Exxaro Resources Limited

Thank you for joining us here today, here in person at The Connection, and to those that are joining us online. We welcome you. My name is Anda Mwanda. I look after investor relations at Exaro, and today I'll be facilitating this session. Before we begin, like we always do at Exaro, safety is our number one priority. And for today, please note that we have not planned any emergency drill. Therefore, if the alarm is activated, please remain calm and wait for the Xaro floor marshals who are wearing red reflective vests here in the building. And they will lead you to the assembly point in front of the building where we have our parking area. We will all have a roll call which will be conducted by an Xaro floor marshal. We will all remain there until the next we are informed to come into the building. If at any time during the presentation you feel unwell, please inform your host who will escort you to the on-site clinic for medical assistance. In the event of this situation, please note that visitors should always be accompanied by their host. In terms of our ablution facilities, you get out of the build of the auditorium, you turn right, your first passage on your left, that's where you will see our ablutions. They are clearly marked. We kindly ask that for this session, all cell phones are put on silent, and just to remember that from a safety perspective, We encourage you not to text while you are walking in the building. Please take note of our safe harbour, of our disclaimer. Today's presentation will cover our group highlights, followed by operational and financial performance, and will conclude with our outlook for the remainder of the financial year 2026. unless otherwise stated, the results presented today relate to the six months ended 30 June 2026 and are compared with the corresponding six months period ended 30 June 2025. Presenting our results today, our Chief Executive Officer, Mr. Ben Magara, and Finance Director, Rian Koppeschaar. We've set aside time at the end of the presentations for questions and answers. And it gives me great pleasure this morning to hand over to Ben to take us through the group highlights. Thank you.

Thank you very much, Anda. Good morning, everybody. And thank you very much for joining us this morning. It is Women's Month. For those in purple and pink, we appreciate you for realizing that. But also in particular to the women among us and online and everywhere, we want you to know that the benefits we get, including the life we have, come from your sacrifices. And we thank you. I would also like to extend a warm welcome this morning to all of you, as Anda just said, especially those online and most are here present with us today. A warm welcome to our board members, SISG, as we fondly call you. Thank you very much for joining us. And I know some of them are also joining online. We appreciate you. to our shareholders and of course my fellow employees. We have the pensioners club here today and we hope we are keeping your earnings safe but I must personally welcome you because it is the journey that we have traveled and this year Exaro celebrates 20 years since our listing in 2006. I wish I could have two horns today to showcase the two guys who looked a lot younger when they did that then, and they are present with us today. But we shall not talk about their salt and paper. I'm not sure it's more just the salt, because I don't think I see any paper anymore. But when we met at our Capital Markets Day in June, we reflected on the progress that we have made in building a diversified portfolio for Exaro. We are indeed accelerating the disciplined and prudent execution of our strategy by strengthening our coal base, growing our renewable energy business, and for the first time, reflecting the contribution from manganese in our earnings and into the business and in these results today. The manganese results only reflect four months since we took over on the first of March, but today, We want to reflect on our operational performance for the first half of 2026. So from our operating activities, I'm really pleased that Exaro has managed what's within its control and delivered strong production performance, strong cost management, and an exceptional safety performance that we will reflect on. The headwinds of inflationary pressures, especially diesel, were contained well within inflation thanks to the great safety and production from our operating teams in all areas from coal to renewable energy and to manganese. So let me start with safety. At Exaro we expect everyone to come to work and return home safely, unharmed every day. This conviction is showing great signs, ladies and gentlemen. We are now four consecutive years without fatality, and our lost time injury frequency rate improved by 60% to 0.02. This is our best statistics on record for Xaro. Thank you and I can promise you that if you don't read our results, the proxy of safety driving better production, better performance, better efficiencies and cost will be reflected in our results. In terms of how all our operating teams have performed. Any business is a hazardous business. Any business has got risks. but we must remain focused ensuring that our controls are in place and that we are able to proactively manage safety. This performance reflects the continued implementation of our one voice strategy. Most importantly, the commitment of our people across the organization to work safely and the conviction that zero harm is achievable. So we are encouraged by this performance and we remain vigilant and we must continue on our goal to zero harm because that is what's critical in the underlying performance of any