DRDGOLD Ltd (DRD) 2026 Q2 法說會逐字稿

Again joining us for this DRD Gold's interim results for financial year 2026. Before we start this presentation, I want to take a moment to remember Jan Nelson who passed away earlier this week. Jan was a friend and I'm ashamed to say that in recent times, I wasn't much of a friend to him, but his legacy lives on.

再次與我們一起了解 DRD Gold 2026 財年的中期表現。在開始本次演講之前，我想花一點時間紀念本週早些時候去世的簡·尼爾森。Jan 是我的朋友，我很慚愧地說，最近我和他關係並不好，但他的精神遺產將永遠存在。

He laid the foundation for what has become a very successful company in Pan-African resources, and we will always remembering not just as an astute leader and a businessman but also as a good person and he lived a life worth living. Joining me today as usual, Henriette, and Jaco, our CFO, and COO, respectively. They will be doing most of the talking today.

他為一家在泛非資源領域取得巨大成功的公司奠定了基礎，我們將永遠銘記他，他不僅是一位精明的領導者和商人，更是一位善良的人，他的一生過得非常精彩。今天和往常一樣與我一起的有我們的首席財務官亨利埃特和首席營運官雅各。今天他們將是發言的主力軍。

Henriette has now fully assumed the position of Chief Financial Officer. That is from the effect of the first of February. Portfolio is now hers, and I again want to say congratulations and good luck in red. The transition is also now over in this portfolio.

亨利埃特現已正式就任財務長一職。這是2月1日政策實施的影響。作品集現在歸她所有了，我再次向她表示祝賀並祝她好運。該投資組合的轉型也已完成。

As is the restructuring of the finance portfolio which together with certain operational changes also saw the promotion of Mpho Mashatola to Head of Corporate, Finance, and adding to her role in treasury tax, financial and integrated reporting amongst other things, the role of investor relations, and she will also join Jaco now on the business development team.

財務組合的重組以及一些營運變更也促成了 Mpho Mashatola 晉升為公司財務主管，除了負責財務稅務、財務和綜合報告等工作外，她還將負責投資者關係，並且她現在還將加入 Jaco 的業務發展團隊。

The format for today's presentation will once again be myself presenting the highlights. I will then hand over to Jaco, who will take you through operational performance. Jaco will hand over to Henriette, who will take you through the financial results. She will hand you back to Jaco to update you on Vision '28 projects and then I will cover what is left afterwards.

今天的演講形式將依然由我來介紹重點內容。接下來我會把麥克風交給 Jaco，他會帶你們了解營運績效。Jaco會將麥克風交給Henriette，由她來為大家介紹財務表現。她會把你交還給 Jaco，讓他向你報告 Vision '28 計畫的最新進展，然後我會負責處理剩下的工作。

Can we move to the next slide, please? This presentation will again contain certain forward-looking statements, and I therefore request that you familiarize yourself with the disclaimer. Next slide please.

我們可以進入下一張投影片嗎？本次簡報將再次包含某些前瞻性陳述，因此請您仔細閱讀免責聲明。請看下一張投影片。

So to kick things off, performance at a glance. You will have noticed that our Board has approved an interim cash dividend of ZAR0.50 per share. This is our 19th consecutive financial year of declaring a dividend. And this one is special. We thought we, when we embarked on Vision '28, that by now we would be carrying some debt, substantial debt in fact.

首先，讓我們快速了解一下效能概況。您可能已經注意到，我們的董事會已批准派發每股0.50南非蘭特的臨時現金股利。這是我們連續第19個財政年度宣布派發股利。而這個很特別。我們當初啟動「28願景」時，就預料到現在我們會背負一些債務，實際上是相當可觀的債務。

On the vellum sheet that by paying a dividend, It was going to be a stretch, of course, with the surge in gold price. Things could not be any different, and we are very pleased that we were able to distribute a portion of our free cash. Speaking of free cash, it increased by 149% over the comparative period to ZAR900 million and ZAR791 million and that has pushed our cash and cash equivalent at the end of the period to ZAR1.7 billion.

在羊皮紙上，支付股息當然會很困難，因為金價飆升。情況恰恰相反，我們非常高興能夠將一部分自由資金發放出去。說到自由現金流，與去年同期相比增長了 149%，達到 9 億蘭特和 7.91 億蘭特，這使得我們期末的現金及現金等價物達到 17 億蘭特。

Revenue just under $5 billion, just over $5 billion showed a 33% increase. Operating profit of ZAR2.7 billion was up by 72%. We saw a 99% increase in headline earnings. And we reinvested ZAR1.6 billion in capital reinvestment mostly towards Vision '28. And in terms of sustainable development, you'll see that Ergo solar plant is very apparent in this set of results.

營收略低於 50 億美元，略高於 50 億美元，成長了 33%。營業利益達27億蘭特，成長72%。我們看到核心收益成長了99%。我們將 16 億蘭特重新投入資本再投資，主要用於「2028 年願景」。就永續發展而言，你會發現 Ergo 太陽能發電廠在這組結果中表現得非常突出。

Our carbon footprint shrunk by 34% and electricity consumption of the grid is down 28%. In terms of operational performance, I think we've mentioned this, and we'll just mention it again that's current design is one of reduced throughput rate with a larger proportion of throughput from high volume low grade sites.

我們的碳足跡減少了 34%，電網用電量下降了 28%。就營運性能而言，我想我們已經提到過這一點，我們再提一下，目前的設計是降低吞吐量，但來自高產量低品位礦場的吞吐量比例更大。

In this regard, you'll recall that in the latter part of 2024 we were almost entirely reliant on clean up at mature sites when our water usage licenses were being delayed for the replacement sites. So the current mix that we're mining is quite different with a low proportion of that high grade material that was always a welcome part of the blend.

在這方面，您應該還記得，在 2024 年下半年，由於替代地點的用水許可證被推遲，我們幾乎完全依賴成熟地點的清理工作。因此，我們目前開採的礦石混合物與以往大不相同，其中高品位礦石的比例很低，而高品位礦石一直是混合物中受歡迎的組成部分。

On the whole though, the group still trended towards the higher range of guidance with 2.3 tons of gold produced. The throughput was 12.5 million tons for the period which on a flat extrapolation takes us to roughly 25 million tons for the year.

總體而言，該集團的產量仍接近預期範圍的較高水平，黃金產量為 2.3 噸。該期間的吞吐量為 1250 萬噸，按此推算，全年吞吐量約為 2500 萬噸。

And I think this provides some perspective on what we are targeting in terms of Vision '28, which is designed towards a throughput rate of 3 million tons per month, which will take it to 36 million tons per year and 6 tons of gold output per year. So certainly, project worth investing in a pleasant outcome for which we have the gold price to pay is an all-in sustaining margin of 48% or rather of 48%.

我認為這為我們理解「2028願景」的目標提供了一些視角，該願景旨在實現每月300萬噸的吞吐量，這將使年吞吐量達到3600萬噸，年黃金產量達到6噸。因此，值得投資的項目，如果能獲得令人滿意的結果，我們願意付出的黃金價格就是 48% 的綜合維持利潤率，或者更確切地說是 48%。

For the rest, in terms of operational, the numbers pretty much follow guidance. And I hand you over to Jaco or some added color on the production numbers.

至於其他方面，就營運而言，各項數據基本上符合預期。接下來，我將把麥克風交給 Jaco，讓他補充一些關於製作數字的資訊。

Thanks. Appreciate the intro. So if we start with the operational trends, the volumes as you can see from the first graph for H12026 is down in comparison to both periods H1 and H2 of 2025. This is mainly due to three reasons. Firstly, rain and weather interruptions, obviously during the summer period.

