DRDGOLD Ltd (DRD) 2024 Q4 法說會逐字稿

Welcome, and thank you for joining us. This is our first presentation, live presentation after COVID. So it's really nice to be back in a venue where I can see more than just the upper section of the attendees. I think it's also the sort of results where we would have preferred to have people present and look you in the eye, tell you what we did, what we wanted to do and how we position going forward. Before we start, let me just switch this off before it goes off. There we go.

歡迎並感謝您加入我們。這是我們在新冠疫情之後的第一次現場演示。因此，很高興回到一個可以看到不僅僅是上半部與會者的會場。我認為這也是我們希望人們在場並看著你的眼睛，告訴你我們做了什麼、我們想做什麼以及我們未來如何定位的結果。在我們開始之前，讓我在它關閉之前將其關閉。我們開始吧。

So, Riaan is joining me as well. Riaan Davel is joining me as well. He will be taking care of the financial portion of the presentation, and then Jaco's also joining us. There's other colleagues, too. So at the end of the presentation, we'll be happy to take your questions and provide some additional perspective on the material presenting.

所以，Riaan 也加入了我。Riaan Davel 也加入了我的行列。他將負責演示的財務部分，然後 Jaco 也會加入我們。還有其他同事。因此，在演示結束時，我們將很樂意回答您的問題，並就所演示的材料提供一些額外的觀點。

So you're familiar with the disclaimer. There are some forward-looking statements, so please familiarize yourself with those. And then as we get going, let's have a look at the performance for financial '24 at a glance. Obviously, something that we are hoping to maintain going forward as our dividend record. This is the 17th consecutive financial year that we're paying a dividend. This year is smaller because we spent quite a bit of capital to preserve for the future going forward. So the final dividend is ZAR0.20.

所以您對免責聲明很熟悉。其中存在一些前瞻性陳述，因此請您熟悉這些陳述。接下來，讓我們快速瀏覽一下 24 世紀財務表現。顯然，我們希望繼續保持我們的股息記錄。這是我們連續第 17 個財政年度支付股利。今年規模較小，因為我們花費了大量資金來為未來保留資金。因此末期股息為 ZAR0.20。

When I look at the number, it reminds me of how long I've been working for DRD. This is my 21st year. So happy that only four of those years were not dividend year and those were the first four. In terms of financial performance, revenue for the year was up 14%, just over ZAR6 billion.

當我看到這個數字時，它讓我想起了我為 DRD 工作了多久。今年是我的第 21 年。很高興的是，其中只有四年不是股息年，而且是前四年。就財務表現而言，全年營收成長 14%，略高於 60 億南非蘭特。

Operating profit was also up 14% to just over ZAR2 billion. This is, of course, on the back of a very, very good gold price. If you go through the numbers, you'll see that we only got to 84% of our targeted volume throughput for the year for a variety of reasons. That notwithstanding, we manage 93% of our targeted gold production. So there were some innovation, some hustling taking place to get the requisite tonnes through the circuit. But I think we ended up well considering the circumstances. And then, of course, with the gold price like had we have very position to take advantage of that.

營業利潤也成長了 14%，達到略高於 20 億南非蘭特。當然，這是基於非常非常好的金價。如果您仔細查看這些數字，您會發現由於各種原因，我們僅達到了今年目標吞吐量的 84%。儘管如此，我們仍管理目標黃金產量的 93%。因此，我們進行了一些創新，並進行了一些努力，以確保通過環路所需的噸數。但我認為考慮到當時的情況，我們最終做得很好。當然，隨著金價的上漲，我們非常有能力利用這一點。

So headline earnings are up 4%. The big item investments part of resonation of course, is the capital expenditure. So positioning for the future, we decided invest in solar plant, solar plant 60-megawatt of capacity at (technical difficulty) system being introduced into the circuit.

因此整體獲利成長了 4%。當然，引起共鳴的大項目投資部分是資本支出。所以面向未來的定位，我們決定投資太陽能發電廠，將太陽能發電廠60兆瓦的容量（技術難度）系統引入電路中。

And in fact, I think there's activity today or over this time, where there's going to be a (technical difficulty) has been linked up with the grid as well. In addition to 60 megawatts solar plant is also 60-odd megawatts of battery storage, which will help us to more enable the product to store power and never really having to make use of electricity. It's a very significant saving in that regard as well.

事實上，我認為今天或這段時間有一些活動，其中也會存在與電網相關的（技術困難）。除了60兆瓦的太陽能發電廠外，還有60多兆瓦的電池存儲，這將幫助我們更多地使產品能夠儲存電力，而永遠不必真正​​使用電力。在這方面，這也是一個非常可觀的節省。

Operating performance for the year. We produced just over 5000 gold, which is a 5% year-on-year. And as I said, it is roughly 7% than what we had targeted on the back of lower volume throughput. Sustaining margin, 24%, so still healthy. On the back of the higher gold price, throughput only 86% of what we had targeted and yield also obviously down year-on-year. Cash operating cost, that's the item that was the hard head by the circumstances that we dealt with this year, the low volume throughput. So that was quite a bit up and also higher than guidance, I think we guided just under ZAR800,000 and that came in at ZAR833,000 per kilogram.

全年經營業績。我們生產了 5000 多塊黃金，年增 5%。正如我所說，由於吞吐量較低，這比我們的目標大約低 7%。維持利潤率為 24%，因此仍然健康。在金價走高的背景下，吞吐量僅達到目標的86%，殖利率也較去年同期明顯下降。現金營運成本，這是我們今年處理的低產量情況下最棘手的項目。因此，這比指導值高了很多，也高於指導值，我認為我們的指導值略低於 800,000 蘭特，實際價格為每公斤 833,000 蘭特。

ESG or sustainable development, whichever you prefer. Very sadly, we had the fatal incident at Eskom at 5:27 when our colleague operating the loader was killed while as a consequence of a site slip of the dump that he was reclaiming from. The first time in six years that we've had the fatality is the first one of this nature in more than three decades, which is very, very unfortunate.

ESG 或永續發展，無論您喜歡哪一個。非常遺憾的是，我們於 5 點 27 分在 Eskom 發生了致命事件，當時我們操作裝載機的同事在回收垃圾場時因工地滑倒而喪生。這是六年來我們第一次發生這樣的死亡事件，也是三十多年來第一次發生這種性質的死亡事件，這是非常非常不幸的。

Obviously, a whole host of measures have been implemented also to further reduce the risk of this sort of thing happening going forward. Big item for us is the completion of the solar project, as I meant earlier. Already, we're seeing a 6% decrease in electricity consumption.

顯然，我們也採取了一系列措施來進一步降低此類事件發生的風險。正如我之前所說，對我們來說，重要的事情是完成太陽能專案。我們已經看到電力消耗減少了 6%。

We believe that, that will go down even further. And there's some detail in the presentation further on and also the letter to shareholders detailing those, but anything between ZAR9 and ZAR15 per tonne is the estimate at this stage and obviously, variable because of bearing power tariffs, different times of year and also different times of the day, you've got peak tariff and so forth and so forth. So it really depends what metric you use for this calculation. But in real terms, anything up to ZAR15 per tonne reduction, real reduction in cost and cash operating costs at Ergo.

我們相信，這一數字還會進一步下降。進一步的簡報以及致股東的信中詳細介紹了這些細節，但每噸9 蘭特和15 南非蘭特之間的任何價格都是現階段的估計值，顯然，由於軸承電價、一年中的不同時間和不同時間而存在變化當天，您會遇到高峰關稅等等。因此，這實際上取決於您用於此計算的指標。但實際上，每噸減少 15 南非蘭特，Ergo 的成本和現金營運成本實際上減少。

Water consumption is one of the success stories in terms of sustainable development for the company. This year, again, we saw a 58% decrease. Now admittedly, it was off the back also of lower throughput on the hydraulic mining side, although 95% the water that we use for mining is recycled. But this is really also the consequence of measures that were decided upon many, many years ago to every year try and decrease water usage by at least 10% and systematically, the whole design of our water reticulation system has been adapted to enable us to rely mostly on nonportable water on recycled or gray water.

水資源消耗是公司永續發展的成功案例之一。今年，我們再次看到下降了 58%。現在不可否認的是，儘管我們用於採礦的 95% 的水都是回收的，但水力採礦方面的吞吐量也較低。但這實際上也是許多年前決定的措施的結果，每年都嘗試將用水量減少至少 10%，並且系統地對我們的水網系統的整個設計進行了調整，使我們能夠依賴主要使用非便攜式水、再生水或灰水。

Vegetation. This is now areas on our tailings dams that we vegetate for dust prevention. There's a wonderful ecosystem biodiversity story also emerging in that regard because this vegetation is natural vegetation settling in natural soils because it's normal natural wells that we put on the side of the Brakpan tailings dam.

植被。現在，我們在尾礦壩上種植了植被以防塵。在這方面，也出現了一個美妙的生態系統生物多樣性故事，因為這種植被是在自然土壤中定居的天然植被，因為它是我們放在布拉克潘尾礦壩一側的正常天然井。

And that is helping to really attract indigenous species, insect bird and so forth species back to those dams as well. That's a wonderful biodiversity story. And then in terms of dust exceedances, this is something that we do have to monitor closely because most of our facilities are in close proximity to where people live and you don't want them to live under a cloud of dust. So very little -- very, very little dust coming off any of our facilities.

這有助於真正吸引本土物種、昆蟲鳥類等物種回到這些水壩。這是一個精彩的生物多樣性故事。然後就灰塵超標而言，我們確實必須密切監測，因為我們的大多數設施都靠近人們居住的地方，您不希望他們生活在灰塵下。我們任何設施中的灰塵都非常非常少。

So we put this slide up here. I'm not very fun of the word ESG. ESG really is a subset of sustainable development. But by calling at ESG, you've really taken the idea or concept of integration out of sustainable development. So I think this sort of restores the picture for what it is of how you pursue integrated value, a variety of capital stocks.

所以我們把這張投影片放在這裡。我對 ESG 這個字不太感興趣。ESG 確實是永續發展的一個子集。但透過呼籲 ESG，您確實將整合的想法或概念從永續發展中剔除出來。所以我認為這可以恢復人們追求綜合價值和各種資本存量的方式。

And we're -- either you have overlay or you have the one capital stock delivering in the bottom line of the other capital stock. And it facilitates language like natural dividend and social dividend and so forth and so forth. And this is something that we've been very focused on for many, many years. Sustainable development, in fact, has been the golden thread, informing our strategic thinking and also informing the deployment of resources and of capital. And I think it's really become deeply embedded in the narrative of the DRDGOLD story.

我們——要么你有重疊，要么你有一種股本可以交付另一種股本的底線。它促進了自然紅利和社會紅利等語言的發展。這是我們多年來一直非常關注的事情。永續發展其實是一條金線，它貫穿我們的策略思想，也貫穿我們的資源和資本的配置。我認為它確實已經深深地融入了 DRDGOLD 故事的敘述中。

So looking at these different capital stocks, and I'll go through them very, very briefly. I'm not going to spend too much time on it. Obviously, the value that you want to create is value in terms of all of those. And in as much as you can have integrated or align value, so much the better. And what that basically means is that if you want to reduce your carbon footprint, for example, by building a solar plant, you also want the electricity to be cheaper than electricity that you would have sourced off the grid.

因此，看看這些不同的資本存量，我將非常非常簡要地介紹它們。我不會花太多時間在這上面。顯然，你想要創造的價值就是所有這些的價值。盡可能多地整合或調整價值，那就更好了。這基本上意味著，如果您想減少碳足跡，例如建造太陽能發電廠，您也希望電力比從電網獲取的電力便宜。

And you also want that to derisk the business. And that's really all that integrated value or that it really means. So looking at the block in the top left there, the environmental regeneration, I briefly mentioned what the ecosystem looks like that is in the process of being restored. That's one element of it. Of course, the other element is that every single tonne of material that we mine is from a tailings dam that was built many, many years ago.

而且您也希望這能夠消除業務風險。這就是所有的綜合價值或它真正的意義。所以看看左上角的環境再生塊，我簡單地提到了生態系統正在恢復過程中的樣子。這是其中的一個要素。當然，另一個因素是我們開採的每一噸材料都來自許多年前建造的尾礦壩。

And by removing it and ultimately cleaning up that site, you either in as much as it may have been an environmentally sensitive area, you're restoring a wet land or the natural flow of water in the river area or in as much as it's suitable for residential purposes or for industrial purposes that can be put to sustainable land use. So that's an important part of that, the ecosystem story I mentioned.

透過移除它並最終清理該地點，您可以在盡可能多的環境敏感區域，恢復濕地或河流區域或盡可能多的適當水流用於可用於可持續土地利用的住宅用途或工業用途。所以這是我提到的生態系統故事的重要組成部分。

In terms of the renewal of the business through innovation, investment in collaboration, because of who we are and because of where we're from, DRD is not a company that was able to invest itself out of its predicament 15 or 20 years ago.

在透過創新、投資合作來實現業務更新方面，由於我們是誰，也因為我們來自哪裡，DRD 並不是一家能夠在 15 或 20 年前透過投資擺脫困境的公司。

We had what we had. And the one thing we didn't have was a robust balance sheet with which to go and acquire a whole host of assets outside of our existing asset base. So we had to look at what was left in our portfolio which was, by and large, a combination or a collection of stuff that other people have thrown away. It was waste. So asset optimization is a term that you'll find us -- that you'll find being used often in our narrative.