business. Now tending to some other key messages, I think as I've already highlighted that we continue to make tangible progress in executing our strategy and building our diversified portfolio. Two highlights on our strategy execution for the first half. is really our LSP project, the Lepalale Solar Plant, reaching commercial operation in April, and it is now generating green electrons for our Akrut Hulag mine. I'll touch on this a little bit later. And for the first time, our results, as I said, include the contributions from Manganese. Ladies and gentlemen, safety makes business sense. And in that regard, our coal production is 11% up on last year to 21.5 million tonnes. Our coal export sales are up 15%, taking advantage of the higher prices we saw in the market, to 3.9 million tonnes. Our renewable energy business is up 12%, thanks to the solar plant at Lepalale. because we had much lower wind in the Eastern Cape. Pleasingly, production in manganese is also up 11% year on year. Importantly, we reiterate our guidance for the full year as we can see that we are on track to deliver on it. This operational performance is translated into a resilient financial result. And I know Koppes will be touching on this a little bit later. For those online, that's real. Group revenue increased by 7%. This is in spite of exchange rate strengthening by about, I think, 11%. Our EBITDA essentially flatted 5.6 billion and the exceptional operational performance in production and costs is possibly a bit more masked by the cost inflation issues. But we are very pleased that we're able to withstand those cost pressures and deliver essentially flat EBITDA numbers. We continue to generate strong cash flows and our balance sheet remains strong. with net cash at 6.4 billion excluding the energy project finance debt. We excluded because the project finance debt in Synergy has no recourse to our balance sheet. This provides us with the liquidity to find our strategic priorities while we sustain the consistent shareholder returns that we have been delivering since listing. So, most importantly, we remain on track, as I said, to deliver on our guidance. Unfortunately, our headline earnings per share was negatively impacted by our equity-accounted investments in Sayoc, Session I&O Company, and Black Mountain. We are, however, pleased that in line with our new dividend policy, which is to retain 40 to 67% of our group adjusted earnings and a pass-through of 100% from SIOP dividend that the board has declared an interim dividend of seven rands per share. I'm surprised that Cebu CISO clapped first and not the pensioners. This is Exaro's 47th consecutive dividend since listing. We have never missed a dividend. There are, however, still tough macroeconomic factors due to all the geopolitical uncertainty that I'm aware that we all are aware of. But let me unpack a little bit just to give you a context in the impact on Exaro, but also maybe on the whole industry and business. So before I really unpack the issues of operational performance, the conflict in the Middle East contributed to renewed volatility across the global markets, with oil prices increasing sharply Almost oil prices going quite volatile, translating all this into higher diesel prices for the country in general, but obviously the mining industry, especially if you operate in open pit mines, with much more impact from diesel. and the broader inflationary pressures. So you will be able to see how Exaro has managed to contain these costs only within inflation, all within inflation, because thanks to the efforts of our operating teams today. However, some of these gains would be offset, as I've already said, with diesel costs and a stronger RAND. Against this backdrop, we remain focused. on the factors within our control, driving operational efficiencies, maintaining the cost discipline across all our three businesses. It is this focus on disciplined execution and operational excellence that underpinned our operational performance for the first half, which I will now go and take you through them. Turning to operational performance, beginning with coal, and very importantly, that our three pillars of coal, renewable energy and manganese also continue to portray exactly how the business is performing. But if I start off with coal, with total production up 11%, strengthened by higher output, particularly at Kroot Kalak, and the safe ramp up at Matla. And Matla, if you look at it, year on year improved by 38%. This is an underground mine with continuous miners, extensive labor and workforce underground, working safely and delivering a 38% improvement year on year. Very pleasing. So the Matla ramp-up has been delivered on schedule and continues to perform exceptionally well. I saw a beautiful video from Mervyn of a conveyor belt running. I waited for two minutes, Mervyn, to see if the call was coming, and I did see it. So I looked through the whole video. but really wonderful performance from Krutkalak and Matla. Belfast and Mafube are mainly impacted as you see a bit lower year on year but this is all in line with their respective mining plans. So it's not odd to, it's an expectation we have because of their own mining plans in that area. As the mines get slightly deeper, the yields get slightly lower which is really kind of, symptomatic of the Mpumalanga coal region. At Liupan, I'm really pleased that the turnaround plan is taking hold with steady production and growing contributions from exports. No cigar yet is what I say to Ronald. And we are seeing really very good signs in the turnaround of Leopan. And thanks also to Transnet for delivering on their promises to make sure that we could possibly increase