Sibanye Stillwater Ltd (SBSW) 2025 Q2 法說會逐字稿

Ladies and gentlemen, good morning, good afternoon, and good evening. A very warm welcome to our H1 2025 results presentation. Please take note of the safe harbor statement. It's important. There are forward-looking statements within our presentation. Thank you. If we can move on to the next slide.

女士們、先生們，早安、下午好、晚上好。熱烈歡迎您參加我們的 2025 年上半年業績展示會。請注意安全港聲明。這很重要。我們的簡報中有一些前瞻性的陳述。謝謝。如果我們可以進入下一張投影片。

As you are well aware, today is my last results presentation with Sibanye as I retire at the end of September. As such, the format for today is I will essentially start with an introduction, covering the salient features. And of course, all of that is focused on the first half of 2025 or the six-month period of 2025. And then I'll literally hand over the baton to Richard Stewart, our CEO Designate.

大家應該都知道，今天是我最後一次向 Sibanye 做業績匯報，因為我將於九月底退休。因此，今天的形式基本上是從介紹開始，涵蓋主要特徵。當然，所有這些都集中在 2025 年上半年或 2025 年六個月期間。然後我會把接力棒移交給我們的指定執行長理查德·斯圖爾特。

Richard will manage the rest of the presentation delivery and the Q&A. Of course, I'll also be available for questions, but I'd ask you to please address your questions to Richard. And if you specifically have something for myself, I would be happy to answer. Thank you. We can move on to the salient features.

Richard 將負責剩餘的演講和問答環節。當然，我也可以回答您的問題，但請您直接向理查德提問。如果您有什麼特別想問我的問題，我會很樂意回答。謝謝。我們可以繼續討論突出的特徵。

Safety, of course, is our single biggest priority, and regrettably, we did have three fatalities during this reporting period. However, and as sad as that is, we need to see the progress we're making, and we're making good progress with an improvement in our safety frequency rates. But of course, that will be covered in more detail in the rest of the presentation. Generally, in my view, H1 has been a period of solid delivery, except for a disappointing performance at our Kloof gold operations. And again, this will be well covered later in the presentation.

當然，安全是我們最優先考慮的事項，遺憾的是，在本報告期間內，我們確實發生了三起死亡事件。然而，儘管這令人難過，我們需要看到我們正在取得的進展，而且我們的安全頻率正在提高，並取得了良好的進展。當然，我們將在演示的其餘部分中更詳細地介紹這一點。總體而言，我認為，上半年的交付情況穩健，除了 Kloof 黃金業務的表現令人失望之外。再次強調，這一點將在後面的演示中詳細討論。

Pleasingly, group adjusted EBITDA was 120% higher than the same period in 2024. And all my references to previous periods will be the same period in 2024. Even if you strip out the 45x credits, it was still 51% higher than that same period at ZAR10 billion. Obviously, from our point of view, due to solid operational performance and of course, later in the quarter, we had the benefit -- sorry, later in the -- in the latter half of the year, the first six months, we did have the benefit of increasing basket prices -- was retained. And together with increased earnings, our leverage measured in net debt to adjusted EBITDA at 0.89 times. Again, well below 1x and certainly very far below some of the numbers that were projected by the market earlier on in this year and late last year.

令人高興的是，集團調整後的 EBITDA 比 2024 年同期高出 120%。我對之前所有時期的引用都將是 2024 年的同一時期。即使扣除 45 倍信貸，其餘額仍比同期高出 51%，達到 100 億南非蘭特。顯然，從我們的角度來看，由於穩健的營運業績，當然，在本季度後期，我們獲得了好處——抱歉，是在下半年，也就是前六個月，我們確實獲得了提高籃子價格的好處——保留了下來。隨著收益的增加，我們的槓桿率（以淨負債與調整後 EBITDA 的比率衡量）為 0.89 倍。再次，遠低於 1 倍，並且肯定遠低於今年稍早和去年年底市場預測的一些數字。

Importantly, 45x credits to date, amount to ZAR5.2 billion. You can see the US Dollar in brackets. And at current conservative production rates, the total fair value of these 45x credits out until 2034 increases to ZAR12.6 billion. I want to point out that is 32% of the acquisition value of Sibanye -- of apologies, of Stillwater, the Stillwater operations in Montana.

重要的是，迄今已發放 45 筆貸款，總額達 52 億南非蘭特。您可以在括號中看到美元。以目前保守的生產力，到 2034 年，這 45 倍信用額度的總公允價值將增加至 126 億南非蘭特。我想指出的是，這是 Sibanye 收購價值的 32%——抱歉，是 Stillwater，即蒙大拿州 Stillwater 業務的收購價值。

Remembering, we also raised a $500 million stream on that. And also important to remember that this asset has been paid for out of previous earnings, but money raise, that is not related to operations, from 45x in the stream on a conservative basis amounts to 54% of the original acquisition value of the Stillwater operations, making it a very, very good acquisition.

記得，我們​​還因此籌集了 5 億美元的資金。同樣重要的是要記住，這項資產是用以前的收益支付的，但籌集的資金與運營無關，保守估計，從 45 倍的流中籌集的資金相當於 Stillwater 運營原始收購價值的 54%，因此，這是一次非常非常好的收購。

You would have also noted that we have launched or filed a petition for a palladium trade remedy. And again, that's all part of our multipolarity strategy. And when you look at both 45x and assuming a successful outcome remedy, these are testament to the value already created and to value we expect to be created from completing this strategy in the US.

您可能也注意到，我們已經發起或提交了鈀貿易救濟申請。再說一遍，這都是我們多極化策略的一部分。當您查看 45 倍並假設成功的結果補救措施時，這些都證明了已經創造的價值以及我們期望透過在美國完成這項策略而創造的價值。

When you look at the graphs below, a lot of good quality information, but you will be -- you will note the punch line is the trend, is your friend. And I'm very pleased to say that I leave this company with an increasing earnings trend and a decreasing leverage trend. And I have no doubt that Richard will take this company forward to new heights. So let's look at the last slide before I really refer to the CEO.

當你查看下面的圖表時，你會發現很多高品質的信息，但你會注意到，關鍵在於趨勢，在於你的朋友。我很高興地說，當我離開這家公司時，公司的獲利趨勢正在上升，槓桿趨勢正在下降。我堅信理查德將帶領公司邁向新的高度。在我真正提到執行長之前，讓我們先看一下最後一張投影片。

Again, relative total shareholder returns since listing, so not an arbitrary debt. You will note we're right at the top of the list. And again, I know that Richard and his team especially with an increasing commodity price will take us back to number one, but a position I'm very proud that we have achieved under quite difficult market circumstances. If we can go to the next slide, please. Thank you.

再次強調，這是自上市以來的相對股東總回報，因此不是任意債務。您會注意到我們位於清單的頂部。而且，我知道理查德和他的團隊，尤其是在大宗商品價格不斷上漲的情況下，會帶領我們重回第一的位置，但我很自豪我們在相當困難的市場環境下取得了這一成就。請翻到下一張投影片。謝謝。

And at this point, it would be nice, Richard, if you could join me. I have at previous results presentations, spoken about best practice in succession planning. I have highlighted the fact that I believe we have followed best practice. And in fact, I believe we've had a world-class transition and not just at CEO level, we have in place. And later on in the presentation, Richard will certainly introduce the C team and the new members in his office.