我們擁有我們所擁有的。我們沒有的一件事是強大的資產負債表，可以用來收購現有資產基礎之外的大量資產。因此，我們必須看看我們的投資組合中還剩下什麼，總的來說，它們是其他人扔掉的東西的組合或集合。這是浪費。因此，資產優化是一個您會發現的術語——您會發現在我們的敘述中經常使用它。

And what we don't want to do is leave any value behind. So all of the investments, also those that I will be talking about later on, are focused on or intended to deliver into that ambition in delivering to that goal of optimizing our resource base. We have 6 million ounces of reserves, and we want to try and mine as many of those as we possibly can. And we mine them -- we want to mine them at a profit, and we want to make a difference to the environment and society through that process. And that's how all of these things come together.

我們不想做的就是留下任何價值。因此，所有投資，以及我稍後將討論的投資，都集中於或旨在實現這一雄心壯志，以實現優化我們的資源基礎的目標。我們擁有 600 萬盎司的儲量，我們希望嘗試開採盡可能多的儲量。我們開採它們——我們希望開採它們能夠獲利，我們希望透過這個過程為環境和社會帶來改變。這就是所有這些事情如何結合在一起的。

Carbon footprint, I've spoken about, that was my example that I used in describing the overlap of value between the different capital stocks and then caring for our people, employees and for communities. Now this is something also that's becoming increasingly popular in corporate presentations about how much we care.

我已經談到過碳足跡，這是我用來描述不同資本存量之間價值重疊以及關心我們的人民、員工和社區的例子。現在，這在企業演示中也越來越流行，以表達我們的關心程度。

And I think what I want to emphasize here is that caring here is not an emotional parameter. It's not wanting to be liked or wanting to sort of be this accommodating uncle that sort of give people what they want. What it really is about is an objective measure of making a real difference in the socioeconomic circumstances of where people live.

我想我想在這裡強調的是，這裡的關心不是一個情緒參數。它並不是想被人喜歡，也不想成為一個樂於助人的叔叔，給人們他們想要的東西。它真正的目的是對人們居住地的社會經濟環境產生真正影響的客觀衡量標準。

So it's about doing business responsibly, about not being indifferent to the surroundings and your area of impact. In other words, if your portfolio of assets consists of a whole lot of mine dumps, then you want to take measures to ensure that the dust off those tailings dams are contained and it was contained and that it doesn't cause inconvenience to your surrounding communities.

因此，這是關於負責任地開展業務，關於不要對周圍環境和您影響的區域漠不關心。換句話說，如果您的資產組合由大量礦場組成，那麼您需要採取措施確保這些尾礦壩的灰塵得到控制，並且不會對周圍環境造成不便社區。

That's part of a culture of caring. And it also means in terms of the needs of society, investing in the sort of thing that could assist those societies to becoming increasingly sustainable. And once again, it doesn't involve people standing in a queue and somebody handing over parcels of stuff. That means empowering people through knowledge and by assisting them facilitating self-empowerment.

這是關懷文化的一部分。這也意味著就社會的需求而言，投資那些可以幫助這些社會變得越來越永續的事物。再說一遍，這並不涉及人們排隊或遞東西。這意味著透過知識賦予人們權力並幫助他們促進自我賦權。

So ultimately, those communities could lift themselves out of the desperate situation that they sometimes find themselves in. So very much something that I leave is objectively measurable and that contributes towards a stable environment within which you want to do business. It's very hard to do business in an ocean of instability. So ultimately, that also contributes towards the actual value composites of the business.

因此，最終，這些社區可以擺脫有時陷入的絕望境地。因此，我留下的很多東西都是客觀可衡量的，有助於創造一個穩定的環境，讓你可以在其中開展業務。在不穩定的海洋中開展業務非常困難。因此，最終，這也有助於實現業務的實際價值組合。

So now talking a little bit about, excuse me, strategy and DRDGOLD in transition. So a lot of what I said up until now is high level of how we think and what drives our decision-making and so forth and so forth. But let's talk a little bit about what we actually did, what we're doing and what we want to do going forward.

抱歉，現在談談轉型中的策略和 DRDGOLD。因此，到目前為止我所說的很多內容都是關於我們如何思考以及驅動我們決策的因素等等的高層次內容。但讓我們來談談我們實際上做了什麼、正在做什麼以及未來想要做什麼。

So we'll use this this little NBA term, Vision 28 to describe what it is that we want to achieve over the next few years in repositioning the business for the future and maybe just provide a bit of context. So when Far West gold operations was acquired from Sibanye a few years back, the intention was always to develop it in two phases.

因此，我們將使用 NBA 這個小術語「願景 28」來描述我們希望在未來幾年內重新定位未來業務時實現的目標，也許只是提供一些背景資訊。因此，幾年前，當遠西黃金業務從 Sibanye 手中收購時，其目的始終是分兩個階段進行開發。

The first phase being getting into production with as little capital as possible and finding our way into this new environment and then using that footprint to launch the next phase, Phase 2, which is the capital-intensive phase of Far West gold operations.

第一階段是以盡可能少的資本投入生產，找到進入新環境的方法，然後利用該足跡啟動下一階段，即第二階段，這是遠西黃金業務的資本密集階段。

So starting off with the circuit that was running at roughly 500,000 tonnes per month and depositing onto the Driefontein number 4 dam, a dam, which we knew at limited capacity. For Far West gold operations to run its course, the reason why we bought it initially was to ultimately position it such that it would be in a position to mine, like I said earlier, most of it's resource, not leave any value behind. So Phase 2 for Far West gold operation that was envisaged right from the outset. That was part of the story line that we shared with the market right from the outset.

因此，從每月約 50 萬噸的循環開始，並沉積到德里方丹 4 號大壩，我們知道大壩的容量有限。為了使遠西黃金業務能夠順利進行，我們最初購買它的原因是為了最終定位它，以便它能夠像我之前所說的那樣開採大部分資源，而不留下任何價值。因此，遠西金礦作業的第二階段從一開始就被設想出來。這是我們從一開始就與市場分享的故事情節的一部分。

Ergo was not described in equally clear language. So maybe to contextualize Ergo and its story line in a little bit more detail. And it became apparent to ourselves as we went through this journey. But you'll recall that when Ergo was launched right at the outset 2007, 2008, when it was bought, second attempt at buying it when we finally managed to land Ergo, the idea was a 227 million tonne resource that was going to be mined over a period of 12 years.

因此並沒有用同樣清晰的語言來描述。因此，也許可以更詳細地了解爾格及其故事情節。當我們經歷這段旅程時，這一點對我們自己來說變得顯而易見。但你會記得，當 Ergo 在 2007 年、2008 年一開始推出時，當我們最終設法登陸 Ergo 時第二次嘗試購買它時，我們的想法是要開採 2.27 億噸的資源歷時12年。

Now long and the short is that every part of that 227 million tonne resource has now been mined. So Ergo, the Ergo story that motivated, justified the initial capital investment back in the early 2000, that story has run its course. Ergo that story of -- that part of the Ergo story has come to an end. The fact is that as we went deeper into the Ergo story, we were able to add resources, and we were able to extend the life of some of the core initial assets.

現在長和短的是，這 2.27 億噸資源的所有部分現已開採完畢。因此，Ergo，Ergo 的故事，早在 2000 年初就證明了初始資本投資的合理性，這個故事已經結束了。因此，這個故事——因此故事的一部分已經結束了。事實是，隨著我們深入研究爾格故事，我們能夠添加資源，並且能夠延長一些核心初始資產的壽命。

But from about 2021 onwards, most of those, in fact, all of this initial core sites, reclamation sites started reaching their end of life, started reaching maturity and they were becoming depleted. And a decision had to be taken then. Are we now calling it? Are we calling it the day on Ergo? Is this now the final phase? Are we entering closure? Or are we going to try and extend this operation for another few years? And in line with our idea or philosophy of optimizing our resource because we still had plenty of tonnes left, and we'd also accumulated some additional tonnes.

但從 2021 年左右開始，其中大多數，事實上，所有這些最初的核心場地、填海場地開始達到其壽命的終點，開始達到成熟，並且正在耗盡。那時必須做出決定。我們現在打電話嗎？我們就到此為止了嗎？現在是最後階段了嗎？我們正在進入關閉狀態嗎？或者我們會嘗試將這項行動再延長幾年？這符合我們優化資源的想法或理念，因為我們仍然有大量剩餘資源，而且我們也累積了一些額外的資源。

And in fact, some of the sites that we used in the past as tailings facilities, tailings storage facilities, were now starting to look increasingly attractive against the backdrop of a different gold price environment and also with the volume capacity that we had created that it was worth rethinking the Ergo story, and hence, this idea of Ergo 2.0, which is essentially a second, third, fourth phase of Ergo depending on -- at what point in time you start counting.

事實上，我們過去用作尾礦設施、尾礦儲存設施的一些場地，在不同的金價環境以及我們創造的容量的背景下，現在開始變得越來越有吸引力。 ，因此，爾格2.0 的想法，本質上是爾格的第二、第三、第四階段，取決於你開始計數的時間點。

Long and the short is that we've decided that we're going to have another go at the Ergo story, extending the Ergo story and seeing to which extent it's possible to add some life to it. And this is really what this is all about. So in the 24 months prior to December 2023, all of the old sites had become depleted. We'd started the licensing process for replacement sites back in 2018.

總而言之，我們決定再次嘗試「爾格」故事，擴展「爾格」故事，看看可以在多大程度上為其增添一些活力。這就是真正的意義。因此，在 2023 年 12 月之前的 24 個月裡，所有舊站點都已耗盡。我們早在 2018 年就開始了更換站點的許可流程。

There was COVID. There was all sorts of other things. And the seamless transition that we had hoped to achieve did not materialize. But in the final analysis, over time, it did materialize eventually, six or seven months late. But as I stand here, all of the sites that we needed to license in order to fund and position Ergo, as it develops towards day one of Vision 2028, which is the 1st of July, 2027.

有新冠病毒。還有各種各樣的其他事情。我們希望實現的無縫過渡並沒有實現。但歸根結底，隨著時間的推移，它最終實現了，晚了六到七個月。但當我站在這裡時，我們需要獲得許可才能為 Ergo 提供資金和定位，因為它正在向 2028 年願景的第一天（即 2027 年 7 月 1 日）發展。

And obviously, that is a number in a calendar, but one that we're working towards as one of our markers as we stand here, everything that we need to do in order to start developing and investing to get to that point is now in place. All four of the new sites plus a fifth, so we're back to volume throughput capacity. We're now where we wanted to be around about October of last year in terms of that volume throughput.

顯然，這是日曆中的一個數字，但當我們站在這裡時，我們正在努力將其作為我們的標記之一，為了開始開發和投資以達到這一目標，我們需要做的一切現在都在地方。所有四個新站點加上第五個站點，因此我們又回到了批量吞吐能力。就吞吐量而言，我們現在已經達到了去年 10 月左右的預期水準。

We're also reaching the end of the Brakpan tailings facility though. So whilst Ergo could quite comfortably produce up to 2 million tonnes per month, or 3 million to 2 million tonnes per month up until about a year, two years ago, we're now intentionally throttling that back. We've put down to 1,600,000 or rather 1,650,000 tonnes per month. And that is the rate that we will sustain going forward until the new site for Ergo is up and running and has been commissioned.

不過，我們也即將到達布拉克潘尾礦設施的盡頭。因此，儘管在大約一年、兩年前之前，Ergo 可以輕鬆地每月生產高達 200 萬噸，或每月 300 萬至 200 萬噸，但我們現在有意限制這一產量。我們已將每月產量減少到 1,600,000 噸，甚至 1,650,000 噸。這就是我們未來將維持的速度，直到爾格的新網站啟動、運行並投入使用。

So a whole lot of things started happening in 2018. The licensing of the new sites, we submitted in terms of the Brakpan tailings facility, we submitted a dam safety report as we are required to do because the Brakpan tailings dam is a Category 3 dam. We submitted another one, 2021 revised design, 2022. These things are being reviewed by the department, but that is the enabler going forward to continue to deposit at this rate until Withok is commissioned.

所以很多事情在 2018 年開始發生。我們根據 Brakpan 尾礦設施的要求提交了新場地的許可，並按照要求提交了大壩安全報告，因為 Brakpan 尾礦壩是 3 類水壩。我們提交了另一份，2021年修改設計，2022年。該部門正在審查這些事情，但這是繼續以這個利率存款的推動因素，直到 Withok 被委託。

Same time we're also looking dynamically at the entire combination of assets that we have. Some of the resources that we have now are maybe better suited as a tailings deposition facility. And then some of the resources that we haven't in the past factored in as part of the life of mine story or the mine works program are starting to look increasingly attractive.

同時，我們也在動態地審視我們擁有的整個資產組合。我們現在擁有的一些資源可能更適合作為尾礦沉積設施。然後，我們過去沒有將其納入礦山故事或礦山工程計劃一部分的一些資源開始變得越來越有吸引力。

So we're not at this stage changing the narrative of the technical report summary that's filed with the SEC, but what we are looking at -- what we are doing is looking dynamically at the composite an will decide what will ultimately be the best combination and the best use of our portfolio of assets.

因此，我們現階段不會改變向 SEC 提交的技術報告摘要的敘述，但我們正在關注的是 - 我們正在做的是動態地查看組合，並將決定最終的最佳組合以及充分利用我們的資產組合。

The objective though is to move from the current format or the current throughput profile rather of 1,650,000 tonnes a month at Ergo plus 500,000 tonnes at Far West gold which is just over 2 million tonnes to move up to 3 million tonnes per month as from the start of financial ‘28, and to lift gold production from 5 tonnes per year to 6 tonnes per year.

