Mount Lyle. The Mount Lyle feasibility study is currently under Assurance review and evaluation. We expect to have a close-out review in early May. The FOSS1 study is expected to be completed end of March, with assurance targeted to be completed end of May. Final decisions will be made within our disciplined capital allocation framework that Richard has spoken to. Given the remaining short life at Century, a pathway to new opportunities in Australia is important and I'm looking forward to spending time with the team on the ground next week and working through the opportunities set. With that, let me hand over to Robert. Thank you.

Thank you, Charles, and hello everybody. Subundant Stillwater has a substantial life of mine and a solid project base, focusing only on the precious metals. We've got 356 million ounces in the resource category, of which about 16%, 58.2 million ounces has been converted into the mineral reserve category. SAPDM operations contribute about 50% of the resource base, 177 million ounces, and again about 16% of that has been converted into reserves, 29.4 million ounces. If you look on the right hand side of the slide, you can see that these reserves serve very, very significant operations. Some of the Rusty Merck operations have in excess of 32 years life. The Morricona K4 project for example has a 45 year life of mine and the Morricona East 4 project has a 34 year life of mine. As Richard said earlier on, our gold operations are mature. They are leveraged to the gold price, but I would like to add they are very insignificant. We have a 43 million ounce resource. and a 9.4 million ounce reserve. The Butrix operation in the Free State is a solid operation. The Vufentane operation is a very solid operation. And our DRD operation is a world-class tailings re-treatment operation. We also have the Burnstone project, which is destined to become a very efficient The second biggest category of our resource base is our US operations. Here we have 80.9 million ounces in resource, of which only 19.4 million ounces have been converted into reserves. Again these assets are highly leveraged, they are high grade, they are quality assets and again if you look at the right hand side of the slide, the Stillwater mine has a 26 year life of mine and the East Boulder mine has in excess of 30 years, actually 35 years life of mine. I would also like to add that this year We have included a maiden reserve for the Marikana East project in our Vegas APGM region. We have also included a maiden reserve for the Cook TSF and a maiden reserve for the Mount Lyle Copper project in Tasmania, Australia. In closing, I'd like to leave everybody on the call with a message that next year, 26 and 27, Sorbonne and Stillwater will be focusing on converting a large percentage of their abundant resources into reserves. With that, I'm going to hand over to Melanie. Thank you very much.

Thank you, Robert. Good morning, good afternoon and good evening to all attendees. Our renewable energy program remains central to our journey towards carbon neutrality, having set ourselves a target to reduce our emissions by 40% come 2030. And now with the conclusion of the new agreements with Etana and NOAA, our renewable pipeline has expanded to 765 megawatts, delivering nearly the same capacity as a single Casile unit. and thus strengthening our energy security and accelerating progress towards carbon neutrality. Naturally, this positions us as the largest contracted private renewable energy off-taker in South African mining. And with this portfolio, and come 2028, it will supply more than half of our South African energy needs. It will generate over $1 billion in annual savings and avoid 2.6 million tonnes of CO2 each year. A 41% reduction from our 2024 levels. At the same time, our operations, high water demand and presence in water stream catchments make strong water stewardship critical. Through disciplined management practices and our investment in advanced water treatment plants, we've significantly reduced potable water reliance and increased resilience and also contributed to margins. Four of our operations are now fully independent of municipal potable water, with our gold assets at 94% independence. Importantly though, the water liberated through these efforts is equivalent to the needs of a mid-sized city, and an essential social contribution in a water-scarce country that is currently grappling with water challenges. Our commitment to communities remains equally strong, and through the Marikana renewal process, we prioritized addressing the needs of affected families and rebuilding trust. And a key focus was closing the housing gap for families not supported by the UMCA Trust. I'm pleased to share that we delivered the final two of 17 houses, honouring our commitment to the widows. As a business, we remain committed to shared value with all stakeholders as we earn trust where we operate. Thank you, and handing over to you, Charles.

Thanks, Melanie. At Caliber, we are looking forward to hosting a market day in a couple of months and doing a deep dive on the operation. When you get there you will see a really impressive build and the team on the ground led by Hannu Hatala has done an incredible job in completing the build program on schedule and where changes to spend were related to revised permit requirements late in the process. This is Sabania's first greenfields project build and it has been incredibly well executed. The financial investment decision for the refinery was made in November 2022. In October 2023, the scope change for the effluent treatment plant was approved, along with authorization to begin construction of the concentrator. Mechanical completion has been achieved for all components of both the concentrator and refinery, with the exception of the rotary kiln at the refinery. As you may be aware, mining activities were delayed due to postponing contract signing until the completion of the deep dive analysis in the second half of last year. Commissioning on the concentrator crusher, conveyance system, sorting plant and laboratory is scheduled to be completed ahead of plan. The phased approach is a direct outcome of the deep dive work conducted by the corporate technical team. The guidance is that we will produce at least 15,000 kt to 20,000 kt of spodumene this year, either for direct sale or as a feed into the refinery if approved late year and subject to market conditions. Let me unpack the stage approach in a little more detail. Stage 1, Euro 783 million is the initial capital and excludes any other pre-production SRP costs. 237 kilotons of stockpile is required by year end and to counter the limitation put on the Sojavi mining permit being capped at 540 kilotons. Stage 2, spodumene grade of greater than 5.1% is targeted to ensure a sellable product which will not incur penalties or rejection from commercial counterparties. Stage 3 refinery start-up decision is conditional on the market assessment at the time. If there's a pause, we will continue with spodum in sales. Stage 4 focus of technical grade will allow the team to sort out processing issues before quality issues. The team will continue to incorporate lessons learned from other facilities. Stage 5 decision to proceed with ramp up to produce battery grade lithium. It must be noted that the qualification process for battery grade may take six to nine months, which means battery grade could be commercially available likely at the earliest in 2028. On the operational overview, it's important to note that the feasibility profiles had a number of satellite ore bodies in as well. As far back as 2023, we have kicked off mining optimization studies, which resulted in the extended life only out of the Sajjabi and Rappasari pits. We intend to kick off further work on the other pits, as well as this year, work on the Tusajit, which is a new pit, which will lie close to Rappasari. When you are on site you'll see that we have a strong land position with further exploration options ahead of us at the right time. And given all the exploration juniors that have pegged claims outside of our lease boundary, I have no doubt that the lithium story has legs in northern western Finland for a very long time to come. The spiking SIB in 2008 in the graph on the lower left is mainly driven by the waste stripping for the Rappasaari pit. The cost overview will be updated as we get new insights from our cost optimization and de-bottling studies, and certainly the team is focused on improving this picture. Here, the further optimization work is focused primarily on the following work streams. Mining study work to optimize pit design, pushbacks, and stockpiling. We're targeting here a potential 10 to 15 million euro savings and the mine to deliver a stockpile of 50 kilotons all by 30th of June, about one month of inventory. As I noted, 237 kilotons to be on stockpile to ensure stable production in 2027. The concentrator study is targeting spodumene grade about 5.1% to optimize spodumene concentrate sales and boost refinery capacity. Metallurgical work on grade versus recovery is in progress. First grade recovery curves issued for mining production planning are also taking place. Cost reduction and efficiency optimization targeting a potential unit cost decrease of $1,000 per tonne Thank you very much. There's a lot of further optimization work on the go, and I'm confident that we'll start to see gains from that in the next few months. Refinery debuff and necking studies targeting higher throughput potential and overall yield improvement are also on the go. This is about increasing refining capacity by adding a magnetic separator and resolving process bottlenecks. We're looking to boost the yield 2-3%, recovering lithium from the effluent treatment stream, reducing ETP costs by reviewing current initiatives, and working with other third parties to support refinery commissioning and ramp-up phases. With that, thank you, and let me hand over to Charles.