the exports from Leopan. And you'll see the benefits when Rian goes through his numbers. Total coal sales up 4% to 19.9 million tons. Caroline, where is 20? supported by higher ESCOM sales and strong export performance. Sales to ESCOM increased by 6% to 14 million tons, mainly driven by the exceptional performance I spoke about on the ramp up of the new mine one at Matla. Importantly, coal export sales increased by 15% to 3.9 million tons. We guided on eight for the full year, and we are on track. Supported by improved rail performance and our effective use of alternative logistics channels to evacuate our coal from the mines to the port, as prices do support the margins we can make out of that. If you look at this slide, we are particularly pleased, as I said, with the Leopard turnaround. You can see the movements, and you can see it's in the right direction, reflecting the progress that we are making in that. Through our market to resource optimization initiatives, we were able to switch between domestic sales and export markets in order to maximize on profitability as we saw export prices much higher. So you will see that domestic, even though down at 14%, is because the much more profitable market of exports is actually up 15%. Metallurgical coal cells were a lot lower, and this really reflects the weak demand we are seeing in the domestic steel and ferrochrome industries. As we see Eskom coming to some agreements with some of the ferrochrome producers, we expect the domestic side to possibly, particularly the metallurgical side, to possibly pick up as well as those furnaces pick up over time. Let me touch a bit around our production, particularly the challenges with the water bag, but really a strong export performance in a bulk commodity business. The key value lever after production is logistics. Whether it's manganese, iron ore, or coal, the next key value lever is our logistics. We continue to see encouraging improvements in rail performance. At an industry level, coal volumes railed to Richards Bay improved placing this system on an annualized run rate of about 60 million tons. So we continuously see step change in the performance of Transnet. And as highlighted, this improvement supported our own export performance, which went up 15%. And in Pumalanga, our tans railed directly to Richard's Bay, remained basically steady, as we focused on wanting to evacuate more coal from Kroot Kelak. And together with Transnet, Our teams worked flat out to deliver a bit more, and despite all activities, we achieved a 50% improvement in direct rails from Krutkalak to Richards Bay. This ensures that we can reduce road transport, which is impacted by diesel. And so what we see is that if you can rail direct from Gigi to Richards Bay, it's almost a two and a half to three times benefit on profitability and margins. So that's why I'm really pleased to see the kind of 50% improvement. Obviously from a low base, we also would remember that we had a two-week wash away where the rail was washed away by rains last year. So including all that, we have seen a fantastic improvement of 20%. If you compare just the last half of last year to this year, both halves had no... wash away, and we still have an improvement of 20%. The Richards Bay multimodal system, which will continue to utilize, especially at current prices, also improved by 20%, even though a half on half from last year's second half, it dropped by 14% as we became conscious of the increasing diesel costs. In the meantime, our teams have continued to demonstrate agility in getting our product to the market, making use of all these alternative and multimodal logistics systems. While these channels provide viable and flexible options, we have enabled ourselves to increase our export volumes, and they come at higher cost if you are going to be running by road. We are pleased with the progress of making 50% improvement of direct railing from Waterberg. However, we are still seeing, we still need a lot more improvement. And further improvement on the water bag line remains an important export lever for Xaro to unlock the additional export volumes that I know we have and have been promised from our operating teams. And this will continue to deliver improved cost efficiency of getting our coal to the seaboard market. During the first half, we saw softer demand from India, reflecting a little bit of higher domestic coal production in India, continued weakness of the steel sector in India, but also a much higher coal import costs and when the costs go up, they tend to slow down in what they buy from outside. However, the strength of our diversified cost base and our market to resource optimization teams has enabled us to respond to these dynamics. So our sales increased in Japan, where our premium product, low sulfur, high energy remains a sought after product. While on the Asian markets, particularly Taiwan, We also saw a contribution positively to our export performance. This reflects the strength of Xaro as a cold brand and has established a position where our customers see our products as premium in our key markets. So importantly, you will see that RB1, Richards Bay 1, represents 88% of our export sales mix during the half. Compared to last year, we actually did not sell any RB2. And you could say, so what happened? Actually, because we produced very high energy coal from GG, we can move less volume from there, bring it to the lower RB2 in wet bank, and blend it to deliver RB1 to the market, which sells at a much higher premium. We achieved an average realized price on export of $96 per tonne, reflecting a 91% price realization compared to the API4 benchmark price. This price escalation