DRDGOLD Ltd (DRD) 2025 Q4 法說會逐字稿

Come and listen to the presentation of results for the year ended June 30, 2025. You'll see that there are four places for my colleagues. So the format today is a little different. So as usual, myself and Riaan will be talking to the operations strategy and finance. But today will also be the day where we will be introducing Henriette Hooijer, who's our CFO designate, and she'll do a part of the presentation as well.

來聽聽截至2025年6月30日的年度業績介紹。您會看到，我的同事有四個位置。所以今天的格式有點不同。因此，像往常一樣，我和 Riaan 將討論營運策略和財務問題。但今天我們也會介紹我們的候任財務長 Henriette Hooijer，她也將參與部分演講。

And then you've heard us talk about Vision 28 and where DRD is in terms of its own story, its own journey. So Ergo, which was recommissioned in 2008, had a planned life of roughly 12 years or an approximate life of 12 years. And as we went on, we added further years to that as we accumulated additional resources. And then at one point, it became apparent that Ergo wasn't going to close down. But in order for it to extend its life, certain things had to happen. And part of the Vision 28 initiative involves various projects that are designed to extend that life of mine. So Ergo is currently in an interim phase.

然後您聽到我們談論了 Vision 28 以及 DRD 自己的故事和旅程。因此，2008 年重新投入使用的 Ergo 號的計畫壽命約為 12 年，或說大約壽命為 12 年。隨著我們不斷前進，我們累積了更多資源，並將這段時間延長了數年。然後，有一點變得明顯，那就是 Ergo 不會倒閉。但為了延長它的壽命，必須發生某些事情。Vision 28 計劃的一部分涉及旨在延長礦井壽命的各種專案。因此 Ergo 目前處於過渡階段。

And Jacobus Schoeman, our Chief Operating Officer, he will tell you more about what's being done to give effect to that ambition to extend Ergo's life of mine. Far West Gold, when we acquired it from Sibanye in 2018, I think we've spoken about Phase 1 and Phase 2 on a number of occasions. And what's happening at Far West Gold operations at this stage is the implementation, the work necessary to give effect to Far West Gold Phase 2.

我們的營運長 Jacobus Schoeman 將向您詳細介紹我們為實現延長 Ergo 使用壽命的宏偉目標所做的努力。當我們在 2018 年從 Sibanye 收購 Far West Gold 時，我想我們已經多次談論第一階段和第二階段。目前，Far West Gold 公司正在進行的實施工作是實現 Far West Gold 第二階段計畫所必需的。

So there's a very specific part of this presentation that Jaco will talk to under the Vision 28, and he will explain to you what it is that we've been doing and what it is that we still need to do in order to give effect to the Vision 28 objective of 3 million tonnes a month and 200,000 ounces, 6 tonnes of gold per annum.

因此，Jaco 將在本次演講中就「28 願景」進行非常具體的闡述，他將向大家解釋我們一直在做什麼，以及我們還需要做什麼才能實現「28 願景」的目標，即每月 300 萬噸和每年 20 萬盎司（6 噸）黃金。

The disclaimer, you've seen a number of times, it hasn't changed. So please just take cognizance of the fact that there may be some forward-looking statements in this presentation. So my involvement today is going to be limited. I'm going to take you through some of the key performance indicators for the year. And I'm really going to start off by reflecting briefly on or pointing out what's happened in terms of tonnage throughput, this one over there.

您已多次看到該免責聲明，它並未改變。因此請注意本簡報中可能包含一些前瞻性陳述。所以我今天的參與將會很有限。我將向您介紹今年的一些關鍵績效指標。首先，我想簡單回顧一下或指出一下這邊的噸位吞吐量方面發生的情況。

You'll recall that in 2024 financial year, we spoke about some of the challenges that we faced in order to achieve volume throughput as a consequence of certain delays. And after having secured the licenses necessary to start opening up newer sites, we were finally back on track and the company is back at 25 million tonnes per annum.

您會記得，在 2024 財年，我們談到了由於某些延誤而導致的實現批量吞吐量所面臨的一些挑戰。在獲得開放新礦場所需的許可證後，我們終於回到了正軌，公司的年產量也恢復了 2500 萬噸。

And this is pretty much what it will look like for the foreseeable future until the Vision 28 starts taking effect, and we'll start incrementally rolling that out. You'll also see that the average yield has been marginally down. And that is a consequence of the nature of the ore body that we're mining now or the resources that we're mining now.

在可預見的未來，直到第 28 號願景開始生效之前，情況基本上都是這樣的，我們將開始逐步推出這個願景。您還會發現平均收益率略有下降。這是我們現在正在開採的礦體或資源的性質所導致的結果。

Towards the end of 2024, most of what we were mining, and you'll see that in the operational summary as well, most of what we were mining was either resources or reclamation sites in the late phase, in the final stages or cleanup sites. And typically, what you will find, and I'll spend a little bit more time on that, is that in the early days of reclamation, grades are typically a little bit lower than average and towards the latter phase, it's typically higher.

到 2024 年底，我們開採的大部分資源，你們也會在營運摘要中看到，我們開採的大部分資源要不是後期、最後階段的複墾場地，就是清理場地。通常，你會發現，我會花更多的時間在這一點上，在復墾的早期，成績通常略低於平均水平，而在後期，成績通常會更高。

And there, we were at a point where a lot of the old core sites were being mined out, the final cleanup for many of those sites. So the grade makeup, the head grade makeup now compared to then is actually quite a lot different. There's a lot of new sites that have been commissioned in the last year, 1.5 years.

當時，我們正處於許多舊的核心遺址被挖掘出來的階段，許多遺址正在接受最後的清理。所以現在的等級妝容，頭部等級妝容與那時相比實際上有很大不同。在過去的一年半里，有許多新站點投入使用。

An important indicator for us, an important parameter, and that's indicative of where it is that we want to be trending over time is that rand per tonne cost. And you'll see that, that has trended down quite nicely. And the way that you plan and design a business like ours is, remember, our resources are basically stockpiled waste. So you can get a fairly good idea of the gold content of your stockpiled waste.

對我們來說，一個重要的指標、一個重要的參數，就是每噸蘭特的成本，它可以顯示我們希望隨時間推移的趨勢。您會發現，這一趨勢已經相當明顯。請記住，像我們這樣的企業規劃和設計的方式是，我們的資源基本上是儲存的廢棄物。這樣您就可以很好地了解所儲存廢物的黃金含量。

And by just doing a simple calculation, you can figure out that in a particular combination, either individually or in a particular combination, what you could generate in terms of revenue per tonne because you apply your extraction factor and that gives you based on whatever your assumption is in terms of gold price, that gives you an indication as to your revenue per tonne. And in designing your business going forward, this number is really important, the rand per tonne.

只需進行簡單的計算，您就可以計算在特定組合中，無論是單獨組合還是特定組合，您可以產生每噸收入，因為您應用了提取係數，並且基於您對黃金價格的假設，這可以為您提供每噸收入的指示。在設計未來的業務時，這個數字非常重要，即每噸蘭特。

Rand per kilo, it's an important indicator of how profitable you are, but that's more of an efficiency measure. It's not really an indicator of what it's taking to put your business together. You need to know what the revenue-generating potential of your ore body is and then design a cost construct that comes in below that based on your assumptions. So that is a number that we always report on and that we keep a very keen eye on.

每公斤蘭特，這是衡量獲利能力的重要指標，但這更多的是一種效率衡量標準。它實際上並不能表明你需要做些什麼來建立你的業務。您需要了解礦體的創收潛力，然後根據您的假設設計低於該潛力的成本結構。因此，我們始終會報告這個數字，並且密切關注它。

And that informs how we design both the throughput model and also the blend of material going forward. Of course, what is a very important milestone for us is the fact that now for the last 18 years, we've been paying dividends, and we were in a position to pay a final dividend this year, and it's double of the -- what the interim was. So I think total dividend is at zero, if I'm not mistaken, for the year and last year, sorry, so that's where the doubling came.

這告訴我們如何設計吞吐量模型以及未來的材料混合。當然，對我們來說一個非常重要的里程碑是，在過去的 18 年裡，我們一直在支付股息，今年我們能夠支付末期股息，而且是中期股息的兩倍。所以我認為，如果我沒有記錯的話，今年和去年的總股息為零，抱歉，所以股息翻倍了。

So the synergy of the dividend was the ZAR0.20 dividends, and we managed to double that now. So the final dividend is ZAR0.40, which we hope is an indication of what the Board and management believe what the status, the condition, let's call it, the blood pressure of the business is relative to our near and medium-term commitments and also what we believe we can expect in terms of cash flows based on our current assumptions.

因此，股息的協同效應是 0.20 南非蘭特的股息，現在我們成功將其翻了一番。因此，最終股息為 0.40 南非蘭特，我們希望這能夠表明董事會和管理層對現狀、條件的看法，我們稱之為業務血壓相對於我們的近期和中期承諾，以及我們認為根據我們目前的假設我們可以預期的現金流。

So revenue nicely up 26%, operating profit up 69%. The main actor this year, the two main actors this year, obviously, were the gold price, which is significantly higher, much higher than I ever thought it would be when I joined this company in 2003 and the fact that we managed to bring back a measure of predictability of stable state, albeit in this interim phase before we start hitting the profiles that we envisage for the Vision 2028 project.

因此收入大幅成長 26%，營業利潤成長 69%。今年的主要因素，今年的兩個主要因素，顯然是金價，它的漲幅明顯高於我 2003 年加入這家公司時的預期，而且我們設法恢復了一定程度的穩定狀態的可預測性，儘管這只是在我們開始實現 2028 願景項目所設想的概況之前的過渡階段。

So we did spend a lot of CapEx, ZAR2.5 billion, but gold price assisted us to avoid having to dip into our facility. So we finished the year cash positive. And that, of course, makes the decision with regards to paying a dividend a lot easier. You'll see also a 69% increase in cash operating profit, 69% increase in headline earnings. So from a financial performance perspective, I think we had the benefit of a business that deliberately takes full exposure to the gold price, having been set up in such a way that we could take significant advantage of this very, very significant increase in gold price over the year.

因此，我們確實花費了大量的資本支出，25億南非蘭特，但黃金價格幫助我們避免了動用我們的資金。因此，我們今年的現金流為正。當然，這使得支付股息的決定變得容易得多。您還會看到現金營業利潤增加 69%，整體收益增加 69%。因此，從財務表現的角度來看，我認為我們的業務受益於刻意充分利用黃金價格的優勢，因為我們的設立方式使我們能夠充分利用今年黃金價格的大幅上漲。

Sustainable development, I'm just going to gloss over at this stage because right at the end, there's a slide that gives you an indication as to the 10-year trends over time. But I think you -- those of you that have listened to our presentations over time, you will know that this is a very important part of our business that sustainable development or ESG, which is -- what's been called recently. It's pretty much baked into the DNA of our business, and it is an important part of our value system.

永續發展，我在這個階段只是簡單介紹一下，因為在最後，有一張投影片可以讓你了解未來 10 年的趨勢。但我認為，那些長期聽過我們演講的人會知道，永續發展或 ESG 是我們業務中非常重要的一部分，也就是最近所說的。它已經深深融入我們業務的 DNA 中，並且是我們價值體系的重要組成部分。

So moving on to the next slide, operating performance. So I alluded to what you could see in terms of, firstly, volume throughput, which picked up nicely from the previous year. But there in terms of production, you could see and yield, you could see how these mature sites at significantly lower volumes gave us higher yields. So low volume throughput, but high yield because of the fact that they were sort of in the latter stages. And that's now changed.

接下來我們進入下一張投影片，也就是營運績效。因此，我提到了您所看到的情況，首先，吞吐量比去年有了很大的提高。但就產量而言，你可以看到產量，你可以看到這些成熟的站點在產量明顯較低的情況下如何為我們帶來更高的產量。因此產量較低，但由於處於後期階段，因此產量較高。而現在情況已經改變了。

This is a much more accurate indicator of what you can expect from Ergo over the next few years and going into the future. That number is slightly conservative because of the impact of the rains in the third quarter. So that was a tough quarter for us because many of our sites were inaccessible. So the volume profile was even lower than the throttle profile that we're maintaining now. But the numbers in the third -- in the fourth quarter, the final quarter is a good indicator of what could expect from Ergo going forward. So the Ergo 2 is not Ergo 1. Ergo 1 was our flagship, 2.1 million tonnes per month. It was accessing some really high-quality sites.

這是一個更準確的指標，可以預測未來幾年及未來 Ergo 的發展前景。由於第三季降雨的影響，這個數字略顯保守。所以那對我們來說是一個艱難的季度，因為我們的許多網站都無法訪問。因此，音量曲線甚至比我們現在維持的油門曲線還要低。但第三季、第四季以及最後一季的數據可以很好地預示 Ergo 未來的發展前景。因此 Ergo 2 不是 Ergo 1。Ergo 1 是我們的旗艦產品，每月產量為 210 萬噸。它正在訪問一些真正高品質的網站。

Ergo 2 is going to look different. Jaco will explain to you what that volume profile is going to look like, what that grade profile is going to look like. It is not going to be running at the same margins, but it's the sort of asset which considering where it is, considering what we have in terms of human capital and infrastructure, you're just not going to leave it behind because in this sort of gold price environment and one which is quite a bit lower than what we're currently experiencing, it is definitely the sort of business that you want to hold on to and that you want to continue to take advantage of that you want to exploit.

Ergo 2 將會看起來有所不同。Jaco 將向您解釋體積概況將會是什麼樣子，等級概況將會是什麼樣子。雖然它的利潤率不會相同，但考慮到它的現狀、考慮到我們擁有的人力資本和基礎設施，你不會放棄它，因為在這種金價環境下，而且比我們目前經歷的金價低很多，這絕對是你想要堅持下去、想要繼續利用、想要開發的那種業務。

So Far West Gold, see that's pretty much a flat line. You do see here slightly lower yield and slightly lower production. And that's a function also of how its throughput profile has changed. So Far West Gold started the Number 3 Dam a while back, which is a slightly lower grade dam compared to Number 5 Dam, which was the initial dam. The cleanup at Number 5 Dam is also now starting to basically come to an end.