謝謝。感謝您的介紹。因此，如果我們從營運趨勢開始，正如您從第一張圖表中看到的那樣，2026 年上半年的銷售量與 2025 年上半年和下半年相比均有所下降。這主要有三個原因。首先，夏季期間，降雨和天氣因素顯然會造成乾擾。

We've had four power interruptions during this period as well, despite our PVM based system operating at 96% efficiency. And then lastly, it's a deliberate strategy to limit our deposition tonnage, whilst we developing infrastructure like Withok and Daggafontein that will extend our life of mine as part of Vision 2028.

儘管我們的 PVM 系統運作效率高達 96%，但在此期間我們也經歷了四次停電。最後，我們採取的策略是限制我們的沉積噸位，同時開發像 Withok 和 Daggafontein 這樣的基礎設施，這將延長我們的礦山壽命，這是「2028 年願景」的一部分。

So, that those are the main reasons for the volume, reduction. You'll also see that on yield there's a slightly down, about 0.01 g per ton from H12025, but up, at the same level for the second period of 2025. And then the reduction in gold is therefore almost I would say 50% in terms of tons and 50% in terms of yield.

所以，這些都是銷量下降的主要原因。你還會看到，產量方面，從 2025 年上半年到下半年略有下降，每噸下降約 0.01 克，但到 2025 年下半年則有所上升，達到同一水平。因此，黃金產量減少近50%（以噸位計算）和50%（以產量計算）。

We look at the far west, operational trends, volume throughput very constant, a lot simpler circuit at this point in time with two mining sites in comparison to Ergo where we've got 15 mining sites at any given point in time.

我們觀察西部遠郊的營運趨勢，吞吐量非常穩定，目前電路要簡單得多，只有兩個礦場，而 Ergo 在任何給定時間都有 15 個礦場。

However, the yield we did have 0.023 g per ton lower yield in comparison to H12025, and this is again mainly due to an overall lower head grade received during this period, and that is due to the reduction of Daggafontein 5 coming to an end.

然而，與 H12025 相比，我們的產量每噸降低了 0.023 克，這主要是由於在此期間收到的礦石總品位較低，而這是由於 Daggafontein 5 的減產結束所致。

Looking at a consolidated group operating basis then for the group, you can see the impact of the volumes of Ergo's volumes coming through in the first graph. The second graph, there's a slight yield improvement in comparison to H2 of 2025, but then, it's lower in comparison to H12025. Therefore, the lower tons and yield culminated in a 9% reduction in kilograms for the six months, and then 3% higher than H2 2025.

那麼，從集團的合併經營基礎來看，從第一張圖可以看出 Ergo 的銷售量對其的影響。第二張圖顯示，與 2025 年下半年相比，產量略有提高，但與 2025 年上半年相比，產量又有所下降。因此，產量和收成的減少最終導致六個月的公斤數減少了 9%，然後比 2025 年下半年高出 3%。

I'm going to hand over to Henriette for financials.

財務部分交給亨利埃特負責。

Thanks Jaco. Yeah, it is my good morning, everybody. It's my privilege to present the financial performance of DRDGOLD to you. Maybe just to start off and not to break tradition from our previous CFO, I would really just like to thank every single person that has been involved in achieving these excellent results.

謝謝雅各。是的，大家早安。我很榮幸向各位介紹DRDGOLD的財務表現。首先，為了不打破我們前任財務長的傳統，我真的想感謝每一位為取得這些卓越成果而參與其中的人。

Yes, we know that we had an excellent performance from a gold price point of view, but we also had stable performance, cost containment, which was in line with our expectation from the previous year. So, thank you to the operations, to all of our contractors as part of this journey, to our shared services and our financial teams that are involved in this, in achieving these results.

是的，我們知道從黃金價格的角度來看，我們取得了優異的成績，但我們也取得了穩定的業績和成本控制，這符合我們去年的預期。因此，我要感謝營運部門、所有參與此行動的承包商、共享服務部門和財務團隊，感謝他們為這些成果所做的貢獻。

Like I already mentioned, star performance performer absolutely was the gold prize over the last six months, over the last year. It increased by 43% from the comparable six-month period from about ZAR1.5 million per kilogram to just over 1. 2 -- ZAR2.1 million per kilogram. This is actually not, it couldn't have come at a better time, with our massive capital spend.

正如我之前提到的，在過去的六個月、一年裡，明星表演者絕對是金獎。與上半年同期相比，價格上漲了 43%，從每公斤約 150 萬南非蘭特漲至略高於 100 萬南非蘭特。2——每公斤210萬南非蘭特。實際上並非如此，鑑於我們大規模的資本支出，這來得正是時候。

So we have really taken advantage of that gold price performance. Okay, so if we go into the financial results from an Ergo point of view, you can see a very nice trend upwards from half year FY 2025 to all the way to ZAR3.6 billion for half-year FY 2026. This is despite a 7% decrease in our gold sold.

因此，我們確實充分利用了黃金價格的上漲行情。好的，如果我們從 Ergo 的角度來看財務業績，可以看到一個非常好的上升趨勢，從 2025 財年上半年一直成長到 2026 財年上半年的 36 億蘭特。儘管我們的黃金銷量下降了7%，但情況依然如此。

One trend that we're exceptionally proud of is that cash operating cost line on the Ergo side. If you look at Ergo at the for the six months ended December '25, the increase for that to the ZAR1.9 billion was only 2%. Despite increases that was above inflation in your agents, and some of the consumer bills, we actually saw a 23% decrease in electricity costs on the Ergo side.

我們特別引以為傲的一個趨勢是 Ergo 方面的現金營運成本線。如果你看一下 Ergo 截至 2025 年 12 月的六個月的業績，你會發現其營收成長了 2%，達到 19 億蘭特。儘管你們代理商和一些消費者的帳單漲幅超過了通貨膨脹率，但實際上，Ergo 方面的電力成本下降了 23%。

And that is despite the 13% rate increase from Eskom, and Jako will take you through some of the performances later from the solar point of view. That then moved straight into that operating profit line which almost doubled if you compare the six months ending December '24 to December '25 at just under ZAR1.7 billion per kilogram.

儘管 Eskom 電價上漲了 13%，但 Jako 稍後將從太陽能的角度帶您了解一些相關表現。然後，這筆利潤直接計入了營業利潤線，如果將截至 2024 年 12 月的六個月與截至 2025 年 12 月的六個月進行比較，營業利潤幾乎翻了一番，達到每公斤略低於 17 億蘭特。

If we go to Far West gold recoveries, similar trend to that of Ergo, so also a 7% decrease in gold sold, but that 43% increase in revenue, in gold price, taking us to just above ZAR1.4 billion in revenue for these gold recoveries. On the cash operating side, as I mentioned in the previous presentation, Far West is in a different life cycle than Ergo.

如果我們看看遠西地區的黃金回收情況，就會發現與 Ergo 類似的趨勢，即黃金銷量下降了 7%，但收入（金價）增長了 43%，使這些黃金回收的收入略高於 14 億蘭特。在現金營運方面，正如我在先前的演講中提到的，Far West 與 Ergo 處於不同的生命週期。

So this little operation is actually gearing up to growth, and to double up its capacity. So additional people are appointed. The plant is a little bit older than what when we started up six years ago, so consumer bills are higher, and that is why you're seeing this increase in costs. So, the cash operating cost in rand terms increased about 14% from the comparative six months.

