DRDGOLD Ltd (DRD) 2025 Q2 法說會逐字稿

Good morning everyone. Thank you very much for joining us. With me on the panel today is Riaan Davel, our CFO and Jaco Schoeman, our COO. We're going to take you through the presentation and then we'll have a short video, and afterwards we happy to take your questions.

大家早安。非常感謝您加入我們。今天與我一起參加小組討論的是我們的財務長 Riaan Davel 和我們的營運長 Jaco Schoeman。我們將帶您完成演示，然後播放一段簡短的視頻，之後我們很樂意回答您的問題。

We are doing this webinar from an overcast and rainy Johannesburg and having grown up in a farming community and having prayed for rain as often as I did. I find myself intuitively happy when it rains, but now that we have a 60 megawatt solar farm, I'm also looking out for a bit of sunshine. So, With Half sun, half rain has become my latest preference, but be that as it may, let's get into the presentation. And I'm going to go straight into the third slide where we give a summary of the highlights for the half year ending, excuse me, December '24, assuming that you've had a look at the disclaimer.

我們在陰雨綿綿的約翰尼斯堡舉行這次網路研討會，我生長在一個農業社區，和我一樣經常祈禱下雨。下雨的時候我會本能地感到高興，但是現在我們有了一個 60 兆瓦的太陽能發電場，我也在尋找一點陽光。因此，「一半是陽光，一半是雨水」成為了我最近的偏好，但無論如何，讓我們開始示範吧。我將直接進入第三張投影片，其中我們總結了截至 2024 年 12 月的半年的亮點，對不起，假設您已經看過免責聲明。

The highlights obviously for us is the fact that this is the 18th year that DRD is paying a dividend, and it's very much part of our value proposition. I think dividends for us is no longer just a policy, but it's become a value, forming part of our value proposition composites of maintaining healthy cash flows or focusing on cash flows, whilst. Taking full exposure to the gold price and offering shareholders also the opportunity to trade the stock that's deeply geared to movements in the gold price. It's very specific, it's very deliberate, and then we do believe that those who are shareholders in the company that are long DRD, that this is typically what they would they would require.

對我們來說，顯然最大的亮點是，這是 DRD 派發股息的第 18 年，而這是我們價值主張的重要組成部分。我認為，對我們來說，股利不再只是一種政策，而是一種價值，構成我們的價值主張的一部分，即維持健康的現金流或關注現金流。充分利用黃金價格，並提供股東交易與黃金價格走勢密切相關的股票的機會。它非常具體，非常謹慎，然後我們確實相信，那些長期持有 DRD 的公司股東，這通常是他們所需要的。

I think paying a dividend also and focusing on paying a dividend requires financial discipline and that financial discipline is through also in the way that that we manage our costs. So getting into the essence of the presentation itself, as you could see that the financial performance of the business has been good. And that's on the back obviously of steady performance. We'll elaborate a little bit on the performance, operating performance for the last six months and compare that to some of the previous periods. But in order to take advantage of a very healthy gold price, you need to be able to produce and our operations managed to do just that.

我認為支付股利並且專注於支付股利也需要財務紀律，而財務紀律也貫穿我們管理成本的方式。所以，回到演示本身的本質，您可以看到，該企業的財務表現一直很好。這顯然是基於穩定的表現。我們將詳細說明過去六個月的表現和營運績效，並將其與之前的一些時期進行比較。但為了利用非常健康的金價，你需要有能力進行生產，而我們的營運正是這樣做的。

The result being a 28% increase in revenue to just over ZAR 3.8 billion, a very healthy increase in operating profit to ZAR 1.5 billion, 74% increase and headline earnings increasing by 65% to just under a billion rand, and that plus the fact that we didn't have to dip into our credit facility means that the company is still in a healthy cash position just north of ZAR 600 million at the end of the period, and that's enabled the board to declare. A dividend that represents a 50% increase on the previous interim dividend, up from ZAR 0.20 per share. This time around it's ZAR 0.30 per share.

結果是收入增加了 28%，達到略高於 38 億蘭特，營業利潤也健康增長至 15 億蘭特，增長了 74%，主營收益增加了 65%，達到略低於 10 億蘭特，再加上我們不必動用信貸額度，這意味著公司在期末的現金狀況仍然健康，略高於 6 億蘭特，這使得董事會能夠宣布。該股息較上次中期股息增加 50%，從每股 0.20 南非蘭特增加至每股 0.20 南非蘭特。這次是每股 0.30 南非蘭特。

Operating performance the Ergo profile, and I think that's the main change that we've seen, the operating profile that Ergo has obviously changed from between two years ago to now. We were I think really getting to a point where we no longer wanted to tell the market why we didn't achieve volume for Putin while we were still waiting for licenses and so forth and so forth. The decision was taken to extend the ergo life of mine after its first phase after it depleted its initial life of mine so to speak, the one on which the initial acquisition and capitalization of Ergo was based in 2007, 2008.

營運績效 Ergo 概況，我認為這是我們看到的主要變化，Ergo 的營運概況從兩年前到現在明顯發生了變化。我認為，我們確實已經到了一個地步，我們不再想告訴市場為什麼我們在等待許可證等等的時候沒有為普丁實現銷售。在 Ergo 礦山的初始壽命耗盡之後，我們決定在第一階段之後延長其壽命，而 Ergo 礦山的初始壽命正是在 2007 年和 2008 年的初始收購和資本化所依據的。

And we've now managed finally to get all of those licenses and all of the sites that are necessary to deliver into its current operating, requirements to fund the capital reinvestment program that we'll go into more detail a little bit later. All of those are now up and running, and Ergo is actually running at a slightly throttle value of volume through port rather at this point in time. Part of the program going forward involves having to extend its tailings deposition capacity. The tailing stem that we've been using now since the inception of Ergo, it is in a mature phase. It's not going to be able to maintain the deposition rates that we that we require for very much longer. So we deliberately throttled back. Our throughput rate to 1.65 million tons per month.

現在，我們終於獲得了所有必要的許可證和站點，以滿足當前營運的要求，為資本再投資計劃提供資金，我們稍後將詳細介紹。所有這些現在都已啟動並運行，並且此時 Ergo 實際上是透過連接埠以稍微節流的音量值運行。該計劃未來的一部分內容是必須擴大其尾礦沉積能力。我們自從 Ergo 成立以來就一直在使用的尾部結構，現在已經處於成熟階段。它將無法長時間維持我們所需的沉積率。因此我們故意放慢了速度。我們的月吞吐率為165萬噸。

It is up though quite significantly from the previous period, as you'll see later on, but the entire profile of Ergo has now changed to the higher volume sites and slightly lower head grades and that's the offset that's required for an operation going into the phase that it's in now of lower head grades but higher throughput. And in that way, bringing down your rand per ton profile. So, a different throughput profile, mostly lower grade, slightly reduced yield but offset by the reduction in cost per ton. Cash operating cost was consistent on a per kilo basis was consistent with but the inflation rate or not higher than the inflation rate, but that of course also was assisted by a change in the cost profile, which I'll elaborate on a little bit deeper into the presentation. And moving on to the sustainability aspect, you can see that we've seen a 16% decrease in electricity from external sources, that basically means Eskom, so we used 16% less power from Eskom, not withstanding the fact that total power usage increased in order to accommodate for the higher tons, and that is because of the commissioning of the Ergo solar plant that was up and that's up and running now. It's been successfully commissioned and we'll also deal in in greater detail on that, on how that is contributing to the future plans for Ergo.

正如您稍後將看到的，它與前一時期相比有相當顯著的增長，但 Ergo 的整體概況現已變為更高容量的站點和略低的礦井等級，而這正是進入目前礦井等級較低但吞吐量較高的階段所需的補償。這樣，每噸蘭特的價格就下降了。因此，吞吐量情況不同，大多是品位較低，產量略有下降，但每噸成本的降低抵消了下降。以每公斤計算的現金營運成本是一致的，但與通貨膨脹率一致或不高於通貨膨脹率，但這當然也受到成本狀況變化的推動，我將在演示中更深入地闡述這一點。談到永續性方面，您可以看到，來自外部來源的電力減少了 16%，這基本上意味著來自 Eskom 的電力減少了 16%，儘管為了適應更高的噸位，總用電量增加了，這是因為 Ergo 太陽能發電廠的投入使用，該發電廠目前已投入運作。它已成功投入使用，我們還將更詳細地討論它如何為 Ergo 的未來計劃做出貢獻。

As I said earlier, Ergo was actually through its initial life of mine, and part of the capital reinvestment that's required in order for us to extend that life of mine to cover a larger proportion of its existing resource was to build the solar farm. And that's now been done successfully. Solar farm is an important part and an expansion of its tailing storage facilities, another important part. You also see that in terms of environmental management, we're still seeing an ongoing vegetation of tailing stands with the rains being a little bit late last year. We saw a slight increase in the total number of dust exceedances on the monitoring points that we manage or that we monitor. That is obviously now been Superseded by very healthy rain so at least that that part of the business is where it should be at this stage.

正如我之前所說，Ergo 實際上已經度過了礦山的初始壽命，為了延長礦山壽命以覆蓋更大比例的現有資源，所需的部分資本再投資是建造太陽能發電場。現在這項任務已經成功完成。太陽能發電場是其重要組成部分，而尾礦儲存設施的擴建是其另一個重要組成部分。您還會看到，在環境管理方面，我們仍然看到尾礦庫的植被不斷生長，因為去年降雨有點晚。我們發現，我們所管理或監測的監測點的粉塵超標總數略有增加。顯然，現在這已經被充沛的雨水所取代，所以至少這部分業務目前處於應有的狀態。

So a slight increase in potable water consumption, but as you'll see later on in the ESG slide, the trend in terms of potable water usage, it's been a very healthy trend over the last few years. In terms of far west gold operations, that's been very steady. Its tonnage throughput has been steady, its recoveries have improved and that also contributed towards the increase in total production to 2.5 tons for the half year period.

因此，飲用水消耗量略有增加，但正如您稍後在 ESG 幻燈片中看到的，飲用水使用方面的趨勢在過去幾年中一直非常健康。就遠西部黃金業務而言，情況一直非常穩定。其吞吐量一直很穩定，回收率提高，這也促使半年內總產量增加到 2.5 噸。

So, moving on to the next slide. Which is the purpose and vision slide, and this is where we want to talk a little bit about what it is that we want to achieve over the next few years to set up the business optimally to take full advantage of our resource endowment. And we've coined a phrase called vision '28. It's not particularly original, but it says everything that it needs to say, and that is where we want to be in financial year 2028. And the whole idea is to by then have established capital infrastructure that can sustain a throughput rate of three million tons per month, up from just over two million tons currently. And to take gold production up from just north of five tons per year to six tons per year, so just over 200,000 ounces per year. That is the target, and that is where most of our efforts and a lot of capital is going into at this point in time.