reflects the mix of the fixed price, but also the index linked contracts that our customers tend to prefer in terms of low prices, but in terms of high prices, they tend to prefer fixed price. Our market resource teams allows us to respond with agility, and I think we continue to do that. And RBCT, as I said earlier, remains our preferred and most cost-effective route to the market. A bit of coal well covered, let me move to our next business pillar, Synergy, the energy business. Synergy also delivered a solid operational performance. The key milestone was the Le Palale solar plant that I spoke about earlier, reaching full commercial operation on the 21st of April, adding solar generation to our existing wind portfolio. The solar plant at Le Palale contributes 30% of the mine's energy requirements. This has in a way reduced our carbon emissions by 22% on that mine and given us electricity savings of 100 million runs a year. The total renewable energy generation has increased by 12% with the LSP contributing 66 gigawatt hours. Wind generation was lower due to weaker wind conditions in the Eastern Cape. although planned availability was up and strong at 98%. But the benefits of now having wind and solar dovetails our performance such that you continue to see an improved performance in EBITDA numbers as well. The Career Boss construction project continues and is in progress with commercial operation expected in the first half of 2027. And that remains on schedule, on budget. Touching on manganese, the new kid on the block, and contributing both to improving safety, production, and improved pricing that we saw in the manganese, these slides highlight the performance of Tzipi Borowa Mine, in which we acquired 50% interest on the 27th of February, 2026. For illustrative purposes, all the operational matrices that you see under manganese are presented on this slide on a 100% basis, for the respective periods so that it's comparable, even though in our books manganese only represents four months of performance since we acquired it from the 1st of April. They improved LTRFR by 52%, reflecting the operation's ongoing commitment and conviction to maintaining safe and disciplined working environment. Production volumes up 11% and the increased production was deliberate response to the favorable market conditions that we saw. Sales volumes, however, declined by 5%. Mainly this was driven by the record sales we had in the first half of last year as a result of the prevailing market conditions at that time. Despite this decline, sales volumes remain robust and the CRF prices for the high-grade semi-carbonate manganese that we produce increased by 18% to $4.64 per DMTU. On this note, we are very pleased with our long-life asset, cash-generative manganese business. that is now in the house for Exaro. In particular, for the long life that we have, we believe that the long-term fundamentals of manganese remain robust and we're very pleased that we have it now in the house and our prospects around that continue. So let me hand over to Koppes so that he can take us through the financial highlights. Thank you.

Thanks, Ken. Good morning ladies and gentlemen and it's again a pleasure to present the interim results for the six month ending 30 June 2026. So on the first slide I'm going to look at the operating performance of the group. Just to note, to ensure comparability across the reporting periods, the figures presented in this section are based on the IFRS results adjusted for headline earnings items, and the reconciliation is included in the supplementary slides. So starting with the group's overall performance, you can see the first two graphs on the top left illustrate the performance of our own managed operations. So revenue increased by 7% supported by Thank you very much. Demonstrating the resilience of our operations despite the inflationary pressure. However, if you compare it to the second half of last year, you can actually see that EBITDA increased 22% from the previous half year. So turning to the chart on the top right, which reflects our equity-accounted investments. Equity-accounted investments declined significantly during this period, primarily attributable to a 781 million reduction in the contribution from SAIOC, where earnings were negatively impacted by lower realized selling prices, mainly resulting from the stronger RAND. Black Mountain also recorded a weaker contribution, reflecting higher mining costs and the slower than anticipated ramp up of the Gamsberg II project. This was offset by the first contribution from our investment in TP, which added 242 million for the four-month period. So further detail on the equity investments is included in the supplementary slides. So despite operating in a dynamic and challenging market environment, the group generated cash of 6.1 billion and as a result we closed the first half at a net debt position of 1.4 billion, including the Synergy project financing. I will provide additional detail of the cash position later on in the presentation. So overall the performance of our managed operations together with the contribution from our investment portfolio resulted in headline earnings of R13.77 per share, representing a decline of 20% compared to the prior period. If we then look at the IBADAR waterfall graph, Starting with the price impact, you can see export prices realized in the first half of this year increased by $8.70 per ton or about 10% broadly in line with the higher API4 benchmark price. This benefit was partially offset by a decline in our price realisation, which decreased from 96 to 91%. In addition, there was stronger pricing in the domestic market to support our revenue