所以這家小企業實際上正在為發展壯大做準備，並計劃將其產能翻倍。因此，又增聘了其他人。該工廠比我們六年前剛成立時老舊一些，所以消費者的賬單更高，這就是你看到成本上漲的原因。因此，以蘭特計價的現金營運成本比上半年成長了約 14%。

Still, if you look at that operating profit trend, it is magnificent. So, from about ZAR750 million to almost ZAR1.1 billion in operating profit for Hua West. Just something to mention, this is a 73% operating margin, which is quite substantial. Then just from a group, operating trends point of view, operating margin we already sort of touched on, you can see that nice increase upwards curve, ending up at 54%.

不過，如果你看一下營業利潤的趨勢，你會發現它非常出色。因此，華西的營業利潤從約 7.5 億蘭特成長到近 11 億蘭特。值得一提的是，這相當於73%的營業利潤率，相當可觀。然後，僅從集團營運趨勢的角度來看，我們已經略微談到了營運利潤率，你可以看到一條漂亮的上升曲線，最終達到 54%。

Operating margin for the six months. All in sustaining costs, also a very nice upward trend ending at just over 48%. Just to mention our all-in sustaining cost is about ZAR1.1 million per kilogram. If we can sustain that all in sustaining cost in the future. Everything, all of the increases in the gold price is always upside. So very nice margin, if you look at a gold price of ZAR2.5 million where we are currently In free cash flow.

六個月的營業利益率。維持成本方面，也呈現非常好的上升趨勢，最終略高於 48%。順便提一下，我們全部的維持成本約為每公斤 110 萬南非蘭特。如果我們能夠將所有這些成本控制在未來。黃金價格的所有上漲都是利好消息。所以利潤空間非常可觀，考慮到我們目前的自由現金流為250萬南非蘭特，金價相當可觀。

This is a very important measure for us. We believe that this is actually the one to manage quite substantially. I think Neil already mentioned that we expected to be in a totally different situation with all of the capital that we're spending. We ended up the year at the six months at just under ZAR800 million after spending CapEx of ZAR1.8 billion.

這對我們來說是一項非常重要的措施。我們認為這實際上是需要認真管理的一件事。我認為尼爾已經提到過，我們投入了這麼多資金，原本預期情況會完全不同。在資本支出 18 億蘭特之後，我們上半年的利潤略低於 8 億蘭特。

This actually -- this is the one that gave us the opportunity to declare that $0.50 interim dividend, which I believe is the biggest interim dividend that we have declared, from a DRDGOLD point of view. Headline earnings per share almost doubled from the comparable six-month period from [$0.12] per share to [$2.23] per share.

實際上，正是這件事讓我們有機會宣布派發每股 0.50 美元的中期股息，我相信，從 DRDGOLD 的角度來看，這是我們迄今為止宣布的最大一筆中期股息。每股核心收益較上年同期幾乎翻了一番，從每股 0.12 美元增至每股 2.23 美元。

Okay. If we just stand still on the statement of profit and loss, revenue like we already mentioned, 7% decrease in gold sold but 43% increase in, rand per kilogram gold price. Going straight into that top line. Costs of sales, very proud of that figure. Yes, it's a 4% increase which sort of trends inflation or is similar to inflation at this point of view.

好的。如果我們只關注損益表和收入，正如我們已經提到的，黃金銷量下降了 7%，但每公斤黃金價格（蘭特計價）上漲了 43%。直接進入正題。銷售成本方面，我對這個數字非常滿意。是的，這是 4% 的成長，從這個角度來看，這符合通貨膨脹的趨勢，或者說與通貨膨脹類似。

But all of us know that mining inflation tends to be higher. So this is something that we are very closely monitoring and managing. So very proud of that 4% that it increased period on period. Gross profit from operations very healthy at ZAR2.5 billion .

但我們都知道，採礦業的通膨往往更高。所以，這是我們正在密切關注和管理的事情。為這4%的成長感到非常自豪，因為它逐週增長。營業毛利非常健康，達到25億蘭特。

Then if we go to the administration and other expenses, that increase is 23% which is quite substantial. The biggest drivers of that increase was however our LTI, our long-term incentive share-based payment expense that goes through that line and our share price increased a lot from the previous period.

如果再算上行政和其他開支，增幅高達 23%，這相當可觀。然而，推動這一成長的最大因素是我們的長期激勵性股份支付支出（LTI），該支出計入該項，而且我們的股價較上一時期大幅上漲。

Okay. Maybe to stand still on that loss on the sale of assets. So that ZAR5 million relates to our sale of Stella in December to NOAA. So as we announced in December, we received about proceeds of about ZAR147 million from NOAA, recouping most of our costs, so that ZAR5 million is the little bit that's left after all of the consolidation entries, but more importantly enough, paving the way for future agreements which Jaco will also take you through later.

好的。或許應該就此止損，不再追究出售資產的損失。所以，這500萬蘭特與我們12月將Stella賣給NOAA有關。正如我們在 12 月宣布的那樣，我們從 NOAA 收到了約 1.47 億蘭特的收益，收回了我們的大部分成本，因此在進行所有合併條目後只剩下 500 萬蘭特，但更重要的是，這為未來的協議鋪平了道路，Jaco 稍後也會向大家詳細介紹。

Then on the finance income side, again, our cash interest, all more than what we would have expected if we look back at it. But we did see a decrease from the six months -- previous six months, and that's due to Rand Refinery not actually paying us a dividend in this six-month period.

然後，在財務收入方面，我們的現金利息也比我們回顧之前預期的要多。但我們確實看到與前六個月相比有所下降，這是因為蘭德煉油廠在這六個月期間實際上沒有向我們支付股息。

Yeah. Finance expenses that mostly relates to the unwinding of our rehabilitation provision, but very much in line with previous periods, ending profit before tax at ZAR2.4 billion. On the income tax line, and I'll touch on this line in the balance sheet or in the statement of financial position again. That whole ZAR490 million actually relates to deferred tax.

是的。財務支出主要與我們的重組準備金的解除有關，但與先前的時期非常一致，稅前利潤為 24 億蘭特。關於所得稅這一項，我稍後會在資產負債表或財務狀況表中再次提及這一項。那全部4.9億蘭特其實都與遞延稅款有關。

Okay. Very healthy profit of ZAR1.9 billion for the six months. Okay, if we go to the statement of financial position. So you'll see in the three periods how that line, property, plant and equipment just keeps on growing. And that is our investment that we are, doing into this vision 2028 project. That balance we expect to still keep on going, growing for the next two to three years.

好的。上半年獲利19億蘭特，業績非常出色。好的，我們來看財務狀況表。所以你會看到，在這三個時期裡，生產線、房產、廠房和設備是如何不斷成長的。這就是我們對「2028願景」計畫所做的投資。我們預計這種平衡狀態將在未來兩到三年內繼續保持並增強。

So very excited to see that balance increase. Then just to stand still on non-current investments and other assets, that balance relates mostly to our investment in Gard risks, our rehabilitation trust funds, which is over a billion rand. I believe that's quite a good position to be in, and we can be proud of that.

看到餘額增加，我非常高興。然後，就非流動投資和其他資產而言，該餘額主要與我們對 Gard 風險的投資、我們的康復信託基金有關，該基金超過 10 億蘭特。我認為這是一個相當不錯的局面，我們應該為此感到自豪。

The other movement, big movement in that balance from the previous, from the financial year, June 30, was Rand Refinery. So Rand refinery, we measure at fair value, and we saw a ZAR150 million increase in the fair value relating to Rand Refinery.