不過，我們的目標是從目前的格式或當前的吞吐量概況，而不是Ergo 的每月1,650,000 噸加上Far West gold 的500,000 噸（剛剛超過200 萬噸），從一開始就提高到每月300萬噸財務 â28，並將黃金產量從每年 5 噸提高到每年 6 噸。

The capital investment to be made to get to that point is roughly ZAR7 billion. ZAR3 billion was spent in the last year for the solar farm, so we now have ZAR3 billion worth of prepaid electricity. We spend another ZAR7 billion odd, and that will then give us 5 tonnes plus 1. So in today's numbers, how much is a ton of gold, today’s numbers? ZAR1.5 billion.

達到這一目標所需的資本投資約為 70 億南非蘭特。 ZAR3去年太陽能發電場花費了 10 億南非蘭特，所以我們現在有價值 30 億南非蘭特的預付電力。我們又花了 70 億南非蘭特，這樣我們就可以得到 5 噸加 1 噸。那麼，以今天的數字，一噸黃金多少錢呢？15億南非蘭特。

So adding to -- all things being equal, adding ZAR1.5 billion of revenue to our ZAR6 billion worth of revenue as we speak, assuming the gold price stays the same. For Ergo, the opportunity then extends into another 14 years and for Far West Gold into another 25 years. So -- and this is -- these are the things that we have done and that we are doing to work towards that Vision 28.

因此，假設金價保持不變，在所有條件相同的情況下，在我們所說的 60 億蘭特收入中增加 15 億蘭特收入。對 Ergo 來說，這個機會可以再延長 14 年，而對 Far West Gold 來說，這個機會可以再延長 25 年。所以——這就是——這些是我們已經做過和正在做的事情，以實現 28 號願景。

The solar facility, and I've spoken a lot about that. But here, you could see what's already been done in terms of that facility. Just over 13 million kilowatt hours of energy that's been used. The ability to generate was significantly higher, but it was being throttled back until such time as we could tie into grid. But we've used up to just over 13 million kilowatt hours of energy, which is 10% -- roughly 10% of Ergo's consumption.

太陽能設施，我已經談過很多了。但在這裡，您可以看到該設施已經完成的工作。已使用的能源超過 1300 萬千瓦時。生成的能力明顯更高，但它被限制了，直到我們可以連接到網格。但我們已經使用了超過 1300 萬千瓦時的能源，相當於 Ergo 消耗量的 10%——大約 10%。

By 2025, that's this financial year, half of Ergo's energy consumption will be of solar, and the electricity costs will then also reduce by between ZAR9 and ZAR15 per tonne. And it's maybe worth making that point, and I do make that point in the letter to shareholders, is that part of this evolution is also a change in the cost profile, just the basic construct of costs on both operations.

到 2025 年，即本財年，Ergo 一半的能源消耗將來自太陽能，每噸電力成本也將減少 9 至 15 南非蘭特。也許值得指出這一點，我在致股東的信中確實指出了這一點，即這種演變的一部分也是成本狀況的變化，只是兩項業務成本的基本結構的變化。

Far West, not so much because, at this stage, it is still only a two-dam reclamation facility, which is being very, very tightly managed. But Ergo is an example of complexity being reduced to being less complicated. So reducing the number of sites on which there's activity from 15 to 5.

遠西地區則不然，因為在現階段，它仍然只是一個兩座大壩的填海設施，管理非常非常嚴格。但爾格是一個將複雜性降低到不那麼複雜的例子。因此，將有活動的網站數量從 15 個減少到 5 個。

Many of those sites are cleanup sites. In fact, all of the cleanup materials that we had that was available to be brought into the circuit, those have been depleted as a consequence of the delays that we experienced last year with the new high-volume sites.

其中許多站點都是清理站點。事實上，我們擁有的所有可帶入賽道的清理材料，由於去年我們在新的大容量站點上遇到的延誤，這些材料已經耗盡。

But reducing the number of sites from 15 to 5, that will play a big role in reducing the per unit cost, the per tonne cost. And that's, by and large, associated with the earthmoving equipment. So all of your old sites, all the material that's moved from those old sites, that's loaded, lifted and hauled with big trucks. And that's expensive.

但將站點數量從 15 個減少到 5 個，這將對降低單位成本、每噸成本發揮很大作用。總的來說，這與土方設備有關。所以所有的舊場地，所有從這些舊場地搬來的材料，都是用大卡車裝載、提升和運輸的。那很昂貴。

So once that comes out, and we have five high-volume hydraulically mine sites, you see a very, very significant change in the cost profile. And in fact, in March, earlier this year in March, we did a webinar with the assistance of Standard Bank.

因此，一旦結果出來，我們有五個大容量水力採礦場，您會看到成本狀況發生非常非常重大的變化。事實上，今年三月份，也就是今年早些時候，我們在標準銀行的協助下舉辦了一個網路研討會。

It was Standard Chartered with Nic Dinham, and we explained how this evolution was taking place and how that per tonne profile is bound to change over time. But the solar farm is a big role player in that regard, dropping those costs to below -- firstly, initially below ZAR200 a kilo -- rather ZAR200 a tonne and then even further down as the complexities reduce even further.

渣打銀行與尼克·迪納姆 (Nic Dinham) 一起解釋了這種演變是如何發生的，以及每噸的情況將如何隨著時間的推移而變化。但太陽能發電場在這方面發揮了重要作用，將這些成本降低到低於每公斤 200 南非蘭特，而不是每噸 200 南非蘭特，然後隨著複雜性的進一步降低而進一步降低。

Regional tailings facility, now this is a story, which is very encouraging, considering also some of the other challenges that we'd faced in the last year or two. So when we say we started building this tailings dam, there's so much that had to happen before we could actually start with construction. We'd already had experiences with the Department of Water Affairs and the delays in licenses. And we realize that we've got to change tact.

區域尾礦設施，現在這是一個非常令人鼓舞的故事，考慮到我們在過去一兩年面臨的一些其他挑戰。因此，當我們說我們開始建造這座尾礦壩時，在我們真正開始建造之前，還有很多事情要做。我們已經有過與水務部合作以及許可證延誤的經驗。我們意識到我們必須改變策略。

We've got to approach this completely differently. If I want something done in a particular way, then it gets done in that particular way, or else you add six months or a year to the timeline. Here we engaged, firstly, with another department within the Department of Water Affairs with Dam Safety, which we experienced somewhat differently than some of the other experiences that we had. This is a department within a department that is focused on dam safety. So it's very technical.

我們必須以完全不同的方式來處理這個問題。如果我想以特定的方式完成某件事，那麼它就會以特定的方式完成，否則你就在時間表上添加六個月或一年。在這裡，我們首先與水務部內的另一個部門合作處理大壩安全問題，我們的經驗與我們所經歷的其他一些經歷有些不同。這是一個部門中的一個部門，專注於大壩安全。所以這是非常有技術性的。

We thought that conversation there was far more conducive towards working towards an outcome, and it didn't disappoint. We got the consent to go ahead with construction well on time. We subsequently also have been issued a water usage license or the amended water usage license. We applied for amendments to the water usage license following a change in the design of the dam, which included now the liner, plus a change in the configuration of the initial starter walls.

我們認為那裡的對話更有利於努力取得成果，而且它並沒有令人失望。我們得到了同意，按時順利進行施工。我們其後亦已獲發用水許可證或經修訂的用水許可證。在大壩設計發生變化（包括現在的內襯）以及初始啟動牆配置的變化後，我們申請了用水許可證的修訂。

So all of that's done. And on the 5th of July, we had the groundbreaking exercise. And it wasn't done with the speed. Because it's such a big dam, it was done with this back actor -- or excavator. And we're very pleased to say that it's going really, really well at this stage.

所以這一切都完成了。7 月 5 日，我們進行了開創性的演習。這並不是以速度完成的。因為它是一座如此大的水壩，所以它是用這個後台演員——或者說挖掘機——完成的。我們很高興地說，現階段進展非常非常順利。

The fortunate part of the site is that it's former agricultural land and not for pasturing, it's for a crop farming. So a large portion of this footprint, this 800-hectare footprint had in the past been used for crop farming. So it's relatively flat. And the entire process to prepare it for this liner involves lifting the top section of top soil and redistributing it evenly, compacting it.

該地點的幸運之處在於，它以前是農業用地，不是用來放牧的，而是用來種植農作物的。因此，這個足跡的很大一部分，即這 800 公頃的足跡，過去曾用於農作物種植。所以是比較平坦的。為該襯裡準備的整個過程包括抬起表土的頂部部分並均勻地重新分佈、壓實。

And then after that, the liner will follow. So we're pleased with what we're seeing happening at the moment. That seem to go really well. It's also -- and this is part of the sustainable development or ESG story line, which also, I believe, a very good example as to how proactive engagement with the surrounding communities with regards to their involvement in providing employment and so forth, how that ought to be done. And there's been very little disruption in terms of the initial stages of this project. Not the sort of thing that we experienced with some of the other sites.

之後，班輪將隨之而來。因此，我們對目前所看到的情況感到滿意。看起來進展非常順利。這也是永續發展或 ESG 故事情節的一部分，我相信，這也是一個很好的例子，說明如何積極主動地與周圍社區接觸，參與提供就業等，如何應該做的。該專案的初始階段幾乎沒有受到任何干擾。與我們在其他一些網站上遇到的情況不同。

So down to the money part, operating performance. And here, you could see that the trends do, in fact, follow the storyline of what I've been sharing with you with regards to some of the delays and the recommissioning and getting it back up and running again. So just looking at the Ergo volume, the Ergo tonnes, you could see that, although from the first half of '23, there was a sharp dip, sharp decline, this is when some of the high-volume sites came offline, and we had to rely more and more on load and haul.

所以歸根究底是資金部分和經營績效。在這裡，您可以看到，事實上，趨勢確實遵循了我與您分享的關於一些延誤、重新調試以及重新啟動和運行的故事情節。因此，只要看看爾格交易量，即爾格噸數，你就可以看到，儘管從 23 年上半年開始，出現了急劇下降，急劇下降，這是一些高交易量站點離線的時候，我們不得不越來越依賴負載和運輸。

By the end of the first half of '24, we had depleted all of those. In fact, if you were to look at the environmental report that we submit to the Board every quarter of tonnes left on some of these cleanup sites, there are about seven of them, and it's just 0000. They are down to [red Transvaal] (ph), and they are now in the final stages of being decommissioned and getting nuclear clearances and so forth before being returned to the rightful owners.

到 24 年上半年結束時，我們已經耗盡了所有這些。事實上，如果你看我們向委員會提交的環境報告，其中一些清理場地每留下四分之一噸，你會發現大約有七噸，而只有 0000 噸。它們已降至[紅色德蘭士瓦]（ph），現在正處於退役和獲得核許可等最後階段，然後再歸還給合法所有者。

Unfortunately, the licenses came through too late in the financial year to really catch up on tonnage. So you'll see that tonnes for the two halves were relatively flat. It's only now that it's picked up. And as I say, we're actually containing throughput now and limiting -- at Ergo limiting it to 1,650,000 tonnes per month.

不幸的是，許可證在本財政年度發放得太晚，無法真正趕上噸位。所以你會發現兩半的噸數相對持平。直到現在才被撿起來。正如我所說，我們現在實際上正在控制吞吐量並進行限制——Ergo 將其限制為每月 1,650,000 噸。

The yield, obviously, with all of this load and hauling taking place of the remnant material, the yields were higher, especially in the second half of '23 and the first half of '24. But once it became depleted and some of the high-volume sites came through, especially the Roshqott site, which is a former deposition site, a tailings storage site.

顯然，當所有這些負載和運輸都發生在剩餘材料上時，產量會更高，特別是在 23 年下半年和 24 年上半年。但一旦資源耗盡，一些高容量場地就會出現，特別是羅什科特場地，它以前是沉積場地，是尾礦儲存場地。

We use it for Knights deposition up until about three years ago. The head grades were quite a bit lower. Unfortunate because we would have trickled in or dribbled in some of the high-grade materials still over the next few years if these licenses had been issued when they were supposed to have been issued, then we would have been introducing some of the cleanup material for at least another year or two.

直到大約三年前，我們都用它來記錄奈特的證詞。頭部等級低了很多。不幸的是，因為如果這些許可證是在應該頒發的時候頒發的，那麼在接下來的幾年裡，我們仍然會滴入或滴入一些高級材料，那麼我們就會引入一些清理材料至少再過一兩年。

That opportunity is now gone because we had to treat all of those, but -- for which we would have had the little production over this time. But look, it is what it is, and at least the cost profile is changing. But you'll see that in the guidance, the guidance is relatively modest for Ergo, and that's off the back of lower head grades that we foresee for the next few years.

現在這個機會已經消失了，因為我們必須處理所有這些，但是——為此我們在這段時間的產量很少。但看，事情就是這樣，至少成本狀況正在改變。但您會在指導中看到，爾格的指導相對溫和，這是由於我們預計未來幾年的頭部等級較低。

Production tells the same story. There was just not enough time after the license has been issued to make up the shortfalls of the first year, and it's only now really that those trends have changed. Far West Gold story is different because the commissioning of its new site, it happened with fewer hiccups. There were one or two delays, but mostly on instrumentation and imported goods and so forth.

製作也講述了同樣的故事。許可證頒發後沒有足夠的時間來彌補第一年的不足，直到現在這些趨勢才真正改變了。Far West Gold 的故事有所不同，因為其新網站的調試過程中遇到的麻煩較少。有一兩次延誤，但主要是儀器儀表和進口貨物等。

But in terms of the actual construction, the commissioning, it was a story that just went a whole lot better for us, and you could see that in the numbers, too. So number 3 dam is up and running. It's running at full steam. The metallurgy is slightly different.