此時，理查德，如果你能加入我，那就太好了。我在先前的成果展示中談到了繼任計畫的最佳實踐。我已經強調過，我相信我們已經遵循了最佳實踐。事實上，我相信我們已經經歷了世界級的轉型，而且不僅僅是在執行長層面。而在隨後的演講中，Richard 肯定會介紹 C 團隊和他辦公室的新成員。

And as I've just said, I know that Richard will take this company together with his world-class team to new heights. So Richard, all that really remains for me to say, I will follow your progress as an interested shareholder. I will watch your progress carefully. I'm not going to be one of those shareholders that ask those type of questions at results presentations. But Richard, I want to wish you all the best in your new chapter.

正如我剛才所說，我知道理查德將與他的世界級團隊一起帶領這家公司走向新的高度。所以理查德，我真正想說的是，我會以一個有興趣的股東的身份關注你的進展。我會仔細觀察你的進展。我不會成為在業績發布會上提出此類問題的股東之一。但是理查德，我希望你在新的篇章中一切順利。

Neal, thank you very much. I guess if I could just take a brief opportunity to firstly say, I think when I was informed of my appointment to be taking over from Neal in October, I got some very sage advice from a seasoned campaigner at the time for whom I have much respect, whose advice to me was just remember that what got you to this point in your career may not be what you need for the next phase.

尼爾，非常感謝你。我想如果我能藉此機會簡短地說一下，我想當我在十月份得知接替尼爾的任命時，我從當時一位經驗豐富的活動家那裡得到了一些非常明智的建議，我對他非常尊重，他給我的建議就是記住，讓你走到職業生涯這個階段的東西可能不是你下一階段所需要的。

And I think over the last six months, I have realized, I don't know that you're ever 100% ready for a transition of this nature. However, as Neal has outlined, I think I would like to commend and thank our Chairman, our Board, but Neal, in particular, for what has been a very well thought out, deliberate and structured transition process.

我想，在過去的六個月裡，我意識到，我不知道你是否已經 100% 準備好迎接這種性質的轉變。然而，正如尼爾所概述的，我想我要讚揚和感謝我們的董事長、董事會，特別是尼爾，因為他制定了一個經過深思熟慮、謹慎和結構化的過渡過程。

This has given me the opportunity to transition out of my last role and ensure a continuation of the leadership within the South African region that remains a critical region to our business. That's also given me the opportunity to visit our operations and meet with stakeholders, both internal and external, but in particular, to work alongside Neal and truly understand the many nuances of our business, but I don't know you always get to experience when filling an individual executive role.

這讓我有機會從上一個職位中過渡，並確保繼續在南非地區擔任領導職務，該地區仍然是我們業務的關鍵地區。這也給了我機會參觀我們的營運部門並與內部和外部的利益相關者會面，特別是與尼爾一起工作並真正了解我們業務的許多細微差別，但我不知道你在擔任個人執行職務時是否總能獲得這樣的體驗。

I truly hope that this installs confidence amongst our many stakeholders that this transition has been planned with the utmost efficiency. And that was together with the experienced team that we have, we will continue to build and evolve the legacy is Sibanye-Stillwater. I'd also like to just take this opportunity to thank Neal.

我真誠地希望，這能夠讓我們的眾多利害關係人相信，這項過渡是經過最高效規劃的。我們將與經驗豐富的團隊一起，繼續打造和發展 Sibanye-Stillwater 的輝煌。我也想藉此機會感謝尼爾。

No doubt from the slides that you've seen him present, you would realize that the company, Neal will be leaving at the end of September as he transitions into a new phase of life, is a very different platform to what we inherited and started with in 2013. We have a significant operating base, we have a fantastic set of resources, and we have a world-class experienced and committed team that will continue to grow the legacy of Sibanye-Stillwater. Neal, thank you for that.

毫無疑問，從他所展示的幻燈片中，您會意識到，尼爾將於 9 月底離開公司，進入人生的新階段，這與我們在 2013 年繼承和創立的公司平台截然不同。我們擁有重要的營運基礎、豐富的資源以及世界一流的、經驗豐富、盡職盡責的團隊，他們將繼續發揚 Sibanye-Stillwater 的傳統。尼爾，謝謝你。

Thanks, Richard.

謝謝，理查。

Moving on to an overview of the first half of 2025. I think as mentioned in my last statement, we have significant continuity in the leadership of the team. For those of you who have been familiar with the team, you'll see there's very little change at a C-suite level. We do, however, welcome Richard Cox into the role of the Chief Regional Officer for Southern Africa, taking up the role that I previously fulfilled.

接下來概述 2025 年上半年的情況。我認為，正如我在上次聲明中提到的那樣，我們團隊的領導層具有很強的連續性。對於熟悉團隊的人來說，您會發現高階主管級別的變化很小。然而，我們歡迎理查德·考克斯擔任南部非洲首席區域官，接替我之前擔任的職務。

We have not moved quickly to replace the Head of Business Development at this stage. It has not been a huge priority for us over the last few months. But certainly, looking ahead, that will be a position we will look to fill in the near future.

目前我們還沒有迅速更換業務發展主管。在過去的幾個月裡，這並不是我們的首要任務。但可以肯定的是，展望未來，這將是我們在不久的將來尋求填補的職位。

Where we have seen some expansion in terms of the leadership team is in the CEO's office. James Wellsted will be known to many of you, and he will continue in his role as the Head of Investor Relations and Corporate Affairs for the group, but we also welcome on board Bryony Watson. Bryony will be taking over from George Ashworth as our Chief of Staff as George retires with Neal at the end of September.

我們看到，執行長辦公室的領導團隊有所擴大。你們中的許多人都會認識詹姆斯·韋爾斯特德 (James Wellsted)，他將繼續擔任集團投資者關係和公司事務主管，但我們也歡迎布萊奧尼·沃森 (Bryony Watson) 的加入。由於喬治·阿什沃思 (George Ashworth) 將於 9 月底與尼爾 (Neal) 一起退休，布萊奧妮 (Bryony) 將接替喬治·阿什沃思 (George Ashworth) 擔任我們的參謀長。

We also welcome Kleantha Pillay, who will be moving into a group role heading up our sales and marketing, and this is very much an underpin towards our customer focus for the various metals and products that we produce. And finally, George Coetzee is joining the team as Head of Group Safety and will be reporting directly into myself.

我們也歡迎 Kleantha Pillay 加入集團，負責領導我們的銷售和行銷工作，這對於我們生產的各種金屬和產品的客戶關注起到了很大的支撐作用。最後，喬治·庫切 (George Coetzee) 將加入團隊擔任團體安全主管，並直接向我報告工作。

On safety, that certainly remains our number one focus and our first priority. As Neal mentioned, I think it's been very pleasing this half to see a continued sustained decline in many of our lagging indicators. Over the past 3.5 years since we started our fatal elimination program, we have seen both our serious injury frequency rate and our total recordable injury frequency rate declining by about 15% year-on-year. Having achieved 3.9, the lowest ever in terms of our total recordable injury frequency rate, the first half of this year was particularly pleasing, given that we had set ourselves a target of going below 4 by the end of 2025.