另一個變動，也是與上一個財政年度（截至 6 月 30 日）相比變動最大的變動，是蘭德煉油廠。因此，我們對蘭德煉油廠進行公允價值計量，結果顯示蘭德煉油廠的公允價值增加了 1.5 億蘭特。

Cash in cash equivalents, ZAR1.7 billion. I'll allude to that in the cash flow statement. Okay. Then on other current assets, maybe just to stand still on that as well. We, although you didn't see an income tax on the one income statement. We actually had to pay a provisional tax on the Ergo side of about ZAR230 million. This is because our forecasted profitability shows that we will pay that we will pay tax for the full year in.

現金及現金等價物，17億蘭特。我會在現金流量表中提到這一點。好的。那麼對於其他流動資產，或許也該按兵不動。雖然您在那份收入報表上沒有看到所得稅。實際上，我們不得不為 Ergo 一方繳納約 2.3 億蘭特的預繳稅款。這是因為我們預測的獲利能力表明，我們將支付全年的稅金。

So there's about ZAR230 million tax receivable included in there. The other balance and one of our more exciting stories that we've got is the inclusion of Kloof 2 dump from Sibanye. So we've added about 67 million tons to our mineral resources. This transaction, so all of the decommissioned dumps from Sibanye was already envisaged in the 2008 agreements that we entered into with Sibanye.

所以其中大約包含2.3億蘭特的應收稅款。另一個平衡點，也是我們更令人興奮的故事之一，是來自 Sibanye 的 Kloof 2 礦渣堆。因此，我們的礦產資源增加了約 6700 萬噸。這項交易，即 Sibanye 所有已退役的垃圾掩埋場，早在 2008 年我們與 Sibanye 簽訂的協議中就已經有所設想。

So, due to the just the timing of the transaction, and some regulatory approvals that still need to require, we couldn't, we didn't receive the trust funds relating to this asset now before the December 31.That will only happen now in the next few months. So there's ZAR117 million included in that other current assets line.

因此，由於交易時機以及一些監管審批仍需完成，我們在12月31日之前未能收到與該資產相關的信託資金。這筆資金將在未來幾個月內到帳。所以，其他流動資產項下包含了 1.17 億蘭特。

Okay. Equity, ZAR10.7 billion, ZAR10.8 billion that will keep on growing with the profitability from the from the, from our operations, provision for environmental rehabilitation, increase with the unwinding for the six months and then the inclusion of the cliff to rehabilitation liability.

好的。權益為 107 億蘭特，108 億蘭特，將隨著我們營運的盈利能力而持續增長，加上環境修復準備金，隨著六個月的逐步解除以及隨後的修復負債的納入而增加。

Deferred tax assets, that is now our single biggest deferred tax liability, sorry, apologies. That is now our single biggest liability on the balance sheet. And that balance has grown substantially as you can see over the three periods. We expect that balance to keep on growing. This is, we are spending more capital, but we are actually using that, capital allowances, on our site.

遞延所得稅資產，現在已成為我們最大的遞延所得稅負債，抱歉，非常抱歉。這現在是我們資產負債表上最大的單項負債。正如你所看到的，在這三個時期內，這種平衡已經大幅成長。我們預計這種平衡將繼續擴大。也就是說，我們投入了更多資金，但我們實際上把這些資金（資本補貼）用在了我們的網站上。

So our asset base and our tax base keeps on growing bigger part. Also, maybe to note is that once a year we determine our weighted average forecasted tax rate based on our life of mine plans. If the gold price continues as it as it is at this current levels, there will definitely be an increase in our deferred tax rate which will make that balance even bigger.

因此，我們的資產基礎和稅基都在不斷成長。另外，需要注意的是，我們每年都會根據礦山壽命計劃來確定加權平均預測稅率。如果黃金價格繼續保持目前的水平，我們的遞延稅率肯定會提高，這將使該餘額更大。

On current liabilities, that remained very stable from June 30, now to December, 31 although it increased from the previous comparative period, and that was just due to the accelerated, capital spend. Then we're sitting with an exceptional good current ratio of three, due to our high cash balance and increase in the current assets with a stable current liabilities.

流動負債從 6 月 30 日到 12 月 31 日保持非常穩定，雖然比上一個比較期有所增加，但這僅僅是由於資本支出加速所致。那麼，由於我們現金餘額充足，流動資產不斷增加，而流動負債保持穩定，我們的流動比率達到了非常高的 3。

Okay, statement of cash flows, probably one of our favorites always. If you just look at that cash generated from operations, which more than doubled from the comparative six-month period at ZAR2.5 billion That is exceptional. Finance income increased due to our higher cash balances.

好的，現金流量表，這可能是我們最喜歡的報表之一。如果只看營運產生的現金流，與上半年相比翻了一番還多，達到 25 億蘭特，這非常了不起。由於現金餘額增加，財務收入也隨之成長。

Dividends received, I already alluded to, we didn't receive anything from Rand Refinery in this period. And that income tax, that provisional tax payment that I explained sitting there in income tax paid of about ZAR230 million, 240 million.

關於收到的股息，我已經提到過了，我們在此期間沒有從蘭德煉油廠收到任何股息。還有那筆所得稅，我之前解釋過的預繳稅款，大約是 2.3 億至 2.4 億蘭特。

We move to investing activities, there you can see that ZAR1.7 billion that we invested in our capital for vision 2028, that balance will also -- we still have a bit to go for this financial year, so that will keep on increasing. Then environmental rehabilitation payments, this is specifically our continuous clouding of the [Brackpine Sailings] facility.

讓我們來看看投資活動，可以看到我們為實現 2028 年願景而投入的 17 億蘭特資本，這個餘額也會——本財年還有一些時間，所以這個數字還會繼續增長。然後是環境修復付款，這具體指的是我們對 [Brackpine Sailings] 設施的持續污染。

So we keep on rehabilitating as we grow over that. Proceeds from assets held for sale. I already explained Stellar to you, so that is what we received for the sale of our investment. Then moving on to dividends, the 345 relate to the $0.40 final dividend that we paid for our financial year 2025.

所以，隨著我們不斷成長，我們會持續進行復健治療。待售資產所得款項。我已經向你解釋過Stellar的情況了，這就是我們出售投資所得的收益。接下來談談股息，345 指的是我們為 2025 財年支付的 0.40 美元的最終股息。

And yeah, if you then just see net increase in cash in -- cash equivalent about ZAR430 million, taking our cash in cash equivalent balance to a very healthy 1.7 billion as at December 31. Yeah, if I can now hand over to Jaco. Thank you for some of the exciting projects that we are busy with.

是的，如果您看到現金淨流入（現金等價物）增加了約 4.3 億蘭特，那麼截至 12 月 31 日，我們的現金及現金等價物餘額將達到非常健康的 17 億蘭特。是的，如果我現在可以把工作交給雅各的話。感謝您提供的這些我們正在進行中的令人興奮的項目。

Thanks, everybody. So, yeah, just starting off with our, sorry -- let me just go back to that slide. Thanks, starting off with the solar and [best] project. We've seen a reduction, of approximately 28% for the group, and for Ergo, it is down by 38%, taking into consideration that this asset has been operating since November of last year. So this is comparing six months of last year, H1 to H2 of 2025.

謝謝大家。是的，首先，抱歉——讓我回到那張幻燈片。謝謝，首先是太陽能和（最好的）項目。我們看到集團整體降幅約為 28%，而 Ergo 的降幅則高達 38%，考慮到該資產自去年 11 月以來一直在運作。這是將去年上半年（H1）與 2025 年下半年（H2）進行比較。

There's a 23% reduction in electricity cost and that is despite the 12.7% increase in cost. So in total, in excess of 35% reduction in the cost. We also had a, just shy of ZAR50 million worth of wheeling and offsetting. Revenues, and that that's essentially offset against other Eskom accounts within the group itself. And this project.