到目前為止，西部黃金幾乎是一條直線。您確實會看到產量和產量略有下降。這也是其吞吐量概況如何變化的一個函數。不久前，Far West Gold 開始建造 3 號水壩，與最初的 5 號水壩相比，水壩的等級略低。五號壩的清理工作目前也開始基本結束。

So Number 5 Dam is increasingly starting to look like what that site used to look like before mine waste was being deposited onto it. That was the first site mined out, Number 3 Dam is the next site and Vision 28 tells you the story of how that blend is going to -- what is going to look like going forward. The Far West is steady as she goes.

因此，五號大壩越來越看起來像礦山廢料被堆放到那裡之前的樣子。這是第一個被開採的場地，3 號壩是下一個場地，而 Vision 28 向您講述了這種混合將會如何發展——未來將會是什麼樣子。遠西號一路平穩前進。

All right. So in terms of group operating trends, you can see that we're sort of marginally below the 5 tonnes, about 180 kilos lower than where we ended up last year. And that's because the mix has basically changed. And as I said earlier, this is pretty much what you can expect for this interim phase until we go back to 3 million tonnes a month and that targeted 200,000 ounces of gold going forward into the future.

好的。因此，就集團營運趨勢而言，您可以看到我們略低於 5 噸，比去年的水平低約 180 公斤。這是因為混合物已經基本改變。正如我之前所說，這基本上就是你們在這個過渡階段可以預期的情況，直到我們回到每月 300 萬噸的產量，並在未來實現 20 萬盎司黃金的目標。

I think at this stage, I'm going to hand over to Riaan, who will do the introduction for Henriette, and then she will take us through some of the financial performance numbers for the year.

我想在這個階段，我將把時間交給 Riaan，她將為 Henriette 做介紹，然後她將向我們介紹今年的一些財務業績數據。

Thank you very much, Niel. Good day, everyone. As it has been for the previous 10 presentations, it is again my privilege today to take you through the DRDGOLD year-end numbers. Personally, it has always been more about the story behind the numbers and that fascinates and still -- fascinated and still fascinates me, the idea of social and environmental impact delivered at the same time as financial impact.

非常感謝，尼爾。大家好。就像之前的 10 次演講一樣，今天我再次榮幸地向大家介紹 DRDGOLD 年終數據。就我個人而言，數字背後的故事一直讓我著迷，而且，在產生財務影響的同時，社會和環境影響的想法仍然讓我著迷。

Firstly, as I always do, I'd like to thank every person working at and with DRDGOLD, relentlessly pursuing our purpose of rolling back the environmental legacy of mining, adding to quality of life; resiliently through rain and sunshine, winter and summer, 24 hours a day, 365 days a year. I honor you, and I thank you.

首先，一如既往，我要感謝在 DRDGOLD 工作和與 DRDGOLD 合作的每一個人，他們堅持不懈地追求我們的目標，即減少採礦對環境的影響，提高生活品質；無論晴天雨天，無論冬夏，一年 365 天，每天 24 小時，我們都能堅韌地度過。我尊敬您，並感謝您。

And then please allow me to specifically mention the broader finance team that I work with. Well, what a privilege and what an amazing team and definitely one of the highlights of my life. To all of you, thank you very much. It is very special reflecting on our 130-year history and to announce record results, as Niel has mentioned a couple, even more so.

然後請容許我特別提及與我合作的更廣泛的財務團隊。嗯，這真是一種榮幸，這是一個多麼出色的團隊，絕對是我一生中的亮點之一。非常感謝你們所有人。回顧我們 130 年的歷史並宣布創紀錄的成果是非常特別的，正如尼爾所提到的那樣，甚至更多。

But before I get to the slightly shorter presentation today for me of the details of the results, I would please like to introduce Henriette Hooijer, our Chief Financial Officer designate. I've known and worked with Henriette for almost 20 years. So from personal experience, I can assure you DRD is in very good hands. I love the idea of someone with unique personality, unique skill set but at the same time, with a deep knowledge of DRD, bringing fresh energy and her own perspective to the CFO role.

但在今天就結果細節進行簡短介紹之前，我想先介紹一下我們的候任財務長 Henriette Hooijer。我認識 Henriette 並且和她共事已經將近 20 年了。因此，從個人經驗來看，我可以向你保證，DRD 會得到很好的照顧。我喜歡這樣的人：既有獨特的個性、獨特的技能，同時又對 DRD 有深入的了解，能為 CFO 角色注入新的活力和獨特的視角。

You'll recall that after spending time in the corporate reporting space at DRD from 2016, Henriette was instrumental with Kevin Kruger to get Far West Gold Recoveries going for us in 2018 and what a successful operation that has been for DRD and still is.

您會記得，在 2016 年於 DRD 的公司報告領域工作之後，Henriette 與 Kevin Kruger 一起在 2018 年幫助 DRD 啟動了 Far West Gold Recoveries 項目，這對於 DRD 來說是一項多麼成功的業務，現在依然如此。

Further, Henriette has deep operational knowledge across both Far West and Ergo and is also very close to our projects, which, as you know, is very, very important for us over the short to medium term. I know Henriette will continue to play a significant role at DRDGOLD also as the Chief Financial Officer. So I will now kindly ask Henriette, as Niel alluded to, to please present the operational finance slides that follow. And then she'll obviously join us for questions afterwards as well.

此外，Henriette 對 Far West 和 Ergo 都有著深厚的營運知識，並且非常了解我們的項目，正如您所知，這對我們短期到中期來說非常非常重要。我知道亨麗埃特將繼續在 DRDGOLD 發揮重要作用，同時擔任財務長。因此，正如尼爾所提到的那樣，我現在請亨麗埃特 (Henriette) 展示接下來的營運財務幻燈片。然後她顯然也會加入我們並回答問題。

Please, Henri. Thank you.

請吧，亨利。謝謝。

Good morning, everybody. Thank you, Riaan, for that kind words. Yes, I've got the privilege today to take you through the financial performance of Ergo and Far West. As Niel already mentioned, Ergo had a tough quarter, a tough third quarter, and they did exceptionally well actually to pull back in that fourth quarter.

大家早安。謝謝你，Riaan，謝謝你的善意言辭。是的，今天我很榮幸能帶大家了解 Ergo 和 Far West 的財務表現。正如尼爾已經提到的，Ergo 經歷了一個艱難的季度，一個艱難的第三季度，但他們在第四季度表現非常出色，最終實現了逆轉。

So if you look at the revenue trend, obviously, the star performer is the gold price with a 31% increase in the gold price from about ZAR1,250,000 per kilogram last year to ZAR1,630,000 per kilogram in the current financial year. Ending Ergo's -- no, in the last six months of just under ZAR3 billion. Cash operating costs on the Ergo side did exceptionally well.

因此，如果你看一下收入趨勢，顯然表現最出色的是黃金價格，黃金價格上漲了 31%，從去年的每公斤約 1,250,000 南非蘭特上漲至本財年的每公斤 1,630,000 南非蘭特。結束 Ergo 的——不，在過去六個月中，損失略低於 30 億南非蘭特。Ergo 的現金營運成本表現非常出色。

So we only had a 4% increase in cash operating costs year-on-year. And that is solely with regards to this Ergo 2.0. So going into less sites, less expensive sites, cleanup sites and then also showing the solar performance in that last six months. So maybe something to mention, Ergo specifically had a 14% decrease year-on-year on the rand per tonne figure. So from ZAR222 per tonne last year to ZAR190 a tonne in the current financial year.

因此，我們的現金營運成本比去年同期僅增加了4％。這僅僅是關於Ergo 2.0的。因此，我們將進入更少的站點、更便宜的站點、清潔站點，並展示過去六個月的太陽能性能。因此也許值得一提的是，Ergo 的每噸蘭特價格年減了 14%。因此，從去年的每噸 222 南非蘭特下降到本財年的每噸 190 南非蘭特。

Then on the operating profit, also a very nice trend upwards and last year, ending up just approximately ZAR1 billion operating profit this year, approximately ZAR2 billion profit. Okay. On the Far West side, as Niel mentioned, stable operation, slightly in a different phase. So Far West is in this growth phase, setting up for the Phase 2 operation. So cost profile also slightly different.

然後就營業利潤而言，也呈現出非常好的上升趨勢，去年的營業利潤約為 10 億南非蘭特，今年的利潤約為 20 億南非蘭特。好的。在遠西區，正如尼爾所提到的，運行穩定，只是處於略微不同的階段。So Far West 正處於成長階段，為第二階段的營運做準備。因此成本狀況也略有不同。

Only two reclamation sites, so -- and the one in a cleanup phase, so Driefontein 5 in a cleanup phase. Revenue, nice trend upwards, also star performance, the gold price, obviously. And you can see that last six months not having the significant jump because of that Driefontein 3 midgrade that actually declined quite significantly in the last six months.

只有兩個填海場地，其中一個處於清理階段，因此 Driefontein 5 處於清理階段。收入呈現良好的上升趨勢，而且表現優異，金價也明顯上漲。您可以看到，在過去六個月中，Driefontein 3 中級礦井的產量並沒有顯著的增長，因為在過去六個月中，Driefontein 3 中級礦井的產量實際上大幅下降。

Cash operating costs, stable performance, although they had 8% year-on-year increase, again, just because of where Far West is in the operating up in labor resources, getting ready for this growth phase. Maybe something too specifically note on the Far West side, though, rand per kilogram still under ZAR500,000 per kilogram, which is quite an achievement. Operating profit, also nice upwards curve last year at about ZAR1.1 billion and ending at ZAR1.5 billion for the current financial year.

現金營運成本，表現穩定，儘管同比增長了 8%，但這僅僅是因為 Far West 正在增加勞動力資源，為這一增長階段做好準備。也許遠西地區的情況太特別了，不過，每公斤蘭特的價格仍然低於 50 萬南非蘭特，這是一個相當大的成就。營業利潤也呈現良好的上升趨勢，去年約 11 億南非蘭特，本財年為 15 億南非蘭特。

Thank you. Riaan will now take us through the group financial trends.

謝謝。Riaan 現在將向我們介紹集團的財務趨勢。

Thank you very much, Henriette. Love talking to these trends, as you can imagine. But again, all the hard work now done by Niel and Henriette, so operating margin, clearly up significantly with the increase in gold price plus containment of costs. So last year, as a whole, we're looking at 33.4%, now up to 44.7%, so a wonderful operating margin. Then all-in sustaining costs, as you know, that's not a huge focus for us at the moment. It's all around the growth CapEx, that is up 24.3% last year, up to almost 39%, very, very healthy.

非常感謝，亨麗埃特。正如您所想像的，我喜歡談論這些趨勢。但是，由於 Niel 和 Henriette 所做的所有努力，營業利潤率隨著金價上漲和成本控製而明顯大幅上升。去年，整體而言，我們的營業利潤率為 33.4%，現在上升至 44.7%，這是一個非常好的營業利潤率。那麼，總維持成本，如你所知，這不是我們目前的重點。一切都圍繞著資本支出的成長，去年成長了 24.3%，目前已接近 39%，非常非常健康。

On free cash flow, as you know, that's always an important measure for us. I've mentioned to a couple of people, I can assure you, August last year when we did our budgets and forecast for the year, we didn't imagine that position, but it's a very, very healthy position. So free cash flow generated more than ZAR1.2 billion. And obviously, we'll elaborate on that in the cash flow statement.

如您所知，自由現金流對我們來說始終是一項重要指標。我曾向幾個人提到過，我可以向你們保證，去年 8 月，當我們制定年度預算和預測時，我們沒有想到會出現這樣的局面，但這是一個非常非常健康的局面。因此自由現金流產生了超過12億南非蘭特。顯然，我們會在現金流量表中詳細說明這一點。

Headline earnings per share, Niel alluded to that, up 69% period-on-period, which is significant, and we're very proud of that achievement. Then going through the three primary statements that I want to talk to. Firstly, the statement of profit and loss. As Niel mentioned, revenue up 26%, so gold price up 31%, gold sold slightly down 3% period-on-period. So just under ZAR8 billion of revenue, which is a record for us.

尼爾提到，每股收益年增 69%，這是一個顯著的成績，我們為這項成就感到非常自豪。然後介紹我想談的三個主要陳述。第一，損益表。正如尼爾所提到的，收入增長了 26%，因此金價上漲了 31%，黃金銷量環比小幅下降了 3%。因此收入略低於 80 億南非蘭特，這對我們來說是一個記錄。

Cost of sales, stable as we talked about, which we're really proud of because that's the number that we manage from a rand per tonne basis for both operations, only up 7% period-on-period. And then that effect, as you know, if you can increase revenue and keep costs stable, that has a 73% increase in gross profit from operating activities at ZAR3.1 billion.

銷售成本，正如我們所說的那樣保持穩定，我們對此感到非常自豪，因為這是我們以每噸蘭特為基礎管理的兩項業務的數字，環比僅上漲 7%。那麼，如你所知，如果你能增加收入並保持成本穩定，那麼營業活動毛利將增加 73%，達到 31 億南非蘭特。

Administration expenses and other costs, up 7%, not unhappy about that at all as well. Finance income, again, yes, lower than last year as predicted, but we didn't forecast again that number. We still had some cash balances during the year. We actually forecasted some finance costs, cash finance costs. So still a healthy number. And then finance expense, as you've gotten used to the majority of that, the unwinding of our rehabilitation liability period-on-period. So mostly non-cash, as you would see in the cash flow statement.

管理費用和其他成本上漲了 7%，對此我一點也不感到不高興。財務收入，是的，再次低於去年的預期，但我們沒有再次預測到這個數字。我們今年仍有一些現金餘額。我們實際上預測了一些財務成本、現金財務成本。所以這仍然是一個健康的數字。然後是財務費用，正如您已經習慣的大部分那樣，我們的修復責任會逐期解除。因此大部分都是非現金，正如您在現金流量表中看到的那樣。

And then profit before tax, well over ZAR3 billion, again, a record for us, which we're very, very proud of. Then everyone's favorite topic or maybe not is income tax or in this case, more deferred tax for us. And again, I'll point out to the -- in the cash flow statement, so all of that move, and it's quite a large number relates to deferred tax. So -- and as you know, our tax setup has to do with we can accelerate capital allowances against any mining income that we generate.