但就實際施工和調試而言，這個故事對我們來說要好得多，你也可以從數字中看到這一點。至此，三號水壩已建成並投入運作。它正在全速運轉。冶金學略有不同。

So you'll see that the cost mix has changed ever so slightly, a little bit more cyanide because of the geological -- I wouldn't say, call it, complexity, but it is slightly different than what we saw on dam number 5, but it's giving us what we're calling and, at this stage, limiting throughput there also to 500,000 tonnes a month.

所以你會發現成本結構發生瞭如此微小的變化，由於地質原因，氰化物增加了一點——我不會說，稱之為複雜性，但這與我們在5 號大壩上看到的略有不同，但它給了我們我們所說的，並且在現階段，將那裡的吞吐量也限制為每月 500,000 噸。

It's a 300,000 tonne a month plant, but we want to make sure that we don't overextend the tailings dam, the number 4 dam, and that we run out of deposition space before commissioning an early occupation or beneficial occupation of the RTSF. So it's coming along quite nicely, and it's giving us very good returns. It costs only about a third of revenue. So still running at a very, very good margin as well.

這是一座每月 30 萬噸的工廠，但我們希望確保不會過度擴建尾礦壩（4 號壩），並且在啟用 RTSF 的早期佔用或有益佔用之前，我們會用完沉積空間。所以它的進展非常順利，並且為我們帶來了非常好的回報。它的成本只佔收入的三分之一左右。所以仍然以非常非常好的利潤運行。

I think this is where -- yes, so this is where I end and where Riaan takes over. Just a consolidated basis, you could see volumes only at about 11 million tonnes and -- for the half year, and that's more or less where it's going to be staying. It's just that the cost profile looks different, more hydraulic mining, less hauling and lifting or lifting and hauling. Yields, also relatively flat being foreseen for the future. So that's a good indicator. And also the production numbers, 5 tonnes a year going forward until '27, '28, financial '28 when we implement the different volume profile. So, Riaan, over to you.

我想這就是——是的，所以這就是我結束的地方，也是 Riaan 接手的地方。僅在綜合基礎上，您可能會看到半年的產量約為 1100 萬噸，而且或多或少會保持在這個水平。只是成本情況看起來有所不同，更多的是水力採礦，更少的拖運和提升或提升和拖運。預計未來收益率也將相對持平。所以這是一個很好的指標。還有產量數據，每年 5 噸，直到 27 年、28 年、28 年財務，屆時我們將實施不同的產量概況。那麼，Riaan，交給你了。

Thank you very much, Niel. Good morning, everyone. It's really good to be back in person. It's been a long while that, as Niel said, we stayed at a screen. And this is much better. I prefer would also great to have the online participation continuing, and it's wonderful to be able to talk to the results.

非常感謝你，尼爾。大家早安。親自回來真是太好了。正如尼爾所說，我們已經在螢幕前待了很長一段時間了。這好多了。我也希望在線參與繼續進行，並且能夠談論結果真是太好了。

If you would allow me, as I always try to do, I call it the story behind the numbers. And for me, that is people. So Niel referred to, for every tonne that we mine that you can imagine, for our makeup volume business, for every tonne that we mine or reprocess, there's an engineer, there's a security person tracking our vast footprint. There's an admin person.

如果你允許的話，就像我一直嘗試做的那樣，我稱之為數字背後的故事。對我來說，那就是人。所以尼爾提到，對於我們開採的每一噸，你可以想像，對於我們的化妝品量業務，對於我們開採或再加工的每一噸，都有一名工程師，有一名安全人員跟踪我們巨大的足跡。有一個管理員。

There is someone making sure the boardroom is clean. There's a financial person. There's a metallurgist. And as people here are operating, as we know, 24 hours a day, so we run a 24-hour a day business. And for this, the Olympic year for 366 days a year.

有人確保董事會會議室乾淨。有一個財務人員。有一個冶金學家。正如我們所知，這裡的人們每天 24 小時營業，所以我們每天 24 小時營業。而為此，奧運年為一年366天。

So I just want to put it in that context. Obviously, the numbers that I'm privileged to talk to is not possible without the relentless efforts of people on the ground every day. And I just want to specifically recognize every single person working for DRDGOLD, also our contractors and making this purpose of ours a reality.

所以我只想把它放在這樣的背景下。顯然，如果沒有一線人員每天的不懈努力，我有幸與這些數字進行交談是不可能的。我只想特別感謝為 DRDGOLD 工作的每一個人，以及我們的承包商，他們使我們的目標成為現實。

As you know, for every tonne that we mine and reprocess, we are able to reverse the environmental legacy of mining and improve the quality of life for people. And we're passionate about that. And we're also passionate about our history, 1895, and we're still a round and hopefully, as Niel described, for a long time still to come.

如您所知，我們開採和再加工的每一噸，都能夠扭轉採礦業對環境造成的影響，並改善人們的生活品質。我們對此充滿熱情。我們也對我們的歷史充滿熱情，1895 年，我們仍然是一輪，並且希望，正如 Niel 所描述的，在未來很長一段時間內。

So in that context, it is my privilege to take you through the financial performance and also with the background that Niel sketched. So from Ergo point of view, the financial performance year-on-year, I'm going to focus year-on-year. As you would know, the results in the booklet focuses on that, so June 2024 in comparison to the year ended June 2023.

因此，在這種情況下，我很榮幸向您介紹財務表現以及尼爾概述的背景。因此，從 Ergo 的角度來看，我將重點放在同比的財務表現。如您所知，小冊子中的結果重點關注這一點，因此將 2024 年 6 月與截至 2023 年 6 月的年度進行比較。

So for Ergo overall, revenue up 10%, driven by a substantial gold price increase of 20% year-on-year, the rand gold price, the average at about just over ZAR1.2 million. And as we speak, that trend is now continuing. It is continuing, and we love that. That is not staying at only ZAR1.2 million. So we see it also the US dollar price at well above $2,500 per ounce. So within that context, a good revenue performance with gold sold down 8% year-on-year.

因此，對於 Ergo 整體而言，收入增長了 10%，這是由黃金價格同比大幅上漲 20% 推動的，蘭特黃金價格平均約為 120 萬南非蘭特。正如我們所說，這種趨勢現在仍在繼續。它正在繼續，我們喜歡這樣。這並不僅僅停留在 120 萬南非蘭特。因此，我們認為美元價格也遠高於每盎司 2,500 美元。因此，在此背景下，黃金銷量表現良好，較去年同期下跌 8%。

Then on the cash operating cost side, as Niel described, difficult times that we had to produce, which means costly tonnes. So if you look -- so contract reclamation costs, machine hire costs, mechanical lifting and ordering of material at these legacy and cleanup sites cost a lot.

然後，在現金運營成本方面，正如尼爾所描述的，我們必須生產的困難時期，這意味著成本高昂。因此，如果你看一下，這些遺留和清理場地的合約回收成本、機器租賃成本、機械提升和材料訂購成本都很高。

So the cost per tonne will be much higher for us. So year-on-year, cost increases for Ergo at 12% at a cash operating cost level. And then operating profit, with those two factors taken into account, revenue and cash operating costs, with some energy adjustments, around ZAR38 million. Operating profit for Ergo up 7% period-on-period. And again, just look at the overall number, just under ZAR1 billion. And may we refer to as an old lady, maybe not. I still believe very impressive for the Ergo performance.

所以每噸的成本對我們來說會高很多。因此，以現金營運成本水準計算，Ergo 的成本年增了 12%。然後是營業利潤，考慮到收入和現金運營成本這兩個因素，加上一些能源調整，約為 3800 萬南非蘭特。Ergo 的營業利潤年增 7%。再說一遍，看看總數，略低於 10 億南非蘭特。我們可以稱之為“老太太”，也可以不可以。我仍然相信 Ergo 的性能令人印象深刻。

Far West, as Niel described, also now two sites that they're managing. Overall, revenue, very solid, up 24% year-on-year. Gold sold, also up 2%. So a great result for Far West. On the cash operating cost year-on-year, cost up 23%, again, which may seem intimidating.

正如尼爾所描述的，遠西現在也是他們管理的兩個地點。總體而言，收入非常穩健，年增 24%。黃金賣出，也上漲2%。對遠西來說，這是一個很好的結果。現金營運成本比去年再上漲 23%，這似乎令人生畏。

But as Niel provided that context, last year, we only had -- previously only had one site. Now they operate two. They operate both Driefontein 3, the new site, and also Driefontein 5 as a cleanup site. And obviously, if you have cleanup site as a natural consequence, that's a more costly site. And then Niel alluded to the material.

但正如尼爾提供的那樣，去年我們只有——以前只有一個網站。現在他們經營兩個。他們經營新站點 Driefontein 3 和作為清理站點的 Driefontein 5。顯然，如果自然而然地需要清理場地，那麼清理場地的成本就會更高。然後尼爾提到了這個材料。

So increase in reagent consumption, driven by an increase in acidity coarser material for Driefontein 3. Obviously, the pumping distance from 3 to the Far West plant is also longer. So all of that added up to the cash operating cost increase. Putting those two together, operating profit up 22% period-on-period off a small energy adjustments. And again, overall, look at that result, just under ZAR1.1 billion operating profit for Far West. So again, well done the Far West team. Great result.

因此，由於 Driefontein 3 的粗材料酸度增加，導致試劑消耗增加。顯然，從 3 號工廠到 Far West 工廠的抽水距離也更長。因此，所有這些加起來都導致了現金營運成本的增加。將兩者加在一起，由於能源小幅調整，營業利潤年增 22%。再一次，總體而言，看看這個結果，Far West 的營業利潤略低於 11 億南非蘭特。再說一次，遠西團隊做得很好。很好的結果。

We put this together for the group. From an operating margin point of view, very stable period-on-period, so 33.4% in total for the year, 33.1% last year. So very consistent, but very healthy at the same time. All-in sustaining cost margin increased from last year. It's about 24% this year from 20% last year. Sustaining CapEx down, specifically at Far West, but also at Ergo, which impacts that number. But overall, very, very healthy all-in sustaining cost margin of 24%.

我們為小組整理了這些。從營業利益率來看，年比非常穩定，因此今年總計為33.4%，去年為33.1%。所以非常一致，但同時又非常健康。整體維持成本利潤率較去年增加。今年約為 24%，而去年為 20%。資本支出持續下降，特別是在遠西地區，但在爾格地區也是如此，這會影響這個數字。但整體而言，整體維持成本利潤率為 24%，非常非常健康。

Looking at the free cash flow. It may look that it's on a downward trend, but let's just -- as Niel alluded to it, the context of that is a wonderful growth story looking forward. So it has to do with our growth CapEx of ZAR2.7 billion, overall cash CapEx of ZAR3 billion, which is a massive highlight. And I'll mention it a couple of times through the presentation. It's obviously included in that number. So if you look at the free cash flow, we see negative for the year of just under ZAR1.2 billion. That includes that CapEx spend that we funded off our own balance sheet. So, a wonderful -- wonderfully positive cash flow utilization story, which I will allude on further when we get to the cash flow statement.

看看自由現金流。它可能看起來處於下降趨勢，但我們只是 - 正如尼爾所提到的那樣，其背景是一個令人期待的精彩增長故事。因此，這與我們 27 億蘭特的成長資本支出、30 億蘭特的整體現金資本支出有關，這是一個巨大的亮點。我會在演示中多次提到它。顯然它也包含在這個數字中。因此，如果你看看自由現金流，我們會發現今年的負現金流略低於 12 億南非蘭特。這包括我們從自己的資產負債表中資助的資本支出。所以，這是一個美妙的——非常積極的現金流利用故事，當我們談到現金流量表時，我將進一步提到這一點。

And then just ending up with headline earnings per share, as Niel mentioned, up 4% period-on-period, fairly consistent. And we'll talk to dividend. Niel mentioned that we're very proud of the dividend. But in that context, someone may say, it's light, the ZAR0.20 final dividend. But remember now, we have to put money aside for the extensive capital program that we're embarking on in the next three to five years. So in that context, as we alluded, the market were not buying out the majority or a big portion of that headline earnings per share number.

正如 Niel 所提到的，最終每股整體收益年增 4%，相當一致。我們將討論股息。尼爾提到我們對股息感到非常自豪。但在這種情況下，有人可能會說，ZAR0.20 的末期股息很輕。但現在請記住，我們必須為未來三到五年內開展的廣泛資本計畫留出資金。因此，在這種情況下，正如我們所提到的，市場並沒有買斷每股整體收益的大部分或很大一部分。

Then a statement of profit or loss or the income statement, as some of you would know that, just summarizing what we've discussed up until now. Revenue up 14% period-on-period. So, gold price up 20%. Gold sold, down 5%. So that combination gives us the 14%. Cost of sales, up 13% period-on-period. Our rand tonne -- rand per tonne cost up 18%, with the specific references that we provided for that.

然後是損益表或損益表，你們中的一些人可能知道，只是總結我們到目前為止所討論的內容。營收年增14%。因此，金價上漲了20%。黃金賣出，下跌 5%。所以這個組合給了我們 14%。銷售成本較去年同期成長13%。我們的蘭特噸——每噸蘭特的成本上漲了 18%，我們為此提供了具體參考。

Gross profit overall then, the ZAR1.8 billion, up 14%, and taking into account some small other income, administration expenses and other costs leaves us with results of ZAR1.6 billion. The finance income line is still high as we still started the year with significant cash balance, but obviously, towards the end of the financial year, with big outflows around our battery system, which is being installed and activated as we speak. So still big finance income that we generated for the year.