Thank you, Charles. Good morning to all participants. It gives me great pleasure to share the financial results for the year ended 2025. If we start with the key highlights. Headline earnings per share for 2025 increased 281% to 244 South African cents per share. During the same period, adjusted EBITDA increased almost threefold, From 13 billion rand to just under 38 billion rand, a 189% increase. As a reminder, we have set a target of reducing gross debt by 50% from the current 2.2 billion level over the next two to three years. A through-the-cycle net gearing target of below one times net debt to EBITDA remains consistent with our financial policy. and has served us well during periods of constrained commodity prices. If we look at our net debt to adjusted EBITDA at the end of 2025, it is down 1.77 times at the end of 2024 to 0.59 times at the end of 2025. As a reminder, the dividend declared for 2025, as you would have heard, is 131 cents per share or 2% yield. Turning to the income statement, revenue increased by 16% and costs were down 8%. However, as highlighted on the previous slide, this translated to an increase of almost 200% in adjusted EBITDA. Noteworthy items for 2025 include the following. The loss on financial instruments of 3.8 billion rand was mainly due to the impact of the protective gold hedges that amounted to 1.7 billion rand. as well as a revaluation of the burnstone debt. With the sharp increase in the long-term price of gold, the burnstone debt is now expected to be fully repaid and that meant that we had to increase this liability by 1.7 billion rand. Another big item that impacted this period, impairments for the year at the US PGM operations, Kelleber and Kluwerth amounted to 15.8 billion rand. The impairment at Tuath was due to the reduction in the life of mine due to the removal of isolated blocks of ground for safety reasons. The impairment at the USPGM operations and Kelleber were the result of changes in economic parameters such as long-term prices. This was partially offset by the reversal of impairments at Beatrix, Trefontaine and Burnstone due to the increase in the long-term price of gold. The transaction cost includes the $215 million or R3.6 billion settlement of the Appian claim. If we look at the net other costs, that benefited from credits in 2024 that were once off and did not repeat in 2025. It is important to note that taxes and royalties of R4.3 billion increased in proportion to our profitability. As already mentioned, a full year dividend of 3.7 billion rand, or at the top end of the range, 35% of normalised earnings will be paid. Compared to the last dividend that we paid in 2023, this represents an increase of 146% on an absolute basis. In 2025, we had significant non-routine cash impacts that affected our financial results. These included the Appian payment and the gold hedges that was put in place in December 2024 to ensure the ongoing sustainability of our gold operations. The question that a lot of people will ask is what would your financial results have looked like in the absence of these non-routine items? The short answer is that the money available for the three areas of distribution would have increased by 5.2 billion rand to approximately 14.6 billion rand and each bucket would have been allocated 4.9 billion rand. However, in 2025, on a look-back basis, we did allocate more to growth as one, the revised allocation model was not in place and two, we were finalising the Kelaba project. Importantly, for 2026, our growth capital plan, excluding DRD, is 3.7 billion rand compared to the 9.4 billion rand that we spent in 2025. The growth capital excludes Burnstone and other projects in study phase and as we generate more cash and earn the right to allocate more to each bucket, these will be considered. Our debt maturities remain manageable due to a well-constructed maturity profile. Gross debt was 39 billion and Les, the cash on hand of 17 billion equated to net debt of 22 billion. Liquidity headroom is strong at 40 billion rand or roughly five and a half months of OPEX plus CAPEX. The next priority on our debt profile will be the upcoming renewal and downsizing of our 2026 675 million bond and the target date for completion is before the end of half one 2026. and this will be subject to supportive markets. Thank you, ladies and gentlemen. I will now pass the baton to Cleanta that will discuss market performance. Thank you, Cleanta.