稅前利潤遠超過 30 億南非蘭特，這又創下了新高，我們對此感到非常非常自豪。那麼每個人最喜歡的話題或可能不是所得稅，或者在這種情況下，對我們來說是更多的遞延稅。再次，我要指出的是——在現金流量表中，所有這些都在變動，而且相當大的數字與遞延稅有關。所以 — — 如您所知，我們的稅收制度與我們可以加速針對我們產生的任何採礦收入的資本津貼有關。

And then as you know, obviously, we've planned the solar project over many years. But what government has done is provide an additional incentive that we can claim 125% of our CapEx spend. And again, those are the kind of initiatives that I hope government for the mining industry and wider keep on doing because that was not the reason we invested but clearly, that's the final cherry on the cake for us to also get a tax benefit. And you'll see on the balance sheet, deferred tax now is our largest single liability, and I'll just briefly talk to that for those that follow that number.

如你所知，顯然我們已經規劃太陽能專案很多年了。但政府所做的是提供額外的激勵，我們可以申請 125% 的資本支出。我希望政府能夠繼續為採礦業和更廣泛的行業採取此類舉措，因為這不是我們投資的原因，但顯然，這是我們獲得稅收優惠的最後一道錦上添花的。您會在資產負債表上看到，遞延稅項現在是我們最大的單項負債，對於那些關注這個數字的人，我將簡要地談一談這一點。

And then profit for the period at ZAR2.2 billion. And statement of financial position. So property, plant and equipment, which we hopefully continue to see that trend up 25% year-on-year as we continue to invest in line with Vision 2028. Noncurrent investments and other assets, to mention specifically they re rehab funds now for the first time over ZAR1 billion that we manage, and that's an amazing position to be in.

本期獲利為 22 億南非蘭特。以及財務狀況表。因此，隨著我們繼續按照「2028 願景」進行投資，我們希望看到房地產、廠房和設備繼續保持同比增長 25% 的趨勢。非流動投資和其他資產，特別要提到的是，我們現在管理的康復基金首次超過 10 億南非蘭特，這是一個令人驚嘆的地位。

Other investments there, Rand Refinery and others, making up just under ZAR1.4 billion. Small deferred tax asset. Cash and cash equivalents, the ZAR1.3 billion, which we'll analyze on my favorite still primary financial statement, the cash flow statement in a while. Other current assets stable. Equity, as you know, is simplistically profits, less dividends plus other smaller changes directly through equity.

其他投資包括蘭特煉油廠等，總額略低於 14 億南非蘭特。遞延稅務資產較小。現金和現金等價物為 13 億南非蘭特，稍後我們將根據我最喜歡的主要財務報表即現金流量表進行分析。其他流動資產穩定。如您所知，股權簡單來說就是利潤減去股息加上直接透過股權實現的其他較小變化。

So I want to pause on provision for environmental rehabilitation. So Jaco will touch on this later in slightly more detail. Remember, a big theme of our results this year is our change in reserves, change in life of mine, responding to where Daggafontein previously was classified as a reserve and in our life, so for us to reclaim that site, now is considered the Tailings Deposition Facility.

因此我想暫停環境修復的準備工作。因此 Jaco 稍後會更詳細地討論這一點。請記住，我們今年業績的一大主題是儲量的變化、礦山壽命的變化，響應達加方丹以前被歸類為儲量和我們的壽命，因此對於我們來說，收回該地點現在被視為尾礦沉積設施。

What was really exciting about that is through further work and drilling done on the Crown Tailings Complex, we were able to classify that as a mineral reserve. So as you know, that is a very exciting prospect for us from a tonnage point of view, but also just of where it is. You know in our booklet, and I always encourage you to go and read that, we prepare that with great care. As you know, the City of Joburg refers to that as the corridor freedom, sort of the artificial barrier between Soweto and the rest of Joburg. So just the prospect for us to now plan to mine that in the future is very exciting.

真正令人興奮的是，透過對 Crown Tailings Complex 進行進一步的工作和鑽探，我們能夠將其歸類為礦產儲備。所以，正如您所知，從噸位的角度來看，這對我們來說是一個非常令人興奮的前景，而且只是從它的位置來看。您知道在我們的小冊子中，我總是鼓勵您去閱讀它，我們非常仔細地準備了它。如您所知，約翰尼斯堡市將其稱為自由走廊，是索韋托和約翰內斯堡其他地區之間的人為屏障。因此，我們現在計劃在未來開採該礦的前景非常令人興奮。

We own that land. So mentioned to this morning, obviously, if you're long-term strategist on property, that is something in the future that will excite I know any property development. So it's an exciting change. While I mentioned in rehab liability, you can imagine that our life of mine obviously influences how we estimate our rehab liability. So previously, we said we couldn't remine Crown economically. And we spent millions of rands over more than a decade to actually grasp that facility, and you would have seen it in our dust numbers over the years decreasing.

我們擁有那片土地。所以今天早上提到的，顯然，如果你是房地產的長期戰略家，這就是未來會令人興奮的事情，我知道任何房地產開發都是如此。這是一個令人興奮的改變。當我提到康復責任時，你可以想像，我的生活顯然影響了我們如何估計康復責任。所以之前我們說過，從經濟角度來說我們無法重新開採 Crown。我們在十多年的時間裡花了數百萬蘭特才真正掌握了這項技術，而你也會從我們多年來灰塵數量的減少中看到這一點。

But now we're saying because our intention is to remine it in the life of mine in our reserves, our estimate changes, so we're not going to vegetate any, we're going to remine it and then it's final red soil cleanup. So our change in estimate then needs a provision for environmental rehabilitation as well. So you'll see a number in the income statement, just under ZAR100 million. So there was a decrease in that liability. And then the accounting says, yes, take it to a related asset, which is Crown, but Crown in our books is at zero. So we have to take that credit to the income statement. But just to note that move.

但現在我們說，因為我們的目的是在礦山開採年限內重新開採我們的儲量，我們的估計發生了變化，所以我們不會種植任何植物，我們將重新開採它，然後進行最後的紅土清理。因此，我們的估算變化也需要為環境修復做好準備。因此，您會在損益表中看到一個數字，略低於 1 億南非蘭特。因此，該負債有所減少。然後會計說，是的，把它帶到相關資產，即皇冠，但我們帳簿上的皇冠為零。所以我們必須將該筆款項計入損益表。但只是要注意這一舉動。

I mentioned our biggest single liability, just under ZAR1.8 billion is deferred tax. So as I mentioned, for those keen followers of that number, what it essentially means is as we use up our accelerated capital allowances, at some point in the future, our asset will still be there, but our tax base will be zero. So we can't claim further deductions and that may be replaced with current tax.

我提到了我們最大的單項負債，略低於 18 億南非蘭特的遞延稅。正如我所提到的，對於那些熱衷於這個數字的人來說，它本質上意味著當我們用完我們的加速資本津貼時，在未來的某個時候，我們的資產仍然存在，但我們的稅基將為零。因此我們不能要求進一步的扣除，這可能會被當前稅收所取代。

And again, a classic model, which I hope government does more and more of. So it incentivizes investment, makes the financing of that slightly cheaper. But then the tax is coming if things work out as we've planned. So that's what that liability says. There's some future liability in the form of tax as we continue to be profitable based on our forecasts.

再次強調，這是一個經典模式，我希望政府能越來越多地效法。因此，它激勵了投資，使融資成本略微降低。但如果事情按照我們計劃進行，稅收就會到來。這就是責任所說的內容。根據我們的預測，我們將繼續獲利，但未來仍會以稅收的形式承擔一些責任。

Current liabilities also stable in comparison to last year. And then yes, current ratio, slightly up because of our increase in the cash balance year-on-year. Okay. The statement of cash flows. A number that I want to point out is what I believe is the essential financial health of most businesses is cash generated from operations. And that number is really beautiful to look at. So almost doubled from last year. So it's a very, very healthy number. As Niel alluded to it, yes, influenced, helped by the gold price, but still we have to produce the gold. We have to run the operations efficiently to be able to generate that cash.

與去年相比，流動負債也維持穩定。是的，由於我們的現金餘額較去年同期成長，流動比率略有上升。好的。現金流量表。我想指出的一個數字是，我認為大多數企業財務健康狀況的關鍵在於營運產生的現金。這個數字看起來確實很漂亮。因此幾乎比去年翻了一番。所以這是一個非常非常健康的數字。正如尼爾所提到的，是的，受到金價的影響和幫助，但我們仍然必須生產黃金。我們必須有效率地運作才能產生現金。

Finance income, slightly more than we planned with cash balances still on hand. Dividends received from Rand Refinery Finance expenses, very small cash-wise, mostly for us to keep that facility going, which from Nedbank, the overall ZAR2 billion facility, which we have still for four years, which again matches our key or core capital timeframe as we allude to Vision 2028.

財務收入略高於我們計劃的，並且手頭上仍有現金餘額。從蘭特煉油廠財務支出中獲得的股息，從現金角度來看非常少，主要用於維持該設施的運轉，這筆資金來自南非萊利銀行，總額為 20 億蘭特的設施，我們仍然擁有四年，這再次符合我們的關鍵或核心資本時間表，正如我們提到的 2028 願景。

Income tax, actually quite the opposite. Niel alluded to that. So some refund from SARS from a previous position. So no current tax paid out of the business. Henriette alluded to that number Niel as well, ZAR2.2 billion, slightly lower that we would have liked and where we guided previously to the market for various reasons, and we'll elaborate a lot on that through what Jaco will present on the projects. Maybe the ZAR3.5 billion that we mentioned in the guidance was slightly ambitious with other projects that weren't banked yet for us that we were hoping to get to, still a very healthy number of CapEx that we spent.

所得稅，實際上恰恰相反。尼爾暗示了這一點。因此，SARS 從之前的職位上獲得了一些退款。因此該企業目前無需繳稅。亨麗埃特 (Henriette) 也提到了尼爾 (Niel) 這個數字，即 22 億南非蘭特，略低於我們所希望的水平，也低於我們之前由於各種原因向市場給出的指導水平，我們將通過 Jaco 在項目中的介紹來詳細闡述這一點。也許我們在指導中提到的 35 億南非蘭特有點過於雄心勃勃，因為我們還希望實現其他尚未入賬的項目，但這仍然是我們花費的非常健康的資本支出數額。

And environmental regulation payments, we always allude to that, I believe that is different from most other mining companies that we continue to clad our Brakpan facility and also Driefontein 4, which reduces our decommissioning liability. It's a number that Niel mentioned in the dividend. So it's the ZAR0.20 final dividend last year and the ZAR0.30 interim dividend that we paid that comes off the cash flow. But then still a healthy net increase of ZAR784 million and a very healthy cash balance at the end of June of ZAR1.3 billion.

我們總是提到環境監管付款，我相信這與大多數其他礦業公司不同，我們繼續涵蓋我們的 Brakpan 設施和 Driefontein 4，這減少了我們的退休責任。這是尼爾在股息中提到的數字。因此，我們支付的去年 0.20 南非蘭特的末期股息和 0.30 南非蘭特的中期股息均來自現金流。但截至 6 月底，南非蘭特的淨增額仍達 7.84 億南非蘭特，現金餘額也非常健康，達 13 億南非蘭特。

Okay, so that's it from the financial side. I'm going to hand over to Jaco Schoeman now, our Chief Operating Officer, to take us through some projects.

好的，從財務方面來說就是這樣。現在我將把時間交給我們的營運長 Jaco Schoeman，來帶領我們完成一些專案。

Good morning, everybody. Thanks for allowing me to present this to you, our Vision 2028. Before I do, I just quickly want to thank the ops team for setting up the business very nicely for us to be able to execute and spend all of that capital. So before I go into the presentation, just what you see on the screen right now, this is the Crown Complex or one of the dams, one of the four making up the cluster on the Crown Complex, a significant resource or reserve now, about 270 million tonnes, and we'll get into the details a little bit later.

大家早安。感謝你們允許我向你們介紹我們的 2028 願景。在此之前，我只想快速感謝營運團隊，他們為我們建立了良好的業務，使我們能夠執行和使用所有資金。在我開始示範之前，請看您現在在螢幕上看到的，這是皇冠綜合體，或者說是其中一個水壩，是皇冠綜合體群的四個水壩之一，現在擁有重要的資源或儲量，約有 2.7 億噸，稍後我們再詳細介紹。

Before we go there, I think a lot has been spoken about the solar and the base. So let me just give you a little bit of an update on this operation. We commissioned it in November of last year. There's -- what you can see on the screen here, that's about a third of the solar plant. It's about 40,000 panels out of 133,000 panels. So it was, as I mentioned, commissioned in November. As we stand here currently, we're achieving 97% to 98% of design capacity, which was important for us, an important number for us. That's also based in the contracts for the operation and maintenance side of things.

在我們去那裡之前，我想已經有很多關於太陽能和基地的討論。那麼，讓我向你們簡單介紹一下這次行動的最新進展。我們於去年 11 月開始委託這項工程。您可以在螢幕上看到的是，這大約是太陽能發電廠的三分之一。總共 133,000 塊面板中約有 40,000 塊。正如我所提到的，它是在 11 月投入使用的。目前，我們已經實現了設計容量的 97% 到 98%，這對我們來說很重要，是一個重要的數字。這也是基於營運和維護方面的合約。

It also allows or provides the power for the entire Ergo operations in terms of reclamation, the plant and deposition capacity during the day as run from PV. But then -- the PV also then charges the batteries. So just to refresh your minds, the PV is 60 megawatts per day and the battery plant is 187-megawatt battery plant. So the batteries we use to do arbitraging, discharging during peak periods in the morning and the afternoon. And for that reason, we get about 12 hours of renewable energy consumption in the operations.

它還允許或提供整個 Ergo 運營的電力，包括白天的回收、工廠和沈積能力，由光伏發電。但隨後——光伏也會對電池充電。為了讓大家提點思路，光電發電量為每天 60 兆瓦，電池廠發電量為 187 兆瓦。因此，我們使用電池進行套利，在早上和下午的高峰時段放電。因此，我們在營運中獲得了大約 12 小時的可再生能源消耗。

It's about ZAR108 million of cost saving up to this point in time, starting of November. Certain sections of this plant were started a lot earlier, but we formally commissioned the entire plant in November, and that's the date that we take it forward from. During this period from the November 1, we have also pushed approximately 42 million kilowatt hours into the grid, which has been offset and wheeled against our other accounts.