整體毛利為 18 億蘭特，成長 14%，考慮到其他一些小額收入、管理費用和其他成本，我們的表現為 16 億蘭特。財務收入線仍然很高，因為我們在年初仍然擁有大量現金餘額，但顯然，到本財政年度結束時，我們正在安裝和激活的電池系統將出現大量資金外流。因此，我們今年創造的財務收入仍然很大。

That picture will look different, obviously, going forward. And then finance expenses, the majority of that, as you'll see in the cash flow, is the unwinding of the rehabilitation provision on the balance sheet, a very small portion in cash.

顯然，未來的情況會有所不同。然後是財務費用，正如您在現金流中看到的那樣，其中大部分是資產負債表上康復準備金的解除，其中很小一部分是現金。

Income tax, always an interesting line. So the majority of that line is deferred tax. Every accountant's favorite topic. Just to explain what's included in that line is a tax rate change, the deferred tax rate change for Ergo, which resulted for this year, the impact was ZAR67 million through the income statement. But it has a very positive story.

所得稅，總是一個有趣的話題。因此，該行的大部分是遞延稅。每個會計師最喜歡的話題。只是為了解釋該行中包含的內容是稅率變化，即今年導致的 Ergo 遞延稅率變化，對損益表的影響為 6700 萬南非蘭特。但它有一個非常積極的故事。

As you know, Ergo pays tax as does Far West on the gold formula, which is a formula based on future profitability or the profitability of the operation. So as that rate increases, the underlying story is we expect into the future, and it's over the life of the operation, more profit, driven mainly for Ergo by two reasons, increasing gold price similar to Far West.

如您所知，Ergo 與 Far West 一樣按照黃金公式納稅，該公式基於未來盈利能力或營運盈利能力。因此，隨著利率的上升，潛在的故事是我們對未來的預期，在整個營運週期中，更多的利潤主要由兩個原因推動，即與遠西類似的金價上漲。

But the other great story is the electricity costs that we, as Niel alluded to it, we're not as conservative, I believe, as we were last year on the ZAR9. So we do see -- I've already seen and expect a larger benefit for Ergo for electricity. So both of those aspects and others resulted in an increase in the deferred tax rate for Ergo from 22% to 25%. And that leaves us with profit for the year, up 4% to ZAR1.3 billion.

但另一個偉大的故事是我們的電力成本，正如 Niel 所提到的那樣，我相信我們並不像去年 ZAR9 那麼保守。所以我們確實看到了——我已經看到並期望爾格在電力方面獲得更大的好處。因此，這些方面和其他方面都導致爾格的遞延稅率從 22% 增加到 25%。這使得我們今年的利潤成長 4%，達到 13 億南非蘭特。

Statement of financial position, or as maybe other people would remember, the balance sheet. And yes, the statement of financial position also balances, which is always a good thing. Again, the great story is that line. I mentioned when we discussed this with the Board, if this was a government balance sheet, that is a great story.

財務狀況表，或其他人可能會記得的資產負債表。是的，財務狀況表也平衡，這總是一件好事。再說一次，偉大的故事就是這句話。當我們與董事會討論這個問題時我提到，如果這是政府資產負債表，那是一個很棒的故事。

So we're investing for the future. We're investing in assets. We're investing in infrastructure that will create lasting benefits over a very long period of time. So a wonderful balance sheet to present from that point of view. Non-current investments and other assets, also very positive.

所以我們正在為未來投資。我們正在投資資產。我們正在投資基礎設施，這些基礎設施將在很長一段時間內創造持久的效益。從這個角度來看，這是一份很棒的資產負債表。非流動投資和其他資產也非常積極。

Most of that is rehabilitation funds. I always say DRD is in a wonderful position from that point of view that we've built up funds over many years. While we also rehabilitate in essence, our model is rehabilitation. So -- and we're always looking to optimize and see how we can optimize that going forward. Some rand refinery fair value also in that line.

其中大部分是康復經費。我總是說，從我們多年來累積的資金的角度來看，DRD 處於一個非常好的位置。雖然我們本質上也是康復，但我們的模式是康復。因此，我們一直在尋求優化，並了解未來如何優化。一些蘭特煉油廠的公允價值也在這一行。

Cash and cash equivalents, again, I'll elaborate on the cash flow statement. But as expected, we're expected to invest in our solar projects. So the cash balance will deplete, but over ZAR1 billion of cash still available at June 30. And at the same time, we've secured a facility. Overall, a ZAR2 billion facility with Nedbank, which is available for our capital expansion over the five years.

現金和現金等價物，我將再次詳細說明現金流量表。但正如預期的那樣，我們預計將投資於我們的太陽能專案。因此，現金餘額將會耗盡，但到 6 月 30 日仍有超過 10 億南非蘭特可用現金。同時，我們已經獲得了一個設施。總體而言，萊利銀行提供了 20 億南非蘭特的貸款，可用於我們在五年內的資本擴張。

Equity, as you would know, essentially profit less dividends with some other smaller adjustments. Provision for rehab, again, it's something that we monitor very closely. We will see in the booklet, which I always encourage you to then read, which is prepared with great care, you'll note the comment there around some decrease in the estimation of historical cost, which is great. So that is in our ethos, to keep on cleaning. So part of that reduction is in that estimation.

如您所知，股票本質上是利潤減去股息以及其他一些較小的調整。復健服務也是我們密切關注的事情。我們會在小冊子中看到，我總是鼓勵您閱讀這本精心準備的小冊子，您會注意到其中關於歷史成本估計有所下降的評論，這很棒。這就是我們的精神，繼續清潔。因此，這一減少的部分原因在於該估計。

Deferred tax liability, again, yes, you'll see an increase there and potentially also going forward as we utilize the CapEx that we've spent based on the tax regime. So that balance, yes, will probably increase going forward, but that's the current estimate. And then, yes, if you look at current assets, current liabilities, obviously, not a massive ratio as it was last year on the current ratio, but still a very solid and positive position.

遞延所得稅負債，是的，您會看到那裡有所增加，並且隨著我們利用根據稅收制度支出的資本支出，遞延所得稅負債也可能會繼續增加。因此，是的，這種平衡未來可能會增加，但這是目前的估計。然後，是的，如果你看看流動資產和流動負債，顯然，流動比率不像去年那樣龐大，但仍然是一個非常穩固和積極的狀況。

Then ending off before the end of the slide to Niel on my personal favorite statement, the cash flow statement, because of its simplicity. So no fair value measures, no historical cost, just so how the cash has moved in the business.

然後在幻燈片結束之前向尼爾展示我個人最喜歡的報表——現金流量表，因為它很簡單。因此，沒有公允價值衡量標準，沒有歷史成本，只有現金在業務中的流動情況。

So yes, my favorite, but -- and it's good reading. So net cash inflow from operating activities increased 11% period-on-period. Finance income, obviously lower than last year, and we would expect that trend to continue with our capital program and our cash balance being much lower. And then here you can see the finance income paid small in cash in relation to what's on the income statement.

所以，是的，我最喜歡的，但是——而且讀起來很好。經營活動現金流入淨額較去年同期成長11%。財務收入明顯低於去年，我們預計這種趨勢將持續下去，因為我們的資本計劃和現金餘額要低得多。然後在這裡您可以看到與損益表上的內容相比以現金支付的財務收入很少。

The cash tax that we paid, obviously, utilizing the CapEx regime based on tax legislation, much smaller than last year, most of that relating to Far West. And then still the highlight that I referred to, so in this balance sheet, just under ZAR3 billion in cash spent mostly on the solar project, but there's also some other projects at Far West and also at Ergo, but mostly towards the solar.

顯然，我們利用基於稅收立法的資本支出製度支付的現金稅比去年少得多，其中大部分與遠西地區有關。然後仍然是我提到的重點，所以在這個資產負債表中，將近 30 億南非蘭特的現金主要用於太陽能項目，但遠西和 Ergo 也有一些其他項目，但主要用於太陽能。

This is extremely exciting for us, yes. So wonderful investment of cash. And then just to allude as well, the cash dividend paid, so that's obviously the last year final dividend of ZAR0.65 and the interim of ZAR0.20, so ZAR0.85 included in that line, which leaves us with just under ZAR2 billion total cash decrease. And then relating that to the opening cash and cash equivalents, leaving us with a closing balance of ZAR521 million. And as I mentioned, the facility is in place going forward.

是的，這對我們來說非常令人興奮。如此美好的現金投資。然後順便提一下，所支付的現金股息，這顯然是去年的期末股息 ZAR0.65 和中期股息 ZAR0.20，所以 ZAR0.85 包含在該行中，這使我們剩下近 20 億蘭特現金總額減少。再將其與期初現金和現金等價物聯繫起來，期末餘額為 5.21 億南非蘭特。正如我所提到的，該設施正在向前推進。

And then I call it the end of the slide because I'll say something and then Mr. Pretorius can maybe add to the share price. Yeah, my comments were -- at least there were a steady increase from February on our -- so for five or six months. But for me, the significant increase happened still over five or six years.

然後我將其稱為幻燈片的結尾，因為我會說些什麼，然後 Pretorius 先生也許可以增加股價。是的，我的評論是——至少從二月開始，我們的數量穩步增長——所以持續了五到六個月。但對我來說，顯著的成長仍然發生在五、六年的時間。

I looked at it and it's quite mind-boggling to some extent. I think in May 2019, if I got it right, you could still buy DRD just over ZAR3. So -- and if you compare it to where that price is in that growth over the five-year period, it is really special from that point of view. And obviously, we're a different company now and also with the Far West assets. But maybe I'll leave it at that. Hopefully, that will make it easier or not maybe for you to comment if you want to on the share price as well.

我看了看，在某種程度上令人難以置信。我認為在 2019 年 5 月，如果我做對了，你仍然可以以 3 南非蘭特的價格購買 DRD。因此，如果你將其與五年期間的成長價格進行比較，從這個角度來看，它確實很特別。顯然，我們現在是一家不同的公司，也擁有遠西資產。但也許我就這樣。如果您也想對股價發表評論，希望這會讓您更容易或不發表評論。

But I'm going to hand back to Niel. And then, yes, I'll join at the end again for questions.

但我要把問題交還給尼爾。然後，是的，我將在最後再次加入提問。

Thanks, Riaan. Thank you very much. Yes, I'm not going to say much about this issue other than maybe to say, can you imagine if we get this right? What it might look like then? So looking at ESG performance there, again, my favorite word, ESG, if you want to slip in sustainable development, please feel free to do that as long as market insist that ESG is an important concept. I'll keep on talking about it. If you want me to change to sustainable development, our energy level might lift ever so slightly my enthusiasm. But be that as it may, let's talk through these topics.

謝謝，瑞安。非常感謝。是的，我不會對這個問題說太多，除了可能會說，你能想像如果我們做對了嗎？那麼它會是什麼樣子呢？因此，看看 ESG 的表現，再說一遍，我最喜歡的詞，ESG，如果你想在永續發展方面下滑，請隨意這樣做，只要市場堅持 ESG 是一個重要概念。我會繼續談論它。如果你想讓我轉向永續發展，我們的能量水平可能會稍微提升我的熱情。但無論如何，讓我們來討論一下這些主題。

I think what's very nice in this year is a collection of information, was the trends over 10 years of what's happened since sustainable development has brought on board as an important theme in DRD strategic thinking, electricity usage.

我認為今年非常好的資訊收集，是自永續發展成為 DRD 策略思維的重要主題（電力使用）以來 10 年來所發生的趨勢。

Obviously, we want to decrease our carbon footprint, but at the same time, also improve the robustness and the resilience -- embedded resilience of the business while saving money. It's nice to see that number swinging the way that it did.

顯然，我們希望減少碳足跡，但同時也提高穩健性和彈性——在節省資金的同時提高業務的內在彈性。很高興看到這個數字像以前一樣波動。

It's going to change even more going forward. And with some interesting exciting things in the future, not too distant future, hopefully as well, a big number here in South Africa, a dry country, where we could reduce potable water usage by 83%. It's going to be shooting water over water in South Africa in the not-too-distant future. So it's important that you have your access toward a better down that it's in place.

未來還會發生更多變化。未來，在不遠的將來，希望也會發生一些有趣的、令人興奮的事情，在南非這個乾旱的國家，我們可以減少 83% 的飲用水使用。在不遠的將來，南非將會出現水花四濺的景象。因此，重要的是您能夠獲得更好的羽絨，使其就位。

Environmental expenditure of ZAR530 million also over that same period of time. In fact, I seem to recall that in the early years of declaring it at Brakpan that the amount of money that we spend, not on operating expenses, but just on ongoing rehabilitation at that dam was higher than the dividend. And that's really how you should be modeling your business.

同期環境支出也達到 5.3 億南非蘭特。事實上，我似乎記得，在布拉克潘宣布這項計畫的最初幾年，我們花的錢不是用於營運費用，而是用於該大壩的持續修復，這比股息還要高。這確實是您應該如何建模您的業務。

If you're not mining to close, if you're mining and then making closure, somebody else's problem 10 years or 20 years into the future, then you really running a distorted model. That's going to make mining less attractive and not more attractive going forward, unless you're an opportunistic investor. And I think there are fewer and fewer of those around.

如果你不是為了關閉而開採，如果你在開採然後關閉，未來 10 年或 20 年後其他人的問題，那麼你真的運行了一個扭曲的模型。除非你是機會主義投資者，否則這將使採礦業的吸引力降低，並且不會變得更具吸引力。而且我認為周圍的人越來越少。

And then in terms of vegetation, 477 hectares, that's a vast area. It's probably about the size of downtown Johannesburg. We're not done quite yet, but we've broken the back on this. And there's very little that's coming in any of our facilities anymore. I think quality of life in that area has improved quite a lot.