儘管能源成本上漲了 12.7%，但電力成本卻降低了 23%。因此，總成本降低了 35% 以上。我們還進行了價值近 5000 萬蘭特的輪換和抵消交易。收入，而且基本上可以抵消集團內其他 Eskom 帳戶的收入。還有這個項目。

Make sure that we've got all of the daily consumption for the majority of the big sites being Rooikraal, Brakpan, and then the Ergo plant running off the PV and base circuit. I think it's important for us to distinguish between the Ergo Pb and Bs system and the transaction that we did referring to Stella and NOA.

確保我們已經統計了大部分大型站點（即 Rooikraal、Brakpan 以及依靠光伏和基礎電路運行的 Ergo 工廠）的每日用電量。我認為區分 Ergo Pb 和 Bs 系統以及我們之前提到的 Stella 和 NOA 的交易非常重要。

The Stellar NOA transaction was specifically focused at reducing our carbon footprint in anticipation for Vision 2028 and what we're busy with in Vision 2028. As we bring Vision 2028 online, we bring DP2 online, we're bringing, the, RTSF online and Daggafontein online, the power consumption will increase because the power consumption increase, your carbon footprint will increase.

Stellar NOA 交易的重點在於減少我們的碳足跡，以迎接 2028 年願景以及我們在 2028 年願景中正在進行的工作。隨著 Vision 2028、DP2、RTSF 和 Daggafontein 專案的上線，電力消耗將會增加，因為電力消耗的增加，您的碳足跡也會增加。

So, this project was aimed at anticipating what the what the load would be for Ergo and far west and in anticipation of that increase in load to be proactive in in how we can secure additional power for the operations. So just in a nutshell, the stellar project is located in Polokwan, and is designed for a 150 megawatt solar, it's only solar plant design.

因此，該計畫的目的是預測 Ergo 和遠西部地區的負載情況，並預見負載的增加，從而積極主動地採取措施，確保營運所需的額外電力。簡而言之，這個傑出的計畫位於波羅克萬，設計裝置容量為 150 兆瓦，是目前唯一的太陽能發電廠設計。

We have, as mentioned by Henriette, have sold our 100% interest in the project. We took our 100% interest in this project to develop it to a point where we knew that the project will be viable going forward. In this process, we have secured now 30 megawatts or approximately 20% of the power, to be generated by Stellar, at a very competitive price.

正如亨利埃特所提到的，我們已經出售了我們在該項目中的全部股份。我們投入了百分之百的精力在這個專案上，努力將其發展到我們確信該專案未來能夠順利進行的程度。在此過程中，我們以極具競爭力的價格，確保了 Stellar 將要產生的 30 兆瓦電力，約佔總發電量的 20%。

So not only is this project designed to reduce our carbon footprint, it also reduces our operating costs going forward. And with electricity being in the top four or top five of our major cost components, this has got a significant impact on the business going forward. And as mentioned, this is aligned with the Vision 2028 and increased production that we anticipate.

因此，這個計畫不僅旨在減少我們的碳足跡，而且還能降低我們未來的營運成本。由於電力成本在我們主要成本組成中位列前四或前五，這將對公司未來的業務發展產生重大影響。如同前面所提到的，這與我們預期的2028年願景和產量成長是一致的。

Just having a quick look at the big five capital projects, two of them at Ergo, and three of them at Far West Gold operations. The two at Ergo, just to recap, that's, the Daggafontein operation bringing that back online. That's a TSF where we intend to deposit onto Daggafontein and reduce the deposition onto the Brackman facility.

快速瀏覽五大資本項目，其中兩個在 Ergo，三個在 Far West Gold 礦區。簡單回顧一下，Ergo 的兩位負責人，也就是 Daggafontein 的營運人員，正在努力讓專案恢復上線。這是一個 TSF，我們打算將物料沉積到 Daggafontein，從而減少 Brackman 設施的物料沉積。

The second one is then the recommissioning of the wit of TSF. That one, is in authorization phase, and I'll take you through some of the details of these projects a little bit later on. This slide is just to recap what the what the five projects are all about.

第二件事就是重新啟用 TSF 的智慧。那個專案目前處於審批階段，稍後我會詳細介紹這些專案的一些細節。這張投影片只是概括地回顧這五個項目的內容。

At Far West Gold recoveries, we've got the three which are all linked to almost one project. It's the expansion of the DP2 plant from 600,000 tons to 1.2 million tons, construction of the regional to and storage facility or RTSF, as you will hear us refer to this going forward, and then the piping infrastructure connecting the plant and the RTSF to one another.

在 Far West Gold 回收公司，我們有三處礦藏，它們幾乎都與同一個項目有關。這是將 DP2 工廠從 60 萬噸擴建到 120 萬噸，建造區域運輸和儲存設施（RTSF，我們以後會這樣稱呼它），以及將工廠和 RTSF 連接起來的管道基礎設施。

Just looking at some additional data on the Ergo project, so Daggafontein going very well. We virtually complete on the installation of the pipelines, one or two tie-ins, to be completed, and the project is on schedule and on budget and anticipating to start with this project in Q1 of 2027.

查看了一些關於 Ergo 專案的補充數據，Daggafontein 專案進展非常順利。管道安裝工作基本完成，只剩下一兩個連接點需要完成，項目按計劃和預算進行，預計將於 2027 年第一季啟動。

This facility provides 120 million tons of deposition capacity, and a 20-year life of mine. The second one is Withok, which is the bigger project. Withok as mentioned, is in the authorization stage, we have successfully appointed the APP as part of the Department of Water and Sanitation process with dam safety office, and all the environmental approvals, are still, environmental approvals are still pending, but all of them we've met the conditions up to this point.

該設施可提供 1.2 億噸的沉積能力，礦山壽命為 20 年。第二個項目是 Withok，這是一個更大的項目。如前所述，Withok 目前處於授權階段，我們已成功按照水利和衛生部與大壩安全辦公室的流程指定了 APP，所有環境審批仍在進行中，但到目前為止，我們已經滿足了所有條件。

Now again, we, the commissioning of this project is only anticipated in within the next three years, and it's forms part of a longer process towards the end of 2028, and it will create 310 million tons of deposition capacity at a significant rate of 1.3 million tons per month for at least a 20 year life of mine.

再次強調，該項目預計在未來三年內投入使用，這是到 2028 年底完成的長期工程的一部分，它將以每月 130 萬噸的顯著速度，在礦山至少 20 年的壽命內，創造 3.1 億噸的沉積能力。

Looking at Far West gold operations, and there's a few slides that will follow onto this to going to give you a better indication of each one of the three legs of this project. But firstly, the DP2 plant you'll see on the photograph, the left top corner, there's a big concrete building that's the Smelt house, something that we are very keen on getting to commission.

接下來我們將考察遠西地區的金礦開採作業，之後還有幾張投影片，以便更好地向您展示該專案的三個組成部分。但首先，您在照片中看到的 DP2 工廠，在左上角，有一座大型混凝土建築，那是冶煉廠，我們非常渴望盡快投入使用。

Because currently we do not have our own, Smelt house facilities, so one of the things that we're obviously focusing on is to get that commissioned in Q1 of 2028. We're approximately 80% complete with the plant, and as mentioned, expecting to start that all of this up in Q1 2027. The pipelines are 135 kilometers.