截至目前（從 11 月開始），已節省成本約 1.08 億南非蘭特。工廠的某些部分很早就開始動工了，但我們在 11 月正式委託了整個工廠，這就是我們將其提前的日期。從 11 月 1 日開始的這段時間裡，我們還向電網輸送了大約 4,200 萬千瓦時的電量，這些電量與我們的其他帳戶進行了抵消和循環。

Then obviously, the carbon footprint, this reduces our current carbon footprint significantly. And we have applied for the carbon credits, but that's obviously a process that you need to follow and you need to have a certain period of time completed before that will come to fruition. Having spoken about the 42 million kilowatt hours that we've pushed into the grid, we have not received all of those credits from Eskom as yet. That's a process that needs to be followed. And we're in that process, and we don't foresee any issues with that, just a process to be followed.

那麼顯然，碳足跡，這大大減少了我們目前的碳足跡。我們已經申請了碳信用額，但這顯然是一個需要遵循的流程，並且需要一段時間才能取得成果。我們已經向電網輸送了 4,200 萬千瓦時的電力，但目前我們還沒有從 Eskom 獲得所有這些電力。這是一個需要遵循的過程。我們正處於這一過程中，我們預計不會出現任何問題，這只是一個需要遵循的流程。

Then heading into the major capital projects. So we talk about the five -- the big five capital projects, two of them at Ergo and three at Far West. At Ergo, we'll talk about the Daggafontein resumption of deposition capacity there as well as recommissioning of the Withok TSF. And then in conjunction with those two, that enables us to then reclaim the Crown Complex, which, as I've mentioned, 170 million tonnes at 0.23 gram per tonne head grade. That enables us to extend the life of mine of Ergo in excess of 20 years.

然後進入重大資本項目。因此，我們討論五個——五個大型資本項目，其中兩個在 Ergo，三個在 Far West。在 Ergo，我們將討論 Daggafontein 沉積能力的恢復以及 Withok TSF 的重新調試。然後結合這兩者，我們就能回收皇冠綜合體，正如我所提到的，它的礦石量為 1.7 億噸，品位為每噸 0.23 克。這使我們能夠將 Ergo 礦井的使用壽命延長 20 多年。

And therefore, what we also want to do with Far West between Far West and Ergo, Far West will have a much longer life of mine than 20 years. So at least a minimum of 20-year life of mine for both operations. At Far West, we'll quickly go through three projects: expansion on DP2, the construction of the Regional Tailings Storage Facility or RTSF, as you'll hear me refer to that as well, and then the construction of the pipelines linking the Driefontein plant with the RTSF.

因此，我們也希望在 Far West 和 Ergo 之間與 Far West 合作，Far West 的礦井壽命將遠遠超過 20 年。因此，這兩項作業的礦井壽命至少為 20 年。在 Far West，我們將快速完成三個項目：DP2 的擴建、區域尾礦儲存設施或 RTSF 的建設（您也會聽到我提到這一點），然後是連接 Driefontein 工廠和 RTSF 的管道的建設。

Just to orientate you, where are these big five projects situated. So if we look -- if we start at Ergo, this is the Crown Complex, which we referred to just now. Existing infrastructure is in place, but we will have to upgrade some of this infrastructure coming across from Crown to the Elsberg pump station and from there over to the Ergo plant. Once we've treated it at the Ergo plant, it then obviously goes to the deposition site, which is Brakpan deposition site, and this is Withok.

只是為了讓您了解一下，這五大項目位於哪裡。所以如果我們看——如果我們從 Ergo 開始，這就是我們剛才提到的 Crown Complex。現有的基礎設施已經到位，但我們必須升級從 Crown 到 Elsberg 泵站以及從那裡到 Ergo 工廠的部分基礎設施。一旦我們在 Ergo 工廠對其進行了處理，它顯然就會被送到沉積場，即 Brakpan 沉積場，這就是 Withok。

So Withok is right to the south, buttressing on to the southern side of the Brakpan tailings dam. And then from there, we go to the Daggafontein tailings deposition plant, and this is the Marievale cluster. So two major sections being reclaimed or in future, which will be the Marievale cluster and the Crown cluster. And for that, we need the deposition capacities on both Daggafontein and Withok.

因此，Withok 位於正南方向，支撐著 Brakpan 尾礦壩的南側。然後從那裡，我們去達加方丹尾礦沉積廠，這就是 Marievale 集群。因此，未來將有兩個主要區域被開墾，即 Marievale 區和 Crown 區。為此，我們需要 Daggafontein 和 Withok 的沉積能力。

Just as a matter of interest, and Henriette can correct me if I'm wrong here, but Brakpan was started in -- the Brakpan tailings dam was started in about 1984. So that tailings dam is close to 40 years -- 41 years old and it's got approximately 800 million tonnes on top of it. And hence, for us to take this project forward and extend the life of mine of Ergo for another 20 years, we're going to put some additional deposition capacity in place.

只是出於興趣，如果我錯了，亨麗埃特可以糾正我，但布拉克潘尾礦壩始建於——布拉克潘尾礦壩始建於 1984 年左右。這座尾礦壩已有近 40 到 41 年歷史，壩上堆積約 8 億噸尾礦。因此，為了推進這個計畫並將 Ergo 礦的使用壽命再延長 20 年，我們將增加一些沉積能力。

If we move to Far West, the three projects I've referred to, the DP2 plant is currently operating at about 500,000 to 510,000 kilograms tonnes a month. That has a nameplate capacity of 600,000 tonnes. We'll double up on that to take this to 1.2 million tonnes. It's situated there. From there, we will pump it all the way across to the RTSF, which is situated here. And just to orientate you, it's closer to the Rockville town, the town of Rockville. All right. So DP2 upgrade pipelines and RTSF.

如果我們轉到遠西地區，也就是我提到的三個項目，DP2 工廠目前的月產量約為 50 萬至 51 萬公斤噸。其額定產能為 60 萬噸。我們將加倍努力，使產量達到 120 萬噸。它就位於那裡。從那裡，我們將把它一路泵送到位於此處的 RTSF。只是為了讓您了解情況，它更靠近羅克維爾鎮，羅克維爾鎮。好的。因此 DP2 升級管路和 RTSF。

All right. So going back to Ergo and the Daggafontein, as Riaan has mentioned, this was previously in our reserve resource statement. We've taken it out and it's now a deposition site. It's about 11 kilometers from the Ergo plant. We're constructing a dual pipeline, one being for slurry and one being for return water, envisaging to put approximately 120 million tonnes on top of this tailings dam at a deposition rate of 500,000 tonnes per month. That gives us 20-year life of mine on this tailings dam.

好的。回到 Ergo 和 Daggafontein，正如 Riaan 所提到的，這之前已經包含在我們的儲備資源聲明中了。我們已將其拆除，現在它已成為一個存放地點。距離 Ergo 工廠約 11 公里。我們正在建造一條雙管道，一條用於輸送泥漿，一條用於輸送回水，計劃以每月 50 萬噸的沉積速度將約 1.2 億噸泥漿輸送到這個尾礦壩上。這意味著這座尾礦壩的礦場壽命為20年。

What this means is when we take 500,000 tonnes and deposit it onto the Daggafontein tailings dam, we can reduce the amount that we need to put on to the Brakpan tailings dam until such stage as we've got the Withok plant up and running. So there's a dual strategy to coming off of Withok. There's the medium term to -- medium to short-term strategy, which is Daggafontein, longer-term Withok to come into operation and then we come off Brakpan.

這意味著，當我們將 50 萬噸礦石存放到 Daggafontein 尾礦壩時，我們可以減少需要放入 Brakpan 尾礦壩的礦石量，直到 Withok 工廠投入運作為止。因此，擺脫 Withok 有一個雙重策略。我們有中期到中短期策略，即達加方丹 (Daggafontein) 和長期威托克 (Withok) 投入運營，然後我們再撤出布拉克潘 (Brakpan)。

We envisage to complete the construction and start the depositing on to Daggafontein in quarter one of 2027 financial year. All right. And then obviously, that assists us in our long-term strategy. Just to give you an indication of the pipeline route all the way across from Ergo to Daggafontein. And then obviously, we utilize the exact same route to access the Marievale cluster with slurry lines and return water lines.

我們預計將於 2027 財年第一季完成建設並開始向 Daggafontein 存款。好的。顯然，這有助於我們制定長期策略。只是為了給你從埃爾戈 (Ergo) 到達加方丹 (Daggafontein) 的管道路線的指示。顯然，我們利用完全相同的路線通過泥漿管線和回水管線進入 Marievale 集群。

All right. Going on to Withok tailings dam, now Withok, as I've mentioned to you, that is directly south of the Brakpan tailings dam. That's the Brakpan tailings dam itself. And it's designed to hold approximately 310 million tonnes of material with a deposition rate of 1.3 million tonnes per month. So once this is in operation and Daggafontein is in operation, we're back on to the 1.8 million tonne deposition capacity, and it's got more than a 20-year life of mine for this facility.

好的。繼續前往威托克尾礦壩，現在是威托克，正如我向您提到的，它位於布拉克潘尾礦壩的正南方。這就是布拉克潘尾礦壩本身。它的設計容納量約為 3.1 億噸物質，每月沉積率為 130 萬噸。因此，一旦該設施和 Daggafontein 投入運營，我們的沉積能力將恢復到 180 萬噸，而且該設施的礦山使用壽命超過 20 年。

I'm not going to take you through the technical detail, don't get worried. But essentially, it's designed and we're in the authorization process as we speak to get this dam authorized. We do anticipate that it's going to take us approximately three years before we get on to this tailings dam before we start commissioning the tailings dam. All right. So hence, as I've mentioned to you, short to medium-term Daggafontein, alleviating some of the pressure on to the Brakpan tailings dam and then bringing Withok online. And this -- having Withok and Daggafontein will then enable us to bring Marievale and the Crown Complex into operation.

我不會向您介紹技術細節，別擔心。但從本質上講，它已經設計好了，而且我們目前正處於授權程序中，以獲得這座大壩的授權。我們確實預計，我們需要大約三年的時間才能到達這個尾礦壩，然後開始調試尾礦壩。好的。因此，正如我向您提到的那樣，短期到中期，Daggafontein 將減輕 Brakpan 尾礦壩的一些壓力，然後讓 Withok 上線。有了 Withok 和 Daggafontein，我們就能將 Marievale 和 Crown Complex 投入營運。

Moving across to Far West, the DP2 plant. As I've mentioned to you, the DP2 plant currently has got a nameplate capacity of 600,000 tonnes, we're doubling up on that. And that's where you can see the CIL circuit coming up online there. I'll go to the next slide, which will give you better views and comparisons just now. But what we will feed. So in total, we'll have 1.2 million tonne feed through the DP2 plant, and that will be fed by two tailings dams, one being Driefontein 3 and the Libanon tailings dam. And then we envisage to complete this by Q1 of 2026, 2027 financial year.

移步至遠西地區，即 DP2 工廠。正如我向您所提到的，DP2 工廠目前的額定產能為 60 萬噸，我們正在將產能翻倍。在那裡您可以看到 CIL 電路在線上運行。我轉到下一張投影片，它將為大家提供更好的視圖和剛才的比較。但我們會餵養什麼。因此，總的來說，我們將透過 DP2 工廠獲得 120 萬噸的進料，這些進料將由兩座尾礦壩供給，一座是 Driefontein 3，另一座是 Libanon 尾礦壩。然後我們預計在 2026 年第一季或 2027 財年完成此項工作。

All right. Now a slide that myself and Kevin particularly like. Everything you see that's in teal color, those colors there that is existing. And that's the existing plant where we're putting about 500,000 tonnes per month through that plant. Everything else in other colors is part of the expansion of DP2 plant. And what you'll see here, obviously, CIL circuit, you've got the smelter house situated here. And then a big portion of what we're doing here is moving the chemicals out of the plant into a dedicated area. This allows us to do two things.

好的。現在這是我和 Kevin 特別喜歡的幻燈片。您所看到的一切青綠色的東西，都是真實存在的顏色。這就是現有的工廠，我們每月透過該工廠生產約 50 萬噸。其他顏色的一切都屬於 DP2 工廠擴建的一部分。顯然，您會在這裡看到 CIL 電路，這裡有冶煉廠。我們在這裡所做的很大一部分工作是將化學品從工廠轉移到專用區域。這使我們能夠做兩件事。

Firstly, it's concentrated where you know we've got easy access and logistics. But secondly, this section of the plant is then outside of your high security area and therefore, you can separate the in and out logistics from a security perspective. And then obviously, also the second thickener being installed in operation. So from an engineering and design perspective, we're 99% complete. Our procurement packages, 94% complete. Fabrication and supplies at this point in time, 65% complete and our construction, we're sitting at about 30%. Again, the timeline for this is quarter one 2027 for commissioning.

首先，它集中在交通便利、物流便利的地方。其次，由於工廠的這一部分位於高度安全區域之外，因此，您可以從安全角度將進出物流分開。顯然，第二台濃縮機也已安裝並投入運作。因此從工程和設計的角度來看，我們已經完成了 99%。我們的採購包已完成 94%。目前，製造和供應已完成 65%，而我們的施工已完成約 30%。再次強調，該時間表將於 2027 年第一季投入使用。

Just some update on photographs to give you an idea of progress. So this was the thickener as well as the receiving section and the tail section where we're putting the pump station in December 2024 and this is in July. Important, this is what we require for the pumping of material all the way from the DP2 plant through the pipelines onto the RTSF. So a very important section of this plant. This has to be in operation by Q1 2027.

只是一些照片的更新，讓您了解進展。這是增稠器以及接收部分和尾部，我們將於 2024 年 12 月在這裡放置泵站，現在是 7 月。重要的是，這是我們將材料從 DP2 工廠通過管道泵送到 RTSF 所需要的。這是該植物的一個非常重要的部分。該項目必須在 2027 年第一季之前投入營運。

What you see here is this is the second thickener. So in March, nothing there, essentially just earthworks. I think they had to drop down something like 5 meters to start building up that concrete. And there you can see already the construction of the civil works on the thickener. CIL area. This is now obviously the second stream.

您在這裡看到的是第二個增稠劑。所以三月那裡什麼都沒有，基本上只是土方工程。我認為他們必須下降大約 5 公尺才能開始堆砌混凝土。在那裡您已經可以看到濃縮機的土木工程的施工情況。CIL 區域。這顯然是第二股流。

So we've got an existing 600,000 tonnes. This is the second stream of the bases of the CIL circuit, and you can already see the tanks coming up as well as some of the additional infrastructure. In the background, you can see the -- I think there's a next picture on that, that's the gold room. So at this point in time, sorry, that's something I forgot to mention. The DP2 plant doesn't have existing -- its own gold room or elution facilities. All of that is being done through the DP1 plant as well as Knights.