Thanks, Charles, and good morning, everyone. Markets were characterized by tariff uncertainty and geopolitical tensions throughout 2025 and into 2026, and this has driven the precious metals rally. Gold spot prices broke the $4,500 mark during December, up 73% since the beginning of the year, and driven again by geopolitics, wars, and a weak US dollar. Gold ETFs were up 25% year-on-year to 4,000 tonnes, and central bank buying continued. The Platinum price rally has been driven largely by tariff uncertainty, The tariff uncertainty has resulted in significant platinum flows into both the US and China. Over 600,000 ounces of platinum was imported into the US in July, compared with normal levels of around 200,000 ounces. Between July and October, a million ounces of above normal levels moved into the US, and overall platinum imports were up over 50% year on year. NYMEX stocks quickly reached a peak of about 630,000 ounces in April, and then dropped back to 280,000 ounces in July. This as reciprocal tariffs were delayed and then PGMs were on the list of goods not subject to tariffs. Stocks then jumped back to around 700,000 ounces in October as the outcome of the Section 232 investigation was delayed due to the government shutdown. Since then, the outcome has been announced as negotiations, not tariffs, so uncertainty still lingers. Imports of platinum into China also increased steadily during the first half of the year and then fell back in the second half as prices became too high. Investors and jewelry manufacturers switched into platinum as gold just became too expensive. Overall, platinum imports into China were up 7% year-on-year to 4.5 million ounces, supported by the launch of the platinum futures trading on the Guangzhou Futures Exchange in November. Large daily trading volumes north of 6 million ounces per day in December resulted in the GFX having to implement restrictions on trading. Platinum demand and along with it palladium during 2025 was largely driven by investment and speculation rather than by fundamental industrial requirements. Over the near term, we continue to forecast deficits for both platinum and palladium, while the rhodium market balance will remain close to balance. The recent rally in prices has set us a new higher base and the heightened focus on securing critical minerals will continue to drive regional supply chains and with it price differentiation. And now moving on to lithium. The appreciation in lithium prices during quarter four was driven by China's anti-involution drive and the clampdown on primary supply in that country. as well as from better than anticipated demand from battery energy storage systems. China changed the feed-in tariff model for renewable energy mid-2025, unlocking demand for energy storage systems. Prices moved from a low $7,000 per ton levels up to just over $16,000 per ton currency. Inventory levels remain low as cattle's lapidolite mine has yet to start producing again, and winter supply from brine production is reduced. Looking out to 2029, battery energy storage system demand is expected to grow at a 23% CAGR, while demand from battery electric vehicles will grow at a 9% CAGR. The market is expected to remain in surplus over the medium term and will start tightening from 2028 and 2029. New supply will need to be incentivized by higher prices. Looking forward to the rest of this year, we remain bullish on gold. We believe that PGM prices have reset at a higher base but will continue to be volatile. And similarly, we believe that lithium prices will continue to be influenced by Chinese decision making. We will therefore continue to focus on what is in our control, performance and delivery at our operations. I'll now hand back to Richard to conclude.

Thanks very much, Cleanta. And then I guess just heading into the last section to wrap up with. So I think just starting off with our guidance for 2026 and the outlook. Starting off with our South African PGM operations, I think a very slight decline in terms of our production guidance in line with the overall life of mine profile that many of you will be familiar with. but no significant changes across the South African PGM operations. Guidance of the South African gold operations is slightly lower than what we achieved this year or during 2025 and that is driven largely by the reduction of output at the Kerf operations as Richard touched on earlier. I think in terms of the US PGMs, we do see a slight increase in terms of output at the underground operations. that is coupled with their ongoing work towards reducing the overall unit costs down towards $1,000 pounds and associated with that we do see an increase in some of the capital as we start making those investments. On the recycling, we have quoted our production guidance as gold equivalent ounces. So you'll see 400 to 420,000 ounces there. Please note that is gold equivalent. We produce a range of metals. But I think when looking at it on this basis, it does just demonstrate the significance of this business. Almost half a million equivalent gold ounces that we have built over the time of a, as we mentioned, low capital intensity, very low capital basis. On Caliber, the guidance we are providing is we are anticipating producing spodumene concentrate as we ramp up the concentrator. At this stage, whether or not that goes into the refinery, of course, will be dependent on the decision that is made on the commissioning of the refinery. And in terms of total costs, we are guiding towards a total expenditure of about 180 to 190 million euros. Just to unpack that briefly, approximately half of that, about 90 million euros, is the remaining project capital that was due to get spent predominantly in the first quarter and a little bit in quarter two. So that is in line with the original project capital of 780 million euros that we've shared with the market. And the balance is really the costs of the, as we ramp up the overall operation. At Sentries Inc, this is likely to be the last full year of production out of Sentries Inc and again largely in line with what was achieved during 2025. So just moving on to the strategy, I think as we outlined in my earlier slides, I think we've set a very solid base moving forward into 2026. The four key pillars that we have with regards to our strategy being simplification, simplification of our operating model and our portfolio, performance excellence which I think you heard us touching on today and unpacking around safe production, operational excellence, optimizing our resources to maximize value and embedding sustainability in the way that we operate, growth which is initially focused on the value creation we believe we can drive from our existing resources and therefore unlocking organic value, and finally a disciplined capital allocation model by bringing these four pillars together with the base that we've set in 2025, we are certainly confident that we can unlock significant value as we move forward into 2026 irrespective of the environment that we find ourselves operating in. I think just wrapping up with the overall strategy that we shared with the market at the end of January towards creating a future focused metals business. In the short term our strategy is very much focused on strengthening our business fundamentals and this will be achieved through increasing our operating margins through our operational excellence, simplifying our operating model and ultimately simplifying our portfolio towards highest return assets and cash generative assets. I think if we're successful in this regard, we will be generating free cash through a disciplined capital allocation framework that looks at returning capital to shareholders, reducing our total gross debt and investing in the growth and sustainability of the business, particularly unlocking our inherent resource value. We certainly see that as ultimately continuing to build our business, building our production profile, and continuing to build in our resource stewardship model across primary mining, secondary mining, and recycling. So ladies and gentlemen, I think in conclusion, once again, thank you for joining us today. to try and sum up in three quick points I think where we are sitting today as a business. I think we've had a solid operational output in 2025 and I think we're well positioned moving into 2026 to unlock the significant value that we have within our portfolio. I think we have seen a noisy set of financials but looking through that there is some real financial stability in the company. We've reduced our gearing significantly and certainly at a at the current commodity prices that we are experiencing and the operational output that we are achieving. We look forward to some significant cash flow as we move forward. And then I think we finally have a resilience and a discipline strategy. This is a strategy that is independent of the external environment and positions us for long-term themes which we see underpinning growth within the commodities market. Just in terms of way forward, as we did share with you at the end of January, we launched our strategy on the 29th of January. Today we have shared our results, but as we move forward at the end of April, we will be looking to have a two-day Capital Markets Day focused specifically on our international operations. That will be a webcast as well as an in-person visit in Finland to our calibre operations, but will also cover both US recycling and Australian operations. And then towards the end of June, another two-day Capital Markets Day in South Africa. Thank you very much and over to you, James.

Thanks, Richard. Thanks, gentlemen. Got a couple of questions here. I think we'll start with the clue of questions. I say Kiliber questions. Sorry, I'm missing my Ks up here. At Kiliber, you note that initial value realization depends on producing and selling spodumene concentrates at the specified grade during the concentrator startup. How do you assess the risk of achieving specification grade in the early stages of ramp-up? Can you give us some comfort around achieving these initial targets? That's from Arnold van Gogh.