因為目前我們還沒有自己的冶煉廠設施，所以我們顯然正在努力實現的目標之一就是在 2028 年第一季完成冶煉廠的投產。該工廠已完成約 80%，正如前面提到的，預計將於 2027 年第一季開始投產。這些管道總長135公里。

This includes the connection between the plant DP2 and RTSF, as well as the new site, the new Lebanon site connecting that on onto the infrastructure. We're about 77% complete and we've completed 104 kilometers out of the to.

這包括 DP2 工廠與 RTSF 之間的連接，以及新址、新的黎巴嫩站點與基礎設施的連接。我們已經完成了大約 77%，並且已經完成了 104 公里的路程。

On the RTSF itself, I'll show you some pictures just now, lining is sitting at about 1.2 million square meters. We require about 3.4 million square meters of liner for beneficial occupation, and beneficial occupation is aligned with when we anticipate to start this project which is Q1 2027.

關於 RTSF 本身，我現在就給你們看一些圖片，其襯砌面積約為 120 萬平方公尺。我們需要大約 340 萬平方公尺的襯裡才能實現有效利用，而有效利用的時間與我們預計啟動該專案的時間一致，即 2027 年第一季。

The RTSF is designed for 800 million tons, deposition capacity at a rate of 2.4 million tons per month, and that will give us a 30 year life of mine. Now just to put that into perspective, we're currently processing at Far West Gulf coverage only 600,000 tons per month, up to 600.

RTSF 的設計處理能力為 8 億噸，每月沉積量為 240 萬噸，這將使礦場壽命達到 30 年。為了讓大家對這個數字有個概念，我們目前在遠西海灣地區的處理能力僅為每月 60 萬噸，最多可達 600 萬噸。

And we intend to increase that to 1.2 million tons per month as part of this DP2 expansion phase, and we can double up on that as well, in future. Alright, just comparison wise, the left-hand picture you can see June 2025 where we were still barely starting with the earthworks and we had some of that wall constructed already. On the right-hand side what you can see is the liner already being installed.

作為 DP2 擴建階段的一部分，我們計劃將產能提高到每月 120 萬噸，未來我們還可以將其翻倍。好的，僅從對比來看，左邊的圖片顯示的是 2025 年 6 月，當時我們才剛開始土方工程，而我們已經建造了一部分牆體。右側可以看到襯裡已經安裝好了。

You can see the liner over the wall, which means that the wall had to be at, so, the wall's got to be 16m high, 100m in diameter, the starter wall. The wall had to be 14m high in order for us to do the lining over the wall, and then you put another 4m or 3m on top of that.

你可以看到牆上的襯裡，這意味著牆必須達到，所以，牆必須高 16 米，直徑 100 米，這是起始牆。為了在牆上進行襯砌，牆的高度必須達到 14 米，然後再在上面加 4 米或 3 米。

That is currently what you're seeing on the southern side. The liner where it stops currently the black surface that you're seeing that is virtually on the point that we need for beneficial occupation and obviously, we need to complete the balance of that section towards the left and the right of the black liner to get beneficial occupation.

這就是目前南部地區的情況。目前，線材停止的地方就是你看到的黑色表面，它實際上位於我們需要有效作業的點上，顯然，我們需要完成黑色線材左右兩側的平衡部分，才能進行有效作業。

DP2 plant, that's going extremely well, as mentioned, what you can see here is just these, top left-hand corner is just the illusion facilities, the MCCs and some of the internal electrical infrastructure are on the left, bottom side, the top right you can see the thickener, the new thickener coming in.

DP2 工廠進展非常順利，正如前面提到的，你在這裡看到的只是這些，左上角只是幻影設施，MCC 和一些內部電氣基礎設施在左側底部，右上角你可以看到濃縮機，新的濃縮機正在運抵。

And then, bottom right is some of the CIL tanks and some of the screens being constructed, as mentioned, this will take us up to 1.2 million tons and this project is on time and on budget, ready for commissioning in Q1 2027.

然後，右下角是一些正在建造的 CIL 儲罐和一些篩網，正如前面提到的，這將使我們的產能達到 120 萬噸，該項目按時按預算完成，準備在 2027 年第一季度投入使用。

So just referring to what Henriette has mentioned with the Kloof 2 dump, it's been added to our mineral resource classification about 67 million tons adding 480,000 ounces after the depletion of our mineral resources through the work that we've done through the last six months, we end up with a with an increase of 55 million tons to 741 million tons of resource, and an increase of 350,000 ounces to 6.2 million ounces after adding the Kloof 2 dump, and removing the depleted mineral resources. I think that is the last slide on mine.

所以，就亨麗埃特提到的克魯夫2號礦渣堆而言，它已被添加到我們的礦產資源分類中，約有6700萬噸，增加了48萬盎司。在我們過去六個月的工作中，礦產資源枯竭後，我們的資源總量增加了5500萬噸，達到7.41億噸，黃金總量增加了35萬盎司，達到620萬盎司。這是在增加了克魯夫2號礦渣堆並移除枯竭的礦產資源之後的結果。我想這是我那台電腦上的最後一張投影片了。

Daniel, I'm going to hand back over to you.

丹尼爾，我把指揮權交還給你。

Okay. Thanks Jaco. Yes, and I think we're probably underplaying the last slide a little bit. It's really encouraging to see an increase in resources, where typically unless there's some form of an acquisition, most companies are having to adjust their resource and reserve statements downwards of the same footprint.

好的。謝謝雅各。是的，而且我認為我們可能有點低估了最後一張投影片的重要性。看到資源增加真是令人鼓舞，因為通常情況下，除非進行某種形式的收購，否則大多數公司都必須根據相同的規模向下調整其資源和儲量報表。

Talking to sustainable development performance, and this is a very important part of our business. As you would well know, it's become a very important part of our brand identity both on the environmental and social side. So moving to the next slide on environmental performance. The one that clearly stands out here is electricity consumption.

談到永續發展績效，這是我們業務中非常重要的一部分。如您所知，無論從環境或社會角度來看，它都已成為我們品牌形像中非常重要的一部分。接下來我們來看看下一張關於環境績效的投影片。其中最突出的就是電力消耗。

You just look at that trend, and that is not that we're using less power, it's just that we're using less power off the grid, marginally less power perhaps because of the low tones but certainly less power off the grid. That's really the reason for that big swing. And then as we said earlier, that 34% decrease in carbon footprint.

你只要看看這個趨勢，就會發現不是我們用電量減少了，而是我們離網用電量減少了，或許是因為低音調的原因，用電量略有減少，但離網用電量肯定減少了。這就是那次大幅波動的真正原因。正如我們之前所說，碳足跡減少了 34%。

And the encouraging thing is, and I think this is where this is such a good example of what sustainable development is all about. It's not only is there a very significant financial and risk benefit for our business, but there's a very significant nature dividend as well.

令人鼓舞的是，我認為這就是永續發展的一個很好的例子。這不僅能為我們的業務帶來非常顯著的財務和風險收益，還能帶來非常顯著的自然紅利。

If this is not what your sustainable development program, this is not the kind of results that it yields then, then it's not really sustainable development. Then it's something that maybe resembles sustainable development. But in order to be sustainable, it needs to be sustainable. Simple as that.

如果你的永續發展計畫沒有達到這樣的目標，沒有達到這樣的成果，那麼它就不是真正的永續發展。那麼，這或許就類似永續發展了。但要實現永續發展，它本身就必須是可持續的。就這麼簡單。

Just on the next slide then on social performance. Here again, we work off the premise that this is a very important part of our strategic thinking that the business is not going to be successful. If it's an island of stability in an ocean of social instability.