generation. If we look at volumes, export volumes benefited from the improved rate and road logistics from the Waterberg. As Ben mentioned, the first half of last year, we also had the impact of the rail wash away. These improved logistics enabled higher export volumes through RBCT and also increased overall exports. In addition, Leupont's sales were positively impacted by the establishment of the Navitrade alternative export channel. As a result, export volumes increased 15% in the first half of 2026. Looking at inflation, so inflation continues to have a big impact on our business. As you can see there, the diesel impact on our specific mines, the cost increased by 25%. Electricity, the tariffs increased by 10.6%. And labor cost on average increased by 6.3%. Other operating costs generally track PPI, increasing by approximately 4.5%. Beyond inflation, several other cost factors to consider, so selling and distribution expenses increased by 425 million, largely reflecting the higher export volumes. as well as also the higher diesel cost when we had to move the product by road. So even three movements had a favorable EBITDA impact driven by our production volumes exceeding sales volumes. The rehab liability adjustments were 341 million less favorable than the prior period, mainly due to scope changes, inflationary pressures, mainly at our mines in Kloosjer, Dennekel, and also at Leeuwpon. The stronger RAND, Dollar Exchange Rate, that we mentioned earlier, there you can see the direct impact of R740 million on our group IBADAR. This was partially offset by a 188 million impact from realized and unrealized foreign exchange gains on our foreign-denominated debtors and cash balances. And finally, our general costs were year-on-year lower as the prior year also included consulting and legal costs. Expenses associated with our corporate transactions, including ferro-alloys and other strategic initiatives. So this resulted in a favorable variance of 112 million rand. The Manganese EBITDA contribution will be unpacked later on. When we look at costs, we continue to focus on disciplined cost management despite the inflationary pressures, the elevated diesel prices and the increase in logistics costs that we are seeing. So if you look at production volumes excluding Mafube and Matla, it increased by 7% to 16.6 million ton, while total cash costs increased by 4.6% broadly in line with the PPI, reflecting the benefits of the higher production volumes and continued cost optimization. The initiatives that we are embarking on include benefits from the Lupon turnaround strategy and active optimization of our logistics channels and cost to ensure that the exports remain value accretive. And then also cost excellence initiatives across all our mines. Looking at the specific cost component that I want to highlight out of view. Maintenance cost decreasing by 14 Rand a ton in line with the normal lifecycle plans and also the Lupon turnaround strategy. Employee cost decreasing by 7 Rand, also reflecting the new Lupon operating model and the implementation of the operating model. General costs R6 a ton, mainly due to decreased equipment leases at Groote Geluk. We are bringing in a new mining fleet that we will also address later on. And electricity costs R1 a ton, with the Lepelale solar project partially mitigating the cost increase at Groote Geluk. Contractor cost increasing by R8,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000. Our fuel cost increased by 9 rand a ton, reflecting the higher diesel prices across the portfolio, and this remains the single largest inflationary cost pressure. So in 2025, just to point it out, diesel cost for the group fuel cost is about 2 billion rand. So any increase has got a major impact on our cost base. and as pointed out earlier, the rehab related adjustments at Leupon and Dernekel increased unit cost by 20 rand a ton. Then very important, logistic cost, 23 rand a ton. Mainly due to the higher export volumes and also the impact of diesel cost on road transport. Remember on road transport, diesel is probably your biggest driver in those contracts. So although the alternative export channels come at a higher cost, they remain value-accretive with logistics decisions focused on moving products that maximize value and margin for the company. So costs remain under pressure from elevated diesel prices and alternative port routes, however, ensures that we actively manage these costs by prioritizing exports directly to Richards Bay. We do collaborative contracting, market testing, and also ongoing optimization initiatives. On the next slide, we'll look at the metals business. So as Ben pointed out, we acquired the manganese portfolio the end of February. This includes a 100% investment in the Manganese Marketing Company in Singapore, so basically TP Mines sells our portion of the production to the marketing company that on-sells it then to the end customer, very similar to our coal marketing company in Switzerland. and then also in these numbers are 51% investment in TP which we pointed out is equity accounted. So the numbers included for a four month period from March to June. So if you look at the EBITDA line, the marketing entity reported a positive EBITDA of 28 million for the period. And as I pointed out, driven by the sale and marketing of our share of the TP ore production. This was offset by a day one fair value loss of 179 million recognized on the investment in Jupiter Mines reflecting the impact of the share price and the exchange rate on the effective date of the transaction when we acquired the asset and then the balance of that is once of transaction cost paid during the period. Looking at the