關於安全，這當然仍然是我們的首要關注點和首要任務。正如尼爾所提到的，我認為，今年上半年看到我們的許多落後指標持續下降是非常令人高興的。自從我們啟動致命事故消除計畫以來的三年半里，我們的嚴重傷害發生率和總可記錄傷害發生率比去年同期下降了約 15%。今年上半年，我們的可記錄總受傷頻率達到了 3.9，這是有史以​​來的最低值。考慮到我們設定的目標是到 2025 年底將可記錄總受傷頻率降至 4 以下，今年上半年的成績尤其令人滿意。

Nevertheless, despite these improving trends, it is with a very heavy heart that we do need to still report on the loss of three colleagues during the first half of this year. Mr. Xavier Humberto, at our Kloof operations; Ms. Bomkazi Jozana, at our Driefontein operations; and Ms. (inaudible) at our Rustenburg operations. Our thoughts and prayers are with their families who will continue to receive our support. It is also sad to note that we have lost a colleague in July post the reporting period at our Stillwater operations. And similarly, our thoughts, prayers and sincere condolences go to the families of Bryan Hanson.

然而，儘管趨勢有所改善，我們仍然懷著沉重的心情報告今年上半年失去三位同事的消息。Xavier Humberto 先生，在我們的 Kloof 業務部門；Bomkazi Jozana 女士，在我們的 Driefontein 業務部門；以及（聽不清楚）女士，在我們的 Rustenburg 業務部門。我們的思念和祈禱與他們的家人同在，我們將繼續支持他們。令人難過的是，在報告期結束後的 7 月份，我們在 Stillwater 工廠失去了一位同事。同樣，我們向布萊恩漢森的家人致以慰問、祈禱和誠摯的哀悼。

Eliminating fatal incidents and life-changing incidents is our absolute number one priority. And that is because we care. One of the ways to measure ourselves against whether or not we are progressing on this journey is through a leading indicator we've developed around our high potential incidents.

消除致命事故和改變生活的事故絕對是我們的首要任務。這是因為我們關心。衡量我們是否在這趟旅程中取得進展的方法之一是透過我們圍繞高潛在事件開發的領先指標。

And it has been pleasing that since we started measuring this in August of 2022, despite a significant increase in the number of near-miss reports that we are generating across our group, we have seen a consistent decline in the high energy incidents that could potentially result in a loss of life. These number of incidents have decreased from an average of around 50 to 60 incidents per month down to below 10. This still remains high and is the absolute focus of our leadership and management team to mitigate and eliminate these incidents and thereby fatals within our operations.

令人欣慰的是，自 2022 年 8 月我們開始測量這一點以來，儘管我們整個集團產生的險情報告數量顯著增加，但我們看到可能導致生命損失的高能量事故數量持續下降。此類事件的數量已從平均每月約 50 至 60 起減少到 10 起以下。這一數字仍然很高，我們的領導和管理團隊的絕對重點是減輕和消除這些事故，從而在我們的營運中造成死亡。

For 2025, we will continue to drive this through enhancing compliance across the group, primarily through our leadership and effective management routines but also through embedding critical controls that mitigate against this high risk. We fully recognize that in order to have a long-term sustainable elimination of fatal and life-changing incidents requires a true culture throughout the organization, a culture of care. And that too is being driven from the highest levels.

到 2025 年，我們將繼續透過加強整個集團的合規性來推動這一目標，主要透過我們的領導力和有效的管理程序，同時也透過嵌入關鍵控制措施來減輕這種高風險。我們充分認識到，為了長期可持續地消除致命和改變生活的事件，需要整個組織建立一種真正的文化，一種關懷的文化。這也是由最高層推動的。

Moving on to our strategic positioning. I think as Neal mentioned, when we look at how we currently positioned, I think we're well positioned not only to survive but in fact, to thrive in what is currently a very turbulent and volatile industry and world. I think, firstly, looking at our commodity diversification and particularly our exposure to gold that has assisted our stabilized earnings through very turbulent commodity market cycles. We've also invested very strategically to position ourselves to deliver into long-term strengthening markets, including the lithium market as well as PGMs.

繼續討論我們的策略定位。我認為，正如尼爾所提到的，當我們審視我們目前的定位時，我認為我們不僅有能力生存，而且事實上，有能力在當前非常動盪和多變的行業和世界中蓬勃發展。我認為，首先，看看我們的商品多樣化，特別是我們對黃金的投資，這有助於我們在非常動蕩的商品市場週期中保持穩定的收益。我們也進行了非常有戰略意義的投資，以進入長期增強的市場，包括鋰市場和鉑族金屬市場。

Importantly, we positioned ourselves in specific ecosystems, recognizing a global geopolitics several years ago and what we called multi-polarity, and that the need for local supply, especially of critical minerals was going to increase. But not only have we positioned ourselves in these ecosystems, we've also ensured that we beneficiate the metals we mine to produce an ultimate product that is of value to the supply chains, which we serve into. We've already seen the tangible benefits of this from our US operations in terms of the Section 45x credits that we received and our ability to file a petition against the unrolled palladium antidumping -- petition against unrolled palladium coming into the US from Russia.

重要的是，我們將自己定位在特定的生態系統中，幾年前就認識到全球地緣政治和我們所謂的多極化，並且對當地供應的需求，特別是關鍵礦物的供應需求將會增加。但我們不僅將自己定位在這些生態系統中，還確保我們對所開採的金屬進行選礦，以生產對我們所服務的供應鏈有價值的最終產品。我們已經從美國業務中看到了這一舉措帶來的切實好處，包括我們獲得的 45x 條信貸以及我們能夠對未捲鈀提出反傾銷申請——針對從俄羅斯進入美國的未捲鈀的申請。

We've also developed the first fully integrated lithium project in Europe. And again, with an increased focus on local supply and local protection of critical metals, this remains a critically strategic project. Construction of Keliber is nearing completion and will be completed in the first half of next year. And we do recognize that today the lithium market remains under pressure. And as such, we are evaluating a responsible start-up to these operations. We've also seen the benefit of being granted a strategic project status at both Keliber and our GalliCam project in France under the EU Critical Raw Materials Act, which has provided us with access to both grants and tax credits as these projects ramp up.

我們還開發了歐洲第一個完全整合的鋰專案。而且，隨著對關鍵金屬的本地供應和本地保護的關注度不斷提高，這仍然是一個至關重要的策略項目。凱利貝爾計畫建設已接近尾聲，預計明年上半年完工。我們確實認識到，今天的鋰市場仍然面臨壓力。因此，我們正在評估對這些業務進行負責任的啟動。我們還看到了根據歐盟關鍵原材料法案在法國的 Keliber 和 GalliCam 項目獲得戰略項目地位的好處，這使我們能夠在這些項目加速發展時獲得補助金和稅收抵免。

I think an important aspect of our asset base are our extensive resources. We have significant brownfields opportunity within our existing operations, and we have already commenced selectively investing through the cycle in select projects. Many of these brownfield projects are very low capital intensity, the lowest in the industry, given that they already have much of the supporting infrastructure, surface infrastructure and overheads in place. It is pleasing to see K4 ramping up and the positive impact that that is having on the Marikana operations, including on unit costs.