接下來是下一張投影片，主題是社交表現。同樣，我們基於這樣一個前提：這是我們策略思考中非常重要的一部分，那就是企業不會成功。如果說它是社會動盪海洋中的一座穩定孤島。

So there is a very real benefit from a sustainability perspective and just being around and being able to optimize your asset portfolio in making some sort of a difference and delivering on a very deliberate and strategic campaign to enhance socioeconomic stability in the areas where you operate, and to assist communities to become increasingly self-sustainable.

因此，從永續發展的角度來看，這確實有實際的好處，能夠優化你的資產組合，從而產生某種影響，並開展一項深思熟慮的戰略活動，以增強你運營所在地區的社會經濟穩定性，並幫助社區變得越來越自給自足。

ZAR25.6 million was spent on socioeconomic development, and that I can tell you it's not a one-off spend in terms of stuff that's been handed over. That is a spent in terms of establishing a platform and a footprint of which participants can leverage and go forward. So, to use the cliche of a fish in the fishing rod, that was ZAR25 million spent on fishing rods, not on fish.

政府已投入 2,560 萬蘭特用於社會經濟發展，我可以告訴你，就已移交的物資而言，這並非一次性支出。這是在建立一個平台和影響力方面投入的資金，參與者可以利用這些平台和影響力繼續前進。所以，套用一句老話“魚上鉤了魚”，這 2500 萬蘭特花在了魚竿上，而不是魚身上。

Moving on to the next slide. On the share price movement, I must say it's very pleasing to see that our share price is now following the same trend as that of our peers. Obviously, towards 2023, 2024 when we had a lot of explaining to do when we were falling behind on a whole host of things, and we simply just getting there in this transitional phase, establishing the platform of which we could launch Vision '28.

接下來是下一張投影片。關於股價走勢，我必須說，非常令人欣慰的是，我們的股價現在正與同業們遵循相同的趨勢。顯然，到了 2023 年、2024 年，我們有很多事情需要解釋，因為我們在很多方面都落後了，而我們只是在這個過渡階段才剛開始，建立了一個平台，以便我們可以啟動「2028 年願景」。

We could see that there was some sort of a disconnect and that the discount. Our stock was steeper compared to that of our peers. We think that that's now been erased, it's certainly trending similar if not somewhat steeper than some of our peers. So we are very pleased to see that movements in shares in gold prices also found its way into our share price performance.

我們可以看出，折扣方面存在某種脫節。與同業相比，我們的股票價格上漲幅度更大。我們認為這種情況現在已經消失了，它的趨勢肯定與一些同行相似，甚至可能更陡峭一些。因此，我們非常高興地看到，黃金價格的波動也反映了我們的股價表現。

And you look at the market capitalization and you see ZAR48 billion, ZAR50 billion, remembering not too long ago when this market cap was 400 million, and it's just remarkable. It's a real privilege to be part of something like this and an even greater privilege to see how what Jaco, and the rest of the team are doing in terms of Vision '28 positioning us to continue to take advantage.

你看看市值，你會發現是 480 億蘭特，500 億蘭特，要知道不久前這個市值才 4 億蘭特，這真是令人難以置信。能夠參與這樣的專案是一種真正的榮幸，更令人榮幸的是，能夠看到 Jaco 和團隊其他成員在 Vision '28 方面所做的工作，使我們能夠繼續從中受益。

And it will be interesting to see because I do believe that some of the recovery in the trade performance of our stock may have been attributable to the fact that we delivered into some of the projects that we embarked upon. They were very ambitious projects. So the fact that the Ergo solar plant has turned out to be a huge success.

這將會很有趣，因為我相信我們股票交易表現的復甦可能部分歸功於我們完成了我們啟動的一些專案。這些都是非常雄心勃勃的項目。因此，Ergo太陽能發電廠取得了巨大的成功。

It was an in-house project obviously with skills brought in from the outside, but hopefully that played some role in that, the fact that there's improved stability in terms of output, particularly in line with guidance. Hopefully, that's also brought about a measure of confidence in the stock, credibility in in stock.

這顯然是一個內部項目，其中也引入了外部技能，但希望這在其中發揮了一定作用，即產出穩定性有所提高，尤其是在符合指導方針方面。希望這也能提升市場對該股票的信心與信譽。

And what will be interesting is to see if and when some of the interim goals in Vision 28, some of those goals are achieved. And that which we are aiming for in terms of Vision '28 of 3 million tons a month, 6 tons of gold, and that becomes there's an increase in the probability of us actually delivering into that. It'll be interesting to see how the market starts anticipating that in the investment patterns that we hope to see.

而值得關注的是，28 年願景中的一些中期目標能否以及何時能夠實現。而我們2028年的願景目標是每月生產300萬噸黃金，也就是6噸，這意味著我們實現這一目標的可能性正在增加。看看市場將如何開始在我們希望看到的投資模式中預測這一點，將會很有趣。

So moving on to the next slide, on the looking ahead slide. Obviously, we can go to the thank you. We obviously -- we keen to deliver into our guidance, both in terms of production and in terms of cost, but, our single biggest obsession at this stage other than the safety of our staff is to delivering to Vision' 28 and to continue to hit those goals.

接下來我們來看下一張投影片，也就是展望未來的投影片。顯然，我們可以表達感謝。我們當然——我們渴望在生產和成本方面都達到我們的指導方針，但是，除了員工的安全之外，我們現階段最關注的就是實現「28願景」並繼續達成這些目標。

I've explained to you what it needs to look like in order for us to start taking early occupation. He also explained to you the interface and interactions that we're having with the regulator which I dare say I believe is much improved since some of our previous experiences, and that's because maybe we changed our game to an extent, we lifted our game a bit.

我已經向你們解釋了，為了能夠提前入住，需要具備哪些條件。他還向你解釋了我們與監管機構的介面和互動，我敢說，我相信這比我們之前的一些經歷有了很大的改進，這可能是因為我們在某種程度上改變了我們的做法，我們提高了我們的水平。

But also, the more you talk to people, hopefully the better your relationship becomes, and also understanding what the challenges are that some of the regulators face, and witnessing how they're putting in the effort to facilitate. They're never going to lower or adjust their standards to accommodate anyone, but they are sometimes fetching to also accommodate and to assist us in achieving some of these outcomes.

此外，你與人交談越多，你們的關係就越好，你也能了解一些監管機構面臨的挑戰，並親眼目睹他們為促進這些挑戰所做的努力。他們永遠不會降低或調整自己的標準來遷就任何人，但他們有時也願意遷就和幫助我們實現其中一些目標。

I think the significance of what we're doing here, the bigger picture of South Africa incorporated, that is not lost on anyone. And that's certainly encouraging to see as well. But there's a very clear goals we have to deliver that.

我認為我們在這裡所做的事情的意義，以及它所體現的南非大局，這一點是每個人都清楚的。這確實令人鼓舞。但我們必須設定非常明確的目標來實現這些目標。

And then of course with the focus of DRD in the last few year, and a decade and a half of being a cash flow focused entity, maybe that sort of reserve resource, equation has become less of our of our marketing pitch, but I do not think we should underestimate just the significance of adding 60 million tons of high-quality material that's been mined out of the richest ore body in South Africa, the Driefontein Western areas, that entire cluster of reef, one should not underestimate that.