因此我們現有的庫存為 60 萬噸。這是 CIL 迴路基地的第二條線路，您已經可以看到正在建造中的油罐以及一些額外的基礎設施。在背景中，你可以看到──我想下一張圖片就是那個，那是金色的房間。所以此時此刻，抱歉，我忘了提這件事了。DP2 工廠沒有現有的金礦室或洗脫設施。所有這些都是透過 DP1 工廠和 Knights 完成的。

And we're constructing as part of the expansion phase. We're constructing our own gold room and elution circuit that will be able to handle that 1.2 million tonnes per month. This is the gold room section area as well as the elusion. And then you can see at the background, the reagent area. There you can see the gold room coming up, some of the elusion circuits, the CIL circuit there and then the chemical handling area or reagents area to the right.

我們的建設工作正處於擴建階段。我們正在建造自己的黃金室和洗脫迴路，每月可處理 120 萬噸黃金。這是黃金房間區域以及謎團。然後你就可以看到背景，即試劑區域。在那裡您可以看到金室，一些洗脫電路，CIL 電路，然後是右側的化學處理區或試劑區。

All right. RTSF, I think this is one of the biggest projects we have definitely launched and a very interesting project. This will be the second super dump. And maybe before I go into some of the details here, the idea is that all of the resources or all of the tailings dams that's been scattered around Witwatersrand area will be consolidated into two main tailings deposition facilities. The one being Withok, Brakpan and on the East for Ergo and then the RTSF on the West.

好的。RTSF，我認為這是我們啟動的最大專案之一，也是一個非常有趣的專案。這將是第二次超級傾倒。在我深入介紹細節之前，我想先說一下，我們的想法是，所有資源或分散在威特沃特斯蘭德地區的所有尾礦壩都將合併到兩個主要的尾礦沉積設施中。其中一個是 Withok、Brakpan，東部是 Ergo，西部是 RTSF。

As I've mentioned to you, Brakpan already has 800 million tonnes on top of it, and we intend to put another 300 million tonnes on to the Withok side of things, which is 1.1 billion tonnes of tailings on that side. This facility is designed for 800 million tonnes at a deposition rate of 2.4 million tonnes per month eventually. That's not where we're going to go right now. I'll take you through some of that now. It's got more than a 30-year life of mine.

正如我之前提到的，布拉克潘金礦已有 8 億噸尾礦，我們打算將另外 3 億噸尾礦放到威托克金礦一側，也就是說，威托克金礦一側的尾礦量為 11 億噸。該設施最終設計處理量為8億噸，沉積速度為每月240萬噸。那不是我們現在要去的地方。我現在就帶你來了解其中的一些內容。它的壽命比我的還長30年。

And there's two timeframes to this. The first one is the most important one, which is what we're aiming to get beneficial occupation by Q1 of 2027. That means that the tailings dam will still be in construction whilst we start using it from the southern side. So the tailings dam is sloped at an angle. And obviously, we'll start using the lower section of that. All of that will be prepared to ensure that we can start depositioning on that.

這有兩個時間範圍。第一個也是最重要的，我們的目標是到 2027 年第一季實現有益的就業。這意味著當我們從南側開始使用尾礦壩時，它仍將處於建設中。因此尾礦壩是傾斜的。顯然，我們將開始使用它的下部。所有這些都已準備好，以確保我們可以開始對此進行取證。

And I can -- maybe I want to -- I think I'll venture to say that this is possibly the largest tailings dam constructed on a liner. Definitely in South Africa, maybe even in the Southern Hemisphere, I don't know about another tailings dam that's this big. We'll give you some of the photographs just now and take you through some of the detail. So before I go there, yes. So the tailing, they start at the top -- sorry, wrong button.

我可以——也許我想——我想我可以大膽地說，這可能是在襯砌上建造的最大的尾礦壩。肯定是在南非，甚至可能在南半球，我不知道哪個尾礦壩這麼大。我們將向您提供一些照片，並向您介紹一些細節。所以在我去那裡之前，是的。因此，他們從頂部開始跟踪——抱歉，按錯了按鈕。

So the starter wall, some detail on that. This is the lowest part of the starter wall. It's 11 kilometers in circumference. It's 100 meters wide, 16 meters high at this point and it's built in 300-millimeter layers, just for those of you and compacted, we can take you through a lot of detail on that, but it's quite a significant construction that's taking place.

關於起始牆，有一些細節。這是起始牆的最低部分。週長11公里。它寬 100 米，現在高 16 米，採用 300 毫米層厚建造，僅供大家了解並壓實，我們可以向大家詳細介紹，但這是正在進行的一項相當重要的建設。

The inside of the tailings dam, here, we refer to Grub and grab. So the entire section of -- or the entire basin of the tailings dam, you recover material from and will be lined. There you can see the starting of the liner, but you have to prepare the base of that liner prior to actually starting to line itself. And then this is the Decant system or the pool wall, part of the Decant system that's already constructed. It's not a landing strip. We have warned Mr. Pretorius not to land his airplane there, but yes -- so this is just part of the decanting system.

尾礦壩內部，這裡我們指的是Grub和抓斗。因此，尾礦壩的整個部分或整個盆地，您從中回收材料並將其襯砌起來。您可以在那裡看到襯墊的起點，但在實際開始襯墊之前，您必須準備好襯墊的底座。這是 Decant 系統或泳池牆，是已經建成的 Decant 系統的一部分。這不是一條著陸跑道。我們已經警告普雷托里烏斯先生不要將他的飛機降落在那裡，但是的——這只是傾析系統的一部分。

The starter wall, as I've mentioned, we've got various drains. I'm not going to take you through the radial drains and the intermediate drains and so forth. But then all of the water from the tailings dam, you collect in return water dams. There's four of them, two at the bottom here and two at the top, which is off the picture, and I'll give you an indication of the size.

正如我所提到的，起始牆上有各種排水溝。我不會帶你經歷徑向排水溝和中間排水溝等等。但是尾礦壩中的所有水都會被收集到回水壩中。一共有四個，兩個在這裡的底部，兩個在頂部，不在圖片上，我會給你一個尺寸的指示。

So you just have a look at the size of these tailings dams, and I think Niel made the comment the other day that Top Star tailings dam could have possibly fitted into these return water dams to give you an idea of the size of these things. So if you look at the picture now and you look at the size of this and I go to the design, that's what I'm referring to. That's the size of those tailings -- of those return water dams.

所以你只需看看這些尾礦壩的大小，我認為尼爾前幾天評論說，Top Star 尾礦壩可能可以裝入這些回水壩中，讓你了解這些東西的大小。所以如果你現在看這張照片，看看它的尺寸，然後我再看設計，這就是我所指的。這就是那些尾礦庫的大小──那些回水壩的大小。

Now for beneficial occupation, we require stage of the Embankment, Stage 1, 2 and 3, we require that, and we require the basin Stage 1 and 2 for beneficial occupation. To give you an update on where we are with those on the Embankment Stage 1, 87%; 2, 60%; and 3, 56% complete. The basin itself, Section 1, 88% and Section 2, 45%. And then the return water dams, we are approximately 40% complete on the return water dams at the bottom.

現在，為了實現有益的利用，我們要求堤岸的建造階段，即第 1、2 和 3 階段，我們要求盆地的第 1 和第 2 階段實現有益的利用。向您介紹我們目前的最新進展，其中堤岸第一階段已完成 87%；第二階段已完成 60%；第三階段已完成 56%。盆地本身，第 1 區佔 88%，第 2 區佔 45%。然後是回水壩，底部的回水壩已完成約 40%。

So I mentioned that these return water dams at the top -- those are the two return water dams at the top. And obviously, the decant barge will pump into those return water dams. The water collected from the drainage system in the bottom tailings dams, return water dams will be pumped to the top ones. And from here, we return water all the way back to reclamation sites. We have not -- as you can see, we have not started with the slurry distribution system and the drainage system is about approximately 15% complete.

所以我提到了頂部的這些回水壩——那是頂部的兩個回水壩。顯然，傾析駁船將把水泵入那些回水壩。底部尾礦壩、回水壩排水系統收集的水將被泵送至頂部尾礦壩。然後從這裡，我們將水一路送回填海地點。我們還沒有——如您所見，我們還沒有開始泥漿分配系統，排水系統完成了約 15%。

Then on the liner, taking into consideration Section 1 and 2, we require approximately 3 million square meters of liner for beneficial occupation. We're approximately 16% complete at this point in time. And the final design is about 8.5 million to 9 million square meters requirement and 6% complete on that.

然後在班輪方面，考慮到第 1 部分和第 2 部分，我們需要大約 300 萬平方公尺的班輪才能有效利用。目前我們已完成約 16%。最終設計需求量約850萬至900萬平方米，完成率為6%。

Now connecting DP2 and the RTSF will be the pipelines. The pipeline route itself is approximately 32 kilometers, but that will consist of two residue pipelines, a return water pipeline and a slurry pipeline, obviously, from Libanon. So in total, 135 kilometers of piping being installed. And on that, we're approximately 44% complete; we've got 60% of that already in place.

現在連接 DP2 和 RTSF 的將是管道。管道線路本身長約 32 公里，但將包括兩條殘渣管道、一條回水管道和一條泥漿管道，顯然這些管道來自黎巴嫩。因此總共需要安裝 135 公里的管道。目前，我們已經完成了大約 44%；其中 60% 已經到位。

Some of the major other things required is we're crossing the N12 highway underneath it. That has been done and completed. We've got two out of three provincial road crossings completed, three out of three district crossings completed and seven out of nine internal road crossings already completed. And those are the ones that normally in the construction of pipelines give us serious issues. So we're well advanced with road crossings for installation of this pipe. And again, obviously, for us to be utilizing the DP2 plant and beneficial occupation of RTSF, this needs to be completed by Q1 of financial year 2027.

其他需要做的主要事情之一是我們要穿過它下面的 N12 高速公路。這已經完成並完成了。我們已經完成了三分之二的省級公路交叉口、三分之三的區級公路交叉口以及九分之七的內部公路交叉口。而這些通常在管道建設中會為我們帶來嚴重問題。因此，我們在安裝該管道的道路交叉口方面已經取得了很大進展。再次強調，顯然，為了利用 DP2 工廠並有效利用 RTSF，這需要在 2027 財年第一季之前完成。

And I'm going to hand back to Mr. Pretorius.

我現在要把麥克風交還給普雷托里烏斯先生。

Thanks, Jaco. Thank you very much, Jaco. It's a little different compared to where it was. In my first 15 years in this position, I don't think I ever spoke about a capital project in excess of ZAR350 million. I think Ergo initially was ZAR360 million. I think the capital at Far West Gold initially ZAR320 million or thereabouts. And so it's a completely different scale. And I simply just do not have the technical insight to explain it the way that Jaco did and I think now you have a very good idea of where we're going, how far we've progressed, what's lying ahead of us.

謝謝，Jaco。非常感謝，Jaco。與原來的地方相比，這裡有些不同。在我擔任這個職位的頭15年裡，我想我從來沒有談論過超過3.5億南非蘭特的資本項目。我認為 Ergo 最初的價值是 3.6 億南非蘭特。我認為 Far West Gold 最初的資本約為 3.2 億南非蘭特。所以這是一個完全不同的規模。我只是沒有像雅科那樣的技術洞察力來解釋這一點，我想現在你已經很清楚我們要去哪裡，我們已經取得了多大的進展，以及我們面臨的是什麼。

And I think our team is just doing an incredibly good job there. So where is this going to put us in the context of share price performance? Obviously, the gold price has been very, very good to us, and our share price has responded, not quite as steeply as some of our peers in South Africa. I think Harmony and Sabtan have done exceptionally well this year, but it also coincided with some of their expansion programs.

我認為我們的團隊在那裡做得非常出色。那麼，從股價表現來看，這會為我們帶來什麼影響呢？顯然，金價對我們非常有利，我們的股價也做出了反應，但幅度不如南非的一些同行那麼大。我認為 Harmony 和 Sabtan 今年的表現非常出色，但這也與他們的一些擴張計劃相吻合。

We saw what they're experiencing in 2021, 2022 when the market started factoring in the impact of Far West Gold operations and the output there, combined at the time with a stellar performance from Ergo when it started bringing in some of the City Deep sites, the area around the City Deep plant.

我們看到了他們在 2021 年、2022 年所經歷的情況，當時市場開始將 Far West Gold 業務及其產量的影響考慮在內，再加上當時 Ergo 在開始引入一些 City Deep 站點（City Deep 工廠周圍的區域）時的出色表現。

The story that we're telling the market, and that's why we're going into the kind of detail that we are at this point in time is that at some point or another, in future, in the not-too-distant future, as we start hitting some of these milestones, and we'll show you the pictures every time that we do a presentation like this, we do believe that the market will hopefully start taking more comfort into our ability of actually executing on this program and 150,000 ounces at $1,500 per ounce with a CapEx outflow of between $110 million and $150 million per year in terms of cash flow compared to no longer spending all of that CapEx, producing 200,000 ounces per annum and you saw what the cost per tonne would look like during that period. And you're getting a sense of what the quality of the ore body looks like, the revenue per tonne.

我們正在向市場講述的故事，也是我們此時此刻要如此詳細地闡述的原因，是在未來某個時間點，在不久的將來，當我們開始實現某些里程碑時，我們每次做這樣的演示時都會向大家展示圖片，我們確實相信，市場有望開始對我們實際執行該計劃的能力更加放心，以每盎司 1,500 美元的價格生產 150,000 億至 10.億美元之間，而不再花費所有資本支出，每年生產 20 萬盎司，您會看到那段時期每噸的成本是多少。您將了解礦體的品質以及每噸的收入。

I think the market may potentially start factoring in those numbers. When they'll start anticipating it because you don't buy a share today because of what you think it's worth today, you buy a share or you sell a share today because what you think is going to be worth at some point in the future. That's certainly how I'm planning my own investment strategy going forward. But we do believe that this could be a very significant factor in terms of how our stock is interpreted and the value that it offers going forward.