那麼，請繼續看下一張投影片。這是目的和願景幻燈片，在這裡我們想要稍微談談我們希望在未來幾年內實現的目標，以便最佳地建立業務，充分利用我們的資源禀賦。我們創造了一個短語，叫做「28 願景」。它並不是特別新穎，但它說出了一切需要說的話，這也是我們希望在 2028 財年實現的目標。整個想法是到那時建立起可以維持每月 300 萬噸吞吐率的資本基礎設施，而目前的吞吐率剛剛超過 200 萬噸。並將黃金產量從每年五噸左右提高到每年六噸，也就是每年略高於 20 萬盎司。這就是我們的目標，也是我們目前投入大部分精力和資金的地方。

Spoke about where Ergo is in this interim phase, having moved out of its core sites into the existing combination of sites, and that is now running at a throttle throughput rate of 1.650 million tons per month. The idea being for it to go back to 1.8 million tons as and when its tailings storage capacity has been ex expanded, it's been extended. We talk a little bit about the Withok tailings facility and the work that's being done in that regard later on in the presentation.

談到了 Ergo 在這一過渡階段的情況，該公司已從其核心站點遷至現有站點組合，目前的節流吞吐率為每月 165 萬噸。我們的想法是，當其尾礦儲存容量擴大後，將其恢復到 180 萬噸，目前已經進行了擴建。我們將在後面的演示中討論一下 Withok 尾礦處理設施以及該方面正在進行的工作。

The far west goal, it's really just the phase two that we've been talking about ever since we acquired the Far West gold recovery operations from Sibanye-Stillwater. We started off with the first phase, a plant that has throughput capacity of 600 million tons per rather 600,000 tons per month to take that up to 1.2 million tons. We've been mining it at 500,000 tons per month once again because of the rate at which we could responsibly deposit onto its existing tailing facility.

遠西目標實際上只是我們自從從 Sibanye-Stillwater 收購遠西黃金回收業務以來一直在談論的第二階段。我們從第一期工程開始，工廠的生產能力為每月 6 億噸，最終達到 120 萬噸。由於我們可以負責任地將其存入現有的尾礦設施，因此我們再次以每月 50 萬噸的速度開採它。

Part of this expansion, part of phase two, obviously this is also the construction of the regional tailing storage facility, which we started with in June of last year. We'll give you some insight into where we are in that regard as well. But ideally where we want to position ourselves is to in 2028, be in a position to maintain these three traits, achieve this output based on what we're seeing in terms of available ore body, in terms of available mineral resource.

作為此次擴建的一部分、第二階段的一部分，顯然這也是區域尾礦儲存設施的建設，我們從去年 6 月開始建造。我們也將向您介紹我們在這方面的進展。但理想情況下，我們希望在 2028 年能夠維持這三個特徵，並根據我們所看到的可用礦體和可用礦產資源實現這一產出。

By then, capital would have been spent, so there will be a sharp reduction in CapEx, because of the nature and the construct of reclamation activities, we believe that the trend that we're seeing in terms of Rand per ton will continue and then we'll have the benefit of that additional ton of gold, revenue associated with that. So we do believe that this would constitute significant step change for the company as and when this materializes.

到那時，資本就已經花光了，因此資本支出將會大幅減少，由於填海活動的性質和構造，我們相信我們看到的每噸蘭特的趨勢將會持續下去，然後我們將從額外的黃金噸數和與之相關的收入中獲益。因此，我們確實相信，一旦實現，這將為公司帶來重大變革。

Moving on to the next slide, as I said, a big part of positioning Ergo for its second phase for this next phase was the construction of the solar farm. And we've stayed up to date with regards to communications in this regard. The main thing is that late last year, the second phase of the solar farm to take it to a 60-megawatt solar farm. That was put into effect, that was commissioned the best system or the battery energy storage system that was also commissioned capacity of 160 megawatts was approved, it's now running, and we've been systematically, brought it into the operations.

正如我所說，進入下一張幻燈片，Ergo 第二階段定位的很大一部分是太陽能發電場的建造。我們一直關注這方面的溝通狀況。最主要的是，去年年底，太陽能發電場的第二期工程將其規模擴大到 60 兆瓦。這已經付諸實施，這是最好的系統，或者說是電池儲能係統，也已批准投入使用，容量為 160 兆瓦，現在正在運行，我們已經系統地將其投入運營。

And I think it's important to understand that what this plant is doing and what we embarked upon is really activity at five different levels. So firstly, generates power through the Solar farm. Secondly, it stores power through the best facility. Thirdly, it draws power and there's no meter between the solar farm and with the plant where power is being used and also the cracking rack and tailing facility where power is being used. So it draws power from the solar farm and also from the from the best facility.

我認為，重要的是要了解這家工廠正在做的事情以及我們著手進行的工作實際上是五個不同層面的活動。首先，透過太陽能發電場發電。其次，它透過最佳設施儲存電力。第三，它消耗電力，而太陽能發電場與使用電力的工廠以及使用電力的裂解架和尾礦設施之間沒有電錶。因此，它從太陽能發電場以及最好的設施獲取電力。

It also evacuates power into the grid, and one part, some of the power that goes into the grid is offset against other Eskom accounts that are held by Ergo itself. So, there's an offset component and now it's also wheeling power into the grid for the benefit of far West Gul recoveries or for the future benefit of Far West Gold recoveries. As and when the far West Gulf recovery accounts been transferred into the name of Far West Gulf recoveries. There will be the benefit of wheeling as well. So, all of these things, all of these different activities at these 5 levels.

它還將電力輸送到電網，其中一部分，進入電網的部分電力與 Ergo 自己持有的其他 Eskom 帳戶相抵消。因此，有一個抵消組件，現在它也將電力輸送到電網中，以造福遠西古爾 (Far West Gul) 的回收或為遠西金 (Far West Gold) 的回收提供未來的利益。當遠西灣收復公司帳戶轉移到遠西灣收復公司名下。輪子轉動也會有好處。所以，所有這些事情、所有這些不同的活動都處於這 5 個層次。

This is the composite of what we've involved ourselves in in terms of this particular facility. It's a wonderfully complex facility. It self-balances basically in terms of where power is being drawn from and in line with what its particular power requirements are at that particular point in time. We've had a change in thinking also, after, Eskom's Performance improved during the course of last year and when we saw less power interruptions due to load shedding and of course we didn't have to shed, we weren't loading, but we had to reduce consumption of power by 10%.

這是我們在這個特定設施方面所參與工作的綜合情況。這是一個極為複雜的設施。它基本上可以根據電力來源以及特定時間點的特定電力需求進行自我平衡。我們的想法也發生了變化，因為 Eskom 的業績在去年有所改善，我們看到由於削減負荷而導致的電力中斷減少，當然我們不必削減負荷，我們沒有增加負荷，但我們必須減少 10% 的電力消耗。

So that was a power curtailment arrangement that we've also had with, we've always had with Eskom. But we were going to use for less power in the eventuality that there would be. A requirement for reduced usage or even power cuts due to due to load shedding. That hasn't happened and as a consequence, we can actually draw the batteries down to a much lower level. Knowing that we'll be able to recharge them during off-peak, during the early hours of the morning, late nights and early hours of the morning. So that's changed the usage profile a little bit and it's to the advantage it's to our cost benefit, being able to use more stored power, at nighttime.

所以這是我們與 Eskom 達成的電力削減協議，我們與 Eskom 一直都有這樣的協議。但如果發生這種情況，我們將使用更少的電力。由於負載削減而要求減少使用，甚至斷電。但這種情況並沒有發生，因此我們實際上可以將電池電量消耗到更低的水平。我們知道，我們可以在非高峰時段、清晨、深夜和清晨為它們充電。因此，這稍微改變了使用情況，並且有利於我們提高成本效益，能夠在夜間使用更多的儲存電力。

At the moment, we're still talking about approximately ZAR 15 per ton cost saving. It's an estimate based on the calculations that we did on power usage going forward. We are seeing these sorts of numbers, but in view of the fact that this is not an facility that is being used exactly the same way every single day, every single minute of the day. There is no household that actually does that, there's no factory that does that runs 100%. At a particular sort of draw for the entire period of time considering also that we're talking about these five different levels of consumption. So, to give an exact number of the amount that we're saving at this point in time.

目前，我們仍在談論每噸約 15 南非蘭特的成本節省。這是我們根據未來電力使用情況的計算得出的估算。我們看到了這些數字，但考慮到這個設施並不是每天、每分鐘都以完全相同的方式被使用。實際上沒有一個家庭能夠做到這一點，也沒有一個工廠能夠 100% 運作。在整個時間段內，考慮到我們正在討論這五個不同的消費水平，在特定的抽獎中。因此，我們要給出目前我們儲蓄的確切金額。

It's not quite that easy. We can say that we've saved 16% on, or that we use less, 16% less than last year for the for the total for the total business. But it'll be interesting to see exactly what this benefit is, in terms of that range, that ZAR 9 to ZAR 15 range, as and when everything that needs to happen in order to see the full benefit is in fact being put into place. The one thing that we haven't quite seen is that not all of the power units that's been evacuated into the grid is reflected on the Eskom accounts that we receive. So, there's definitely a bit of an account reconciliation that needs to take place there.

事情沒那麼容易。我們可以說，我們節省了 16%，或者說我們的用量減少了，比去年整個業務的用量減少了 16%。但有趣的是，看看這個福利到底是多少，就這個範圍而言，9 南非蘭特到 15 南非蘭特的範圍，因為當為了看到全部福利需要發生的一切實際上都已落實到位時。我們還沒有完全看到的一件事是，並不是所有撤離到電網的發電機組都反映在我們收到的 Eskom 帳戶中。所以，肯定需要進行一些帳戶核對。

On the First of April or thereabouts, maybe the First, maybe the second, there will be a webinar and then we hope to be able to expose factor, give a better summary of the exact savings that we've had. But you'll see as and when Riaan takes you through some of the cost profiles, that the financial benefits are most certainly there. We know how much we've generated, we know how much we've used, we know how much we've put into the grid. Interesting to see exactly where the numbers end up as and when these accounts. They've been reconciled. There's been a myriad of tests to make sure that we can responsibly evacuate into the grids called the retech test work that seems to have come to an end now. So hopefully all of that will now become a little bit more clear as we go along.