我認為我們資產基礎的一個重要面向是我們豐富的資源。我們在現有業務中擁有大量棕地開發機會，我們已經開始有選擇地對選定的項目進行週期性投資。許多棕地計畫的資本密集度非常低，是業內最低的，因為它們已經擁有大量的支援基礎設施、地面基礎設施和管理費用。我們很高興看到 K4 產量不斷增加，並對馬里卡納的營運（包括單位成本）產生了積極影響。

And most recently, in June, we also approved the commencement of the Siphumelele-Bambanani mechanization project which will see the benefits from having combined the Kroondal operations and the Rustenburg operations. This is a project that will not only significantly enhance the efficiencies and therefore, costs of both Siphumelele and Bambanani, but also brings to account significant resources that were previously sterilized while these mines set in two different companies.

最近，在 6 月份，我們還批准啟動 Siphumelele-Bambanani 機械化項目，該項目將受益於 Kroondal 業務和 Rustenburg 業務的合併。該專案不僅將顯著提高 Siphumelele 和 Bambanani 的效率，從而降低成本，而且還將充分利用先前在兩家不同公司開採這些礦山時被浪費的大量資源。

We are assessing the Burnstone project that was placed on care and maintenance to preserve our balance sheet 18 months ago. And the decision on Burnstone is likely to be made towards the end of this year. In addition, earlier this year, we did announce the JV with Glencore and Merafe to optimize value from byproducts being produced from our -- in particular, our South African PGM operations and chrome. A potential transaction that is currently under consideration by the Competition Commission, but that will add significant value in longevity to our operations and significant value to multiple stakeholders.

我們正在評估伯恩斯通項目，該項目於 18 個月前被置於維護和保養狀態，以維持我們的資產負債表。關於伯恩斯通的決定很可能在今年底做出。此外，今年早些時候，我們確實宣布與嘉能可 (Glencore) 和 Merafe 成立合資企業，以優化我們生產的副產品的價值——特別是我們的南非 PGM 業務和鉻。這是一項潛在交易，目前正在接受競爭委員會的審議，但這將為我們的營運帶來巨大的長期價值，並為多個利害關係人帶來巨大的價值。

And finally, our strategy is underpinned by sustainability. Sustainability will continue to underpin modern responsible mining companies and it is extremely pleasing that during the first half of this year, we have announced an expansion of our presence in the circular economy through the acquisition of Metallix that will be complementary to our existing recycling business.

最後，我們的策略以永續性為基礎。永續性將繼續支撐現代負責任的礦業公司，令人欣喜的是，今年上半年，我們宣布透過收購 Metallix 擴大我們在循環經濟中的業務，這將對我們現有的回收業務形成補充。

Also very pleasing is to have received our first renewable energy from our Castle Wind Farm. This particular project was commissioned at the end of the first quarter and already to date has added significant savings of just over ZAR20 million to our energy bill in South Africa, but even more importantly, has reduced our total carbon footprint by some 60,000 tons, while it's been in operation.

同樣令人高興的是，我們從城堡風電場獲得了第一批再生能源。該項目於第一季末投入使用，迄今已為我們在南非的能源費用節省了超過 2000 萬南非蘭特，但更重要的是，在該項目投入運營期間，我們的總碳足跡減少了約 60,000 噸。

And finally, we concluded last week, our annual Marikana memorial lectures. I dare say if I had to take a sound bite out of these lectures, the key theme that came through, and I dare say this could be a lesson for the country as a whole, was the power of genuine stakeholder engagement. Stakeholder engagement to build trust, to understand one another and together, co-create a new future, which can add significant benefits and value to all stakeholders around our operations.

最後，我們一年一度的馬里卡納紀念講座於上週結束。我敢說，如果我必須從這些講座中摘錄一段話，那麼其中傳達出的關鍵主題，我敢說這對整個國家來說都是一個教訓，那就是真正的利益相關者參與的力量。利害關係人的參與可以建立信任、相互理解並共同創造新的未來，這可以為我們營運周圍的所有利害關係人帶來巨大的利益和價值。

Moving on to our operations at a very high level. I think our SA PGM operations can best be described as stable and consistent. They do consistently deliver on both production and cost guidance. And we have, as I mentioned, been investing in these assets through the cycle through K4 and more recently, the decision to invest in a Siphumelele-Bambanani mechanized project.

以非常高的水平開展我們的業務。我認為我們的 SA PGM 操作可以說是穩定且一致的。他們確實始終如一地實現生產和成本指導。正如我所提到的，我們一直在透過 K4 週期投資這些資產，最近又決定投資 Siphumelele-Bambanani 機械化專案。

Our US PGM operations have delivered on their restructuring from 2024, significantly reducing absolute costs and minimizing cash outflows. With the recent Section 45x providing financial support on the increasing palladium price, these operations are returning to positive earnings. We do, however, recognize that within our control is costs and to be truly competitive over the long term, reducing those costs as an absolute necessity. And we have a pathway to reduce costs to below $1,000 per 2E ounce over the next two to three years.

我們的美國 PGM 業務已於 2024 年完成重組，顯著降低了絕對成本並最大限度地減少了現金流出。隨著近期第 45 條對不斷上漲的鈀金價格提供資金支持，這些業務正在恢復正收益。然而，我們確實意識到，成本是我們可以控制的，為了在長期內保持真正的競爭力，降低這些成本是絕對必要的。我們有辦法在未來兩到三年內將成本降低到每 2E 盎司 1,000 美元以下。

As Neal mentioned, the only operations that are not currently within guidance and have been disappointing relative to our own expectations was ISA Gold operations. The operations had a tough start to the year. Pleasingly, during the second quarter, both Driefontein and Beatrix improved to expected output levels, and we look forward to a second half from both Beatrix and Driefontein.

正如尼爾所提到的，目前唯一不符合指導並且相對於我們自己的預期令人失望的業務是 ISA 黃金業務。今年的開局十分艱難。令人高興的是，在第二季度，Driefontein 和 Beatrix 的產量都達到預期水平，我們期待 Beatrix 和 Driefontein 在下半年取得好成績。

Kloof, however, was significantly impacted by seismicity. And due to safety concerns, we did reduce production in certain areas at Kloof. This, coupled with some infrastructure challenges during a transition from a low-volume, high-grade operation to higher-volume low-grade operation has meant that we have -- we are reassessing Kloof to understand what a stable and future-looking production profile could look like from these operations within the current environment, and that work will be concluded during the second half of this year.

然而，克盧夫卻受到地震的嚴重影響。出於安全考慮，我們確實減少了克魯夫某些地區的產量。再加上從低產量、高品位作業向高產量、低品位作業過渡期間遇到的一些基礎設施挑戰，這意味著我們正在重新評估 Kloof，以了解在當前環境下這些作業的穩定和麵向未來的生產狀況，這項工作將在今年下半年完成。

I dare say, however, these were operations that was slated to have been closed by 2020. And yet still, after 13 years of operating, they remain significant deleveraged to the gold price. And for operations that we to have been closed today to contribute just under 50% of our earnings, I think, is a significant testament to our gold operating teams and management.

但我敢說，這些業務原本計劃在 2020 年之前關閉。然而，經過 13 年的運營，它們對黃金價格的槓桿率仍然很低。而對於我們今天關閉的業務來說，貢獻了我們近 50% 的收益，我認為這是對我們的黃金營運團隊和管理層的重要證明。

Also pleasing has been the return on our investment into DRD Gold, which remains our long-term exposure to gold. Despite significant capital investment over the past few quarters into what is called Project 2028, a project that will not only increase production by about 30%, but also the longevity of the West Rand and operations under DRD Gold, they have also managed to make a significant dividend payment for which Neal we are extremely grateful.