我認為市場可能會開始考慮這些數字。當他們開始預期時，因為你今天不會因為你認為它今天的價值而購買股票，而是因為你認為它在未來某個時候的價值而購買股票或出售股票。這當然就是我規劃未來​​投資策略的方式。但我們確實相信，這對我們的股票如何被解讀以及未來提供的價值來說可能是一個非常重要的因素。

I'm very pleased, I'm very glad, relieved rather, that I'm involved in managing a mine and not managing a portfolio on behalf of clients because I think it's tough to make those calls because you've got so many things that you need to consider. I'm hoping that gives you -- this gives you some sort of an idea of what it is that we're busy with and how it will change the construct of the business, both in terms of output and both in terms of earning potential or earning capacity.

我很高興，很高興，或者說鬆了一口氣，因為我參與管理的是礦山，而不是代表客戶管理投資組合，因為我認為做出這些決定很難，因為你需要考慮很多事情。我希望這能讓您了解我們正在忙於什麼，以及它將如何改變業務結構，包括產出方面和盈利潛力或盈利能力方面。

We're very pleased with the progress that we're seeing. We're also very pleased with how it's being recognized by -- and this is not happening on a political stage, this is happening at a different level at the -- in the officialdom. We're very pleased with how this is being interpreted by -- increasingly by some of the government officials that we are dealing with. We're seeing this with the DMPR. We're seeing this with the Department of Water Affairs.

我們對所看到的進展感到非常高興。我們也很高興看到它得到了認可——這不是發生在政治舞台上，而是發生在官場的不同層面。我們很高興看到，與我們打交道的一些政府官員越來越多地這樣解讀此事。我們在 DMPR 中看到了這一點。我們在水務部看到了這種情況。

In 2024, whenever we presented, we were bleating about being late in licenses and so forth and so forth, and it was in a frustrating period of time. Now if you spoke to Kevin about where he needs to put in these pipelines, what the licenses are that he requires and where they are, then you'll see that we're actually ahead of the game in that regard as well.

2024 年，每當我們進行演講時，我們都會抱怨許可證遲交等等，那是一段令人沮喪的時期。現在，如果您與凱文談論他需要在哪裡鋪設這些管道、需要哪些許可證以及這些許可證在哪裡，那麼您會發現我們在這方面實際上也處於領先地位。

So the kind of communication and the collaboration that we're also experiencing with DMPR, with the Department of Water Affairs is chalk and cheese. We're talking to different people and not different people, different people, but we're just talking to -- it's a different mindset, it's a different -- completely different experience.

因此，我們與 DMPR 以及水務部之間的溝通與合作是截然不同的。我們與不同的人交談，不是不同的人，而是不同的人，我們只是在交談——這是一種不同的心態，這是一種不同的——完全不同的體驗。

And that's exciting because Riaan made the point of how the tax regime has facilitated it. We're standing on South Africa all the time, especially when we lose against the Aussies. We just beat ourselves down. But the fact of the matter is that there's still a lot of good things happening. If you keep the politicians out of the room, there's still a lot of good things happening, and we're experiencing some of that. And we can see how there's growing excitement and a broad spectrum about what's starting to happen here.

這令人興奮，因為 Riaan 強調了稅收制度如何促進了這一點。我們始終支持南非，尤其是當我們輸給澳洲隊的時候。我們只是自我挫敗而已。但事實是，仍有許多好事發生。如果你不讓政客介入，仍然會有很多好事發生，而我們正在經歷其中的一些。我們可以看到，人們對這裡即將發生的事情越來越興奮，關注度也越來越高。

So yes, we -- I think we're pleased that we are sort of holding our own in terms of share price performance. We did start sort of aligning with some of our peers in the industry in the recent past. I think there was doubt last year and the year before in terms of both our ability to perform and also in terms of our capacity to actually deliver on some of these projects. Hopefully, as I say, as confidence grows, we'll start offering better reward to our shareholders going forward. It's still the only stock that I own in terms of my own little sort of doubling in the market, the money that I manage from my own savings.

所以是的，我們——我認為我們很高興我們的股價表現能夠保持穩定。最近我們確實開始與業內的一些同行達成一致。我認為去年和前年，人們對我們的執行能力以及我們實際完成其中一些項目的能力都產生了懷疑。正如我所說，希望隨著信心的增長，我們將開始為股東提供更好的回報。就我自己在市場上的少量收益（以及我用自己的儲蓄管理的資金）而言，它仍然是我擁有的唯一股票。

So with regards to sustainable development performance, now you know that this has been an integral part of our thinking. We brought this into -- we call it the golden wire that informs our strategic thinking is how do we -- how do we facilitate and how do we create value, integrated value, overlapping value over five different capital stocks. And this is really starting to contribute significantly also to the financial bottom line.

因此，關於永續發展績效，現在您知道這已成為我們思考的一個組成部分。我們將其引入——我們稱之為金線，它告訴我們的戰略思維是如何——我們如何促進以及如何在五種不同的資本存量上創造價值、綜合價值和重疊價值。這確實也開始對財務底線產生重大貢獻。

It lends a robustness, resilience to the business, especially considering where it is that we are conducting our business in built-up areas and so forth. And these were the 10-year trends that I spoke about. And these are not -- this is not by coincidence. It's not by coincidence that you see this trend in terms of electricity consumption. It's not coincidental that you see this in terms of potable water usage. We set ourselves a target.

它為業務提供了穩健性和彈性，特別是考慮到我們在建築密集區等地開展業務。這些就是我所說的十年趨勢。這些都不是——這不是巧合。從電力消耗來看，出現這種趨勢並非巧合。從飲用水使用的角度來看，出現這種情況並非巧合。我們為自己設定了一個目標。

Once again, when I talk nowadays and I say a few years ago, that Henri, it's 15, 18 years ago, if I'm not mistaken, that we set ourselves a target of reducing potable water usage by 10% every year. And this is where we've ended up. And it's not just because it's the right thing to do from a nature capital perspective. But if you want to do business in South Africa and water is such an important part of your operational, of your flow, then you need access to water.

再說一次，當我現在說話時，我會說幾年前，亨利，如果我沒記錯的話，那是 15、18 年前，我們為自己設定了每年減少 10% 飲用水使用量的目標。這就是我們的最終結果。這不僅是因為從自然資本的角度來看這是正確的做法。但如果您想在南非做生意，而水是您營運和流量的重要組成部分，那麼您就需要獲得水源。

And at some point or another, and Jaco and I had the conversation this morning, if you're going to open the tap, it's going to be dry because we've allowed our potable water infrastructure to lag. It's not been looked after. And we now source most of the water that we use, 95% of the processed water that we use. We source from either underground, this massive lake below Johannesburg that was opened up over the last century in a bit and also from other gray water sources.

在某個時候，正如我和雅科今天早上討論的那樣，如果你打開水龍頭，水就會乾涸，因為我們的飲用水基礎設施落後了。沒有人照看它。現在，我們所使用的大部分水源，即我們所用加工水源的 95% 都來自水源。我們的水源既包括地下水，也包括約翰內斯堡下方的這個巨大的湖泊，該湖泊是上個世紀開闢出來的，也包括其他灰水源。

Environmental spend, that slide talks to itself. Hectares vegetated, I do not think, I've certainly not seen another active tailings facility that is vegetated to the extent that our Brakpan and Driefontein tailings facilities are vegetated. It's what we call concurrent rehabilitation. And Riaan made the point that when the revenue -- when there's no revenue, the costs are over because then you've basically built it into your cash operating cost profile so that as this thing gets higher, it gets cladded, it gets vegetated and you don't pose a dust nuisance and you're 90% towards closure, 520 hectares vegetated on TSF.

環境支出，這張投影片本身就說明了一切。公頃的植被，我不認為，我肯定沒有看到另一個活躍的尾礦設施的植被覆蓋程度與我們的布拉克潘和德里方丹尾礦設施的植被覆蓋程度一樣。這就是我們所說的並發復健。Riaan 指出，當沒有收入時，成本就結束了，因為那時你基本上已經將其納入了現金運營成本概況，這樣隨著這個東西越來越高，它會被覆蓋，它會被植被覆蓋，你不會造成灰塵滋擾，而且你已經完成了 90% 的關閉，TSF 上的 520 公頃植被已經覆蓋。

I recall a number also five, six years ago. And we've been dividend-paying company for that period of time, but there was a time when the amount of money that we had spent on the vegetation of Crown and on the cladding and the vegetation of Brakpan and Brakpan basically vegetates itself because it's cladded natural as well, where that exceeded the dividends that we paid out.

我記得五、六年前也有一個數字。在那段時間裡，我們一直是一家支付股息的公司，但有一段時間，我們在皇冠公園的植被和布拉克潘公園的覆蓋層上花費的資金基本上已經超過了我們支付的股息，因為布拉克潘公園的植被也是自然覆蓋的。

But that was our unqualified value proposition to our shareholders at the time, yes, there is a dividend, but this dividend takes place in the context of a particular standard of environmental governance, which is important if you want to do business in Johannesburg because the communities have been getting closer and closer and closer to our tailings dams, both officially and unofficially. A different standard was required. We anticipated that, and that work was done, and it's continuing.

但那是我們當時對股東的無條件價值主張，是的，有紅利，但這種紅利是在特定的環境治理標準的背景下產生的，如果你想在約翰內斯堡做生意，這一點很重要，因為社區已經越來越接近我們的尾礦壩，無論是官方的還是非官方的。需要不同的標準。我們預料到了這一點，並且這項工作已經完成，而且還在繼續。

This old lady, Brakpan, here since 1984. She is in her final phase. We're systematically reducing the volume deposition onto that tailings dam. She's played her part in cleaning up Johannesburg and the Johannesburg landscape, but she is extensively vegetate, and she's not going to become the problem that is posed by all of the other dams that we are reclaiming and reprocessing and depositing onto that tailings dam. She will be part of the environmental solution as opposed to the environmental problem. And ultimately, it will -- boils down to quality of life and societal capital.

這位老太太，布拉克潘，自 1984 年起就住在這裡。她已經進入生命最後階段。我們正在有系統地減少尾礦壩的沉積量。她在清理約翰尼斯堡和約翰內斯堡景觀方面發揮了作用，但她身上有大量植被，她不會成為我們正在回收、再處理和沈積到尾礦壩的所有其他水壩所帶來的問題。她將成為環境解決方案的一部分，而不是環境問題的一部分。最終，它將歸結為生活品質和社會資本。

So just in terms of our social performance, I'm not going to be spending too much time on this. It's really ultimately a case of numbers. The amount of money that you spend on these things, I think, is indicative on just the sort of commitment that you have. The one thing that I do want to say, though, is if you read through our sustainable -- our integrated report further and our finance team with the assistance of the rest of the team make sure that what you read is actually what's happening, it's an applied document.

因此，就我們的社交表現而言，我不會在這上面花太多時間。這實際上最終是一個數字問題。我認為，你在這些事情上花費的金錢數量就顯示了你的承諾程度。不過，我確實想說的一件事是，如果你仔細閱讀我們的永續發展——我們的綜合報告，並在我們的財務團隊和其他團隊成員的協助下，確保你所讀到的內容確實正在發生的事情，這是一份應用文件。

If you read through that, you'll see that most of our social development programs, our social capital, so to speak. Very few of those are in the form of some sort of a large capital project. Those are -- I mean, we have those from time to time, and then Wayne and Adelaide can elaborate on those in terms of -- I know that there's a clinic in the pipeline and there's some additions to school facilities and so forth. But our philosophy here, once again, is sustainable sustainability, if you'll allow the term. And that basically means that you do not create a culture of dependency. So it's knowledge and a nudge.

如果你讀完這些，你會發現我們大多數的社會發展計劃，也就是我們的社會資本。其中很少以某種大型資本項目的形式出現。這些是——我的意思是，我們時不時會有這些，然後韋恩和阿德萊德可以詳細說明這些——我知道有一個診所正在籌備中，還有一些學校設施的增加等等。但我們的理念是永續的可持續性，如果你允許我這麼說的話。這基本上意味著你不會創造一種依賴文化。所以它是知識和推動力。

This is information that you can use. This is knowledge that you can use to get yourself out of abject poverty. And if you do demonstrate the sort of initiative that's required, then there might be a bit of a nudge in terms of the availability of capital. And these programs have been really, really good. And we go to there where the actual need is and then the amount of pride that we see coming out of those it's nice to see. And of course, you have your green shoots as well. Some of these broad-based livelihood agricultural participants now supply big chain stores like Pick n Pay and so forth.

這是您可以使用的資訊。你可以利用這些知識讓自己擺脫赤貧。如果你確實表現出了所需的那種主動性，那麼在資本可用性方面可能會有一些推動。這些項目確實非常好。我們來到真正有需要的地方，看到他們表現出的自豪感，我們感到很高興。當然，你也擁有自己的綠芽。其中一些廣泛的生計農業參與者現在為 Pick n Pay 等大型連鎖商店供貨。

So now in terms of looking ahead, we do have our guidance here. I made mention of the fact that our operations are now in a construction -- interim construction phase, so you'll see slightly more modest throughput, slightly lower grades until such time as we get those throughput numbers back up again when Kevin have the infrastructure in place, and they can hand it over to Henri, and he can really have a full on go in terms of volume throughput.

因此，就展望未來而言，我們確實有指導。我提到過，我們的營運現在處於建設中期建設階段，因此，您會看到吞吐量略微適中，等級略低，直到 Kevin 的基礎設施到位後，吞吐量數字才會再次回升，他們可以將其移交給 Henri，而他可以在吞吐量方面真正全面發展。

At the moment, we're throttling it. But there you see what it is that we're guiding in terms of output for the year. And sort of 150 is what the design facilitates, 140 is if it rains for six months. So it's really ultimately sort of dependence on do we get the tonnes through the plant.

目前，我們正在限制它。但您可以看到，我們對今年的產量給了什麼樣的指導。150 是設計允許的，140 是如果連續下雨六個月的話。因此，這實際上最終取決於我們是否能透過工廠獲得這些噸位。

Plants are running well. They're being really well managed. I think we understand the metallurgy of our product is when you don't get that blend 100% right that you start seeing volatility in terms of those numbers. Daggafontein is an important milestone for us to resume deposition on to Daggafontein. So to get that 500,000 tonne a month capacity and to bring down the amount of material that we deposit on to the Brakpan tailings facility.