四月一日左右，也許是一號，也許是二號，將會有一個網路研討會，然後我們希望能夠揭示因素，更好地總結我們所節省的具體金額。但是，當 Riaan 向您介紹一些成本概況時，您會發現，財務效益是肯定存在的。我們知道我們生產了多少電，我們知道我們使用了多少電，我們知道我們向電網輸入了多少電。有趣的是，看看這些帳戶的數字最終會在哪裡以及何時結束。他們已經和好了。為了確保我們能夠負責任地撤離到電網，我們已經進行了無數次測試，所謂的重新技術測試工作似乎已經結束了。因此，希望隨著我們的深入，所有這些都會變得更加清晰。

Second part of Ergo, in terms of setting it up for the future is the recommissioning of the Withok tailings dam. It is a licensed site, but a whole host of regulatory requirements need to be met in order to restore the site and to once again to once again use it as an active deposition site. It's designed for 310 million tons and the initial work has started in terms of public participation. That first meeting went well. We've also done some of the initial scoping for the water usage license that's going to be required. So again, there will be engagements with the Department of Water Affairs and Sanitation.

Ergo 的第二部分，就未來而言，是重新啟用 Withok 尾礦壩。這是一個獲得許可的場地，但是為了恢復該場地並再次將其用作活躍的沉積場地，需要滿足一系列監管要求。該水電站設計容量為3.1億噸，目前已啟動公眾參與前期工作。第一次會議進展順利。我們也對所需的用水許可證做了一些初步的範圍界定。因此，我們再次與水務和衛生部門接觸。

In fact, there's been engagements with them. As well as the environmental approvals that's required for the recommissioning of this. So that work is happening and we hope to have the design submitted by July 2025. It's a very important part, making sure that Ergo can continue and that at some point into the future, as and when this facility is up and running, we can go back to 1.8 million tons per month.

事實上，我們已經與他們達成協議了。以及重新投入使用所需的環境批准。這項工作正在進行中，我們希望在 2025 年 7 月之前提交設計。這是非常重要的部分，確保 Ergo 能夠繼續生產，並且在未來的某個時候，當該設施投入運作時，我們可以恢復到每月 180 萬噸的產量。

Moving on to Far West Gold, the work that's happening there. On the left-hand side you can see a picture of the construction work that's been happening on the regional training facility, the RTSF here at the bottom of the picture. I hope you can see my cursor over there. That those are the two or four return water dams. I can tell you that those return water dams are larger than many of the reclamation sites that Crown used to process. Probably not much smaller than the old top star site to give you a sense of scale.

接下來我們去 Far West Gold 看看那裡正在進行的工作。在左側，您可以看到區域訓練設施（RTSF，位於圖片底部）正在進行的建設工程的圖片。我希望你能看到那邊我的遊標。那是兩座或四座回水壩。我可以告訴你，這些回水壩比皇家集團過去處理的許多填海工程都要大。可能不會比舊的頂級明星網站小很多，可以讓您感受到規模。

The dam is 800 hectares in size at the bottom corner here, that's part of the initial starter wall. It's going to be 26 meters high, be 100 meters wide. It dips down from north to south. So, the starter wall at the top there is going to be a little bit lower. It's about 1.5 meters high. And we hope to have this in place for commissioning for early occupation. During the latter half of 2026. As of now, we've moved just over 2 million cubes of material. That is to both level out the area, these are old maize fields, to level them out. As it is, they're relatively flat, but they need to be leveled to prepare it for the liner. And also, with the construction of the initial starter wall. So there's a starter wall and then there's also a whole set of trains and the initial downstream construction will take place over the surface trains on the outside of the starter wall. It's a wonderful facility, work on this facility's progressing quite nicely.

大壩的底角面積為 800 公頃，是初始起始牆的一部分。它將高26米，寬100米。它由北向南逐漸傾斜。所以，頂部的起始牆會稍微低一些。高約1.5公尺。我們希望能夠在早期投入使用之前完成這項工作。2026年下半年。截至目前，我們已經運送了超過 200 萬立方公尺的材料。也就是既要平整土地，這些都是舊的玉米田，要把它們平整起來。事實上，它們相對平坦，但需要將它們弄平以準備襯墊。此外，也建造了最初的起始牆。因此，有一個起始牆，然後還有一整套火車，初始下游施工將在起始牆外側的表面火車上進行。這是一個非常棒的設施，設施的建設進展非常順利。

It's obviously it's got to be linked up, it's a very large footprint. It's got to be linked up with a whole network of pipelines, and there you can see some of the pipeline construction that's already been installed and then to the right there you can see a picture of some of the civil work. Those are really more of the excavations that's happened. It's actually progressed quite significantly beyond that point. Some of the foundations having been done, CIL plant, [the illusion circuit, your oxygen plant, etc.] That's all happening right next to the existing DP2 plant.

顯然，它必須連接起來，因為它的佔地面積非常大。它必須與整個管道網路連接起來，在那裡您可以看到一些已經安裝好的管道結構，然後在右邊您可以看到一些土木工程的圖片。這些其實都是已經發生的挖掘。事實上，它已經取得了相當顯著的進展。一些基礎工程已經完工，CIL 工廠、[幻象電路、氧氣工廠等] 均在現有 DP2 工廠旁建造。

There should be some video material in this regard on the website as well. You can have a look at that. But that is going to be taking the Driefontein 2 plant to a monthly throughput of 1.2 million tons. The idea being, as I said earlier, for all of this, we're going to early commissioning by late 2026. So, work there, the engineering work there is working to plans, working to schedule, and it's very encouraging the progress that's being made in that regard as well.

網站上也應該有一些這方面的影片資料。你可以看看那個。但這將使 Driefontein 2 工廠的月產量達到 120 萬噸。正如我之前所說，我們的想法是，這一切將在 2026 年底提前投入使用。所以，在那裡的工作，那裡的工程工作正在按照計劃、按照時間表進行，而且在這方面取得的進展也非常令人鼓舞。

So, moving on to the next slide. Just reactivate the remote and then I can move on to the next slide. There we go. So operating performance for the six months. These are very encouraging, but you also see how the basic construct the basic composition of what we're doing is changing, especially at Ergo. So the first block on the left-hand corner there you could see the volume throughput, not withstanding the fact that we're [throttling] this up quite a bit from the two previous half year periods. And that's really it's not indicative of, Really the capacity of at this point in time, but really just the extent to which we were hamstrung by the delays that we experienced during the first half of 2024 and the second half of 2024.

那麼，請繼續看下一張投影片。只需重新啟動遙控器，然後我就可以轉到下一張投影片。就這樣。這是六個月的經營績效。這些非常令人鼓舞，但你也會看到我們正在做的事情的基本結構和基本組成是如何改變的，尤其是在 Ergo。因此，在左上角的第一個區塊中，您可以看到卷吞吐量，儘管我們與前兩個半年相比對此進行了相當大的限制。這其實並不能顯示此時的真正能力，而只是顯示我們在 2024 年上半年和 2024 年下半年所經歷的延誤所造成的阻礙程度。

When we were waiting for those licenses to come through that we started applying for in 2018. So now they're all through, they've all been done, but there is an interesting consequence to the fact that we've had to rely so much on clean up material and reclamation material. So, whilst the yield is entirely expected, well, I believe that it would have been marginally better if we still had some of the legacy material to trickle into the feed. So, we are where we want it to be considering our circumstances of the two previous years. We have increased our volume throughput because we do have access to the new sites. There are lower grade sites there and there you can see that in the yield itself.

當我們等待這些許可證通過時，我們從 2018 年開始申請。現在它們都已經完成了，但是，一個有趣的後果是，我們不得不過度依賴清理材料和回收材料。因此，雖然產量是完全可以預期的，但我相信，如果我們仍然有一些遺留材料可以滴入飼料中，產量會稍微好一些。所以，考慮到前兩年的情況，我們現在的情況正是我們想要的。由於我們確實可以訪問新站點，因此我們的吞吐量有所增加。那裡有等級較低的遺址，您可以從產量中看出這一點。

Obviously the cost per ton is significantly lower, because of the fact that this is mostly through monitoring through the hydro mining, but the fact is, the profile is definitely a changing profile that the lower yields. Being offset by lower unit costs to more or less maintain margin. And then you could see the production as well. So, more tons, lower rates giving us exactly the same output as we saw in the first half of 2024. And then that's the, that's really the major difference between surface reclamation and primary mining. So in primary mining, your typical cycle is once towards the maturity of mine where your cutoff rate goes up and your volume.

顯然每噸的成本要低得多，因為這主要是透過水力開採進行監測，但事實是，概況肯定是一個不斷變化的概況，產量較低。透過降低單位成本來抵消或多或少維持利潤率。然後你也可以看到生產過程。因此，更多的噸位、更低的費率將使我們的產量與 2024 年上半年完全相同。這就是地表復墾和原始採礦之間的主要差異。因此，在初級採礦中，您的典型週期是朝著礦山成熟度邁進，此時您的截止率和產量都會上升。

Your volumes go down and our environment is the exact opposite. As your grades come down, you have to increase your tonnage throughput in order to manage your unit costs and maintain the economies of scale basically changes. Now, once the talks up and running and once we've restored tailings capacity and we can go back to 1.8 million tons, the footprint of Ergo would look considerably different by then as well. We've been systematically reducing the number of active sites. It's gone down from 15 to about 10. It will go down even further as we get closer to 2028.

您的音量會下降，而我們的環境則恰恰相反。隨著等級的下降，您必須增加噸位吞吐量，以管理單位成本並維持規模經濟的基本變化。現在，一旦談判開始進行，一旦我們恢復了尾礦產能，我們就可以回到 180 萬噸，到那時，埃爾戈的足跡也會發生很大變化。我們一直在系統地減少活躍站點的數量。它已從 15 下降到 10 左右。隨著 2028 年的臨近，這一數字還將進一步下降。

And then the Cost of operating which is on the next slide, if I'm not mistaken, let's go for it. There we go. Sorry, no, this is far where Gold's operating, but maybe just to conclude those remarks are not Ergo cost per turn would then come back further because you would have seen full benefit of the solar farm, a lot less in terms of mechanical hauling and lifting, far more in terms of hydro mining. And we'll see a relatively flat margin. In fact, there was a presentation of the latter part of last year where we showed how this stacks up, how the higher volumes with low cost per turn, how that balances out, how that evens out, not dissimilar to what you're seeing here.