然後就植被而言，有 477 公頃，這是一個廣闊的區域。它可能與約翰內斯堡市中心的大小相當。我們還沒完成，但我們已經在這件事上折騰了。我們的設施中已經很少有這樣的東西了。我認為該地區的生活品質已經提高了很多。

And an interesting comment that was made by Mark Hoffman, whom we consult on reporting. He said that environmental issues very quickly turn into social issues, and that is so true. And if you're responsible about the environment, then it's almost as though the social issues in your immediate vicinity are also less intense.

我們在報道方面諮詢的馬克·霍夫曼（Mark Hoffman）發表了一個有趣的評論。他說，環境問題很快就會變成社會問題，確實如此。如果您對環境負責，那麼您附近的社會問題似乎也不那麼嚴重。

Then in terms of social performance, so the numbers -- employment numbers are quite stable. We're still at permanent of about 870 souls in full-time employment. The enterprise development spend or socio-economic development spend, it's also been on the uptick since we've been making a little bit more money.

然後就社會績效而言，就業數據相當穩定。我們仍有約 870 名永久全職員工。企業發展支出或社會經濟發展支出，隨著我們賺的錢多了一點，它也在上升。

And as I say, we believe that there is a directly proportionate relationship between social stability and just the ease of doing business in a particular area. We've definitely seen that over time. And then also on diversity, it's amazing what an open mind and targeting the best talent can achieve over time, and that's exactly what you're seeing here. That's a wonderful number, and I'm proud of that. I'm very proud to be associated with every single member in our team.

如我所說，我們認為社會穩定與特定地區營商便利程度之間存在直接正比關係。隨著時間的推移，我們肯定已經看到了這一點。然後在多樣性方面，隨著時間的推移，開放的思想和瞄準最優秀的人才可以取得令人驚奇的成就，而這正是您在這裡看到的。這是一個了不起的數字，我為此感到自豪。我非常自豪能夠與我們團隊中的每一位成員合作。

The social capital strategy that we pursue of wanting to play a role in communities and assisting them and establishing a sustainable future for themselves and mainly through the unlocking of the informal economy, I think that's also increasingly starting to pick up momentum. And it's amazing if you proactively engage in this regard before moving on to a site just how much different the mood is as and when you do step on to that site.

我們追求的社會資本策略是希望在社區中發揮作用，幫助他們，並​​主要透過開放非正式經濟為自己建立一個可持續的未來，我認為這也開始逐漸增強勢頭。如果您在訪問某個網站之前主動參與這方面的工作，那麼當您真正踏入該網站時，心情會有多麼不同，這是令人驚奇的。

From a governance perspective, so governance in the South African mining context, a very large part of governance is how well you manage your tailings and what the systems are with regards to tailings management. And ever since we decided to take a more personal control of tailings management and establish line of sight management systems, relying increasingly on technology half, that has also just changed, chalk and cheese.

從治理的角度來看，在南非採礦業的治理中，治理的很大一部分是尾礦管理的好壞以及尾礦管理的系統是什麼。自從我們決定對尾礦管理採取更個人化的控制並建立視線管理系統，越來越依賴技術的一半，這也剛剛發生了變化，粉筆和起司。

And I do believe that Brakpan in terms of how to manage an established old mature dam, both from an environmental perspective and from a structural integrity perspective, ongoing management, I really think that it's an exceptionally well-managed facility.

我確實相信布拉克潘在如何管理一座已建成的成熟大壩方面，無論是從環境角度還是從結構完整性角度來看，以及持續的管理，我真的認為這是一個管理得非常好的設施。

The amount of buttressing that's taken place, especially since 2018 when we decided that Ergo is not stopping, Ergo is going ahead, the amount of buttressing that's taken place, the additional filters that have been installed, the launders, I don't think there's another tailings dam in the world with the system of -- to discharge surface water and the way that's being done at Ergo, it's -- the return water dams, just the optics of the entire facility, it's -- I think the team has done itself proud on how they have managed that. And then, of course, the latest and the best in terms of technology.

所發生的支撐量，特別是自 2018 年以來，我們決定 Ergo 不會停止，Ergo 會繼續前進，發生的支撐量，已安裝的額外過濾器，洗衣房，我認為沒有世界上另一座尾礦壩，其係統是——排放地表水，以及爾戈正在做的方式，它是——回水壩，只是整個設施的光學系統，它是——我認為團隊已經做到了它自己對他們如何做到這一點感到自豪。當然，還有最新、最好的技術。

World Gold Council is becoming increasingly exciting. It's something that we held out on for a while, actually for a long while, but then eventually decided to join when given the opportunity. And I must say, in terms of gold as an investment and not an investment just on the retail side, but institutional money finding its way into gold, I think the World Gold Council is doing a lot of work.

世界黃金協會正變得越來越令人興奮。我們堅持了一段時間，實際上是很長一段時間，但最終決定在有機會時加入。我必須說，就黃金作為一種投資而言，而不僅僅是零售方面的投資，而是機構資金進入黃金領域，我認為世界黃金協會正在做很多工作。

It's been very intelligently managed and steered strategically by its executive team towards setting up gold as a qualified liquid acid, as something that institutional investors will increasingly also look at. And they know where the issues are.

其執行團隊進行了非常明智的管理和策略指導，將黃金打造成合格的液體酸，機構投資者也將越來越多地關注這一點。他們知道問題出在哪裡。

Nobody wants to buy or invest in something where there's the potential for embarrassment because of human rights abuse and so forth. So on the part of provenance and the part of certification identity in terms of unified standards and so forth, there's an enormous amount of work that's going in there.

沒有人願意購買或投資可能因侵犯人權等問題而導致尷尬的東西。因此，在統一標準等方面的來源和認證身份方面，有大量的工作正在進行中。

And I think that they are picking up momentum in that regard and that we may pretty soon find that gold would hopefully become less of a safe haven investment, sort of a grudge investment and more and more of a capital preservation and even a growth return kind of asset. It's -- we all know that's the only real currency. So why not?

我認為他們在這方面的勢頭正在增強，我們可能很快就會發現黃金有望不再是一種避險投資，一種怨恨投資，而越來越多地成為一種資本保值，甚至一種增長回報。我們都知道這是唯一真正的貨幣。那為什麼不呢？

So let's dwell a little bit on looking ahead. I do think that I spent quite a bit of time initially in explaining what it is that we want to do with regards to Vision 28 and how we're trending towards that. So, for the near term, once again, guidance is premised on the throughput. So you'll see that the guidance is around sort of in the middle. There's about 5 tonnes.

因此，讓我們稍微展望一下未來。我確實認為我最初花了相當多的時間來解釋我們想要對 28 號願景做什麼以及我們將如何實現這一目標。因此，短期內，指導再次以吞吐量為前提。所以你會看到指導大約在中間。大約有5噸。

Obviously, the access to tonnes at the start of this year compared to what it looked like last year is chalk and cheese. At both of our operations, we will now be running, for the foreseeable future until our deposition facilities have been put in place, we'll be running at a slightly throttled back run rate. So, Ergo as I said earlier, at 1,650,000 tonnes and Far West Gold at 500,000 tonnes, and that will continue until the Brakpan/Withok and potentially other facilities at Ergo been established and the RTSF have been put in place.

顯然，與去年相比，今年年初獲得的噸數是粉筆和起司。在我們的兩項業務中，我們現在都將繼續運行，在可預見的未來，直到我們的沉積設施到位之前，我們將以稍微限制的回運行速度運行。因此，正如我之前所說，Ergo 的產量為 1,650,000 噸，Far West Gold 的產量為 500,000 噸，這種情況將持續到 Brakpan/Withok 以及 Ergo 的其他潛在設施建成以及 RTSF 到位為止。

Cash operating costs remain on the higher side in terms of industry norms, but still very healthy margin. We do believe that, that will start coming down incrementally over time as the model becomes less complex. And then we'll continue with capital investment program. A big chunk of that this year is Far West Gold. So Far West Gold is full steam ahead in terms of the construction of the RTSF. And then it will also start in the construction of the additional capacity at the Driefontein 2 plant.

就行業標準而言，現金運營成本仍然較高，但利潤率仍然非常健康。我們確實相信，隨著模型變得不那麼複雜，這種情況將隨著時間的推移而逐漸下降。然後我們將繼續進行資本投資計劃。今年其中很大一部分是遠西黃金公司。目前，遠西黃金公司正全力推動RTSF建設。隨後也將開始在 Driefontein 2 工廠建設額外產能。

That needs to go to a 1.2 million tonne a month plant, and that needs to coincide with the date for beneficial occupation in September 2026. So lots to do and a lot of loose moving parts that we need to manage. The Ergo 2 decision has been taken. That's full steam ahead. And there, again, it wasn't do we sort of do it, do we continue as long as we can and so forth.

這需要運往每月 120 萬噸的工廠，並且需要與 2026 年 9 月的受益佔用日期一致。有很多事情要做，還有很多鬆散的活動部件需要我們管理。Ergo 2 的決定已經做出。這是全速前進。再說一遍，問題不在於我們是否要這樣做，是否要盡可能長時間地繼續下去等等。

The reality for Ergo's was either closed or it invested the necessary capital to open up another 14 years of production. And we decided on the latter because we do believe that it makes commercial sense to do that. Then, I spoke about Far West Gold recoveries and the things that we want to do there.

Ergo's 的現實要么被關閉，要么投入必要的資本來開啟另外 14 年的生產。我們決定選擇後者，因為我們確實相信這樣做具有商業意義。然後，我談到了 Far West Gold 的回收情況以及我們想在那裡做的事情。

I think that sort of summarizes everything that we wanted to share with you. Obviously, we'll take your questions now. Riaan and Jaco, you can join us here. I'll just stand here with Charmaine, and then we can look at the questions.

我認為這概括了我們想與您分享的所有內容。顯然，我們現在就回答你的問題。Riaan 和 Jaco，你們可以在這裡加入我們。我會和佘詩曼一起站在這裡，然後我們就可以看看問題。

Thanks, Brendan. I'll go to you first, Brendan. Let's just set ourselves up and then we can go. Okay. I'm going to go to Brendan first. And then if there are other questions, we'll deal with the questions in the room first. And then we'll go to the Internet. Thanks, Brendan. Fire away.

謝謝，布倫丹。我先去找你，布倫丹。我們先做好準備然後就可以走了。好的。我要先去布倫丹。然後如果還有其他問題，我們會先處理房間裡的問題。然後我們將訪問互聯網。謝謝，布倫丹。開火吧。

Brendan Ryan, Miningmx. Can you talk about the implications for your dividend payouts over the next three years of this high capital expenditure program? Riaan described your final dividend is light. I would call it downright stingy. And is this what shareholders have to look ahead to for the next three years? Thank you.

布倫丹‧瑞安 (Brendan Ryan)，Miningmx。您能談談這項高資本支出計畫對您未來三年股利支付的影響嗎？Riaan 形容你的末期股息很少。我會稱之為徹頭徹尾的小氣。這是股東未來三年必須展望的嗎？謝謝。

Yeah. Look, if we don't make money, then there won't be a dividend. If we do continue to have free cash other than the growth capital, then we'll continue to pay a dividend. But we've got to be responsible in how we manage our cash flows. And the one thing that we're not going to do is borrow money to pay a dividend. So we are putting facilities in place for project funding. But we don't want to play pretend and then pay dividend with money that we're borrowing and paying interest on there.

是的。你看，如果我們不賺錢，就不會有股利。如果我們確實繼續擁有除成長資本之外的自由現金，那麼我們將繼續支付股息。但我們必須對如何管理現金流負責。我們不會做的一件事就是藉錢來支付股息。因此，我們正在為專案融資準備設施。但我們不想假裝然後用我們借來的錢支付股息並支付利息。

So basically, you're saying capital is going to take priority over dividends?

基本上，您是說資本將優先於股息？

Yes.

是的。

Okay. Can I follow up, please, Niel? In the past, you, unusually for a CEO, have been very outspoken on the value of your share and prospects. At one stage, as I recall, you actually advised people not to buy DRDGOLD because the share price was too high. So can I ask you, at ZAR70 or ZAR80 a share, what is your assessment of DRD's value in the current share price?

好的。尼爾，我可以跟進嗎？過去，您對自己的股票價值和前景非常直言不諱，這對於執行長來說是不同尋常的。我記得，在某個階段，您實際上建議人們不要購買 DRDGOLD，因為股價太高了。那麼請問，在每股70蘭特或80蘭特的情況下，您對DRD目前股價的價值評估是多少？

Yeah. Look, the only shares that I own in my own portfolio are DRD shares. I'm not selling them now. We're going to be getting some shares as well in about a month or so. And I think I'll be taking up those shares and keeping them. Yeah, I want to repeat what I said earlier. Obviously, at this stage, if I were managing other people's money, I would want to make sure that this outfit actually that they know what they're doing and that they're getting it right. I would take comfort from the fact that the solar farm is not just a success, but it's probably sort of a benchmark setting success in project execution in South Africa. But there's still a lot of money that needs to be spent. So, let me say what I said earlier. Imagine if we get it right, adding a tonne to our profile and if the gold price stays where it is with a reducing cost profile, it could be very exciting.

是的。看，我在自己的投資組合中擁有的唯一股票是 DRD 股票。我現在不賣它們。我們還將在大約一個月左右的時間內獲得一些股票。我想我會持有這些股份並保留它們。是的，我想重複我之前說過的話。顯然，在這個階段，如果我管理其他人的錢，我會想確保這支隊伍實際上知道自己在做什麼，並且做得正確。令我感到欣慰的是，該太陽能發電場不僅取得了成功，而且可能在南非專案執行方面樹立了成功的基準。但還有很多錢需要花。那麼，我先說一下我之前說的話。想像一下，如果我們做得對，在我們的配置中增加一噸，並且如果金價保持在當前水平，同時成本降低，那可能會非常令人興奮。

And then one final question. Is there anything you could tell us at this stage about the work you're doing around or keep assessing where there is a possible copper recovery operation there for the tailings dams in the area?