performance of the equity-accounted investments, as pointed out, mainly impacted by SCIOC due to a big impact of the exchange rate on the sales price that was realized and also higher production costs. associated with the conflict in the Middle East. Equity income from Black Mountain negatively impacted by the delayed ramp up of the Gamsberg project. As pointed out, Exaro's 50% interest in CP has been equity accounted for the four month period following completion of the transaction and that is the 242 million that you can see. During the period, we received dividends from our investments, 1.4 billion from the equity-accounted investments, mainly from SAIOC, as well as 100 million from the newly acquired investment in TP, as well as a 26 million dividend from the investment in Jupiter, which is listed on the Australian Stock Exchange. Looking at capital allocation, so our capital allocation framework remains disciplined and consistent and as pointed out we continue to target the net debt to EBITDA ratio below one and a half times excluding the synergy project financing. So this approach preserves our balance sheet strength while maintaining flexibility required to execute on our strategic priorities. As previously highlighted, during the first half we generated $6.9 billion in net cash inflow, comprising $5.4 billion from our own owner-managed operations, $1.5 billion received in dividends from our investments, including $1.3 billion from SCIOC, $100 million from TP, and $75 million from our Mafube joint venture. In line with the capital allocation framework, we deployed the capital across the business to support the operational sustainability, our growth initiatives, and also shareholder returns. So 1.4 billion was invested in sustaining capital for the coal business, ensuring asset reliability, continuity, and safe production. 3.4 billion was returned to shareholders through dividends. This comprises 1.3 billion from the pass-through of the SCIOC dividend and 2.1 billion distributed from our core group earnings excluding SCIOC. We invested 10.6 billion in the manganese acquisition, further strengthening our portfolio and positioning the business for the long-term value creation. And we also settled 2.5 billion acquisition debt that we acquired. A further 864 million was invested in expansion capital, primarily relating to the completion of the remaining work at the Lepalale solar project and the continued construction of the Carrierbos wind farm. The other cash allocations include R337 million for the acquisition of shares to settle vested share based payments and R100 million on deposit for our insurance program. So as a result of these cash flows and capital allocation decision, we closed with a net cash position of 6.4 billion and if we exclude the energy, excluding the energy business net debt of 7.8 billion Rand. Looking at capital expenditure, sustaining capital mainly in the coal business, and this, as I pointed out earlier, is primarily driven by Groote Geluk, where we are in the process of rolling out the new truck and shovel replacement program. The increase is intentional and value-accretive, supporting the long-term sustainability of our assets and also ensuring asset reliability to underpin future earnings capacity. Turning to energy, the project cost at Lepelale Solar, 160 million was invested during the first half to complete activities ahead of the commissioning of the plant in April. And during the same period, we spent 704 million on the Carrierbos wind farm, which remains on track for completion in the first half of 2027. So our energy projects are typically funded through a structure comprising approximately 75% project finance and 25% equity funding, optimizing returns while maintaining disciplined capital allocation. The project finding is normally drawn from the outset of construction with our equity contributions weighted towards the latter stages of project execution. Importantly, as Ben pointed out, all the project financing is structured with limited recourse to Exaro's balance sheet and is hedged through interest rate swaps providing certainty against any interest rate movement risk. Last slide, the new dividend policy. So our increased confidence in the group's diversified earnings base, the balance sheet resilience, and long-term cash generation resulted, as we pointed out in the Capital Markets Day, in two enhancements to the dividend policy, the removal of the 12 to 15 billion cash buffer, and the revision of the dividend cover to 1.5 to 2 times or a 40 to 67% payout ratio whilst maintaining the 100% PSYOC pass-through. So the intention is future growth in future will be financed through internally generated cash flow also supplemented by the debt facilities where we raised it in the group earlier on. So I'm pleased, as Ben pointed out, to announce that the board has resolved to pay an interim dividend of R7 per share at an overall group cover ratio of two times. This includes a pass-through of the SIOC dividend. If you look at the R7, R2 is a SIOC dividend. and reflects a cover of 1.8 times on Exaro's adjusted group earnings. The graph on the right depicts the quality of our shareholder returns and you can see there the enhancement due to the new dividend policy. So the final dividend end of last year The enhanced dividend from the new policy, R2.93, and this time around R1.43 per share. So with this, Ben, also from my side, thanks to everybody at Exaro that made the results possible. Whether you are at one of the mines, at one of the wind farms, here at the corporate center, also thanks to my finance team. Long hours, hard work, but thanks. Thanks, we were able to deliver these sets of results.