Thanks very much Arnold, good to hear from you. I'll ask Ralph to come in and join me on some of the details, but just on a high level let me maybe just unpack what we've spoken about the stage ramp up and why it mitigates risk. I think a lot of the work, initially the feasibility study for Kelleber was of course based on mining all the way through to a final battery product. A lot of the work that we did in the second half of last year was around looking at these independent steps, so both the costs associated with them, the commercial viability associated with them, and almost if you were to optimise, for example, just up to a spodumene concentrate, what would that mean? What's come out of that work is essentially we are confident that we can look at this in different stages, that we can have an initial stage that in its own right is commercially viable, and of course that gives us the option to remain at that point, but we are also aware of a lot of the work that's currently going on in the EU, as well as Western economies generally, things like Project Bolt, but also EU looking at self-sustainability and supply of critical minerals. and we think that this will have an impact on what the ultimate sort of pricing layout looks like in time to come and that of course is a key aspect of how we look at the refinery and when and how we turn that on. So I'll let Ralph answer some of your more detailed questions but I think just on a higher level to note that that was a lot of the work we have done and out of that very confident that we can look at the project in different stages each being commercially viable in their own right. But Ralph please feel free to add anything there.

So just to give you confidence, we always tested the spodium and grate even during the feasibility and we're quite confident we can push the grate in the high limits of more than 5% based on those test work. Also the concentrator is very traditional technologies. So obviously we test recovery versus spottium and grade, so we're quite confident and we're also confident in Sivayarvi, which is our first pit. It's quite a high grade with the lithium oxide percentage of close to 1.1% and even more at certain stages, which will also assist us in getting that higher grade. From a Kelibre perspective, we don't see any new risk because we are pushing a higher spottiment grade initially. Thanks. I hope that answers your question.

Thanks, Ralph. Second question is on impairment due to the longer-term lithium price forecast. Stage start-up to preserve flexibility. Question is, what long-term lithium price assumption underpins the revised recoverable amount at Kelibre? and at what price level does the project fail to meet our hurdle rate?

Let me maybe pick up on the hurdle rate question and Charles if I could ask you then to pick up just on the prices that we used for our impairments. So I think in terms of hurdle rates, let's put it this way, I think what you see in terms of the total project As we've shared with you, we currently have an all-in sustaining cost of about $12,000 odd per tonne. That is if we go all the way through to a battery grade. So we've always said we would obviously like to see prices well in excess of that in order to meet our internal hurdle rates. So looking at the region of $14,000 to $15,000 is where we'd want to see it sustainably at least going forward on that basis. I think importantly, of course, what we are assessing as part of this is also the opportunity on the earlier stage concentrate, and of course that then is driven by spot-demand concentrate prices. I think critically, you know, the long-term opportunity of this project is about supplying battery grade into the European ecosystems. We never built this really, just to sell spodumene concentrate into more broader Chinese supply chains. So I think that's the opportunity that we've really got for this particular project. Thanks. But Shaul, would you like to pick up on the long-term price for the payment models? Thanks.

Thank you, Richard. So the average price that we've used over the life of the mine, but obviously appreciate that the price builds up over the duration of the life of mine, the average price was just under US$17,500 per tonne, and that equates roughly to a long-term price of about US$20,000 per tonne.

Thanks.

Question on what the remaining book value for Killeby is?

Yes, so the remaining book value is 9 billion Rand or just under 460 million Euros, James.

And Richard, for you, what are the next steps in the battery metal strategy?

Thank you very much. I think as we shared at our strategy day, I think our long-term strategy as a company still remains to be able to supply metals that ultimately will support decarbonisation and an energy transition. So that remains the long-term strategy. I think it's broader than perhaps just battery metals, but in the short term our strategy is very much around optimising the current portfolio. So as it stands today, we have our core operations of our South African Gold, our South African PGMs, our US PGMs, recycling and calibre, and that is where our focus will be and certainly our investment into our organic projects there. I think we will continue to assess the various projects and that is where I did share with the market the growth framework that we've developed which talks about the different metals we'll look at and the jurisdictions we'll consider. You know, that will ultimately drive how we think about it. But as I say, our sort of immediate focus, our short-term strategy is very much on delivering from our core operations.

Thank you, Richard. Thank you for this wonderful presentation. Well done, IR team. Thank you. Can one expect this level of financial performance going forward should the commodity prices hold? Richard, are you going to take that or Charles?

Yeah, happy to take that more generally. I mean, I think, you know, as we mentioned on a high level, of course, I think the benefit of the prices that we saw coming through, gold, of course, we saw coming through throughout most of the year, but the really big, all of these prices ramped up towards the end of the year. PGMs really only started recovering in H2 with a significant ramp up in December. So of course I think the type of financials that you've seen were based more on a back-ended portion of the year that delivered most of the value. But I think what we would look forward to, prices remaining exactly the same. I think as I mentioned we've had a noisy set of numbers and quite a few once-offs that we've had to deal with. So if anything under this environment, everything else the same, I would expect to see slightly improved financials with that noise out the window. But as Kiantha mentioned, the approach that we're adopting for the year ahead, I think we've got great wins with the commodity prices. I think we see new bases being set. I think this market's being driven by a world that's scrambling to secure critical metals, so that's likely to remain. But it will be volatile. and certainly that's the way we're positioning it and looking at our business for the year ahead.

Given the record gold prices, to what extent are the reserve reductions at cliff structural geotechnical constraints versus price sensitive? Would a sustained higher gold price justify re-extending the mine life?

Thanks James, let me take a first crack at that and Rich if you'd like to add anything. I mean I think critically so of course as has been noted I think we do have slightly conservative prices that we use for reserves. And the reason for that is we look to do our long term mine planning and capital allocation based on what we still see as through cycle prices, ultimately making capital decisions for really long durations. Do I ever think at QLIRF it's important to say that I don't think gold price was not a factor at all in terms of the decisions that we made. The decision to reduce QLIRF was a safety decision first and foremost. We did have some shafts that were coming to the end of their life anyway. That was part of the plan during the course of last year. QLIRF 7 shaft in particular was planned to close. But then we lost volume due to safety. And that decision, I think when we make a decision to stop mining areas because of safety, price is not a factor that gets considered in those decisions at all. So what we are looking at with Klerf essentially is an operation that today is producing a lot less than it was obviously designed to. That means it's got a very high fixed cost base and fundamentally that means your unit cost goes up. According to the reserve price we use, i.e. through the cycle, we do not have long-life reserves at CLIRF, but we fully recognise that at these prices CLIRF remains profitable and we can continue to mine it as long as the prices remain where they are. So we have put a year-to-year plan in place. We will continue to assess CLIRF at those prices. and I think that brings significant benefits as Rich mentioned, not only commercial and cash flow for the company but of course also as a large employer so we will keep Kerf going for as long as it is profitable and makes sense but we won't be declaring or changing significantly the life of mine and reassessing capital at these numbers.