當然，鑑於 DRD 在過去幾年中的關注點，以及過去十五年來作為一家以現金流為中心的實體，或許這種儲備資源等式已不再是我們營銷宣傳的重點，但我認為我們不應該低估從南非最富有的礦體——德里方丹西部地區——開采出的 6000 萬噸優質材料的意義，整個礦脈群的意義不容低估。

And that of course will further support the capital that we're spending to achieve sort of output capacity or rather throughput capacity that Jaco has been describing. Clearly what we're aiming for at the moment in the medium term is to sequentially or systematically rather transition up to 1.2 million tons as the infrastructure is completed.

當然，這將進一步支持我們為實現 Jaco 所描述的那種產量或吞吐能力而投入的資本。顯然，我們目前的中期目標是隨著基礎設施的完善，逐步或有系統地過渡到 120 萬噸。

But ultimately this facility will have a 2.4 million tons a month output capacity, the tailing dam in particular. And that's the catalyst. That is the main catalyst. If you can, if you have a large enough exhaust, you could put a big engine in front of that exhaust. And this is what they're building there.

但最終，該設施的月產能將達到 240 萬噸，特別是尾礦壩。這就是催化劑。這是主要催化劑。如果條件允許，如果你有足夠大的排氣管，你可以在排氣管前面安裝一個高功率發動機。這就是他們在那裡建造的東西。

So for the for the longer term, it certainly from a strategic perspective could potentially be a big catalyst in some of the other ambitions that the business team are hovering at this stage. We are talking to a whole host of other companies as well.

因此，從長遠來看，從策略角度來看，它無疑有可能成為業務團隊目前正在考慮的其他一些目標的重大催化劑。我們也正在與其他許多公司洽談。

We do believe that it's becoming increasingly hard to simply just bring about a clear separation of mature assets globally. Increasingly, governments are insisting that before you go, you put all sorts of guarantees in place to make sure that the final closure of your footprint is done responsibly.

我們認為，在全球範圍內徹底區分成熟資產正變得越來越困難。各國政府越來越堅持要求企業在撤離前做出各種保證，以確保企業最終能夠負責任地完成其發展歷程。

And more and more companies are starting to say, but why should we sell something and continue to carry this risk, this long-term risk of environmental closure, not being done properly. But maybe this is a risk that we should own and we do believe that our model of activating the latent income generating capacity of mine waste, and to do that by way of repurposing existing infrastructure.

越來越多的公司開始說，但是，我們為什麼要出售某種產品，同時繼續承擔這種風險，這種環境破壞的長期風險，而這種破壞卻沒有得到妥善處理呢？但或許這是我們應該承擔的風險，而且我們相信，我們透過重新利用現有基礎設施來啟動礦山廢棄物的潛在創收能力的模式是可行的。

In other words, doing it in a very financially scrupulous way, we do believe that that is something that could resonate well with other companies and those conversations are picking up as well. We haven't had the opportunity yet of doors swinging open completely, but we do believe that they are being opened at a security fee, and we intend to go through that security fee and having these conversations, if they'll have us, and our business development team.

換句話說，以非常謹慎的財務方式來做這件事，我們相信這會引起其他公司的共鳴，而這些討論也正在升溫。我們還沒有機會讓大門完全敞開，但我們相信，只要付出一定的代價，大門就會敞開。如果他們願意接納我們，我們打算支付這筆代價，並與他們進行這些對話，我們的業務發展團隊也會參與其中。

Certainly very keen about that. We've also spoken in the past about cracking the code, and we have now in fact entered into an agreement with an enterprise that has come up with a device that we believe is getting us closer to that goal as well.

當然，我對此非常感興趣。我們過去也曾討論過破解密碼，現在我們實際上已經與一家企業達成協議，該企業研發出一種設備，我們相信這種設備也能讓我們更接近這個目標。

So we'll have more of that in the market as we go along, but we we're quite keen to see an add-on to existing infrastructure could in fact have an impact also on extraction efficiency, and that's happening as we speak so. Those are all exciting things for the future, and we hope to be able to have some more news on that for you going forward.

所以隨著時間的推移，市場上會有更多這樣的產品，但我們非常希望看到，對現有基礎設施的補充實際上也能對開採效率產生影響，而這種情況正在發生。這些都是令人興奮的未來計劃，我們希望未來能為大家帶來更多相關消息。

So that is the out the outlook. There's a final slide which is really summarizing. We can go to that. What it is that we are aiming to do in terms of delivering on purpose and as you can see this is deliberate. None of this is random, none of this is impulsive.

以上就是目前的展望。最後還有一張投影片，是總結性的。我們可以去那裡。我們努力實現的目標，正如你所看到的，是經過深思熟慮的。這一切都不是偶然的，也不是一時衝動。

We think that our commitment to sustainable development and broader integrated overlapping value has found its way into the way that it's been summarized on this slide of reclaiming, restoring, and returning value. And with the reinvestments that are taking place now, we really do hope that we'll be able to continue doing that for many years.

我們認為，我們對永續發展和更廣泛的綜合重疊價值的承諾，已經體現在這張投影片上對價值回收、恢復和回報的總結中。憑藉目前正在進行的再投資，我們真心希望能夠在未來很多年裡繼續這樣做。

So that's it. Thank you very much for those of you who dialed in, Jako and Henriet also for doing this presentation, and doing the bulk of the talking. We're happy to also take your questions now. So we do have a little bit of time left on the clock.

就是這樣。非常感謝各位撥入電話會議，也感謝 Jako 和 Henriet 做了這次演講，並完成了大部分的發言。我們現在也樂意回答您的問題。所以我們還有些時間。

If you want to follow-up on any of the topics that we discussed here or anything else for that matter, we now do have an executive office at drdgold.com email address, that's executive office@drdgold.com. Please send your questions, your queries to that, and we'd be quite happy to respond to those.

如果您想就我們在此討論的任何主題或其他任何事宜進行後續諮詢，我們現在在 drdgold.com 上設立了一個行政辦公室郵箱，地址是 executive office@drdgold.com。請將您的問題和疑問寄至該信箱，我們非常樂意為您解答。

Alright. So I don't see any questions. Jaco, Henriette, any final words from your side?

好吧。所以我沒看到任何問題。雅各、亨利埃特，你們還有什麼要補充的嗎？

Nothing from my side.

我這邊沒有任何問題。

Thank you. Thanks, Andrea. Thank you very much, everyone. Thanks for dialing in. Thanks for listening to us. I see there are two raised hands, sorry. Let's just deal with those. The one was a comment. Thank you very much for your kind comments. We appreciate that.

謝謝。謝謝你，安德里亞。非常感謝大家。感謝您的撥入。謝謝收聽。我看到有兩隻手舉了起來，不好意思。我們先處理這些問題吧。那條評論。非常感謝您的好評。我們對此表示感謝。

And just to remind everybody, you are on listen-only mode. So, instead of raising a hand, we encourage you to type in your questions.

再次提醒各位，你們目前處於唯讀模式。所以，我們鼓勵您不要舉手提問，而是用文字輸入您的問題。

Let's give it a little bit more time, see if anything comes through. I think we drilled down quite a lot of detail in it. I think you really gave a very detailed summary there and same to you, Jaco. Hopefully, we've covered most of the questions. Alright. That seems to be it.

我們再等等看，看看有沒有什麼進展。我認為我們已經深入探討了很多細節。我認為你總結得非常詳細，Jaco，你也是。希望我們已經解答了大部分問題。好吧。似乎就是這樣了。

Thank you very much everyone for dialling in, and just get that email address executive office@yogold.com. Thank you.

非常感謝各位的撥入，也請大家記下這個信箱地址：executive office@yogold.com。謝謝。

Thank you, everybody.

謝謝大家。

Thanks a lot. Bye.

多謝。再見。