同樣令人高興的是我們對 DRD Gold 的投資回報，這仍然是我們對黃金的長期投資。儘管過去幾個季度對所謂的 2028 項目進行了大量資本投資，但該項目不僅將使產量提高約 30%，而且還將延長西蘭德和 DRD Gold 旗下業務的壽命，他們還設法支付了大量股息，對此我們非常感謝尼爾。

Our Australian operations last year suffered at the hands of what -- of the impact of climate change, having experienced both flooding and fire within a single year. I think full credit to our operating teams in Australia, we took learnings from those incidents, mitigated those risks and put in remediation measures, and this year are performing well above expectation.

去年，我們在澳洲的業務受到了氣候變遷的影響，一年之內就經歷了洪水和火災。我認為我們在澳洲的營運團隊功不可沒，我們從這些事件中吸取了教訓，降低了風險並採取了補救措施，今年的表現遠遠超出預期。

Our recycling business remains a significant differentiator and a way to gain exposure to critical metals through low capital cost and certainly is becoming more strategically important as we see regional supply chains and regional ecosystems clamoring to secure critical minerals. Sandouville is continuing to ramp down, and we look to that operation going on to full-time care and maintenance from January 2026. The GalliCam pre-feasibility project will be completed around year-end, and the results of that project will drive some of our thinking around Sandouville moving forward.

我們的回收業務仍然是一個顯著的差異化因素，也是透過低資本成本獲得關鍵金屬的一種方式，而且隨著我們看到區域供應鏈和區域生態系統對關鍵礦物的安全要求越來越高，回收業務無疑變得越來越具有戰略重要性。桑杜維爾核電廠正在持續減產，我們預計從 2026 年 1 月起，核電廠將轉入全天候維護和保養。GalliCam 預可行性專案將於年底左右完成，該專案的成果將推動我們對桑杜維爾未來發展的思考。

And finally, Keliber is on track to deliver construction -- the construction phase by early 2026. We have been through the peak project capital cycle. And as I mentioned earlier, we are assessing the optimal and most responsible ramp-up of Keliber given the current depressed lithium market fundamentals.

最後，Keliber 專案預計於 2026 年初完成建造階段。我們已經經歷了專案資本週期的高峰。正如我之前提到的，考慮到當前低迷的鋰市場基本面，我們正在評估 Keliber 的最佳和最負責任的成長方式。

I think looking at our earnings graph over the last 2.5 years tells the story that we have been through from an operational restructuring and repositioning. Having recognized the significantly and very fast decline in the PGM markets in 2023, we moved to restructure our loss-making operations and reposition our business. Through this, we were able to arrest that earnings decline and kept it stable during that period of significant restructuring.

我認為，回顧過去兩年半的獲利圖表，我們就能明白我們經歷了營運重組和重新定位的過程。在意識到 2023 年鉑族金屬市場將出現大幅且快速的下滑後，我們開始重組虧損業務並重新定位業務。透過這種方式，我們能夠阻止獲利下滑，並在重大重組期間保持獲利穩定。

And seeing the benefits of that now coming through together with good operational performance, and as Neal mentioned, more recently, increasing commodity prices has seen a significant turnaround in our earnings base, more than 50% higher than what we experienced at the same time last year, excluding the one-off credits, which are a real value that have been added during the period under review.

現在我們看到了這些好處以及良好的營運業績，正如尼爾所提到的，最近，大宗商品價格上漲使我們的獲利基礎出現了顯著好轉，比去年同期高出 50% 以上，不包括一次性信貸，這是審查期間增加的實際價值。

I think as we move through our peak capital cycle, getting to the end of the Keliber and the K4 projects, this is an opportunity to focus on cash conversion from our operations. As Neal mentioned, it's been pleasing to see the turnaround as well and the declining trend in terms of our net debt to EBITDA, with that number coming in significantly or comfortably below 1 times, which is the level and target that we have set ourselves. But with increasing cash generation, our focus will now also turn on an overall reduction on our gross debt number.

我認為，隨著我們進入資本週期的高峰期，進入 Keliber 和 K4 專案的尾聲，這是一個專注於營運現金轉換的機會。正如尼爾所提到的，我們很高興看到我們的淨債務與 EBITDA 之比出現好轉和下降趨勢，該數字明顯或輕鬆低於 1 倍，這是我們為自己設定的水平和目標。但隨著現金產生的增加，我們現在的重點也將轉向總體減少我們的總債務金額。

And finally, I think our capital allocation model is one we've shared with the market on several occasions and one you're probably familiar with. But again, during the difficult cycle we have been through over the last couple of years, I think just to confirm that we have remained true to our capital allocation model.

最後，我認為我們的資本配置模型是我們多次與市場分享的，您可能也熟悉這個模型。但是，在過去幾年我們經歷的困難時期，我認為這只是為了確認我們仍然堅持我們的資本配置模式。

Firstly, looking at project capital, we have responsibly invested through the cycle. We have completed the one year in completion of the build of the Keliber lithium project. We're nearing completion of the K4 project as that is currently ramping up in production. And most recently, approved the commencement of the Siphumelele-Bambanani mechanization project.

首先，從專案資本來看，我們在整個週期中進行了負責任的投資。我們已經完成了凱利貝爾鋰工程建設一年的竣工。我們的 K4 專案即將完工，目前正在加緊生產。最近，又批准啟動Siphumelele-Bambanani機械化計畫。

Burnstone, as I mentioned, is currently being assessed. And to talk to the responsible nature of this, we have also walked away from several investments including the Rhyolite Ridge opportunity, the lithium project in the US, which did not meet our hurdle rates. We have said in terms of our capital allocation that we do want to maintain healthy cash reserves and we have managed to maintain our target of ZAR20 billion, which provides us with the required liquidity and headroom to manage the business comfortably.

正如我所提到的，伯恩斯通目前正在接受評估。為了負責任地對待此事，我們也放棄了幾項投資，包括 Rhyolite Ridge 機會、美國鋰項目，因為它們沒有達到我們的最低收益率。我們在資本配置方面表示，我們確實希望保持健康的現金儲備，並且我們已成功維持 200 億南非蘭特的目標，這為我們提供了輕鬆管理業務所需的流動性和空間。

I think important to highlight that our dividend policy does and will continue to remain unchanged at 25% to 35% of normalized earnings. Over the past few years, dividends have not been paid in line with the policy. And at present, we are just starting to enter again a position of dividend-paying territory.

我認為需要強調的是，我們的股利政策確實保持不變，仍為正常收益的 25% 至 35%。過去幾年，股利一直沒有依照政策發放。目前，我們才剛開始再次進入股息支付領域。

Given the current global uncertainty and commodity price volatility, we have made a decision not to pay dividends at the interim at the half year, but we will be reviewing this at the year-end. And certainly, with our current outlook on the second half, should commodity prices remain where they are, we are confident that we will be back in dividend paying territory by the end of the year.