Thanks Richard, I guess a related question, but can you give us a sense of your gold operations, excluding DRD gold, environmental liabilities, and how much of this is funded through environmental trusts, I guess that's rehab. I'm trying to get a sense of the longer term cash flow impact, should there be further closures or rationalisation.

Sure. Charles, can I perhaps ask you to pick that up, or Rich?

I'm happy to pick that up. Thanks for the question. So we do have a liability over the gold operations of $5.4 billion and of the $5.4 billion, $4.7 billion is funded and the balance then is with guarantees.

Thanks James. Thanks. Shole, anything you'd like to add to that?

No, Rich, all covered, thank you.

Thanks. Thank you. Well, now I've got a question for you, Charles, actually, so go back on screen. How should we model the benefits of Section 45 credits in 26 and 27 in particular? and how this relates to cash flows and then related to that is when are we expecting to receive the credits from 2023 and 2024 as cash and is the higher capex, oh okay, that's a separate question, let's just stick to section 45X.

Yeah, so in terms of 45X, the 23 and 24 payment should, sorry, the 23 and 24 credits, we are expecting that in 2026 and then thereafter we expect it to flow in the year following the claim. So the 25 claim to flow at the back end of 26 and similarly 26 towards the back end of 27. It will take a few months.

Just on when are we expecting the 23 and 24?

Yeah, so 23 and 24 jams we expect in 2026. Due to the large amounts and this being fairly new, and those amounts are subject to examination as it's referred to in the US or as we refer to an audit. But again, we are working closely with our tax advisors and we are continuously following up.

Thank you. A question on the higher capex at SAP gems in 2026. Due to some deferral of spend in 2025, Is it because of that or what other factors?

Thanks, James. I'll ask Rich to pick that up. I don't think it's so much a deferral in 2025, but we do have an increase in SIB around some specific projects. But Rich, perhaps I can hand over to you, please, to pick that up.

So there is a little bit of extra expenditure within our precious metal refinery as well as some trackers mining machinery. But largely year on year it's the same except for those extra pickups in the trackers mobile machinery and in the precious metal refinery. Thanks James.

Thank you. So the related question to that, I'm not sure if it is relevant, but is capital spent on all reserve development, what type of development is funded from this CAPEX, and what type of development is funded from working operating costs? And in terms of the Koppenang DEEPS project, will it be a similar layout or arrangement to Sepulmulele Mechanise section, and which vertical shaft would be used to transport men and materials?

So I can pick those.

Thanks, James. Perhaps we'll ask Rich just to pick up on Copernon and Charles on the capital. Thank you.

Thanks. Shall I go? Rich?

Please go ahead, Charles.

Okay. So in terms of all reserve development, it is effectively underground development work that's undertaken to to open up access and prepare declared mineral reserves for mining in the future production periods. But I have to specify here that the amount that gets capitalized is specifically the off-reef development to open up those ore blocks. The reef plane or on-reef development is expensed in the period that it's incurred. I hope that answers it.

Coopening is a concept study at the moment.

It's a very attractive down-drip extension. So the strike is over five kilometres and that is then the challenge of how to gain access, so a very good question. So initially we will gain access on one of the flanks through a down-drip extension of the Bombanani asset. Then Kumanani offers a very attractive Into the ore body, however, Kumanani 2 shaft doesn't have a rock pass, so we have to look at other down dip extensions and then possibly even a down dip development of a decline from Kumanani as well. So man and material, probably through Kumanani and Bambanani in the initial phases. I think in the long term there are other more attractive options for bigger volumes. We will be doing a pre-feasibility study in 2026 to sharpen up those carry forward options. Thanks James.

Question for Cliantha. How will the GFEX impact prices this year? Should there be physical delivery for May and June?

Thanks James and Arnold, thanks for that question. Look, I think essentially we're going to see heightened metal flows into China, at least up until settlement date. So we've got a good price underpin there for platinum. And I think we're also going to see lease rates moving up a little bit as we get closer to that date. Once that settlement date is reached, essentially you're going to have a very nice, cleverly made platinum stockpile in China. And I think post that you will get some price correction. But yeah, that is the nature of investment demand, unfortunately. So I think we will see some underpin and then we'll see a bit of correction post that settlement date. Thanks.

The US now, in the US PGM operations, repositioning now for optimized for current E2E, sorry. Okay, basically the question is, are we repositioning for current 2E PGM prices, or is there further downside risk if prices soften?

Thanks, James. I'll pick that up initially. I think As we have shared and as Charles unpacked, our objective in the US is ultimately to get our cost base down closer to $1,000 per ounce and again the reason for that target is because that's where we see through cycle being a low point and therefore that operation being able to wash its own face sustainably with significant optionality to the upside in terms of palladium prices. So I think in terms of have we positioned it for the current palladium prices, I think right now our objective, we restructured that operation two or three years ago to position it for the downturn that we saw, and our focus right now is on achieving those cost levels. Once we've achieved those, then we will be able to assess the operations going forward and understand what a new base could look like. As Charles mentioned, we do have the opportunity to re-look at Stillwater West in time, but today that's not currently part of the focus. The focus will be on East Boulder and Stillwater West, so largely in line with the current production levels.

Thanks Richard. Questions on streams and hedging? Could you give us an update on the streaming deals? I guess that decels the streaming deals. And then unpack your hedging book for us. Answers per year and at what price.

Thanks James. So let me maybe take the streaming question and Shaul if you could then follow on with some of the hedge questions. So I think in terms of the stream, we fundamentally have two streams within the company at the moment. One is at the Stillwater operations. That stream largely considers a palladium stream of about 4.5% and most of the gold that comes out of that operation. So that is an evergreen stream. I think it does step down at some point to 2.5% but that's still quite a bit out. So that's the one stream that we've got in place. The second stream that we have in place is on the South African PGM operations. That stream again considers all of the gold that is produced from those operations, which is about 1% of the total metal. And then if I recall, it's about 2.5% on platinum, which also steps down, and that is there for the life of the current mine. That does not include any extensions beyond that. So the platinum is limited to the current life of mine.