然後，下一張投影片上的是營運成本，如果我沒記錯的話，讓我們開始吧。就這樣。抱歉，不是，這與 Gold 的運營範圍相差甚遠，但也許只是為了得出結論，這些言論不是 Ergo，每回合成本會進一步回升，因為你會看到太陽能發電場的全部好處，在機械牽引和起重方面少了很多，在水力開採方面則更多。我們將看到相對平穩的利潤率。事實上，我們在去年下半年有一個演示，展示了這種情況如何累積，如何以較低的每回合成本實現更高的產量，如何實現平衡，如何均衡，與您在這裡看到的並無不同。

Where you see the sort of number, although that is different comparatively speaking, the yield and the volume, you see that the production remains relatively flat. So that's where the offsetting because all of these things contribute in a different way. Where you get to more or less a flat profile. So moving into Far West Gold, it's operating trends, obviously a different story altogether.

儘管從產量和數量來看，這些數字有所不同，但你會看到產量仍然相對穩定。這就是抵消的原因，因為所有這些因素都以不同的方式做出貢獻。您可以獲得或多或少平坦的輪廓。那麼談到 Far West Gold，它的營運趨勢顯然是完全不同的故事。

It has one active site plus one active reclamation site and one cleanup site. So the number five dam has been mined out. three dam is now running at full revs, and you can see the volume we put there. It's pretty flat. It stays just north of 3 million tons for the six months. The yield has improved at the number three dam, so that first layer, that top layer has been mined out. It's now going into the deeper regions of the dam, so the head rates are improving, and this plant is also performing really well. There you see it also in the production numbers, up from 660 in the comparative period to kgs 720 for the period. So both of these operations actually responded really well, always to the commissioning of the number three dam and Ergo also now to the commissioning of its four new sites since 2024.

它有一個活躍站點、一個活躍回收站點和一個清理站點。所以五號壩的水已經被開採殆盡了。三號水壩現在正全速運轉，你可以看到我們在那裡投入的水量。它很平坦。六個月內，產量一直維持在300萬噸左右。三號壩的產量提高了，因此第一層，也就是最頂層已經被開採了。現在它正進入大壩的較深區域，因此水頭速率正在提高，而且該工廠的表現也非常好。從生產數字中也可以看出，產量從同期的 660 公斤上升至同期的 720 公斤。因此，這兩項運作實際上都獲得了良好的反應，始終伴隨著三號大壩的投入使用，而 Ergo 現在也伴隨著自 2024 年以來四個新壩的投入使用。

Moving on to the next slide. Give the system a moment to respond. And this is the financial performance part of the presentation and I'll hand over to Riaan to take you through those numbers.

轉到下一張投影片。讓系統稍微響應一下。這是演示的財務績效部分，我將交給 Riaan 向您介紹這些數字。

Thank you, Riaan.

謝謝你，Riaan。

Thank you very much, Neil.

非常感謝，尼爾。

Good morning, everyone.

大家早安。

Thank you for joining us on this virtual platform. This time around again, it's my privilege to take you through the financial performance, of the DRDGOLD for the six-months ended December 31, 2024.

感謝您加入我們的這個虛擬平台。這次，我很榮幸再次帶您了解 DRDGOLD 截至 2024 年 12 月 31 日的六個月的財務表現。

As most of our analysis happens to the comparative six-month period, ended December 31, 2023. And I always refer to our booklet, that we, take great care to prepare, so I encourage you to go and go and read. Obviously, we can't cover everything in this highlights, presentation.

因為我們的分析大多是針對截至 2023 年 12 月 31 日的六個月比較期。我總是參考我們精心準備的小冊子，所以我鼓勵你們去閱讀。顯然，我們無法在本次精彩演示中涵蓋所有內容。

As I always do, at the start of my section is just recognize the people behind the numbers. As I said, it's my privilege to talk you through, and I love doing that. I don't want to recognize all the employees, contractors, at the DRDGOLD, either working in operations, busy with our vast, project CapEx, growth CapEx that been caring or in support, I believe all equally important.

正如我一直以來所做的那樣，在我的部分開始時，我只是認識到數字背後的人。正如我所說，與你交流是我的榮幸，而且我很樂意這樣做。我不想承認 DRDGOLD 的所有員工、承包商，無論是在營運部門工作，還是忙於我們龐大的專案資本支出、成長資本支出，他們都在關心或提供支持，我認為他們都同樣重要。

For us to tirelessly pursue our purpose of reversing the environmental legacy of binding, rolling that back, improving quality of life. And as that requires large volumes of material to be moved over a very long period of time. And I know our teams work relentlessly, literally 24 hours a day to achieve that, and I recognize the team. At the DRDGOLD, for this performance. And Neil mentioned and I looked outside, it is still raining, but at the start of the financial performance slide, may I say that, what I will present I believe is rather sunny, and very proud to present it.

我們要不懈地追求我們的目的：扭轉對環境造成的遺留問題的束縛，降低其影響，提高生活品質。這需要在很長的時間內運輸大量的材料。我知道我們的團隊為了實現這個目標，幾乎是每天24小時不間斷地工作，我認可這個團隊。在DRDGOLD，進行這次演出。尼爾提到，我向外看，天還在下雨，但在財務業績幻燈片的開始，我可以說，我相信我將要呈現的是相當陽光明媚的，並且非常自豪地呈現它。

So on the Ergo financial results side, Neil always provides perfect background, for me just to take, everyone through what that means then financially for Ergo, Far West Gold recoveries and the group, and may I again say that sure, these are really good trends to talk to. You'll see it on this slide and also on the following slides. And it's a positive trend, that I can talk to. So for Ergo, again looking at the comparative period '23, so the first six-months of the 2024 financial year and the first column compared to the third column, for the current six-month period that ended December 31, 2024.

因此，在 Ergo 的財務業績方面，Neil 總是提供完美的背景信息，讓我能夠讓每個人都了解這對 Ergo、Far West Gold Recoverys 和集團的財務狀況意味著什麼，我可以再說一遍，這些都是值得談論的良好趨勢。您將在這張投影片以及接下來的投影片上看到它。這是一個積極的趨勢，我可以談論。因此對於 Ergo 而言，再次查看比較期 '23，即 2024 財年的前六個月，並將第一列與第三列進行比較，以比較截至 2024 年 12 月 31 日的當前六個月期間。

We see a revenue increase of 24%. Obviously aided by a raise or an increase in the gold price to just under [ZAR 1.48 million] a kilogram, with gold sold down period on period by 2%. But as nearly alluded to in the same period. The volume for Ergo was up 22%, with the yield then on the sites that we now tackling, obviously slightly lower grade, but higher volume, but really good revenue picture. On the cash operating cost side, even better. And here it is so encouraging to see that what we anticipated and what Neil specifically talked about at our August, results is coming true. So as you can see, costs period on period only up by 5%, and clearly that is one reason for that is the decrease in machine higher costs and then electricity costs only up by 3%, which I believe. Is a good result, also considering the volume up by 22% and double-digit increases in in Eskom rates.

我們的收入增加了24%。顯然，黃金價格上漲或上漲至每公斤略低於 [148 萬南非蘭特]，黃金銷量較上月下降了 2%。但正如在同一時期幾乎提到的那樣。Ergo 的產量增加了 22%，而我們現在處理的站點的收益率顯然等級略低，但產量更高，但收入前景非常好。在現金運營成本方面，情況甚至更好。我們非常高興地看到，我們所預期的以及尼爾在八月特別談到的結果正在變成現實。因此，正如您所看到的，成本環比僅上漲了 5%，顯然其中一個原因是機器成本的下降，而電力成本僅上漲了 3%，我相信這是事實。考慮到交易量增長了 22% 且 Eskom 費率也出現了兩位數的增長，這是一個很好的結果。

And then the combination of revenue and cash operating costs and again just looks at the, look at the leverage that it creates, operating profit for Ergo up 92% to ZAR 828.7 million. So really good performance by Ergo and compliments, to the operating team. Moving on to Far West, very stable performance. Gold sold for Far West for the period up by 10% and you saw some good yield increases, tons stable, and that resulted in revenue with the gold price increase of 26%, revenue increased 39% to over a billion rand for the six months.

然後，將收入和現金營運成本結合起來，再看看它創造的槓桿作用，Ergo 的營業利潤上漲 92%，達到 8.287 億南非蘭特。Ergo 的表現確實非常出色，我向營運團隊表示祝賀。繼續前往遠西地區，表現非常穩定。遠西公司的黃金銷量在此期間上漲了 10%，收益也有所增加，噸位穩定，這導致收入隨著金價上漲 26%，六個月內收入增長了 39%，達到 10 億蘭特以上。

Cash operating costs also stable, up by 8% period on period. Obviously inflation increases and then higher than inflation increases in areas like security and labor costs. Again, those two in combination with some small goal in process adjustments gets us to operating profit up 57% on the comparative period to ZAR 750 million for the six months ended December 31, 2024. Again, great solid performance, by the far West team, which we're very proud of.

現金營運成本同樣維持穩定，季增 8%。顯然通貨膨脹會上升，而且安全和勞動成本等領域的通貨膨脹率會上升得更高。同樣，這兩個目標加上流程調整中的一些小目標，使我們在截至 2024 年 12 月 31 日的六個月內，營業利潤較上年同期增長 57%，達到 7.5 億南非蘭特。再次，遠西隊表現非常出色，我們對此感到非常自豪。

Then putting that all together for the group, as I've mentioned, a really wonderful trends, that really talks for themselves. You can see the operating margin, and again, I've mentioned it to a couple of people, in the last little while. Although we're close to the business, we sometimes underestimate that impact. So you can keep, if you can keep your costs under control. Which is what we've done in this six-month period and you have a solid performance plus gold price increase, so the operating margin grows and that that margin obviously flows through to the bottom line.