鑑於當前全球不確定性和大宗商品價格波動，我們決定在半年中期不支付股息，但我們將在年底對此進行審查。當然，根據我們目前對下半年的展望，如果大宗商品價格維持現狀，我們有信心到今年年底我們將重新回到派息領域。

Moving on to our balance sheet and debt management. I think as you've heard, our balance sheet remains in a healthy position. We have sufficient liquidity. We've got an undemanding debt maturity ladder, which Charles will touch on in a bit more detail and our net debt to adjusted EBITDA has returned to below 1 times and therefore, derisked our balance sheet compared to where we were 12 to 18 months ago.

繼續討論我們的資產負債表和債務管理。我想正如您所聽到的，我們的資產負債表仍然處於健康狀態。我們擁有充足的流動性。我們的債務到期階梯要求不高，查爾斯將對此進行更詳細的介紹，我們的淨債務與調整後 EBITDA 的比率已回到 1 倍以下，因此與 12 至 18 個月前相比，我們的資產負債表風險降低了。

And finally, we have made some small but very measured and strategic growth investments. The acquisition of Metallix, which we announced in July, will expand our very strategic recycling footprint. And this is an acquisition that is expected to contribute immediately to the group's earnings and cash flow and also presents significant opportunity to leverage our existing recycling rolling footprint that we have in the US and internationally.

最後，我們進行了一些規模雖小但非常謹慎且具有策略意義的成長投資。我們在 7 月宣布收購 Metallix，這將擴大我們極具戰略意義的回收足跡。此次收購預計將立即為集團的獲利和現金流做出貢獻，同時也為我們在美國和國際上現有的回收滾動足跡提供了重要機會。

And then as I mentioned, we have also announced the Glencore Merafe JV transaction where we truly look to enhance value from our chrome byproducts at our SA PGM operations.

然後，正如我所提到的，我們還宣布了 Glencore Merafe JV 交易，我們真正希望提高 SA PGM 業務中鉻副產品的價值。

And with that, I'll hand over to Kleantha, who will take us through an overview of the markets. Thank you.

接下來，我將把時間交給 Kleantha，她將帶我們去概覽市場。謝謝。

Thank you, Richard, and good afternoon to everyone. I'm going to talk through three slides, and I'll be covering the macros, PGMs and lithium performance over the half year as well as our expectations for the next 18 months.

謝謝你，理查德，大家下午好。我將透過三張幻燈片來介紹宏觀、鉑族金屬和鋰在過去半年中的表現以及我們對未來 18 個月的預期。

Markets have been overwhelmed by the constant tariff news, which continues to create uncertainty. The cost of goods imported into the US will rise to reflect the tariffs, in turn potentially reducing demand. The US is forecast to have slower GDP growth as a result of these tariffs, although this has been upgraded following this pricing of the spending bill.

市場已經被不斷傳出的關稅消息淹沒，這繼續帶來不確定性。進口到美國的商品成本將因關稅而上漲，進而可能減少需求。美國的 GDP 成長預計將因這些關稅而放緩，儘管在支出法案定價後這一預測有所上升。

In the near term, quarter three and quarter four growth is expected to slow as the impact of tariff front-running phase. Global Data's US light vehicle sales forecast has been reduced by 1 million ounces for 2025 and over 1 million ounces in 2026 to reflect the impact of the tariffs. While this will lower PGM demand, it will also impact used vehicle scrappage rates with cars being kept on the road for longer, putting pressure on the secondary supply.

短期來看，受關稅搶先階段的影響，預計第三季和第四季的成長將會放緩。為了反映關稅的影響，Global Data 對 2025 年美國輕型汽車銷量的預測已下調 100 萬盎司，2026 年則下調了 100 多萬盎司。雖然這會降低鉑金屬的需求，但也會影響二手車報廢率，因為汽車在路上行駛的時間更長，對二手車供應造成壓力。

China is only modestly impacted by the tariffs, having reduced their reliance on the US for exports over the past few years. Growth is still, however, predicted to fall short of government's 5% target. Global growth is forecast to slow to 2.6% this year, largely dragged down by the weaker outlook for the US. A combination of the weaker US Dollar, range-bound yields with expectations of future rate cuts and worsening geopolitical tensions has resulted in strong gold investment demand from the over-the-counter markets, ETFs and of course, from central banks.

中國受關稅的影響很小，過去幾年來，中國對美國出口的依賴減少。然而，預計成長率仍將達不到政府5%的目標。預計今年全球經濟成長將放緩至 2.6%，主要受到美國經濟前景疲軟的拖累。美元走弱、殖利率區間波動、未來降息預期、地緣政治緊張局勢惡化等因素共同導致場外交易市場、ETF 以及各國央行對黃金的投資需求強勁。

Gold prices were up 26% in the first half of the year, with average gold trading volumes of $329 billion per day during the first half, the highest for any half year period on record. Broad and sustained conflict resolution, which seems quite unlikely in the current environment could see a moderation in price. More likely, though, should economic conditions deteriorate exacerbating geopolitical tensions, safe haven demand will remain strong.

今年上半年，黃金價格上漲了26%，平均每天的黃金交易量達到3,290億美元，創下有紀錄以來的半年最高點。廣泛而持續的衝突解決在當前環境下似乎不太可能實現，但價格可能會有所緩和。不過，更有可能的是，如果經濟狀況惡化，加劇地緣政治緊張局勢，避險需求仍將保持強勁。

Now moving on to PGMs. The rally in PGM prices, including those of the minor metals is reflective of the tape supply situation in South Africa. Platinum prices have outperformed, driven by lower mine supplies. And looking ahead, local production is expected to fall below the 3.8 million ounce level this year, reflecting the lack of investment over the years, coupled with aging assets.

現在來談談精確導引飛彈。包括小金屬在內的鉑族金屬價格上漲反映了南非磁帶供應狀況。受礦場供應減少的推動，鉑金價格表現優異。展望未來，預計今年當地產量將跌破 380 萬盎司，反映出多年來缺乏投資，加上資產老化。

Metal flows were significantly impacted by tariff threats with almost 360,000 ounces of platinum flowing into US ComEx vaults between January and April. Following the delay in reciprocal tariffs and the PGMs being on the list of goods not subject to tariffs, ComEx Volt stocks fell back to the 270,000 ounce level by mid-July. Platinum lease rates have been significantly elevated through the half year, with one monthly lease rates moving from just over 11% in January to a July peak of almost 37%.

金屬流動受到關稅威脅的嚴重影響，1 月至 4 月期間，近 36 萬盎司鉑金流入美國 ComEx 金庫。隨著互惠關稅的延遲以及鉑族金屬被列入不受關稅限制的商品清單，ComEx Volt 庫存在 7 月中旬回落至 270,000 盎司的水平。在過去的半年中，白金租賃利率大幅上升，單月租賃利率從 1 月的略高於 11% 上升至 7 月的峰值近 37%。

Investor interest in platinum contributed to the elevated demand with more price upside expected compared to gold, and we saw a net platinum ETF inflow of 30,000 ounces during the half year. Chinese platinum imports were up 63% year to June, driven by investment interest and some jewelry manufacturing, which is dominated by gold switched to the lower-cost platinum metal. While positive, Chinese consumer sentiment and the October Golden Week holidays will offer indicators of whether this actually translates into retail success.