Thanks Rich. If we look at the gold hedges, so in December 2023 we entered into some hedging arrangements for our South African gold operations. These hedges were put in place to protect the downside, specifically around our legacy assets. All of the hedges have now been computed at the end of December 2025, so there are no further gold hedges in place at the current moment. Thank you.

Thanks, Charles. Charles, probably one for you again. What are the plans with the convertible bond? So we'll keep an eye on the convertible bond.

It's got a 2028 maturity, but it's got a call option, so we can call it towards the end of the year. and we'll just monitor carefully to see what we do in terms of the convertible bond. Based on current prices, it is in the conversion territory, but for now the focus is on refinancing the 2026, 675 million bond and we'll just carefully monitor the convertible bond going forward.

The value of that convertible bond on the balance sheet?

Yes, that's $500 million.

In terms of simplification, Richard, might we think about the Finnish and possibly the Australian assets being potentially available for sale? Thank you.

Thanks very much. I think we've been quite clear at the moment that the Calibre Lithium project certainly forms Part of our strategic priority assets. I think we see that as a very valuable asset, so I think the short answer to that is no. I think when we look at the Australian assets today, the New Century Zinc operations have been very successful. We remain very committed to those operations until the closure of those and the completion of that particular project. In Australia we have a couple of projects that are being assessed. We have the Mount Lyle project. I think, as we mentioned, certainly copper is a metal that we would be interested in if we could see value accretion in those opportunities. So Mount Lyle will currently be assessed, as Charles said, and understand whether or not that meets our hurdle rates and our overall capital investment criteria. And then we do have opportunities as well with the FOSS-1 project to extend the new century or to utilise the new century infrastructure post-mining of zinc. I think it would be a wonderful opportunity to see that infrastructure continue being used. Phosphate likely does not fit in with our strategic focus going forward, so our priority would be to look at how we could maximise value, try and ensure the sustainability of that project going forward, but how we could get value from that unlikely to be a core investment thesis on the phosphate side from our side.

Thanks Richard. Just some questions on renewable energy. Can you remind us what is feeding into the operations currently? Volume solar versus wind. Listen, I don't think we can give a breakdown right now, but we'll be able to get it. Oh, we got it. Okay. And what's in the pipeline and when will it start feeding in? And then secondly, Stillwater is advancing well on the clean energy front. What is the overall renewables ambition and what are the targeted deadlines?

Thank you very much. Perhaps, Rob, if I could maybe ask you to pick up on some of those?

Yes, Richard. I can talk to the renewable energy. At the moment we've got the parcel wind farm as well as the solar project, the Springbok solar project, providing electricity into our operations. The Castle Wind Farm was commissioned in March. The Springbok Solar project was commissioned in September and to date they've generated 293 gigawatt hours. In 2026 we could have another two plants coming into play. They are both wind farms. That is the Umcindi Wind Farm and the Whitburg Wind Farm and then by the end of 26 we'll be receiving more than 400 megawatts on an annual basis. This will exceed 727 and 28. So, Lisa, I hope that answers your question on the renewable energy.

Thanks, Rob. That is pretty comprehensive. Did you give the overall target? Sorry, I wasn't clear on that.

Overall target is likely about 700 megawatts, James. by the end of 2008.

That's as big as a Kosele unit. I think Melanie mentioned that. Correct. Pretty interesting. Let's get on to some of the SAPGM questions. What are the key drivers of the lower SAPGM volumes and the much higher costs?

Thank you very much. Let me take that one initially. So I think the slight reduction in volume, our underground operations are in fact largely stable year on year. So we aren't seeing significant change there. Much of that downgrade of about 100,000 ounces comes from a combination of surface as well as some assumptions on lower third-party popcorn processing material. So that's the predominant driver down. I think in terms of the costs, the operating cost base I think is actually pretty stable. We're seeing that coming in line with or in fact below inflation. The big increase is largely around, I think as we mentioned a bit earlier, The sustaining capital in particular, which is being driven by the new projects in our refinery, specifically our OPMs or other precious metals plants in our precious metals refinery, as well as some upgrades to mechanise equipment. That's a really big driver on the cost side. Thank you.

A question from Incoteco about production guidance being lower and then also reduction. Is it the reduction... Related to third party volume of owned metal, I think Richard just answered there's quite a big decline in service and then we have got lower third party metal. So I think that's pretty much been covered. A question on the Appian settlement, how it's been accounted for in the cash flow statement, Charles.

Yes, thank you. So the Appian settlement is in the cash flow from operating activities. So the number has been effectively paid and deducted in that number. So if you want to normalise cash flow from operating activities excluding Appian, you have to add that back for the year 2025.

The cash flow table that we've got in the book, that would be under corporate, would it?

Correct.

Okay, thank you. Question on... Uranium assets, when will there be a value unlock, Richard?

Yeah, thanks very much. I mean, so I think we've got the two uranium sort of assets at the moment. The one is the old Beatrix foreshaft, or BISA, as it's known. That is an asset where we are still in the process of a transaction with a junior company, Neo Metals, who is looking to develop that asset, and we retain an equity exposure to it. That transaction is still in process, unfortunately still tied up with regulatory conditions and licensing that we're looking at there. But once that is closed, I think then we'll start seeing the opportunity to develop and get exposure to that project. The second big one is the Cook Tailings project. That is the Cook Tailings Dam that is both a co-product gold and uranium opportunity. We have recently, or in the process now of completing the feasibility study on that, it's going through assurance, that will also be reviewed in the second quarter of this year towards a financial decision or looking at various ways that could potentially be taken forward. So that would be the second one and again during the next quarter we would come up with a decision on how to move forward on that. So those are our two current exposures to uranium.

Thank you. I guess sticking on the growth theme, what decreets of investment opportunities do we see in South Africa amid the strong Gold and Platinum Group Metal Price Environment and with Burnstone Update. And then some questions on collaboration or other with DRD Gold.