然後把所有這些放在一起，就像我提到的那樣，這是一個非常棒的趨勢，它本身就說明了一切。您可以看到營業利潤率，而且，最近我已經和幾個人提到過這個了。儘管我們接近業務，但有時我們還是低估了這種影響。所以如果你能控製成本的話你就可以繼續。這正是我們在這六個月內所做的，我們取得了穩健的業績，再加上金價上漲，因此營業利潤率增長了，而這一利潤率顯然會轉化為利潤。

So operating margin percentage increase very positive. All in sustaining cost margin obviously on the back of the operating margin, but you would see in the booklet obviously less sustaining CapEx, and that's not necessary for us. More with our focus on growth CapEx, so that increases the oil and sustaining cost margin and really encouraging for us is free cash flow. So obviously we have a huge CapEx program. You would see our cash CapEx for the period just under ZAR1 billion. But because of the good operating performance and high gold price, we still generated free cash flow, for the six-months, which is a wonderful performance. And all of that, as I mentioned, high gold price, good operating performance, cost under control, all of that flows to headline earnings per share, up 65%, period on period to ZAR 112.6 per share.

因此營業利益率百分比的成長非常正面。顯然，維持成本利潤率是基於營業利潤率的，但您會在小冊子中看到維持資本支出明顯減少，而這對我們來說沒有必要。我們更加關注成長資本支出，從而增加石油和維持成本利潤率，對我們來說真正令人鼓舞的是自由現金流。顯然我們有一個龐大的資本支出計畫。您會發現我們本期間的現金資本支出略低於 10 億南非蘭特。但由於良好的經營業績和高昂的金價，我們在六個月內仍然產生了自由現金流，這是一個非常出色的表現。正如我所提到的那樣，高昂的金價、良好的經營業績、可控的成本，所有這些都推動了每股收益環比增長 65%，達到每股 112.6 南非蘭特。

Then moving on to the income statement or statement of profit and loss, to summarize revenue for the period of 28%, and with costs under control, up 13% period on period there's a depreciation increase, more sites, obviously the solar coming through there as well, leaving us with gross profit from operator activities up 72% to just over ZAR 1.3 billion.

然後轉到損益表或損益表，總結當期收入 28%，在成本得到控制的情況下，環比增長 13%，折舊增加，站點增多，顯然太陽能也從那裡流出，使我們從運營商活動中獲得的毛利潤增長 72%，達到略高於 13 億南非蘭特。

Administrations, pensions, and other costs stable, finance income, slightly higher with our additional cash that we generated. There's also a rand refinery dividend included in that 132.8 million and finance expense mostly as you know in the income statement, the unwinding of our rehab liabilities and only a very small portion of cash finance costs and mostly around the securing our facilities. Income tax, ZAR 337.1, mostly deferred tax, the operations don't pay current tax at the moment because of the large capital investment, that we make and the capital deductions that we are allowed, taking it all to the bottom line profit for the period. Neil mentioned as well, ZAR 970.1 million up 65% period on period.

管理、退休金和其他成本保持穩定，財務收入由於我們產生的額外現金而略有增加。這 1.328 億蘭特中還包括一筆煉油廠股息，而財務費用大部分如您在損益表中所知，用於償還我們的康復債務，以及只有很小一部分現金財務成本，主要用於確保我們的設施安全。所得稅，337.1 南非蘭特，大部分為遞延稅項，由於我們進行了大量資本投資，並且允許進行資本扣除，因此目前運營不繳納當前稅項，這全部計入了該期間的底線利潤。尼爾也提到，9.701 億南非蘭特比去年同期成長了 65%。

Then on the statement of financial position or previously called the balance sheet. Again, wonderful trends as you can see there if you look at the property plant and equipment line. So from December 2023, up more than ZAR 3 billion. So essentially, as you know what we've done there is taken the cash, the ZAR 1.5 billion cash in that line and financed our solar farm and battery infrastructure or of our own cash on our own balance sheet, and then other increases around the projects, the CapEx growth projects that Neil alluded to.

然後是財務狀況表或以前稱為資產負債表。再次，如果您看一下房地產廠房和設備線，您會看到美妙的趨勢。因此從 2023 年 12 月起，成長將超過 30 億南非蘭特。因此，從本質上講，如你所知，我們所做的就是拿出現金，即 15 億南非蘭特現金，為我們的太陽能發電場和電池基礎設施提供資金，或者用我們自己資產負債表上的現金，然後增加圍繞項目的其他資金，即尼爾提到的資本支出增長項目。

Non-current investments and other assets, rehab funds that we, continue to invest in a very responsible way, and also mostly our investment in rand refinery. Cash and cash equivalents, we will elaborate on the next slide. Current assets, current liabilities are quite stable across the three periods. And then as I've mentioned, it's great to see total assets and equity, growing, over time. Deferred tax liability that I alluded to in the income statement is something that we'll see growing as we utilize our capital deductions. That in effect says that at some point in the future we will create revenue without relating capital tax deduction. That's what that deferred tax liability tries to illustrate, and then overall a very healthy current ratio still of 2.3 at the end of December 2024.

非流動投資和其他資產、康復資金，我們繼續以非常負責任的方式進行投資，而且主要是對蘭特煉油廠的投資。現金和現金等價物，我們將在下一張投影片中詳細說明。流動資產、流動負債在三個期間內都相當穩定。正如我剛才提到的，很高興看到總資產和權益隨著時間的推移而成長。我在損益表中提到的遞延所得稅負債是我們利用資本扣除額時會看到的成長。這實際上意味著，在未來的某個時候，我們將創造收入，而無需相關的資本稅減免。這就是遞延稅項負債試圖說明的，總體而言，到 2024 年 12 月底，流動比率仍然非常健康，為 2.3。

Then, love ending off. So I always say with my favorite primary financial statement, the statement of cash flows, is something that we've focused on very heavily and we'll continue to focus to make sure that we generate, cash while we grow our business and as Neil said as well, that we can make sure we want to reward shareholders. Even though we are prioritizing, any cash that we generate towards our ZAR 10 billion capital program over the next couple of years.

然後，愛情結束。因此，我總是說，我最喜歡的主要財務報表，即現金流量表，是我們非常關注的，我們將繼續關注，以確保我們在發展業務的同時產生現金，正如尼爾所說的，我們可以確保我們想要獎勵股東。儘管我們正在優先考慮未來幾年內我們產生的任何現金，但我們的 100 億南非蘭特資本計劃都將用於此。

But take a look at cash generated from operations more than doubled in the comparative period, over ZAR 1.2 billion. The dividend received that I alluded to is from rand refinery. The finance expenses, very small. It's literally the facility fees that we have to have up to ZAR 2 billion facility with NetBank in place, which we haven't utilized up until now. And then income tax, nothing for the operations, as I've mentioned. And then there's the number, the cash capital, expenditure or acquisition of property plant and equipment of ZAR 947 million for the period, going down to the financing activity side, the ZAR 172 is the dividend, the ZAR 0.20, the dividend, final dividend that we paid in in September. And we're very proud to follow that up with the ZAR 0.30, interim dividend that Neil alluded to. So overall, as I mentioned, we, did not tap into any cash resources, so that has grown to ZAR 661 million at the end of December 2024.

但看看同期經營活動產生的現金，其成長了一倍多，超過 12 億南非蘭特。我提到的收到的股息來自蘭特煉油廠。財務費用，非常小。這實際上是一筆設施費用，我們必須透過 NetBank 獲得高達 20 億南非蘭特的設施，但到目前為止我們還沒有使用過這筆設施費用。然後是所得稅，正如我所提到的那樣，對營運沒有任何影響。然後是數字，該期間的現金資本，支出或收購物業、廠房和設備為 9.47 億南非蘭特，進入融資活動方面，1.72 億南非蘭特是股息，0.20 南非蘭特是股息，是我們在 9 月份支付的期末股息。我們非常榮幸地跟進尼爾提到的 0.30 南非蘭特的中期股息。因此，總體而言，正如我所提到的，我們沒有動用任何現金資源，因此截至 2024 年 12 月底，這一金額已增長至 6.61 億南非蘭特。

It's a really healthy cash position and cash generated for the for the period.

這是一個非常健康的現金狀況，並且在該期間產生了現金。

Then the handover slide where I'm going to hand back to Neil and he can elaborate, my reflection is just for this distinct period, so let's say from the beginning, end of August, beginning September, quite a healthy increase, to where we stand now.

然後我將把交接幻燈片交還給 Neil，他可以詳細說明，我的反思只是針對這段特定時期，比如說從八月底到九月初，這是一個相當健康的增長，直到我們現在所處的水平。

Let me hand back to Neil then to continue the presentation.

那麼請讓我將演講交還給尼爾，讓他繼續演講。

There we go, thank you very much, Riaan. Yes, we are encouraged by what's happening with the share price. I said earlier, big part of our value proposition is the share price that's deep gear to the gold price, but we also want to make sure that we are, that we're in the right range and at some point the underlying value of the company finds its way into that range and we'll continue to work hard to see if at some point in anticipation of what we believe could be potentially very attractive towards 2028, that that range moves to a different level, a more attractive level. So moving on to the latter stages of the presentation.

好了，非常感謝，Riaan。是的，股價的走勢令我們感到鼓舞。我之前說過，我們的價值主張很大一部分是與金價緊密相關的股價，但我們也希望確保我們處於正確的範圍內，並且在某個時候，公司的潛在價值會進入該範圍，我們將繼續努力，看看在我們認為到 2028 年可能非常有吸引力的某個時候，該範圍是否會移動到不同的水平，一個更有吸引力的水平。那我們就繼續進行演示的後期階段。

Just wait, so we're going into the sustainable development part. It is a very important part of the business. We do give you some of the headline numbers here. We continue our environmental spend. This is something that that we've just been kept, that we've just been keeping at these levels right from the outset. We're firm believers in concurrent rehabilitation so that as and when the cash flows are over, that the rehabilitation is also towards its end.

稍等一下，我們將進入永續發展部分。這是業務中非常重要的一部分。我們確實在這裡向您提供了一些主要數字。我們繼續在環境方面進行支出。這是我們一直堅持的，從一開始我們就一直保持在這個水平。我們堅信同時進行修復，以便當現金流結束時，修復也走向結束。

That you don't have that massive liability that matures right at the end after you've sort of run out of cash flows. So, this is something that I think distinguishes our company also being right here in the middle of the largest sub-Saharan city in Africa, it's important that we keep these standards high because if we do it wrong, then the societies around us. Their quality of life is affected. So, it's a very close correlation between the standards of environmental governance and the quality of life of those communities live in proximity to our operations.