然後是最後一個問題。您現階段是否可以告訴我們您正在進行的工作，或繼續評估該地區尾礦壩可能進行銅回收作業的情況？

We're doing an assessment of the ore body. So we have an option to acquire half of that resource. It's about a 80 million tonne resource, Jaco, if I'm not mistaken.

我們正在對礦體進行評估。所以我們可以選擇取得一半的資源。如果我沒記錯的話，哈科，這大約是 8,000 萬噸資源。

Right.

正確的。

It is a complex mentality though. And we've drilled some holes, and those samples are being analyzed. And then we'll take a decision after that. The reason why -- keeping the reason why it's here is when it comes to complexity, if it comes to learning the geology and the metallurgy associated with copper tailings, we think it's a very good place to go. And I'm not trying to sort of pretend like it's tiny. It's not tiny. It is substantial. But compared to some of the other copper opportunities out there and copper tailings out there, it's relatively cheap. It's relatively accessible. And you can gather a lot of information and build up a knowledge base without stretching the balance sheet. At some point, Riaan start saying no and he stops explaining it, this is no more, and you're not getting a check for this. So we want to do that on a relatively conservative budget. If we get it right there or if we build up a knowledge base that sets us up to, with confidence, tackle other resources, this could be the way that we expand into other metals. And then we've decided, or maybe decided is a strong a word, but we're not going to play around in anything outside of the current group portfolio of assets. And when I talk group, that includes Sibanye. So if we're going to be doing tailings, it will be gold tailings, platinum tailings. And the only thing outside of that, that we'll be looking at, at this stage in terms of owning assets, acquiring and owning assets and developing those projects would involve copper. So I think it's an exciting opportunity for us.

但這是一種複雜的心態。我們已經鑽了一些孔，並且正在對這些樣本進行分析。然後我們會做出決定。保留它在這裡的原因是當涉及到複雜性時，如果涉及學習與銅尾礦相關的地質學和冶金學，我們認為這是一個非常好的地方。我並不是想假裝它很小。它並不小。這是很重要的。但與其他一些銅礦機會和銅尾礦相比，它相對便宜。相對來說還是比較方便的。您可以收集大量資訊並建立知識庫，而無需擴展資產負債表。在某些時候，Riaan 開始說“不”，然後他不再解釋，這已經不存在了，而且你不會為此得到支票。所以我們希望在相對保守的預算下做到這一點。如果我們能做到這一點，或者如果我們建立了一個知識庫，使我們能夠充滿信心地處理其他資源，這可能是我們擴展到其他金屬的方式。然後我們已經決定，或者也許決定是一個很強烈的詞，但我們不會在當前集團資產組合之外進行任何操作。當我談論團體時，其中包括 Sibanye。因此，如果我們要生產尾礦，那就是黃金尾礦、鉑金尾礦。除此之外，我們現階段在擁有資產、收購和擁有資產以及開發這些項目方面要考慮的唯一一件事將涉及銅。所以我認為這對我們來說是一個令人興奮的機會。

Any idea how long it will take before you make up your mind what you're going to do?

您知道要花多久時間才能決定要做什麼嗎？

It depends 100% on the outcome of the test work. If the test work is favorable, there's absolutely no reason why we can't get going. Because it keeps one of those assets where again, or projects where again, there's existing infrastructure that could be used. It's an available tailings dam.

這100%取決於測試工作的結果。如果測試工作順利的話，我們完全沒有理由不能開始。因為它將其中一項資產或項目再次保留在可以使用的現有基礎設施中。這是一個可用的尾礦壩。

I'm not quite sure what the licensing regime looks like there. Jaco would be able to elaborate on that. But there is a plant that can be upgraded for high-volume throughput. And there is a place where you can put the tailings. And there's also a very nice environmental restoration angle to it as well. Jaco, do you know what sort of timeline for execution would look like?

我不太確定那裡的許可證制度是什麼樣的。Jaco 能夠詳細說明這一點。但有一個工廠可以升級以實現大批量生產。還有一個地方可以放尾礦。而且還有一個非常好的環境復原角度。Jaco，你知道執行的時間表是什麼樣的嗎？

Yeah, Niel. So test work is at least going to be another nine months. So we're looking at a nine-month period. And then based on that, obviously, depending on what the test work tells us, it's process flow development, process flow and licensing. And that's going to take at least another year to 1.5 years.

是的，尼爾。因此測試工作至少還需要九個月。所以我們正在考慮九個月的時間段。然後基於此，顯然，根據測試工作告訴我們的內容，這是流程開發、流程和許可。這至少還需要一年到 1.5 年的時間。

Thank you.

謝謝。

Thank you, Brendan. Martin, I see you've got your hand up.

謝謝你，布倫丹。馬丁，我看到你舉起了手。

Martin Creamer from Mining Weekly Online. The business case for solar just seems compelling. You've already got half of your solar electricity you need at Ergo. Would you be thinking of going to the West Rand as well and doing a similar thing? And then swinging back to Ergo, could you go to 100% at some stage? Or am I too early in my question?

來自線上礦業周刊的馬丁·克里默 (Martin Creamer)。太陽能的商業案例似乎很引人注目。您已經在 Ergo 獲得了所需的一半太陽能電力。您是否也考慮去西蘭德並做類似的事情？然後回到爾格，你能在某個階段達到 100% 嗎？還是我的問題太早了？

We do not have for the foreseeable future, we do not have any plans to build another solar farm for that matter. But we are always on the lookout for green energy and an opportunity to participate in some form of distribution of available capacity. So I think before we build another solar farm, especially -- we're not planning a solar farm on the West Rand. But if opportunities do present themselves to pull, let's call it, green units off the grid, units that are being fed into the grid somewhere else and pulling them off at Far West, then we'll certainly look at them.

在可預見的未來，我們沒有任何計劃為此建造另一個太陽能發電場。但我們始終在尋找綠色能源和參與某種形式的可用容量分配的機會。因此，我認為在我們建造另一個太陽能發電場之前，特別是 - 我們不會計劃在西蘭德建造太陽能發電場。但是，如果確實有機會拉動（讓我們稱之為）脫離電網的綠色單元，將這些單元饋入其他地方的電網並將其拉到遠西，那麼我們肯定會關注它們。

And just final question. You spoke about platinum tailings, but are you emerging into a possible business there? Or is it still a very long way off?

最後一個問題。您談到了鉑尾礦，但您是否正在進行該業務？還是還有很長的路要走？

It's really a decision that's in the hands of Sibanye-Stillwater at this stage. The model itself in terms of the operational model is not a complex model. So the logistics of picking up the stuff, taking it to a plant, the adjustments that got to be made to the plant, the deposition, that part of it is relatively straightforward.

現階段這確實是由 Sibanye-Stillwater 做出的決定。就操作模型而言，模型本身並不是一個複雜的模型。因此，拾取材料、將其運送到工廠、對工廠進行的調整、沉積的物流，這部分相對簡單。

But what we found was that the -- remember, Sibanye as a company, Sibanye's platinum assets are made up of several transactions that happened in rapid succession. So you have different minorities and different corporate structures in each one of those.

但我們發現，請記住，Sibanye 作為一家公司，Sibanye 的白金資產由快速連續發生的幾筆交易組成。因此，每一個領域都有不同的少數群體和不同的公司結構。

And it's -- so if you look at it operational and say that dump and that dump fits beautifully into this, but then you find out that, that dump belongs 30% to this crowd and 20% to that crowd, and they've got an interest in the chrome and they've got an interest in the PGE. So it's a very complex structure, both the ownership and also the corporate structure. And I think what Rich Stewart is doing is just disentangling this whole lot and saying, how can we put it together?

所以，如果你看看它的運作情況，並說那個轉儲和那個轉儲非常適合這個，但後來你發現，那個轉儲的 30% 屬於這個人群，20% 屬於那個人群，他們有對chrome 感興趣，他們對PGE 也感興趣。所以這是一個非常複雜的結構，包括所有權和公司結構。我認為里奇·斯圖爾特正在做的只是解開這一切，然後說，我們怎麼能把它們放在一起？

And once it's there, we'll be involved in some form or another in executing on that project. I'm not sure it will be an ownership-type arrangement, but I can imagine that project going forward with us being involved in some form or another in terms of operating and development and so forth. And remember, it's also -- it's going to be mostly chrome. Chrome is a bulk commodity. And we like our product to be flown out of South Africa, not driven on the back of a truck or a train to a harbor.

一旦完成，我們將以某種形式參與該專案的執行。我不確定這將是一種所有權類型的安排，但我可以想像我們在營運和開發等方面以某種形式參與該專案。請記住，它也將主要是鉻合金。鉻是一種大宗商品。我們希望我們的產品能夠從南非空運出去，而不是透過卡車或火車運往港口。

Thanks, Neil.

謝謝，尼爾。

Des?

德斯？

If you were successful, and I'm sure you will be, if you achieve a cash operating cost of somewhere between ZAR833,000 going up to about ZAR870,000 per kilogram, this will be the smallest percentage increase in operating costs that you have achieved probably going back four, five years. We look at where your operating costs were going back to [ZAR217,000, ZAR218,000].

如果您成功了，而且我相信您會成功，如果您的現金運營成本達到每公斤 833,000 南非蘭特至 870,000 南非蘭特左右，這將是您運營成本增加的最小百分比大概可以追溯到四、五年前。我們關注您的營運成本回落到什麼程度[217,000 南非蘭特、218,000 南非蘭特]。

This will be a very small percentage increase of about 4% or so. And given where the rand gold prices today tells me that the margin that you're going to likely to achieve if gold price remains where we are, it's going to be the best margin you've seen for many years.

這將是一個非常小的百分比增長，大約 4% 左右。鑑於今天的蘭特金價告訴我，如果金價保持在當前水平，您將可能獲得的利潤率，這將是您多年來看到的最佳利潤率。

Des, remember the construct of -- thank you for that question. The construct of our cost profile is changing, as I mentioned earlier. So there will be fewer machines. There will be fewer trucks and back actors and loaders and so forth. Those were expensive. So if you're running those flat out at seven sites and the trucking material across the width of (inaudible), that's a lot of money.

Des，記住這個結構——謝謝你提出這個問題。正如我之前提到的，我們的成本結構正在改變。所以機器會更少。卡車、後台演員和裝載機等將會減少。那些很貴。因此，如果您在七個地點全力運行這些設備並在整個寬度（聽不清楚）上運輸材料，那麼這是一筆很大的錢。

That would be anything up to ZAR80 a tonne. I think we paid in certain instances, if I'm not mistaken, Jaco. So you factor that out, and obviously, those costs look different. Don't underestimate the solar farm. That's a big number. You have ZAR15 a tonne at 1,650,000 tonnes a month. You add that over 12 months. And suddenly, the dividend starts looking more affordable.

最高可達每噸 80 南非蘭特。如果我沒記錯的話，我想我們在某些​​情況下付款了，哈科。因此，如果您將其考慮在內，顯然這些成本看起來有所不同。不要低估太陽能發電場。這是一個很大的數字。您的產量為每噸 15 南非蘭特，即每月 1,650,000 噸。您將其添加超過 12 個月。突然之間，股息開始變得更實惠。

So it's a lot of things coming together. If it does stay at these levels and if we maintain good discipline and if we don't have interruptions, in other words, if we get the throughput, we're not going to be drawing much off the facility that's been put in place, not at this particular gold price level.

所以這是很多事情結合在一起的。如果它確實保持在這些水平，如果我們保持良好的紀律，如果我們沒有中斷，換句話說，如果我們獲得吞吐量，我們就不會從已經到位的設施中提取太多，而不是在這個特定的金價水平。

So it's an extremely favorable situation that we find ourselves in from a gold price perspective and also the way that the business has been set up with all of the things that happened in the last 12 months. And it makes us very excited, but it also makes us a little bit anxious. We want to get this right. We really do want to get this right. We want to take advantage of this opportunity.

因此，從金價的角度以及過去 12 個月發生的所有事情的業務建立方式來看，我們發現自己處於一個極其有利的局面。這讓我們非常興奮，但也讓我們有點焦慮。我們希望把這件事做好。我們真的很想把這件事做好。我們想利用這個機會。

You want to be spending the capital when you can afford the capital. You want to set yourself up because at some point or another, the gold price, this margin is going to be a lot flatter than what it is now. And once you get to that point, you want all of those capital to have been invested. You don't want to be paying off debt. You want to be running off a clean sheet. So three years from now, four years from now, when we're not spending in the tune of ZAR3 billion a year on capital and we've got that different revenue profile with a relatively attractive cash cost profile, you run the numbers. You know exactly what it looks like then.

當您有能力支付資金時，您希望花費這筆資金。你想要為自己做好準備，因為在某個時候，金價、這個利潤將比現在平坦很多。一旦達到這一點，您就會希望所有這些資本都已投入。你不想還清債務。你想要零失球。因此，三年後、四年後，當我們每年不花費 30 億南非蘭特的資本時，我們會獲得不同的收入狀況和相對有吸引力的現金成本狀況，您可以計算數字。那時你就知道它是什麼樣子了。

You'll be very happy with these dividends.

您會對這些股息感到非常滿意。

We can make up for the dividends, yes.

我們可以彌補股息，是的。

For a while.