Yeah, thanks very much. I think, you know, as mentioned, right now our focus in terms of opportunities on our current resources, that's where we see best returns. I think any M&A in the gold space at this point in time is probably I would suggest high risk depending on how you're looking at doing that but given where the commodity cycle is so that's not one we're looking at immediately and again on the PGM side you know I think we we've said we're very happy with our portfolio as we look forward onto the commodity markets of PGMs now we see that playing out and we think we've got some of the best brownfields opportunities to develop so that's where we see our best value coming through. In terms of further collaboration with DRD Gold, it's been quite open in that regard. I think it's been an excellent collaboration. I think we've seen real value created for both companies. And certainly as we look forward to the future, we are building, continue to build a significant secondary mining business. We are doing a lot of surface mining and projects on our PGM site. We still have some gold opportunities in South Africa. and we'd like to see that business growing. So moving forward, I think we'd certainly be keen on more collaboration with DRD Gold and see that as a long-term partnership in future with the company.

Just another angle on the DRD gold side, from a gold bull or a gold bear perspective. It's obviously worth about $25 billion now, or 50%. Are we looking to dispose of the stake in time and what would trigger a sale, or are we looking to buy, increase our position in DRD gold? Cheers.

We're definitely not looking for a sale as I mentioned.

I think that we see a long term opportunity to continue to grow with DRD and add a lot more value between our resources, their skills and the ability to grow together. So no, we're not looking to sell. I think in the long term we would love to increase our stake in DRD Gold but again, clearly now is not the time for that. I think we have different opportunities to invest capital now, but down the road, if that opportunity is right and we can do it in a value accretive manner, certainly something we would consider.

Thank you. And then I guess another great question I guess on copper for Sabania. More copper exposure or not?

Yeah, I think as we shared in our framework that we'll use to assess external growth opportunities, copper was definitely a metal that I think we would like exposure to. But I think the critical question is less around what we want exposure to or not. The real question when we look at any form of growth is going to be, is it value accretive? So yes, copper is a metal we would look at, but if we're going to do it, it would have to be done in a value accretive manner. And I dare say, where do we see our strengths and opportunities? I think there are some niche opportunities where we could really create value from copper, and we will continue to look at those. But that will be the underlying driver. Is it value accretive, and where do we think we can unlock value?

Thanks Richard. And then a question on our Chrome strategy I guess, production and revenues. Does Chrome now play a negligible role given the rise in PGM prices? Not. And I guess maybe just touch on the deal with Gencor.

Thanks very much. No, chrome's definitely not negligible to us. I think it's clearly a byproduct in that regard, but it's a very important byproduct for us, one we've given a lot of attention to over the last five years and continue to look at going forward. So, of course, in different commodity cycles, the relative impact of chrome is important. I think we've seen over the years how Chrome has gone from being about 2% of our revenue basket almost as high as 15 during downtimes. At the moment it's probably sitting around 10 to 12. So it's still a very material number and of course even though that's relative to PGMs, that number in our earnings and bottom line is material. So we will continue to focus on all value opportunities and Chrome is certainly a very important one. I think critically the transaction that we did with Glencore, what that really looked around I guess was three big opportunities. The first one was at our Marikana operations. Historically that chrome was sold to Glencore under I guess onerous terms for us. and that prohibited the potential expansion of some of those resources and I think in recognition with Glencore by opening up those resources we can all benefit and that was the first opportunity from that transaction so that really unlocked some of the value from the new projects that we have announced as part of our strategy. I think the second benefit was by looking at our chrome operations across the board at Rustenburg and Morricona we think there's some real synergies that can be derived there and then we have substantial chrome in surface tailings which again I think with our combined skills you know we've got an opportunity to unlock that so no not at all I think we will be we are already I think I think if I'm not mistaken the third biggest chrome producer and I think with this going forward we'll be a substantial chrome producer so it's absolutely part of the strategy going forward.

Thanks and just first estimate for gold from Burnstone?

I think perhaps before then I need to say our first step is really to get an investment decision from our board so that we would be going to in quarter two or towards the end of the first half so let me just make that clear we do still need to go through that process I think first gold from Burnstone would come relatively quickly but I think the thing with Burnstone is it is a long ramp up period so while you access the ore body quite quickly and can get first gold quite quickly it's about a 4-5 year period before you reach steady states of about 120-130,000 ounces so that's sort of what that profile looks like but again we'll unpack that in more detail at our Capital Markets Day sharing those profiles with you

There are a couple here that I'll just answer myself, I think, before we go to the call. Any further payments due for this Appian settlement? No, they're done. A question on surface sources and projected life for Rustenburg PGM surface tailings. Again, that's been subject to study and we'll come to the market with all of the detail later this year when we have our capital market stays. So if you can hold on for that, we'll be able to give you all that sort of detail. And then a question from Steve Shepard about development. Assay results are no longer included in the disclosure. One wonders how analysts are able to forecast future head grades and yields without this crucial information. We'll speak about that offline, Steve. I have my opinions. Can we go to the call, please?

Thank you. We have a question from Chris Nicholson of R&B Morgan Stanley.

Please go ahead. Morning everyone, thank you for the call. I've got a number of different questions, believe it or not, after all the ones you've been to on the webcast. I'll just limit it to a couple. Just the first one, just on Bernstein, are you in a position where you could guide on what topics for that project should be? Looks like your group topics this year are 17 billion, so I'm just kind of adding what we should add on top of that to get the 120,000 answers, otherwise we can't really credit you with those yet. Second question is just on costs. I think you've done a good – I think I understand what's happening in the gold and SAP GMs, but just in USP GMs, I see CapEx is up, but even if you strip that out, it does look like the underlying unit cost is up. Is this just a case of a bit of catch-up and poor development? What's driving that? You still want to move down towards a $1,000 long-term target, but it's going up in the short term. And then final one, I think you've glossed over it a bit, but just on Calibre. That extra 100 million euros over and above the project cap exists here. That just seems strange, given the project's now finished. What actually is that? Is this a working capital build, or is there a working capital build in addition to that? And if it is, can you actually capitalise all those oil stockpiles?

Thank you.