當你的現金流耗盡之後，你不會背負那麼大的到期債務。所以，我認為這是我們公司與眾不同之處，因為我們公司位於非洲撒哈拉以南最大的城市的中心，保持高標準非常重要，因為如果我們做錯了，那麼我們周圍的社會就會受到影響。他們的生活品質受到影響。因此，環境治理標準與我們業務運作附近社區的生活品質之間存在著非常密切的相關性。

This will continue 28 hectares of vegetation that happened this, six-months, it's up by, up from 15, potable water consumption, and this is the number that I was referring to earlier. You can see comparatively speaking, the 31st of December 2022, [There's 1.3 billion Liter of potable] water usage in the six months up to 2022, December 2022. It's more than half now for this current financial year and that trend is one that that ought to continue as we further expand our closed water circuit and drawing from alternative sources. Very little potable water is also used as processed water is by and large for vegetation and also for use in pollution and other use, personal use at our plant.

這將繼續發生 28 公頃的植被，這在六個月內增加了，飲用水消耗量從 15 公頃增加了，這就是我之前提到的數字。您可以看到，相對而言，截至 2022 年 12 月 31 日，截至 2022 年 12 月的六個月內，[飲用水]使用量為 13 億公升。本財政年度的水資源使用量已過半，隨著我們進一步擴大閉路水循環並引入替代水源，這一趨勢還將持續下去。我們工廠使用的飲用水非常少，因為處理過的水主要用於植被、污染和其他用途以及個人用途。

Dust emission exceedances are reflected on that and also the late ranges, but that's not been restored. And here you can also see the trend, very healthy trend in terms of external electricity consumption down from 173 megawatt to 141,000 megawatt, and that trend will continue as we see, the impact of the solar form, becoming more and more embedded. And for a longer period of time, obviously now going into the second half of this financial year, closely correlated to that also the carbon emissions slide.

粉塵排放超標反映在該範圍以及後期範圍內，但尚未恢復。在這裡你也可以看到趨勢，外部電力消耗從 173 兆瓦下降到 141,000 兆瓦，這是一個非常健康的趨勢，而且隨著我們看到太陽形式的影響變得越來越根深蒂固，這種趨勢還將繼續下去。而在更長的一段時間內，顯然現在已經進入本財年的下半年，碳排放量的下滑也與此密切相關。

In terms of environmental performance. I do believe that we are living the values that we profess to have. And moving on to the next one, the social performance here once again, very deeply embedded as part of our commitment to sustainable development. As you can see all of these initiatives are associated with self-empowerment. So this is the provision of knowledge, the provision of materials, training of people to set them up in a way that they can self-empower. And we definitely are now moving. Also into more sophisticated levels of social capital of that one step up from the initial subsistence farming or the subsistence growing of crops to life skills, business development skills, and hopefully ultimately also to find its way into broader society generally in terms of the environment and optics of those societies. And creating something not dissimilar to what we have.

在環境績效方面。我確信我們正在實踐我們所宣稱的價值觀。接下來是下一個，這裡的社會績效再次深深植根於我們對永續發展的承諾。如您所見，所有這些舉措都與自我賦權有關。因此，這就是提供知識、提供材料、培訓人們，以便他們能夠自我賦權。我們現在確實在行動了。同時，也要進入更高級的社會資本層面，從最初的自給性農業或自給性農作物種植，上升到生活技能、商業發展技能，並希望最終能夠在環境和社會視角等方面融入更廣泛的社會。並創造出與我們已有的東西並無不同的東西。

So we have a circular model. We firmly believe that by assisting communities to learn these materials, that there is to become a circular model that the inflow of capital on a monthly basis through social grants and a little bit of money that's And into these communities that it stays in that community, that it could spend 4,5, 6 times over, but it doesn't land in that community and then find its way into Pep stores or Checkers or one of those, but there's in fact a repeat spending within the community itself. And that's very much what we're trying to achieve with our social reinvestment programs.

因此我們有一個循環模型。我們堅信，透過幫助社區學習這些材料，可以形成一個循環模式，即透過社會補助金和少量資金每月流入這些社區，這些資金留在該社區，可能會花掉 4、5、6 倍，但不會落入該社區，然後進入 Pep 商店或 Checkers 或其中之一，但事實上在社區內部會有重複消費。這正是我們透過社會再投資計畫試圖實現的目標。

Good, and then moving on to the next slide.

好的，然後進入下一張投影片。

See, there we go. So this is the looking ahead side slide and none of the guidance that we issued earlier in the year has changed, so we still stay within range with regards to production. Same applies to cash operating costs by extrapolating the numbers that we reported here that we stay within range. Then in terms of ergo, obviously it's all systems go to make sure that we submit all of the materials that are necessary for the permission.

瞧，就這樣。因此，這是展望未來的幻燈片，我們今年早些時候發布的任何指導都沒有改變，所以我們在生產方面仍然保持在範圍內。同樣適用於現金營運成本，透過推斷我們在此處報告的數字，我們可以發現它仍在範圍內。那麼就因此而言，顯然所有系統都會確保我們提交獲得許可所需的所有材料。

To start construction at the trailing facility, and I did make the point earlier on with regards to wanting to submit the design by July of 2020, by this July, in order to be in a position to commence with construction next year. And then of course we also want to make sure that we take full advantage, not just in terms of consumption, but in terms of the financial treatment of basically the reconciliation of the accounts, but this also happens during the course of the six-months. I know from my own personal experience of the quit my house with the solar, took a few months before that account was reconciled, so it does get reconciled ultimately.

開始在尾部設施進行施工，我之前確實提到希望在 2020 年 7 月之前，也就是今年 7 月之前提交設計，以便能夠在明年開始施工。當然，我們也希望確保充分利用，不僅在消費方面，而且在基本上帳戶對帳的財務處理方面，但這也會在六個月內發生。從我自己放棄使用太陽能房屋的親身經歷來看，我需要花幾個月的時間來解決這個難題，所以最終還是會解決的。

We know what we consume, we know what we generate, we know what we push into the grid. It's now a case of making sure that the accounts reflect that over time. Always got recovery, all systems also and all the focus both on RTSF and getting DP2 where it needs to be for latter part of 2026, whilst at the same time maintaining. It's encouraging throughput and output profiles.

我們知道我們消耗了什麼，我們知道我們產生了什麼，我們知道我們送入電網的是什麼。現在需要確保帳戶能夠長期反映這一點。始終保持復甦，所有系統也都保持復甦，所有的焦點都集中在 RTSF 上，並將 DP2 放在 2026 年下半年所需的位置，同時進行維護。它令人鼓舞的吞吐量和輸出概況。

Then finally, Just a very brief slide on delivering to our purpose. And that is something that I think you're familiar with of what it is that we want to do. So DRDGold, the gold producer, but one that is increasingly finding itself within a circular model. So not creating any new waste but producing gold from mine waste from material that's already been deposited. So waste neutral, increasingly relying on the renewable power, a very strong social capital focus and, the restoration of land previously sterilized by mining activities.

最後，我們只需非常簡短地用投影片的方式介紹如何實現我們的目標。我想您已經熟悉我們想要做的事情了。因此，黃金生產商 DRDGold 越來越發現自己處於循環模式中。因此不會產生任何新的廢物，而是從已經沉積的材料中的礦山廢料中生產出黃金。因此，廢物中性化，越來越依賴再生能源，非常重視社會資本，以及恢復先前被採礦活動破壞的土地。

Ladies and gents, that's our presentation for today. We have a video. Which we'd like to show you just in terms of the it's a bit of a bit of a taster before we do the webinar in April and then after the video we'll take your questions. We see that a few questions, the questions are starting to come through. Thank you very much for attending and listening to the presentation.

女士們、先生們，這就是我們今天的演講。我們有一個視頻。在我們 4 月舉辦網路研討會之前，我們想先向您展示一些內容，然後在影片之後我們會回答您的問題。我們看到一些問題開始浮現。非常感謝各位的出席和聆聽本次演講。

(Video Playing)

（影片播放中）

So there we go, thank you very much. So that's a bit of a teaser of what's to come on the 1st of April when we intend to also give you a very nice breakdown exposed factor of the savings that we saw, the consumption, numbers that we saw at the solar plant from inception itself. We're not doing it now. We're giving you numbers on the consolidated basis over six months.

就這樣吧，非常感謝。因此，這只是對 4 月 1 日即將發生的事情的一個預告，屆時我們還打算為您提供一個非常好的細分揭示因素，包括我們看到的節省、消耗以及從一開始我們在太陽能發電廠看到的數字。我們現在不這麼做。我們將向您提供六個月的合併數據。

But the intention is to be in a position to take the data that we're collecting, that we have collected, and that that we have been collected and that we will be collecting for the next month and a half and to give you a detailed picture of all the variables and where we've landed in terms of actual savings. I'm going to go through the questions and answer the ones that I can and the ones that I cannot. I'll pass on to my colleagues and I think I'll start with the first one from [Peter Cromberg], who wants, details on the terms of the ZAR 2 billion Netbank facility. Riaan, do you maybe want to take that question and just explain what the terms are of the Netbank facility. Sure.

但我們的目的是利用我們正在收集的數據、已經收集的數據、已經收集到的數據以及未來一個半月將要收集的數據，為您提供所有變數的詳細資訊以及我們在實際節省方面取得的成果。我將仔細研究這些問題，並回答我能回答和不能回答的問題。我會轉達給我的同事們，我想我會從第一個來自 [Peter Cromberg] 的問題開始，他想要了解 20 億南非蘭特 Netbank 貸款條款的詳細資訊。Riaan，你是否想回答這個問題並解釋 Netbank 設施的條款是什麼。當然。

Thanks, Neil. Thanks for the question, Peter. So yes, end of July last year, we established the terms of that facility. So simplistically it's a ZAR 500 million overdraft that is available to us anytime and then a secured ZAR 1 billion facility, a revolving credit facility over 5 years and that's the, I think the positive of that is that it matches, a sort of medium term program so it's not only a 2 year or 3-year facility, it's a 5year facility. And then that revolving credit facility has an accordion option, so ZAR 500 million accordion option. So the ZAR 1 billion secured plus the ZAR 500 million plus the ZAR 500 million overdraft then gives us the ZAR 2 billion overall facility with Netbank.