工廠運作良好。他們確實被管理得很好。我認為我們了解我們產品的冶金學，當你沒有 100% 正確地混合時，你會開始看到這些數字的波動。達加方丹對於我們恢復在達加方丹的沉積來說是一個重要的里程碑。因此，為了達到每月 50 萬噸的產能，並減少我們存放在布拉克潘尾礦庫的物料量。

And then in terms of Far West Gold Recoveries, as you could see, Jaco has put that pin in the calendar, first quarter financial 2027. We'll ask him to come back and talk to you again and tell you where he is in that regard. These are complex projects, but they are fascinating projects. They are being exceptionally well managed, and it's nice to see the progress every time you go there, then something else has been done, something else is happening.

然後就 Far West Gold Recoveries 而言，如您所見，Jaco 已將其標記在日曆上，即 2027 年第一季財務目標。我們會請他回來再次與你們交談並告訴你們他在這方面的進展。這些都是複雜的項目，但也是非常令人著迷的項目。他們的管理非常好，每次去那裡都能看到他們的進步，然後其他的事情也做了，其他的事情正在發生，這真是令人高興。

So at the threshold of the next phase of this old lady, I said earlier this year, that the function when we celebrated 130 years of existence, hopefully, we'll get to 150 years. And as you could see, the structure here is one that will facilitate something that will get us close to that milestone. And then, of course, what's really wonderful is the tone and the content of these presentations now changing.

因此，在這個老太太邁入下一階段的門檻上，我今年早些時候說過，我們慶祝成立 130 週年的活動，希望能持續到 150 週年。如您所見，這裡的結構將幫助我們接近這一里程碑。當然，真正令人驚訝的是這些演講的基調和內容正在改變。

In the past, what we spoke about really was the active risk management and how we sort of reorganized the business and how we moved away from underground and into tailings, et cetera, et cetera. Now you're seeing something completely different. In the past, it was how we refurbished old infrastructure. Now you're seeing how we're taking on really large projects to build something new. And that's really a new business that's being built. And it's part of our commitment to this whole notion, the idea of optimizing our ore body, optimizing our resources.

過去，我們真正談論的是積極的風險管理，以及如何重組業務，以及如何從地下轉向尾礦等等。現在你看到的是完全不同的東西。過去，這就是我們翻新舊基礎設施的方式。現在您看到我們如何承擔大型專案來建立新事物。這確實是一個正在建立的新業務。這是我們對整個理念的承諾的一部分，即優化我們的礦體、優化我們的資源。

And this is really the slide that summarizes it all sustainably gold. That tells you the story of how sustainable development has found its way into the thinking of this team and how it's being executed at all of these different levels. And I think there's good overlap. The one delivers into the other, and it's contributing towards the resilience and the robustness of this business. And where else do you see this? That's wonderful old tailings dam and in the background, there's Johannesburg. And hopefully, Johannesburg will also start a process of cleaning itself out -- up and cleaning itself because there's so much to fight for.

這張投影片確實總結了所有關於可持續黃金的知識。這告訴你永續發展是如何進入這個團隊的思想的，以及它是如何在各個不同層面上得到執行的。我認為它們之間存在很好的重疊。兩者相互促進，增強了該業務的彈性和穩健性。您還能在哪裡看到這種情況？那是一座美妙的舊尾礦壩，背景是約翰尼斯堡。並且希望約翰尼斯堡也能開始自我清理的過程——自我整頓和清理，因為有太多的事情需要爭取。

And then I can just go to the first one. So the first question, I'll take the first question, if you don't mind, it's from Lisa Stein. The draft mining bill proposes bringing historical tailings under the mining rights regime. What is DRDGOLD's view on this proposal and how it might impact the company?

然後我就可以直接轉到第一個了。所以第一個問題，如果你不介意的話，我會回答第一個問題，它來自 Lisa Stein。採礦法案草案提議將歷史尾礦納入採礦權制度。DRDGOLD 對該提議有何看法？該提案將如何影響公司？

So most of our resources, most of the dumps that we're mining, we hold under mining rights. Some of those are environmental authorizations. That notwithstanding, we are pointing out to the department in the submission that we made in response to the publication of the draft bill that there may be some unintended consequences with regards to infrastructure.

因此，我們的大部分資源、我們所開採的大部分廢棄物都擁有採礦權。其中一些是環境授權。儘管如此，我們在回應法案草案的公佈時向該部門提交的意見書中指出，該法案可能會對基礎設施產生一些意想不到的後果。

For example, if you look at Daggafontein, Daggafontein fits the description of an historic mine dump. So if we don't bring an application for Daggafontein within two years after the enactment, does that now mean that somebody can bring an application for a mining right over Daggafontein. That's an absurdity.

例如，如果你看達加方丹 (Daggafontein)，你會發現達加方丹 (Daggafontein) 就符合歷史礦場的描述。因此，如果我們在該法案頒布後的兩年內沒有對 Daggafontein 提出申請，這是否意味著現在有人可以對 Daggafontein 提出採礦權申請。這太荒謬了。

And I don't think the legislature had that kind of absurdity in mind. So that's something that we've pointed out and then I think the officials that we've spoken to and certainly the Minerals Council has spoken to, they seem to have crossed that point that there are some unintended consequences if you were to remove ownership of dumps, if you want to take that component away and bringing it in a dispensation that essentially is designed for virgin minerals.

我認為立法機關並沒有想到這種荒謬的事。這就是我們已經指出的一點，然後我認為，我們交談過的官員，當然還有礦產委員會，他們似乎已經越過了這一點，即如果你要取消垃圾場的所有權，如果你想要拿走這個部分並將其納入本質上是為原生礦物設計的分配中，那麼就會產生一些意想不到的後果。

It looks as though they're leaning towards the system rather of classification or certification rather of mining them so that you notify the department that you have these dumps on your footprint and so forth. We think that ultimately, there will be a pragmatic solution for that. There certainly seems to be a willingness to have -- to consult on the matter. Then the -- there's another question with regards to capital expenditure. You had originally forecast to spend ZAR3.5 billion in financial '25, yet you only spent ZAR2.25 billion.

看起來他們更傾向於系統而不是分類或認證而不是挖掘它們，以便您通知部門您的足跡上有這些垃圾場等等。我們認為最終會有一個務實的解決方案。看來各方確實有意願就此事進行磋商。然後──還有一個關於資本支出的問題。您最初預計在 25 財年支出 35 億南非蘭特，但實際上只支出了 22.5 億南非蘭特。

Does this say something about your ability to forecast or your ability to spend? This delta does not seem to affect your beneficial occupation timetables. So what is your 2026 forecast, CapEx forecast? I think what we've decided to do, Riaan, is to rather have a medium-term forecast. And I think in that ZAR3.5 billion, there was also about ZAR0.5 billion for projects not related to Vision 28 that we decided not to do. But if you maybe wanted to either yourself or to our other esteemed colleagues to maybe comment on the ability to forecast or the ability to spend.

這是否說明了您的預測能力或消費能力？這種變化似乎不會影響您的有益職業時間表。那麼您對 2026 年的預測、資本支出預測是什麼？我認為，Riaan，我們決定要做的是進行中期預測。我認為，在這 35 億南非蘭特中，還有大約 5 億南非蘭特用於與「28 號願景」無關的項目，我們決定不做這些項目。但是，如果您自己或我們的其他尊敬的同事可能想對預測能力或支出能力發表評論。

Maybe I comment and then can add. We're really trying to spend as fast as we can. So yes, and I think maybe the RTSF that we -- as Jaco mentioned, and we know the rain in the third quarter, that made us difficult -- made it difficult for us to go on to that site and maybe spend as quickly as we would have liked to. But I know there's plans in place to catch that up.

也許我發表評論然後可以添加。我們確實在盡力盡快花錢。是的，我認為也許是 RTSF，正如 Jaco 提到的，我們知道第三季度的降雨給我們帶來了困難，這讓我們很難繼續前往該地點，也可能無法像我們希望的那樣快速花錢。但我知道我們已經制定了計劃來解決這個問題。

And still what we're forecasting for next year, although we don't want to do that as a distinct forecast and rather focus on the Vision 2028 capital -- is a significant amount of capital, and we're really trying to spend that as quickly as we can. You're right, Niel. So in that ZAR3.5 billion was about ZAR500 million of things that we wanted to do outside of Vision 2028 -- that maybe didn't realize, if a slightly behind RTSF. Henri, I don't know if you want to expand on that in detail.

儘管我們不想將其作為一個明確的預測，而是專注於 2028 年願景資本，但我們對明年的預測仍然是，這是一筆相當大的資本，我們確實在盡快花掉這些資本。你說得對，尼爾。因此，在這 35 億南非蘭特中，約有 5 億南非蘭特是我們想在「2028 願景」之外做的事情——也許沒有實現，如果稍微落後於 RTSF。亨利，我不知道你是否想詳細闡述這一點。

Yes. I think we were a bit optimistic maybe on the DP2 side as well from a forecasting point of view, but there's nothing to worry about from a timeline. So yes, I do think this distinct period for projects that run over three years is actually a dangerous thing, and that's why we have decided to do a bit of a longer-term forecast with regards to Vision 2028.

是的。我認為從預測的角度來看，我們對 DP2 方面可能也有點樂觀，但從時間軸來看沒有什麼可擔心的。所以是的，我確實認為這個為期三年的計畫的特定時期實際上是一件危險的事情，這就是為什麼我們決定對 2028 願景做一些長期預測。

Yes. And I think the point being that we're not pushing out the beneficial occupation dates, et cetera, et cetera. We haven't adjusted the target timetable for this. It's turning out to be harder to spend money than one would think. But because the lead in lag times, you got to put in these orders, et cetera, et cetera. We bought most of the pipelines that we require and so forth. But you can spend as quickly as you can execute.

是的。我認為關鍵在於我們不會推遲有利的佔領日期等等。我們還沒有為此調整目標時間表。事實證明，花錢比人們想像的還要困難。但由於存在滯後時間，您必須下達這些訂單等等。我們購買了所需的大部分管道等等。但您可以按照執行的速度盡快花錢。

The next question involves the solar farm and the ZAR108 million saving that we recognized for this year. There's a question about the depreciation charge. If there is an answer to that, is there a depreciation charge this year? And, then how much is that? There's also -- while you consider that, there's also a question with regards to what is the issue with regards to Eskom and why is this process taking so long.

下一個問題涉及太陽能發電場和我們今年確認的 1.08 億南非蘭特的節省。關於折舊費用有個問題。如果有答案，今年是否有折舊費用？那麼，那是多少錢呢？另外——當你考慮到這一點時，還有一個問題是關於 Eskom 的問題是什麼，以及為什麼這個過程需要這麼長時間。

So I think what we realized with Eskom was there was initially an assumption with regards to what could be offset and what could be wheeled. There was a distinction drawn and also an assumption with regards to some of the tariffs that would be recognized in that regard. That turned out to be a far more complex process than I think that we had anticipated. And at some stage, we were getting a little nervous when is this going to be recognized? Why is it that we're making these submissions? And then the only response that we're getting is silence.

所以我認為，我們在與 Eskom 合作時意識到，最初對於什麼可以抵消、什麼可以輪換存在一個假設。對於這方面承認的一些關稅，存在著差異和假設。我認為這個過程比我們預期的要複雜得多。在某個階段，我們開始有點緊張，什麼時候才能得到認可？我們為什麼要提出這些意見？而我們得到的唯一回應就是沉默。

There was a high-level meeting not long ago, about three weeks ago, where an official that has the authority to actually commit Eskom contractually, a very, very senior official had given a very specific undertaking with regards to the date from which wheeling charges would be recognized. Also gave very, very clear directives in terms of the signing of the supply agreements.

不久前，大約三週前，舉行了一次高層會議，一位有權與 Eskom 簽訂合約的非常非常高級的官員，對確認轉運費用的日期做出了非常具體的承諾。在簽署供應協議方面也給出了非常非常明確的指示。

And I think at the time, three had already been signed and there's seven -- there are five, okay. So there are five, of which three have been signed and also the tariffs that we'd be entitled to claim. So we were pleased when we got that undertaking because it means that we don't have to -- the conversation going forward is not whether DRD has a claim to be reimbursed for the 40-odd gig of electricity that had gone into the grid.

我認為當時已經簽署了三份，還有七份——一共有五份，好吧。所以有五個，其中三個已經簽署，還有我們有權索取的關稅。因此，當我們得到這項承諾時，我們很高興，因為這意味著我們不必——未來的討論重點不是 DRD 是否有權獲得已進入電網的 40 多千兆電力的補償。

It's not whether we're entitled to have an offset, but rather -- and from when, so what the initial date is, it's a matter of what is the tariff that is going to be recognized. And I think that conversation is ongoing as well. We've taken a view on it, which has been brought into the provision, which I think was a responsible view because Riaan and Henriette and the team were instrumental in deciding that.

問題不在於我們是否有權獲得抵消，而在於——從什麼時候開始，初始日期是什麼時候，這是一個將被認可的關稅問題。我認為這種對話仍在繼續。我們對此發表了看法，並將其納入了條款中，我認為這是一種負責任的看法，因為 Riaan、Henriette 和團隊在做出這項決定方面發揮了重要作用。

But yes, I think we're at the tail end of the Eskom issue and 95% of the uncertainty that existed finally been dealt with. It is a complex issue. And I think Eskom also has -- only has so many resources, so one also needs to be sensitive to that. Riaan, if you want to talk to the depreciation.

但是的，我認為我們已經到了 Eskom 問題的最後階段，95% 的不確定性最終都得到了解決。這是一個複雜的問題。我認為 Eskom 的資源也是有限的，因此人們也需要對此保持敏感。Riaan，如果你想談談折舊。

Sure. Thanks, Niel. Yes, as you know, in IAS 16 broadband equipment, that's the standard we deal with to come up with depreciation, so lots of judgment required. What we've come up with for the solar panels essentially is a 25-year life and for the battery around 20 years. Again, judgment required.

當然。謝謝，尼爾。是的，如您所知，在 IAS 16 寬頻設備中，這是我們處理折舊的標準，因此需要大量的判斷。我們設計的太陽能板的使用壽命基本上是 25 年，電池的使用壽命約為 20 年。再次，需要判斷。

So it's quite difficult to say how long something would last. Jaco can elaborate on that. We've only been using the battery for a short period of time. So yes, the depreciation charge, that charge kicked in from November last year when we started using the plant. So you can do that some.