投資者對鉑金的興趣推動了需求的成長，預計鉑金價格將比黃金上漲更多，我們看到上半年鉑金 ETF 淨流入量為 30,000 盎司。受投資興趣和部分珠寶製造業的推動，截至今年 6 月，中國鉑金進口量增長了 63%，而珠寶製造業已從以黃金為主轉向成本較低的鉑金金屬。儘管呈現正面態勢，但中國消費者信心和十月黃金週假期將成為衡量這是否真正轉化為零售業成功的指標。

Palladium demand has also been driven by investment. We saw net palladium ETF inflows of 115,000 ounces in the first half of the year, while more recent high prices have led to some profit taking. Since early August, positions have stabilized around the 870,000 ounce level.

鈀金需求也受到投資的推動。我們看到今年上半年鈀金ETF淨流入量為115,000盎司，而近期的高價引發了一些獲利回吐。自8月初以來，持倉量一直穩定在87萬盎司左右。

The increase in rhodium prices can also be attributed to the tight supply from South Africa as well as more buying interest from auto OEMs. Stocks are clearly depleted, and some OEMs are gearing up for more stringent China 6B testing standards.

銠價上漲還可歸因於南非的供應緊張以及汽車原始設備製造商的購買興趣增加。庫存明顯已經耗盡，一些原始設備製造商正在為更嚴格的中國 6B 測試標準做準備。

The demand for ruthenium has been driven by new chemicals capacity in China, and this is the production of caprolactam, which is used to make nylon fibers as well as for the ever-increasing demand for data storage boosted by the AI boom. Ruthenium prices were up 49% in the half year and have since hit all-time highs of $930 per ounce.

中國新的化學品產能推動了對釕的需求，即己內酰胺的生產，己內酰胺用於製造尼龍纖維，以及滿足人工智慧熱潮推動的不斷增長的數據儲存需求。釕價格在半年內上漲了 49%，並創下每盎司 930 美元的歷史新高。

Global government and defense industry interest in securing niche critical metals has also resulted in emerging investor interest in the mine at PGMs. Over the next 18 months, we again see downward revisions to late duty vehicle production with battery electric vehicles being the most impacted, while hybrid vehicles have been slightly upgraded. We also see some near-term growth in PGM loadings as China gears up for tighter emissions testing standards.

全球政府和國防工業對獲取關鍵利基金屬的興趣也引發了投資者對鉑族金屬礦的興趣。在接下來的 18 個月中，我們再次看到後期車輛產量的下調，其中電池電動車受到的影響最大，而混合動力車則略有提升。隨著中國加快實施更嚴格的排放測試標準，我們也看到鉑族金屬裝載量在短期內有所成長。

Secondary supply is expected to remain largely flat year-on-year, and the higher PGM prices during the first half of this year, together with some consolidation in the US recycling market, resulted in some ordered volumes at US scrap yards being liquidated. However, scrapped vehicle numbers are expected to fall both in the US and Europe following weak new vehicle sales. In Asia, we see some pickup as Japan's new car sales improve and China scrappage incentive scheme lifts volumes.

預計二次供應量將年比基本持平，今年上半年鉑族金屬價格上漲，加上美國回收市場的一些整合，導緻美國廢料場的部分訂單被清算。然而，由於新車銷售疲軟，預計美國和歐洲的報廢汽車數量都將下降。在亞洲，隨著日本新車銷量改善以及中國報廢汽車獎勵計畫的推高，我們看到銷量回升。

In summary, in the short term, the running PGM price has been underpinned by supply tightness and purchasing for investment and jewelry. Longer-term cyclical trends, as we all well know, are demand rather than supply-driven. And we, therefore, remain rather cautious on prices, though the recent drag has possibly set us a new higher base.

綜上所述，短期內鉑族金屬價格走勢主要受到供應緊張、投資及珠寶類採購的支撐。眾所周知，長期週期性趨勢是由需求而非供應驅動的。因此，儘管最近的拖累可能為我們設定了新的更高基數，但我們對價格仍然保持相當謹慎的態度。

The outlook to the end of next year remains positive due to higher hybrid vehicle forecasts coupled with declining primary supply and lower levels of auto cat recycling. We expect to see both platinum and palladium remaining in deficit after 2026, with the rhodium market remaining close to balance. Global growth remains the biggest risk to the forecast.

由於混合動力汽車預測值上升、主要供應量下降以及汽車催化劑回收率下降，明年年底的前景仍然樂觀。我們預計 2026 年後鉑金和鈀金仍將處於短缺狀態，而銠金市場將保持接近平衡。全球成長仍然是預測面臨的最大風險。

And then finally, let's look at lithium where the market has remained oversupplied and prices during the first half of the year have remained depressed. At the average first half of the year price just over $9,000 per ton, approximately one-third of all lithium supply was unprofitable. The surpluses have been exacerbated by the slowdown in battery electric vehicle demand growth, some as a result of the US tax credits for battery electric vehicles scheduled to end in September.

最後，讓我們來看看鋰，今年上半年市場供應過剩，價格持續低迷。今年上半年鋰的平均價格略高於每噸 9,000 美元，約三分之一的鋰供應無利可圖。電動車需求成長放緩加劇了貿易盈餘，部分原因是美國針對電動車的稅收抵免政策將於 9 月結束。

The most recent price movement up to just over $11,000 per ton in mid-August has come as a result of the Chinese government taking its oversight of domestic lithium extraction, part of a wider push to reduce excess capacity across many industries in China. China's initial focus has been on operations that are underutilized, inefficient and uneconomic and also on those that may not have the correct permits. Many of the Chinese lepidolite mines are uneconomical at current price levels, but have been supported financially through vertical integration.

8 月中旬，鋰價上漲至每噸 11,000 美元以上，這是中國政府加強對國內鋰開採監管的結果，也是中國減少多個產業過剩產能的廣泛舉措之一。中國最初的重點是那些利用率低、效率低、不經濟的業務，以及那些可能沒有正確許可證的業務。中國的許多鋰雲母礦在當前價格水準下是不經濟的，但透過垂直整合獲得了資金支持。

We see short-term price pressure persisting due to oversupply. The sustainability of the recent price value is very difficult to call as it will largely depend on the next steps the Chinese government take. We remain fairly bullish that electrification will continue to drive demand. We're forecasting a healthy 10.7% CAGR for battery electric vehicle production over the next 10 years and we expect to see lithium deficits later in this decade. This will really underpin incentive pricing for new lithium projects.

我們認為，由於供應過剩，短期價格壓力將持續存在。近期價格價值的可持續性很難判斷，因為這在很大程度上取決於中國政府採取的下一步。我們仍然相當看好電氣化將繼續推動需求。我們預測未來 10 年電池電動車產量的複合年增長率將達到 10.7%，我們預計未來十年內將出現鋰短缺。這將真正支撐新鋰項目的激勵定價。

And now, let me hand over to Richard Cox to talk you through the operations.

現在，我請理查德·考克斯 (Richard Cox) 向大家介紹一下整個操作過程。

Thank you, Kleantha. Hello, everyone. Our South African PGM operations, which continue to deliver consistent, reliable performance are on track to achieve guidance for the third year running, and eight out of nine years overall. Total production for the first half of 2025 was 840,000 4E ounces, 4% lower year-on-year. This reflects consistent performance from underground operations at 750,000 4E ounces, in line with the first half of 2024.