謝謝，尼爾。謝謝你的提問，彼得。是的，去年 7 月底，我們制定了該設施的條款。因此，簡單地說，它是一筆 5 億南非蘭特的透支，我們可以隨時使用，然後是一筆 10 億南非蘭特的有擔保的信貸，一筆 5 年期的循環信貸，我認為它的積極之處在於它匹配一種中期計劃，因此它不僅是一筆 2 年或 3 年期的信貸，而是一筆 5 年期的信貸。然後，該循環信貸額度有一個可折疊選項，因此有 5 億南非蘭特可折疊選項。因此，10 億南非蘭特的擔保金額加上 5 億南非蘭特再加上 5 億南非蘭特的透支金額，使我們的網路銀行貸款總額達到 20 億南非蘭特。

Thanks, Neil.

謝謝，尼爾。

Okay, thanks Rihan. So then moving on to the other questions. There's a question from Nick. The calculates a tax rate based on forecasts of profitability, and I think this is your favorite subject is deferred tax. So he wants to know whether the tax rate that we currently use, in view of the fact that the, current H2 outlook must be a lot better than what we anticipated with the tax rate that we use now is still, does it still match the current financials or should you use a different tax rate?

好的，謝謝 Rihan。那我們就繼續討論其他問題。尼克有一個問題。根據獲利預測計算稅率，我認為這是你最喜歡的主題是遞延所得稅。因此，他想知道，鑑於目前下半年的前景肯定比我們預期的要好得多，我們目前使用的稅率是否仍然與當前的財務狀況相符，還是應該使用不同的稅率？

So thanks for that, Nick, and as you rightly say, Neil, I love talking about the topic. I don't know if I always find the right audience to do it, but if there's a question, let's go for it. So Nick, you're quite right. So, what happened last year, is that we upped the deferred tax rate for Ergo.

所以謝謝你，尼克，正如你所說，尼爾，我喜歡談論這個話題。我不知道是否總是能找到合適的觀眾來做這件事，但如果有問題，那就讓我們去做吧。所以尼克，你說得很對。因此，去年的情況是，我們提高了 Ergo 的遞延稅率。

So last year for the June 30, 2024 results from 22% to 25%, so you're quite right. So that is an indication because of the gold tax rate formula of future profitability, of the operation. What it does then obviously immediately based on deferred tax principles, it charges the income statement on that increased rate. So then as we go through annual revisions of our life of mine estimates, rehab, all of that.

因此，去年截至 2024 年 6 月 30 日的結果從 22% 上升到 25%，所以你說得對。所以，這是根據黃金稅率公式來預示未來獲利能力和營運狀況的。然後，它顯然會立即根據遞延所得稅原則，按照增加的稅率計入損益表。因此，當我們每年對礦井壽命估計、復健等進行修訂時。

So, on a half-year basis, on an interim basis, we just do checks, so we don't do a formal review because as you know it is quite a lengthy process, so we haven't again updated any deferred tax rates looking forward. We believe that our estimates previously still stand, so it's 25% for Ergo. And far west gold recoveries at 29%. Yeah, so we hopefully that that answers the question and that, yeah, roughly gives you that. Estimate of deferred tax that we that we calculate for the six-months to December 31, 2024.

因此，在半年的基礎上，在臨時基礎上，我們只是進行檢查，所以我們不進行正式審查，因為如你所知，這是一個相當漫長的過程，所以我們沒有再次更新任何遞延稅率。我們相信我們之前的估計仍然成立，所以 Ergo 的比例是 25%。遠西部黃金回收率為29%。是的，我們希望這能回答這個問題，並且大致給你答案。我們計算的截至 2024 年 12 月 31 日的六個月的遞延稅項估計數。

Thank you, thanks, yeah, Rihan.

謝謝，謝謝，是的，Rihan。

There's also, there's another question from Nick with regards to CapEx. So, the CapEx guidance for '25 financial year was ZAR 3.5 billion, and I think we sort of bumping against a billion by the end of the six- months, and Nick's asking whether the ZAR 3.5 billion is likely to be achieved. I suppose, firstly, you don't spend your CapEx in 12 equal amounts. You don't take your total CapEx or cost divided by 12 because your capital spend is not linear.

尼克還提出了有關資本支出的另一個問題。因此，25 財年的資本支出指引為 35 億南非蘭特，我認為到六個月末我們將會達到 10 億南非蘭特，尼克問是否有可能實現 35 億南非蘭特的目標。我想，首先，你不會把你的資本支出分成 12 等份。您不需要將總資本支出或成本除以 12，因為您的資本支出不是線性的。

There's some big cost items that need to come through. Having said that, it's unlikely that you'll spend the full ZAR 3.5 billion, but the extent to which we'll fall short of that, I think at this stage is not entirely clear because there are still a few very large items that need to come through. With regards to where the programs are tracking in order to achieve the outcomes that we set for ourselves delivering to the larger, longer-term vision. We're encouraged by the trending of where these programs are. So yes, CapEx might fall a little bit short, but, I do believe that we, that we're trending favorably in terms of actual execution. Riaan, I don't know if you want to expand on this. If you want to give any additional detail.

有一些大筆成本項目需要處理。話雖如此，你不太可能花掉全部 35 億南非蘭特，但我認為，我們在多大程度上會達不到這個數字，現階段還不完全清楚，因為仍有一些非常大的項目需要完成。關於計劃的進展情況，為了實現我們為自己設定的更大、更長遠的願景。這些項目的趨勢讓我們感到鼓舞。所以是的，資本支出可能會有點不足，但我相信，就實際執行而言，我們的趨勢是好的。Riaan，我不知道您是否想進一步闡述這一點。如果您想提供任何其他詳細資訊。

No, I think that that's right, Nick, and you saw it previously, we generally have a trend where we seem to look behind or we seem behind by 31 December of each of our financial years. We do catch up in inverted commas, some of that, as Neil said, it's all long-term projects, sometimes it spans a couple of months, so we do expect to again in inverted commas catch up some of the ZAR 3.5 billion we probably won't get there fully. But that's not always necessarily an indication of the stage of completion of the project or where we want it to be, so we're not worried, from that point of view. So technically from a cutoff point of view, 30 June we might fall short, but we're not worried at all. We do look at it as a 2 year to 3 year capital program that we are that we are managing.

不，我想那是對的，尼克，你之前也看到了，我們通常有一種趨勢，就是我們似乎回顧過去，或者在每個財政年度的 12 月 31 日之前我們似乎落後了。我們確實用引號追趕了，正如尼爾所說，這都是長期項目，有時會跨越幾個月，所以我們確實希望再次用引號追趕上 35 億南非蘭特中的一部分，我們可能無法完全實現這一目標。但這並不總是表明專案完成的階段或我們想要的階段，所以從這個角度來看，我們並不擔心。因此從技術截止的角度來看，6 月 30 日我們可能達不到要求，但我們一點也不擔心。我們確實將其視為我們正在管理的 2 至 3 年的資本計劃。

Thanks.

謝謝。

Nick asked a question about the capital costs of the solar farm and the best, which I'm going to hand to Jaku. He also asked a question about the realized savings on a per ton basis at Ergo associated with the solar farm. And, we haven't prepared for purposes of this presentation.

尼克問了一個關於太陽能發電場的資本成本以及最佳方案的問題，我將把這個問題交給賈庫。他還詢問了 Ergo 太陽能發電場每噸實現的節省情況。而且，我們還沒有為本次演講做好準備。

There we go. Alright, so the, in terms of the savings, we did not prepare detailed numbers, on a, for the month or for the exact period, having commissioned the solar farm during the course of the six months and the review. And we've done it specifically because we don't want to come up with another estimate. I think the next time that we want to report on the actual numbers per ton.

就這樣。好的，所以，就節省而言，我們沒有準備詳細的數字，沒有關於在六個月和審查期間委託太陽能發電場的月份或具體時期的數字。我們這樣做是因為我們不想再做出其他估計。我想下次我們要報告每噸的實際數字。

We want to be able to give you on an ex post facto basis. So, these were the trends, this is how much we consume, this is how much we exported, this is what was recognized in terms of our accounting. So this is the exact number but for that period, it's not going to be exactly the same every day. It's not going to be exactly the same every month. But we'll be able to give you some insight into the trends that we're seeing.

我們希望能夠事後為您提供協助。所以，這些就是趨勢，這是我們的消費量，這是我們的出口量，這是我們在會計方面確認的。這是確切的數字，但在那段時期內，每天都不會完全相同。每個月都不會完全相同。但我們可以為您提供一些有關我們所看到的趨勢的見解。

What we can say is that we're not off target in terms of the ranges of our estimates, so it's definitely trending in accordance with the ranges that we've offered. And what we can also say just in terms of a on a consolidated basis, just looking at the whole picture, is during the six months we used 22% more electricity units. If you compare the actual usage of electricity for the sixmonths to the end of December '24 to the six months of '23, '22, 22% more electricity units were consumed for the output that we achieved.

我們可以說的是，就估計範圍而言，我們並沒有偏離目標，因此它肯定是按照我們提供的範圍呈現趨勢的。我們也可以說，從綜合來看，從整體情況來看，在這六個月內，我們的用電量增加了 22%。如果將截至 24 年 12 月底的六個月的實際用電量與 23 年、22 年的六個月的實際用電量進行比較，我們會發現，我們實現的產出所消耗的電量增加了 22%。

However, the amount of power that we imported from Eskom reduced by 16%. So already you can see there was a fairly significant swing and that's notwithstanding the fact that we only had the benefit of the solar plant or the seals for 60 megawatts from roughly the beginning of November. Before that it was the first phase, it was 20 megawatts, and then also incrementally and not 100% consistent every day.

然而，我們從 Eskom 進口的電力減少了 16%。因此，您已經可以看到出現了相當顯著的波動，儘管從大約 11 月初開始，我們僅受益於太陽能發電廠或 60 兆瓦的密封。在此之前，這是第一階段，為 20 兆瓦，然後也是每天逐步增加，而且不是 100% 一致。

We're also reporting 3% increase in total electricity costs for that same period. So 22% more units used, 16% less from Eskom, and a 3% increase in total electricity costs. And that is not normalized for the Eskom increase that we saw year on year. That is actual numbers compared here on here. So from that, I think there's maybe some information with which one could use to do some sort of a calculation. We've done the calculation, but as I say, it's not the same, exactly the same every week. It's not exactly the same, but it's not exactly the same every day.