Chris, good morning and thanks very much. Good to hear from you. I'll take the Burnstone and the Calibre question and then ask Charles if he can pick up on the US costs in particular. So Chris, just on Burnstone. We haven't actually released a full capital number, so as soon as we've got that feasibility done, we'll do that. But what I can share with you is that the large project capital at Burnstone has already been spent. So when we turn that project off, the underground infrastructure is developed, most of the surface infrastructure is developed, the plant's largely done. So the capital that will really be required on Burnstone is essentially opening up that ore body. So it's development capital predominantly. So what we're really looking at is the cost from going from startup to steady state. For those who are familiar, it's a Kimberley ore body, which means there's a lot of development required if you really want to set that mine up for the long term, and that's our intention. So it's not a big slug of capital that will come through. It's essentially opening up and development capital. So if you were going to think of a mine ramping up, it's O or D style capital that will be capitalized pre-production. So it's not big project capex, Chris, but we'll certainly look to give you the profiles on that as those studies are completed and made public. I think on calibre, so let me just unpack that so we can be absolutely clear on those numbers. So we always said the project capex for calibre was €763 million. That number has not changed. The last portion of that number, i.e. the $90 million that I quoted, gets spent in 2026. And that gets spent during the first quarter and a little bit into the second quarter. So the total project capital remains at $763 million, it hasn't changed, and the last $90 million is being spent of Q1 and Q2 of this year. The balance to get us to the $180 million, so the balance, let's call it, of $90 million, that is effectively pre-production costs as we start up. A large amount of that will likely be capitalized as pre-production, but it's pre-production and sustaining capital type costs, Chris. So the project capital remains as is. We're just spending the last $90,000 now, but it is part of that original $763,000 and then the other $90,000 pre-production. I hope that's clarified it for you, Chris. Charles, do you want to pick up on the US?

It does, yeah.

It does.

Super. Thanks, Chris.

Thanks, Rich.

US, yes, Chris, on development, we do have quite an expanded development set of activities, particularly at East Boulder. We also have some incremental capital, so we're replacing the bridge at Stillwater East that runs between the East mine and the concentrator and mill. And, you know, that was capital we deferred in the last couple of years. We're now getting into it. and then we do have some mechanised boulders starting to come in so there is that capital and then we also have the initial spend on rock dump and tailings expansion at East Boulder as well. So all in you've got, you know, you do have a sustaining cost number that is higher than you're probably expecting. but I think the underlying run rates that you're getting from the operators is what you can see going forward and as I outlined in the presentation you do have a mixed year of activity here. We've got steady state performance and then we've got a big shift into the transformative work where you really start to see the benefits on a cost basis and a productivity basis probably at the tail end of the year and into next year. So those will start to be daylighted at Stillwater East late in the year, but they will only get into East Boulder next year. Thanks.

Thank you. Is there another question on the line?

Can I just ask, is $130 million a good stand business capex level then for 300,000 ounces for water? Is that what we should assume going forward?

Chris, is that you talking on the US operations?

On the US operations, yeah.

Yep, that's correct. Chris brought in line with the guidance that we've put out. That's right, yep.

Thank you. Operator, is there another? Oh, sorry, Chris, another question. We like you. We'll give you another go. Operator?

No, no, I'm good. Thank you very much.

Operator, is there another question?

Yes, we have a question from Adrian Hammond of SBG Securities. Please go ahead.

Good morning, Isaac Richard. Just a question on your recycling guidance. I know you've now consolidated the ops, but if on my calculations, then Columbus volumes of material decrease, could you just unpick that for me? And then for... Another one on Kloof. For sure, perhaps, just the closure liabilities, do they cover the pumping costs that you foresee there? I'm just thinking about the aquifers that Kloof sits on. I know you incur about a billion rand a year for cook pumping. Does the liability you've mentioned cover the pumping that's envisaged for Cleve. Thanks. Adrian, good morning.

Good to hear from you. Listen, I'm going to ask Grant, I think he is on the line, just to pick up your question on the recycling breakdown. I don't believe there's been a significant drop-off at the Columbus facility, but let me ask Grant just to unpack that. Just in terms of QLIRF, I'll ask Shaul if he does want to come in with any numbers, but just high level Adrian, I think where QLIRF is very different to the Cook operations, so that's the billion you've just quoted now, which is the pumping across Cook 124, that's very interconnected with other operations, so on the northern side we have the Harmony shaft, and on the southern side we've obviously got South Deep, and that is why a lot of that pumping has had to remain while we develop stable systems to be able to ensure it's sealed from the surrounding operations as part of a connected basin. Both Cliff and Beatrix are standalone operations in that regard. So when CLUF ultimately comes to closure, it's not interconnected to any other operating mines. So essentially that can be flooded in line with our environmental permits. So the pumping issues and liabilities that we have previously experienced at the cook shafts are not applicable to either CLUF or Beatrix. It would in time become applicable to Driefontein. You know, and I think that's where there's obviously an important conversation around extending life of mines around Drie Fonteyn and what that future liability may look like. So that is one where that's got to be looked at. Down the line in the future, Drie Fonteyn's still got 10 years ahead of it. But for Cluif and Beatrix, that's not a problem on the liability. Charles, I don't know if you want to just add any numbers to that and then we can... No, I mean...

Yeah, we would not provide for pumping or any liabilities because as you've explained, you know, we have the ability to flood and it's not similar to the cook scenario. So no, well covered, thank you.

Perfect. And then Grant, if you are online, do you just want to pick up on the recycling question of Adrian's? Yeah, sure, Richard.

I'm online. Adrian, good to chat. Yeah, there hasn't actually been much of a decline on the ounces profile delivered by Columbus. If you look on 24 and 25, it was a 2%, I think, decline. I think there is significant shift, though, in the market, so there is going to be a lot of Different industry play coming out and strategic moves and shifts that will have to take place and I guess we'll unpack that for you during the April 20 discussion where we outline some of our broader recycling strategy. Thanks.

Thank you. Operator, any calls on the line still? Thanks a lot. I think that's it really. Only one more question. There's always one from Arnold van Kroon about share buybacks next. Richard, what do you feel about that?

Arnold, that's a great way to end this and thank you very much. Good to hear from you this morning. I think as we shared in our strategy day, the capital allocation model we're looking at at the moment is very focused on the three pillars. So we've got our dividend policy that largely talks to about a third of distributable free cash flow going to shareholders, a third going to paying down our gross debt which I dare say should reflect in our overall share price as we get that down and therefore hopefully we would see shareholders benefiting from that capital uplift and then towards growth. I think until such time as we've got our debt in line, for now we will be sticking to that dividend policy and we wouldn't be considering any extra. Of course if commodity prices stay where they are and we've achieved those objectives on the gross debt side, then we'd have to look at where that policy or the capital allocation strategy lies, but for now we'll be sticking to our dividend policy, Arnold. Thank you very much. I guess is that the last question? If that's the last question, then perhaps just from my side, thank you very much everybody for joining us again. As mentioned, this is just one in a series of engagements we're looking to have with the market. Thank you very much for joining us again. Please have a good and a safe day.