因此很難說某件事會持續多久。Jaco 可以詳細說明這一點。我們使用電池的時間並不長。是的，折舊費用是從去年 11 月我們開始使用工廠時開始計算的。所以你可以這樣做。

If you take a full year, roughly up to ZAR120 million to ZAR150 million of depreciation. And then what I really like about the standard, it tells you to reassess and re-estimate every year. And this is a classic example, depending on how you use the battery. If you use it more, clearly, its life essentially will be shorter. We've done a straight line at the moment. In theory, maybe a usage is better, but we're still learning a lot around how to use the battery.

若以全年計算，折舊額約高達1.2億至1.5億南非蘭特。我真正喜歡這個標準的是，它告訴你每年都要重新評估和重新估計。這是一個典型的例子，取決於你如何使用電池。如果你使用得更多，顯然它的壽命本質上會更短。目前我們已經完成了一條直線。從理論上講，也許這樣使用更好，但我們仍在學習如何使用電池。

Like I say, experts tell us we need 12 to 18 months of information to really optimize. So we're working in that process. But we're very proud of that benefit of ZAR108 million, which we've already seen. And we've done a lot of work to understand the position, and it will be ongoing. But the beauty is the infrastructure is there. It's been built. Jaco said it's working. And we're confident that also the actual credits and arrangements with Eskom will formally kick in and be optimized going forward. So that's a high-level summary of the depreciation.

正如我所說的，專家告訴我們，我們需要 12 到 18 個月的資訊才能真正實現最佳化。所以我們正在進行這一過程。但我們對於 1.08 億南非蘭特的收益感到非常自豪，我們已經看到了這一收益。我們已做了很多工作來了解這一立場，並且將繼續進行。但美妙之處在於那裡有基礎設施。已經建好了。Jaco 說它正在發揮作用。我們相信，與 Eskom 的實際信貸和安排也將正式生效，並在未來得到最佳化。這就是折舊的概要。

And look, whilst the whole question about depreciation is a very important question, and I'd be surprised if we don't get asked questions about that. Keep in mind that if you look at the risk register of most mining companies in South Africa, those who pay attention to their reality to their environment, you will see electricity availability, security of electricity, and electricity supply, very high up on those risk registers.

而且，雖然有關折舊的問題是一個非常重要的議題，但如果沒有人問到這個問題，我會感到驚訝。請記住，如果您查看南非大多數礦業公司的風險登記冊，那些關注其環境現實的公司，您會發現電力可用性、電力安全性和電力供應在這些風險登記冊中排名很高。

DRDGOLD had that at its number two highest risk a few years ago when the decision was taken to implement this project and to build the solar farm. And it's a question of availability of electricity. It's a question of cost of electricity and a question of quality of electricity. And what I can say to you is that I don't think that we would have been able to get our investment committee and the Board across the line or at least have the support that we have from them.

幾年前，當 DRDGOLD 決定實施該專案並建造太陽能發電場時，風險位居第二。這是一個電力供應的問題。這是電力成本的問題，也是電力品質的問題。我可以告訴你們的是，我認為我們無法讓投資委員會和董事會同意，或至少獲得他們的支持。

For the Ergo extension for Ergo 2, I spoke to you earlier about how you've got to do that calculation on revenue per tonne and cost per tonne. If we didn't introduce or bring about the certainty in supply, the certainty in cost and the certainty in quality around electricity, we wouldn't have been able to get that across the line if we hadn't been able to do that. And the only way to do that was the solar.

對於 Ergo 2 的 Ergo 擴展，我之前和您談過如何計算每噸收入和每噸成本。如果我們不引入或實現電力供應的確定性、成本的確定性和品質的確定性，我們就無法實現這一目標。而實現這目標的唯一方法就是利用太陽能。

And remember, when we decided that we're going to go the route of further extending Ergo and not closing it down, we didn't first build the plant and then build the tailings dam and then the pipelines and only then the solar. We started with solar first because if there's one part of this business that you could sell and that you could run independently of mining, it's a solar farm. This thing has own value, it has embedded or intrinsic value. It doesn't need the mine. The mine needs solar farm, solar farm doesn't need the mine. Jaco?

請記住，當我們決定進一步擴大 Ergo 規模而不是關閉它時，我們並沒有先建造工廠，然後建造尾礦壩，然後鋪設管道，最後才建造太陽能。我們首先從太陽能開始，因為如果這項業務中有一部分可以出售並且可以獨立於採礦而運營，那就是太陽能發電場。這個東西有自身的價值，它有內在的或內在的價值。它不需要礦井。礦場需要太陽能發電場，太陽能發電場不需要礦場。雅科？

If I can just add on to that, I'm not going to get into the calculation debate because that I can't do in terms of depreciation but the basis of that, they must remember that there's a degradation curve on both the solar, the batteries and the PV that is backed up in the agreements. So that's the basis of that specific degradation.

如果我可以補充一點，我不會參與計算辯論，因為我無法從折舊方面進行計算，但在此基礎上，他們必須記住，太陽能、電池和光伏都有一個退化曲線，這是協議中支持的。這就是特定退化的基礎。

Then the next question that we have is, can you talk a little bit about some of the latest mineral resource, sorry, the development bill, I think I've spoken about. And maybe just to sort of in broad terms, the mining industry, both ourselves and through the Minerals Council, there are certain principles and certain aspects of that, that the mining industry is very firm about.

那麼我們的下一個問題是，您能否談談一些最新的礦產資源，對不起，開發法案，我想我已經談過了。也許只是從廣義上講，採礦業，無論是我們自己還是透過礦產委員會，都有一些採礦業非常堅定的原則和某些方面。

And Paul Dunham in the meeting, AGM of Minerals Council made it very clear to the minister that there are certain points that we're very firm about. But as an industry, we've decided to constructively engage and consult with government to point out what the effects are of some of the clauses that they proposed to introduce. Government has agreed to engage with us at the same time. So the submissions have been made.

保羅‧鄧納姆 (Paul Dunham) 在礦產委員會年度股東大會上向部長明確表示，我們對某些觀點非常堅定。但作為一個產業，我們決定與政府進行建設性的接觸和協商，以指出他們提議引入的一些條款的影響。政府已同意與我們同時合作。因此，已經提交了意見。

In fact, there's another call later this afternoon that I'll be participating in where the implications are being discussed. So we're giving engagement and consultation a go, and we're hoping for a good outcome. And if that doesn't work, then obviously, the benefit of living in a constitutional democracy is that you have recourse, you have legal recourse. Then I'm going to go to the next one. There's a question as to when do we propose to start reclaiming the Crown Complex dumps and over what period of time? What is the due date for that roughly at this stage, if we have fixed a specific date?

事實上，今天下午晚些時候我將參加另一個電話會議，討論其影響。因此，我們正在嘗試參與和協商，並希望取得良好的結果。如果這不起作用，那麼顯然，生活在憲政民主國家的好處是，你有追索權，你有法律追索權。那我就去下一個了。有一個問題是，我們打算何時以及在什麼時間內開始回收皇家綜合垃圾場？如果我們已經確定了具體日期，那麼目前大致的截止日期是什麼時候？

It's about -- in four years' time from now, Niel.

大約是──從現在起四年後，尼爾。

Okay. And the area, if I'm not mistaken, Henri, is about 500 hectares. We just have a 500 hectares near the Crown Complex. Under advance is about 500, it's probably about 1,000 hectares associated that we own. We own about 1,000 hectares in that area. And that, of course, is the area right between Soweto and Nasrec on either side of the highway. So it's definitely -- it's prime land. right. So these are the questions that we got in terms of the -- those who dialed in remotely. Are there any questions from the audience? Thank you, Ed.

好的。亨利，如果沒記錯的話，這個區域面積大約是 500 公頃。我們在皇冠綜合大樓附近只有 500 公頃土地。預付款約 500，我們擁有的相關土地可能約為 1,000 公頃。我們在該地區擁有約 1,000 公頃土地。當然，那正是高速公路兩側索韋托和納斯雷克之間的區域。所以它絕對是——黃金地段。對的。這些就是我們針對遠端撥號用戶提出的問題。觀眾還有什麼問題嗎？謝謝你，艾德。

Thanks. Ed Stoddard with Daily Maverick. Just your new -- the second super dam that's going up. I'm just wondering things. One is I'm wondering, do you expect to have some wildlife around there as well like you have around Brakpan. And the second thing I want to ask, just I'm thinking my Canadian English, I'm just trying to do the translation now Daggafontein. It means cannabis fountain. And I'm wondering, does that suggest something about agricultural projects that you plan around there.

謝謝。《每日特立獨行》雜誌的艾德‧斯托達德 (Ed Stoddard)。這只是新的——第二座正在建造的超級大壩。我只是好奇一些事情。一是我想知道，你是否認為那裡也會有一些野生動物，就像布拉克潘周圍一樣。我想問的第二件事是，我只是在想我的加拿大英語，我現在正嘗試翻譯 Daggafontein。意思是大麻噴泉。我想知道，這是否對您在那裡計劃的農業項目有所啟示。

So it's like you're looking into my retirement. I'm telling my colleagues that I'm going to start smoking again when I'm 75, and I intend to smoke my own brand. But maybe that's where I'll go. Sorry, were you saying something, Jaco?

所以這就像你在調查我的退休情況。我告訴我的同事，我 75 歲時會重新開始吸煙，而且我打算抽我自己的品牌的煙。但也許那就是我要去的地方。抱歉，你剛才在說什麼嗎，Jaco？

So the intention is eventually, there will be wildlife eventually, but not immediately. And then yes, I can't comment on Daggafontein but we do have some agricultural projects, yes, but it's got nothing to do with Dagga.

所以我們的目的是最終會有野生動物，但不是立即出現。是的，我無法評論達加方丹，但我們確實有一些農業項目，但這與達加無關。

Hi. Good day, everyone. Bruce Williamson, Integral Asset Management. Maybe a question for Riaan. Can you just update me on now that you've also got the solar there, the tax ring-fences around your specific operations? And maybe what the unredeemed balances are there?

你好。大家好。布魯斯威廉森，Integral Asset Management。這可能是針對 Riaan 的一個問題。您能否告訴我，現在您也擁有太陽能業務，您的特定營運也受到稅收保護嗎？也許還有未兌換的餘額？

Sure. So the only balances -- so I'll need help on. Yes, I don't know if you're close to that, but maybe before that. So the ring-fences are Ergo as a whole. And again, the theory there says because all of the related infrastructure needs the tailings dam. So we do from a tax point of view and the way SAS looks at it as a complete ring-fence. So in that operation, because of the dependence on one tailings dam, -- we do see that as one ring-fence and a similar argument for Far West.

當然。所以唯一的平衡——所以我需要幫助。是的，我不知道你是否接近這個目標，但也許更早。因此，圍欄是 Ergo 的一個整體。再次強調，理論認為所有相關的基礎設施都需要尾礦壩。因此，我們從稅收的角度以及 SAS 將其視為完全隔離措施的角度來看待它。因此，在該操作中，由於依賴尾礦壩，我們確實將其視為圍欄，並且對於 Far West 來說也有類似的論點。

Obviously, we go through that very carefully through tax advice to make sure that our position is supported. But that is the idea that it's not separate. We don't consider separate ring-fences because it is an integrated system that we look at. And similar to the solar, the way we look at both the solar panels related infrastructure and the battery system, we do see that operating as an integrated system, which it is designed to do. And as I've mentioned on that, we have tax advice that we can claim as a system, the 125% as allowed by the incentives by government. So -- but I don't know if you're close to the unredeemed capital balance, please. Thanks.

顯然，我們會透過稅務建議非常仔細地處理這個問題，以確保我們的立場得到支持。但這個想法是，它不是分離的。我們不考慮單獨的圍欄，因為我們關注的是一個整合系統。與太陽能類似，我們從太陽能電池板相關基礎設施和電池系統的角度來看待它們，我們確實將它們視為一個整合系統，這也是它的設計目的。正如我所提到的，我們有稅務建議，可以作為一個系統來申請，即政府激勵措施允許的 125%。所以——但我不知道您是否接近未贖回資本餘額。謝謝。

We do have unredeemed CapEx as of June 30 on both Ergo and Far West and you're sitting at about ZAR600 million for both.

截至 6 月 30 日，我們在 Ergo 和 Far West 上都有未贖回的資本支出，兩者的資本支出約為 6 億南非蘭特。

And then, maybe just on your cost inputs sort of labor, power, chemicals, other procurement, can you just give me an idea of what you are experiencing with cost increases?

然後，也許只是就您的成本投入而言，例如勞動力、電力、化學品、其他採購，您能否告訴我您在成本增加方面遇到的情況？

I'll ask Henriette to maybe comment on that. She's very close to our budgeting process. I can give you sort of rough numbers, but she'll get you a lot closer to the actuals.

我會請亨麗埃特對此作出評論。她非常了解我們的預算流程。我可以給你一些粗略的數字，但她會讓你更接近實際情況。

So again, on the Ergo side, looking at a changing operation, so stable from a labor point of view, where we're seeing decreases is basically on our reclamation contractors. And it's again because we're not trucking material from everywhere. So that is a much more stable profile going forward. And then electricity, obviously, will have a full year benefit. On the Far West side, again, stable operation with a growth factor. So with quarter one financial year 2027 around the corner, you'll obviously see labor increases to actually staff that plant. I think that is basically, the rest is inflationary increases.

因此，再次從 Ergo 方面來看，我們看一下不斷變化的營運情況，從勞動力的角度來看，營運情況是穩定的，而我們看到的減少基本上是在我們的填海承包商身上。這又是因為我們沒有從各地運送物資。因此，這是一個更穩定的未來狀況。那麼，顯然，電力將帶來全年的收益。在遠西地區，再次出現了穩定運作和成長因素。因此，隨著 2027 財年第一季的臨近，您顯然會看到工廠實際勞動力數量的增加。我認為基本上，其餘部分都是通貨膨脹的增加。

Anybody else? That seems to be it. Thank you again so much. Thank you for attending, and it was an absolute privilege to present to you and also to introduce you to the members of our team. Most of our senior management members are here, and we're going to be around for a while. So please feel free to chat to them and ask them what you want to ask. Thank you so much.

還有其他人嗎？好像就是這樣。再次感謝您。感謝您的出席，我們非常榮幸能夠向您介紹我們的團隊成員。我們的大多數高階主管都在這裡，而且我們還會在這裡待一段時間。因此請隨時與他們聊天並詢問您想問的問題。太感謝了。