我們還報告稱，同一時期的總電力成本增加了 3%。因此，使用單位增加了22%，來自 Eskom 的電力減少了16%，總電力成本增加了3%。這對於我們逐年看到的 Eskom 成長來說並不正常。這是此處比較的實際數字。因此，我認為也許有一些資訊可以用來進行某種計算。我們已經做過計算，但正如我所說，情況並不相同，每週都完全一樣。雖然不是完全一樣，但也不是每天都完全一樣。

It's not exactly the same every week. It's not exactly the same every month. We want to be in a position where we could give you the contingencies with the accounts having been reconciled and also with the actual consumption patterns that we saw up until March, to give an indication as to what the key dynamics are that that drive this and how we see that coming through on the actual financial performance on the cost numbers as well.

每週並不完全相同。每個月都不完全相同。我們希望能夠為您提供已核對帳目的應急計劃，以及截至 3 月份的實際消費模式，以便您了解推動這一現象的關鍵動力是什麼，以及我們如何看待這一動力對成本數字的實際財務表現的影響。

Yeah, the question with regards to the final capital cost of the solar farm and this, I think that you've got a fairly good idea as to what that actual number is. If you want to take that question and maybe unpack that a little bit for Nick.

是的，關於太陽能發電場的最終資本成本的問題，我認為你對實際數字有相當好的了解。如果你願意回答這個問題，也許可以為尼克稍微解釋一下。

Sure, thanks, Neil. Yeah, so we ended up on, approximately ZAR 2.9 billion, taking into consideration rate of exchange, that means we were approximately 2% above budget.

當然，謝謝，尼爾。是的，所以我們最終的預算約為 29 億南非蘭特，考慮到匯率，這意味著我們的預算比實際高出約 2％。

Thanks. But then there's a further question, so the text we've dealt with. So Herbert Karibe is asking, how should we think about the grades at Ergo? Is this a step change or an anomaly? And do we revert to what we've seen in the past two years?

謝謝。但還有一個問題，所以我們已經處理了文字。因此 Herbert Karibe 問道，我們該如何看待 Ergo 的成績？這是一個重大變化還是一個異常現象？我們是否會回到過去兩年的情況？

Herbert's definitely a step change. The profile for Ergo changes. In fact, I would encourage you to see if you could find the presentation that I did late last year on what the changes, have been, at Ergo in particular and what we are. Are targeting for financial 2028. If it's not there, then I'll find it and I'll try to get it to you. But essentially what you're looking at Ergo is a higher volume profile, but a lower grade. So, the grades that you saw last year, those were clean upgrades.

赫伯特確實發生了重大變化。Ergo 的個人資料發生了變化。事實上，我鼓勵你看看是否能找到我去年年底做的演示文稿，其中介紹了 Ergo 發生了哪些變化以及我們是什麼。目標是實現 2028 年的財務目標。如果它不在那裡，那麼我會找到它並嘗試把它給你。但本質上，您所看到的 Ergo 是更高的體積分佈，但等級較低。所以，去年看到的成績是乾淨的升級。

They managed to get us to a point where we had respectable numbers, but below what we wanted to produce because we weren't into the new sites because of the, because of waiting for licenses to be processed and issued. But now we are there and the profile going forward would be pretty much along the line of what you're seeing now. The grades are going to be low, the volumes are going to be higher, and the whole idea is to manage economies of scale. So lower cost per ton or a positive downward trend in terms of cost per ton, to offset the slightly lower yields, the roughly 0.04 Gram per ton lower yield that we that we're seeing coming out of the lower grades.

他們設法讓我們達到了可觀的數字，但低於我們想要的產量，因為我們沒有進入新的站點，因為在等待許可證的辦理和發放。但現在我們已經到了那裡，未來的概況將與您現在看到的大致相同。等級會降低，數量會更高，整個想法就是實現規模經濟。因此，每噸成本較低或每噸成本呈現積極下降趨勢，以抵消略低的產量，我們看到低等級的產量每噸降低了約 0.04 克。

So Martin Kramer is asking when's wheeling of electricity to far where is Gold likely to begin? Now we know that's when the transfer of the account itself is going to take place. Ja, I don't know if you've got a better idea as to more detailed idea as to when you think that that account would have been transferred, and when far West would actually also have the benefit of those units that have been put into the grid.

因此，馬丁·克萊默問道，當電力輸送到遙遠的地方時，黃金可能會從哪裡開始？現在我們知道帳戶轉移將在何時進行。是的，我不知道您是否有更好的想法，更詳細的想法，即您認為該帳戶何時會被轉移，以及遠西地區何時實際上也能從已投入電網的那些單位中受益。

Thanks Neil. So exactly when that happens, Martin, I'm not 100% sure. We're in the process, it's like Neil mentioned previously, it's a reconciliation of, firstly of accounts and then secondly also a transfer of the accounts from Sibanye to ourselves. The wheeling is happening, so we're metering all of that. And then it will be, an offsetting of the account at a later stage as soon as that has happened. So, we do anticipate that to happen during this quarter, however.

謝謝尼爾。那麼馬丁，具體什麼時候會發生這種情況，我不能 100% 確定。我們正在進行這一過程，就像 Neil 之前提到的那樣，首先是帳戶核對，其次是將帳戶從 Sibanye 轉移到我們自己。車輪轉動正在進行，因此，我們對這一切都進行計量。一旦發生這種情況，就會在稍後階段抵銷帳戶。因此，我們確實預計這將在本季發生。

Alright, so then the last question that I have is on zama zamas.

好的，那麼我的最後一個問題是關於 zama zamas 的。

And the impact that legal minds having. So the question is, are there any zama zamas operating on areas linked to DRD and what are the implications? So firstly, in terms of the resource that we're mining, we we're not in competition with Saama so they do primary mining, so they go into virgin reef, and they hack it out in some way or another, they put it through a mill. And they dissolve it in mercury. Our rates are just much too low. So we have in the region of 0.3 of a gram of gold per ton, and the methodologies that they use is just not conducive to that.

以及法律思想所產生的影響。所以問題是，在與 DRD 相關的區域是否有任何 zama zamas 在運行，以及其影響是什麼？首先，就我們開採的資源而言，我們並不與薩馬競爭，所以他們進行初級開採，他們進入原始礁，以某種方式將其開採出來，然後將其送入磨坊。然後他們將其溶解在汞中。我們的利率實在太低了。因此，我們每噸黃金的含量約為 0.3 克，而他們所採用的方法並不利於實現這一目標。

There are certain areas where maybe over time there may have been some spillages or some maybe some carbon spillages, etc. But those are very localized and those don't really come in conflict with our operations. Having said that, They do operate in areas where we have infrastructure here and there. They do operate so little outcrops or some of these other areas that they may find attractive. So we do need to be aware of them. They also the holdings that they're opening up. Remember our footprint extends from crown in the west or Central ran all the way to Springs in the east. So and this this is along the reef.

在某些特定區域，隨著時間的推移，可能會出現一些洩漏或碳洩漏等。話雖如此，他們確實在我們有基礎設施的地區開展業務。他們確實在很少的露頭或其他一些他們可能認為有吸引力的地區進行作業。所以我們確實需要意識到它們。他們也持有正在開放的資產。請記住，我們的足跡從西邊的皇冠或中部一直延伸到東邊的泉。這是沿著珊瑚礁的。

This is along the reef. And these are the areas where they do operate. So we need to be mindful of them in terms of the safety of our staff and also our property. So it's an ongoing topic. Same applies to far west coal operations obviously, they do use shafts to gain access into underground workings, so we need to be mindful of that as well. But as long as the those who engage in this activity as long as they are not Removed out of the system, and for longer periods of time. And we do think that that is starting to happen where if you get arrested today for stealing gold out of an underground mine.

這是沿著珊瑚礁的。這些就是他們確實開展業務的地區。因此，我們需要注意員工和財產的安全。所以這是一個持續的話題。顯然，同樣的情況也適用於遠西部煤炭作業，他們確實使用豎井進入地下作業，因此我們也需要注意這一點。但只要從事此項活動的人，只要他們沒有被逐出體制，而且時間較長。我們確實認為，如果你今天因從地下礦中偷竊黃金而被捕，這種情況就會開始發生。

And instead of simply just getting deported and finding your way back into this area, if that cycle is not broken, firstly, and if those who perpetrate these crimes are not taken out of the system for longer periods of time, 3 months, 6 months, 9 months, 12 months. And incarcerated before deportation, and if more severe penalties or consequences do not flow from again sort of entering the country after having been deported after having perhaps served a short sentence for a first offense, then it's going to be hard to really break the cycle. That's the one thing and as I say, I think the signs are positive that government is taking this on.

而不是簡單地被驅逐出境然後再回到這個地區，如果這個循環不被打破，首先，如果那些犯下這些罪行的人沒有被長期驅逐出境，3 個月、6 個月、9 個月、12 個月。在被驅逐出境之前先被監禁，如果在因初犯服刑並被驅逐出境後再次入境，不會受到更嚴厲的懲罰或後果，那麼要真正打破這種循環將會很困難。這是唯一的事情，正如我所說，我認為有積極的跡象表明政府正在著手解決這個問題。

And secondly, if that network is not broken, the head of the snake is not chopped off. Then we're always going to have to have to deal with this issue, which is closely also associated, I believe, with the destruction of public property and cable theft and so forth and so forth. But these syndicates need to be, eliminated and those in charge need to be locked up, and those who sort of feed the system also need to be dealt with in a different way. But in terms of direct impact in our operations directly competing with it, that is fortunately something that we spared. Because of the nature of our body.

其次，這個網不破，蛇頭就沒被砍掉。那麼我們將不得不一直處理這個問題，我相信這個問題與破壞公共財產、電纜盜竊等問題密切相關。但這些集團必須被剷除，那些掌權者必須被關起來，而那些為該系統提供資金的人也需要以不同的方式處理。但就其對我們直接競爭的業務造成的直接影響而言，幸運的是我們避免了這種情況。因為我們身體的本質。

And I think that is it. Those are all the questions. Ladies and gentlemen, thank you very much for attending this presentation. We hope that we've answered your questions to your satisfaction and that we also provided you with the details that you require to inform your investment decisions. We can assure you going forward, we'll remain focused not to disappoint and to and to optimize this all body for the benefit of our shareholders and our stakeholders as a whole.

我認為就是這樣。這些就是全部的問題了。女士們、先生們，非常感謝你們參加本次演講。我們希望我們能夠讓您滿意地回答您的問題，並為您提供做出投資決策所需的詳細資訊。我們可以向你們保證，未來我們將繼續專注於不讓人失望，並優化整個體系，以造福我們的股東和全體利害關係人。

Thank you very much for attending.

非常感謝您的參加。