Impala Platinum Holdings Ltd

Welcome to everybody in the room. It's always a pleasure to see you in the room. Also, a very hearty welcome to everybody joining us on the webcast. There will also be an opportunity on the webcast and on Chorus Call to engage with the team directly after our short presentation in a Q&A session. As usual, we'll take questions in the room first and then we'll pivot to Chorus Call and the web. There are no emergency draws planned for today. So rest assured, if we hear an alarm, it will be a genuine alarm. And the normal exit is as you come in, and there are people ready to steer and provide and look after us. So very, very welcome. I'm going to hand straight over to the team. There will be a short presentation, after which we'll pivot into Q&A. Nico?

NICOLAAS JOHNSTON- Thank you, Johan. Good morning, everyone, from my side. Also welcome all the InPlatts people, media, analysts, investment community and thank you to all the people that made today possible and the team for supporting the delivery of, I think, an absolutely stellar set of results. Before we do that though, as is our practice, the cautionary statement. You'll make investment decisions on your own. So this is a wonderful time for us to come to the market. Obviously, we've got a very supportive price environment. We see very exciting activities in the industry, in the market. We have not been participating at this point, so it involves a number of other parties, but nevertheless, it's very exciting for us to be in an industry that is supported with a constructive price environment. Personally this is a point that we as a company have worked many years to get to. and when I look at the last financial year, I have to thank our operational teams for the absolutely stunning operational performance that they were able to achieve. The most noteworthy thing for me is not in the ounces that was delivered, I mean that in part is really important, that provides us with our license, but it's the fact that we were able to, on top of all of that, increase our mineral reserves by 9%. It's the fact that Tim and his team in Canada extended the life of Canada by another year. And when I look at the work, at what they're doing, it appears, like some of the rest of the portfolio, that we have the ability under the current price environment to provide this continuous extension of life. So I'm very happy that there's a very strong team that is now very settled, that are able to deliver very strong results. The big part of the company is focused on the future and on developing future strength and competitive position in the company. So on supporting the 4% increase in ounces sales was a 63% increase in the dollar basket price and a 51% in the rand price that resulted in a material increase in headline earnings, therefore cash flow which resulted in a very robust allocation of capital from the team, from the board which saw 82% of our free cash flow being allocated to shareholders. And that was totally appropriate in the absence of capital intensive growth projects that are currently not on the table. We have got a pipeline of opportunities which I'll just touch on. The balance sheet is very strong. We've got no debt and we've got 37 billion Rand worth of Hedrum liquidity. And so it's just absolutely appropriate that in line with our undertakings that we gave before, that we had a very strong allocation to shareholders. And so looking forward, It is our contention, and Emma is going to speak a little bit about the market, that the current supportive environment is going to continue for the medium term. We don't believe that the macros are about to change and all the signals from a demand side is positive and equally on the supply side we have not seen major steps from producers to bring new supply to the market other than New Entrance, specifically two projects, but from the major producers we are seeing a constrained supply base going forward, which combined with the increase in industrial demand, the increased relevance of hybrid vehicles, we see very strong market fundamentals for the next few years. So if you take all of that into consideration, you look at what our company will be focusing on. First, as I said earlier, our current performance is always critical. So the excellence that was displayed this year will be the first priority for the next year and beyond. But after that, our focus is on creating competitive strength in the company. And specifically, we are looking at life extension projects. and I must say we are blessed to have a quality set of assets with significant resources and reserves with a multitude of opportunities to provide longevity to most of our assets. And so that'll be the first part of the business and then secondly, we do have a study program that will look at growth options, we have got and Portal 10 at Zimplatz, which is another relatively shallow mechanized possibility for the future, which will add tremendous value in future decades in the company, as is Tales of 2, which is probably the world's best quality untapped Mariinsky ore body that's left for us to explore. And on top of that, there is always the opportunity for us to explore partnerships with our joint venture partners, and to, in addition to that, to look at potential M&A opportunities to the extent that that is value accretive. So that's all from my side. I just wanted to provide the context where our focus is going to be. I will now hand over to Emma who will just briefly touch on the market.

Won't you just move it forward one for me because I just need one.