一陣子。

Well, we'll definitely make up for the dividend then if we can then. Promise you that. Any other questions? Yes? All right. So we've got a few questions from the --

嗯，如果可以的話，我們一定會把股息補上。答應你這一點。還有其他問題嗎？是的？好的。所以我們有幾個問題--

Yes. A couple from Nick. So he is the first one.

是的。來自尼克的一對夫婦。所以他是第一個。

Okay. All right. So the 14-year life of mine extension is Ergo's. We're really looking at the clusters that we're targeting once the new infrastructure is up and running. So once we can get back to 18 -- to 1.8 million tonnes a month and then at 7 plus 7, so those are two distinct clusters. So it's not 32 years. It's, in fact, 14 from D-day onwards.

好的。好的。所以地雷延長的14年壽命是爾格的。一旦新的基礎設施啟動並運行，我們就會真正關注我們的目標叢集。因此，一旦我們可以回到每月 18 噸，即 180 萬噸，然後是 7 加 7，那麼這是兩個不同的群集。所以不是32年。事實上，距離諾曼地登陸已經是 14 點了。

I need to go back down to Nick.

我需要回到尼克那裡。

Let me just take them from the top. Here we go. Right. So the first question here from John is for Ergo's ZAR3.1 billion capital cost cited in the outlook, does that include the solar plant? No, no, that's -- the solar plant is paid for. I think there's about ZAR240 million carryover into the new year for some of the batteries. But other than that, it's mostly -- and that's not this year, obviously. That is now through to 2027. And that's mostly tailing storage facility and also the pipeline infrastructure to --

讓我從頂部看一下它們。開始了。正確的。因此，John 提出的第一個問題是，對於展望中引用的 Ergo 31 億蘭特的資本成本，這是否包括太陽能發電廠？不，不，那是——太陽能發電廠是付費的。我認為一些電池大約有 2.4 億南非蘭特結轉到新的一年。但除此之外，大部分都是——而且顯然不是今年。現在到 2027 年。這主要是尾礦儲存設施以及管道基礎設施--

And DP2.

還有DP2。

No, this is just Ergo. I'm talking about the Ergo. So John, I hope that answers your question. So the solar plant has been paid for. It's not just this year. It's over an extended period of time through to September of -- or July, rather, of 2027, and that is the tailings storage for Ergo, pipeline facilities and the commissioning of new sites. So now let's see if we can get to the question through again.

不，這只是爾格。我說的是爾戈。約翰，我希望這能回答你的問題。所以太陽能發電廠的費用已經付了。不僅僅是今年。這是一個很長的時期，一直到 2027 年 9 月，或者更確切地說，是 2027 年 7 月，這是 Ergo 的尾礦儲存、管道設施和新場地的調試。現在讓我們看看是否可以再次討論這個問題。

I'll go to the next one. Lisa Steyn is asking what progress has been made on assessing the Copper 360 waste dumps. Are they viable. Brendan, that's your question. I think I've answered that. I think we've covered that. Lisa, I hope that we have. We have Johan Lindgren. How much are depreciation is expected to increase as a consequence of the solar plant investment compared to full year 2024? Riaan, you were just waiting for that question.

我會去下一個。Lisa Steyn 詢問 Copper 360 廢棄物堆的評估取得了哪些進展。他們是否可行。布倫丹，這是你的問題。我想我已經回答了。我想我們已經討論過了。麗莎，我希望我們有。我們有約翰·林格倫。與 2024 年全年相比，太陽能發電廠投資預計折舊會增加多少？Riaan，你只是在等待這個問題。

I'm not really. It's noncash, that's been. So simplistically, we'll be appreciating by another 20 to 25 years. So if you can take your ZAR3 billion investment per year over 20 years, so anything in the region valued ZAR50 million a year in addition, yes. So -- but all non-cash, but important to consider.

我真的不是。它是非現金的，就是這樣。簡單地說，我們還會再過 20 到 25 年才會欣賞。因此，如果您可以在 20 年內每年投資 30 億南非蘭特，那麼該地區的任何東西每年價值 5000 萬南非蘭特，是的。所以——雖然都是非現金，但考慮很重要。

Thanks. Thank you, John. Then, (inaudible) is asking three questions. Firstly, given the heavy growth CapEx, could you please give some guidance about dividend during this period? So I'll just very briefly repeat my answer to Brendan's question. We're not going to be borrowing money to pay dividend.

謝謝。謝謝你，約翰。然後，（聽不清楚）問三個問題。首先，考慮到資本支出的大幅成長，您能否對這段時期的股利提供一些指引？因此，我將非常簡短地重複我對布倫丹問題的回答。我們不會借錢來支付股息。

But if we do make -- if we do generate free cash after sustaining CapEx, we'd be comfortable taking on a measure of debt to pay for the project, if that means that we can continue paying a dividend. It really depends on free cash, excluding project CapEx then.

但如果我們確實賺到了——如果我們在維持資本支出後確實產生了自由現金，我們會很樂意承擔一定程度的債務來支付該項目，如果這意味著我們可以繼續支付股息。這實際上取決於自由現金，不包括項目資本支出。

Assuming that the yield is 0.2 gram a tonne, we should be able to achieve 7.2 tonnes per annum gold production. Yes, so the yield won't be 0.2 gram a tonne. The yield would be lower because we are introducing lower head grades into the circuit from 27 onwards. A lot of the higher grades, which had allowed for a 0.2 gram a tonne yield was some of the coarser material.

假設產量為每噸0.2克，我們應該能夠實現每年7.2噸的黃金產量。是的，所以產量不會是每噸 0.2 克。產量會較低，因為我們從 27 號開始將較低的頭等級引入賽道。許多較高品級的材料（每噸產量可達 0.2 克）是一些較粗的材料。

So you will see a slightly different head grade profile from that period onwards. And that's partially offset by the fact that there's less milling, your slime goes straight into your CIL tanks. So there is a bit of a cost offset as well. And then could you give more color about your production target and yield after 2028?

因此，從那個時期開始，您會看到略有不同的頭部等級概況。研磨次數減少，粘液直接進入 CIL 罐，這一事實部分抵消了這一影響。所以也有一點成本抵銷。那麼能否詳細介紹一下 2028 年後的生產目標和產量？

Yes. So after 2028 onwards, for at least seven years after that, that's where the 7 and 7 comes in. You're looking at 3 million tonnes per month and a targeted 6 tonnes of gold per annum. The changes after seven years because of changes at Ergo, there is a subtle change. But then the CEO at the time will then tell you more about that. I think that's everything, Charmaine. I don't think I've missed anything.

是的。所以從 2028 年開始，至少七年之後，7 和 7 就登場了。您的目標是每月 300 萬噸黃金，目標是每年 6 噸黃金。七年後的變化因為爾格的變化，有一個微妙的變化。但當時的執行長會告訴你更多相關資訊。我想這就是一切了，佘詩曼。我不認為我錯過了什麼。

We have a couple of others.

我們還有其他幾個。

Sorry. We didn't close this one. My apologies, my apologies.

對不起。我們沒有關閉這個。抱歉，抱歉。

It might just be easier from here.

從這裡開始可能會更容易。

So John is also asking what's the expected return from the solar plant. Riaan, if you want to offer a more intelligent question that's already been given, feel free to do so. But the -- I just call it a ZAR3 billion prepaid facility, less the operating cost. And if you divide it over life at ZAR15 a tonne at 1.8 million tonnes a month, but you might have a more accounting answer.

所以約翰還問太陽能發電廠的預期報酬率是多少。Riaan，如果您想提出一個已經提出的更明智的問題，請隨意這樣做。但是，我只是將其稱為 30 億蘭特的預付費設施，減去營運成本。如果你把它按每噸 15 南非蘭特劃分為每月 180 萬噸，但你可能會得到一個更多的會計答案。

No, I don't think we see -- look at accounting for that. I would focus on the between ZAR9 and ZAR50 per tonne saving. And again, obviously, we'll have a -- let's call it a broken year. Not broken year, not the full 12 months. So we'll be connecting the batteries, and Jaco can elaborate on that, but towards the end of the year. So hopefully, we'll have a full six months slightly longer on it. But then let's look at that benefit and then hopefully talk next year on more exact numbers. But just do that number. So 20 -- the tonnes down ZAR15 million, ZAR24 million per month saving. So Jaco, I don't know if you want to mention anything in addition.

不，我認為我們沒有看到——看看這一點。我會專注於每噸 9 蘭特到 50 蘭特之間的節省。顯然，我們將再次經歷——讓我們稱之為破碎的一年。不是斷斷續續的一年，也不是完整的 12 個月。所以我們將連接電池，Jaco 可以詳細說明這一點，但要到今年年底。所以希望我們能有整整六個月的時間，稍微長一點。但接下來讓我們看看這個好處，然後希望明年討論更準確的數字。但只要做這個數字就好了。因此 20 噸，減少 1,500 萬南非蘭特，每月節省 2,400 萬南非蘭特。Jaco，我不知道你是否還想補充什麼。

It's all good, yes.

一切都很好，是的。

John is also reminding me that at the last result call, I said that in July, I will discuss the effects seen coming out of the solar plant, so that we can fully understand the business case. And how come there was no meeting. John, what can I say? I'm really sorry. I was away. No, not really.

約翰也提醒我，在上次結果電話會議上，我說過在七月，我將討論太陽能發電廠所產生的影響，以便我們能夠充分理解業務案例。而且怎麼沒有見面。約翰，我能說什麼？我真的很抱歉。我不在。不，不是真的。

But we'll try to make up for that. So yes, from Nick, only for me. It was mentioned, again, the reason for cost reduction at Ergo. When will we see normal cost decreases from 220? I think we are budgeting for it in this financial year. Nick, so let me read the whole question so that everybody in the room also gets it. Finally, from Nick, there was mention again the reasons for cost reductions at Ergo.

但我們會盡力彌補這一點。所以是的，來自尼克，只適合我。有人再次提到了爾格降低成本的原因。我們什麼時候會看到正常成本從 220 開始下降？我認為我們正在本財政年度為此制定預算。尼克，讓我讀整個問題，讓房間裡的每個人都能明白。最後，尼克再次提到了爾格降低成本的原因。

So when will we see nominal cost decreases down from ZAR220 per tonne? We're hoping to see that this year already, Nick. So we're in the final throes of some of the legacy sites. So every month, there are fewer machines being used. So that should come through this year already. Are you happy with that answer, yes? Jaco?

那麼我們什麼時候會看到名目成本從每噸 220 南非蘭特下降？我們希望今年就能看到這一點，尼克。因此，我們正處於一些遺留站點的最後陣痛之中。因此每個月使用的機器都會減少。所以今年應該已經完成了。您對這個答案滿意嗎？雅科？

Yeah. And obviously, maybe weighted towards the next six months. So maybe in the first six months when we report that in February, you won't see the full effect again. But we're hoping that the next six months, again, also with the solar fully in will be relatively better than the first six. But overall, a decrease, yes.

是的。顯然，可能會側重於未來六個月。因此，也許在我們二月份報告的前六個月中，您將不會再次看到完整的效果。但我們再次希望，在太陽能完全投入使用的情況下，接下來的六個月會比前六個月相對更好。但總體而言，是減少了。

Nick was also asking about the total -- can you clarify total CapEx to reach the 2028 financial year targets? In other words, you set us up for Vision 28. What's the total CapEx for that? So there's ZAR3 billion already spent. There is about another ZAR7.1 billion to get us to 1 July 2027.

尼克還詢問了總額 - 您能否澄清實現 2028 財年目標的資本支出總額？換句話說，您為我們制定了願景 28。總資本支出是多少？因此已經花費了 30 億南非蘭特。到 2027 年 7 月 1 日，還有大約 71 億南非蘭特。

So the total number was just over ZAR10 billion. Nick was asking about the 25-year life of mine extension at Far West Gold operations. This has seemed to include third-party materials. Actually, it doesn't. It just means that the fenders post material would also come in.

所以總數剛好超過 100 億南非蘭特。Nick 詢問 Far West Gold 礦場擴建的 25 年壽命。這似乎包括第三方材料。事實上，事實並非如此。這只是意味著擋泥板柱材料也會進來。

But we are in ongoing conversation with our neighbors. Ultimately, we have 250 million tonnes of material that we can put on to this tailings dam. The capacity is 800 million. We are open for business. What we are saying to our neighbors, though, is that you're not paying us to put material on to this tailings dam and anything other than real currency, and real currency means ounces of gold.

但我們正在與鄰居進行持續對話。最終，我們可以向這座尾礦壩投入 2.5 億噸材料。容量為8億。我們開門營業。不過，我們要對我們的鄰居說的是，你們不會付錢給我們，讓我們向尾礦壩添加材料，也不會付錢給我們，除了真正的貨幣之外，而真正的貨幣意味著盎司黃金。

So that's what the facility is getting us in terms of participation going forward. I think that's it. I think I've covered everything. All right. There we go. Any final remarks or questions.

這就是該設施為我們帶來的未來參與度。我想就是這樣。我想我已經涵蓋了一切。好的。我們開始吧。任何最後的評論或問題。

Ladies and gentlemen, thank you so much for attending. Really, it was very nice to see you all again. You've weathered COVID much better than I have. And yes, it's really just so pleasant to have you here. Hopefully, you could stay for a chat and a cup of tea before we all go our different ways -- separate ways. Thank you so much.

女士們、先生們，非常感謝你們的出席。真的，很高興再次見到大家。你對新冠病毒的抵抗力比我好得多。是的，你在這裡真的很高興。希望在我們各走各的路——分道揚鑣之前，你能留下來聊聊、喝杯茶。太感謝了。