謝謝你，Kleantha。大家好。我們的南非鉑族金屬業務持續提供穩定可靠的業績，預計將連續第三年實現預期目標，九年來有八年實現預期目標。2025年上半年總產量為840,000 4E盎司，年減4%。這反映了地下作業的穩定表現，產量為 750,000 4E 盎司，與 2024 年上半年的產量持平。

Rustenburg, up 2%; Marikana, down 1%; while service production was down by 50% to 54,000 4E ounces, impacted by higher seasonal rainfall affecting the entire industry in the first quarter of 2025. Purchase of concentrate volumes from third parties, were also 29% lower at 35,800 4E ounces, in line with revised annual contractual agreements. The second quarter of 2025 production improved 13% over the first quarter across most shafts.

魯斯滕堡上漲 2%；馬里卡納下降 1%；而服務產量下降 50% 至 54,000 4E 盎司，原因是 2025 年第一季季節性降雨增加影響了整個產業。從第三方購買的精礦量也下降了 29%，至 35,800 4E 盎司，與修訂後的年度合約協議一致。2025 年第二季度，大多數礦井的產量比第一季提高了 13%。

Operating costs, excluding purchase of concentrate in Mimosa production, were well contained, increasing by just 4% to ZAR19.3 billion, which is below inflation, attributable in part to last year's restructuring and closure of high-cost shafts, offsetting additional toll processing costs from Kroondal shift to toll treatment of concentrate in September 2024.

營運成本（不包括購買 Mimosa 生產的精礦）得到了很好的控制，僅增長 4% 至 193 億南非蘭特，低於通貨膨脹率，部分原因是去年進行了重組並關閉了高成本礦井，抵消了 2024 年 9 月 Kroondal 轉向精礦收費處理而產生的額外收費加工成本。

All-in sustaining unit costs increased 11% to ZAR23,900 per 4E ounce, in line with our ZAR23,500 to ZAR24,500 per 4E ounce guidance range, impacted by lower production, a 20% rise in sustaining capital mainly at Marikana and 11% lower byproduct credits. Chrome ore sales of 1.07 million tons decreased 17%, with revenue down 31% to ZAR2.2 billion due to 12% lower production of 1.16 million ton under heavy rainfall and a 13% fall in chrome ore price to $259 per ton.

整體維持單位成本上漲 11% 至每 4E 盎司 23,900 南非蘭特，與我們每 4E 盎司 23,500 南非蘭特至 24,500 南非蘭特的指導範圍一致，受產量下降、主要在馬里卡納的維持資本增加 20% 以及副產品信貸減少 11% 的信貸影響。鉻礦銷售量為 107 萬噸，下降 17%，收入下降 31% 至 22 億南非蘭特，因為強降雨導致產量下降 12% 至 116 萬噸，鉻礦價格下跌 13% 至每噸 259 美元。

Our strategic efforts since 2016 to boost our chrome business have contributed to industry-leading all-in sustaining unit cost. Adjusted EBITDA was consistent at ZAR4.8 billion year-on-year despite 16% fewer 4E ounces sold, due to smelter rebuilds at Marikana furnaces, 1 and 2 and the consequent lower volumes through the precious metal refinery circuit. This was offset by a 7% higher average basket price of ZAR 26,300 per 4E ounce. We did have a ZAR1.6 billion inventory buildup partly from Kroondal's pipeline change, reversible of net realizable value adjustments and the smelter rebuilds. And this buildup will be released in the second half of this year.

自 2016 年以來，我們為推動鉻業務所做的策略性努力已幫助我們實現了業界領先的整體維持單位成本。由於馬里卡納 1 號和 2 號熔爐的冶煉廠重建，導致貴金屬精煉廠的產量下降，儘管 4E 盎司銷量下降了 16%，但調整後的 EBITDA 仍與去年同期持平，為 48 億南非蘭特。但這漲幅被每 4E 盎司 26,300 南非蘭特的平均一籃價格上漲 7% 所抵消。我們的庫存確實增加了 16 億南非蘭特，部分原因是 Kroondal 的管道變更、可逆淨實現價值調整和冶煉廠重建。而這項措施將於今年下半年發布。

The Marikana K4 project produced 44,000 4E ounces, a 68% increase year-on-year, positively contributing to reduced unit costs at Marikana, with project capital at K4 expected to decline from current levels of ZAR305 million for the first half of '25 as the project ramps up. Our partnership with Glencore on the Merafe venture will unlock value by accelerating delivery of legacy Marikana chrome ore volumes by about 20 years, enhancing byproduct credits against all-in sustaining costs, and we're awaiting competition commissioning approval.

馬里卡納 K4 項目產量為 44,000 4E 盎司，同比增長 68%，為降低馬里卡納單位成本做出了積極貢獻，隨著項目進展，預計 2025 年上半年 K4 項目資本將從目前的 3.05 億南非蘭特水平下降。我們與嘉能可在 Merafe 專案上的合作將透過將 Marikana 鉻礦的交付時間提前約 20 年來釋放價值，提高副產品抵免以抵消全部維持成本，我們正在等待競爭委員會的批准。

We focused on moving down the cost curve and improving relative competitiveness. Pleasingly, Marikana continues to move down the cost curve as the Marikana K4 project ramps up to steady state in enhancing efficiency. This positions us favorably against peers, underscoring our cost discipline and leverage in the rising PGM environment.

我們專注於降低成本曲線並提高相對競爭力。令人高興的是，隨著馬里卡納 K4 項目在提高效率方面逐漸達到穩定狀態，馬里卡納的成本曲線繼續下降。這使我們在同行中佔據優勢，凸顯了我們在不斷上升的 PGM 環境中的成本紀律和槓桿作用。

The combined Rustenburg and Kroondal operation are moving slightly up the cost curve due to the Kroondal change in toll treatment of concentrate, which added processing costs, but profitability benefits from higher revenue and margins and elevated metal prices, plus chrome ore byproduct offsets. Our low capital intensity brownfields projects relative to peers, such as the Bambanani-Siphumelele project, the Thembelani project, the (inaudible) project, will continue to improve competitiveness.

由於 Kroondal 改變了精礦的收費處理方式，增加了加工成本，Rustenburg 和 Kroondal 合併後的成本曲線略有上升，但盈利能力受益於更高的收入和利潤率、上漲的金屬價格以及鉻礦副產品的抵消。與同行相比，我們的低資本密集度棕地項目，例如 Bambanani-Siphumelele 項目、Thembelani 項目、（聽不清楚）項目，將繼續提高競爭力。

During the second quarter of 2025, the Board approved the Bambanani-Siphumelele project. This project involves the extension of the Bambanani decline allowing extraction of Siphumelele 2 reserves from low-cost mechanized Bambanani infrastructure. Given the improving production and sales outlook in the second half of this year and the PGM price, which has improved by 23% since the end of May to the current level of ZAR31,600 per 4E ounce, the outlook for the SA PGM's operations is very positive.

2025 年第二季度，董事會批准了 Bambanani-Siphumelele 計畫。此專案涉及 Bambanani 斜坡道的延伸，從而允許從低成本的機械化 Bambanani 基礎設施中開採 Siphumelele 2 儲量。鑑於今年下半年生產和銷售前景的改善以及鉑族金屬價格自 5 月底以來上漲 23% 至目前的每 4E 盎司 31,600 南非蘭特的水平，南非鉑族金屬公司的營運前景非常樂觀。

Our South African gold operations are highly leveraged to the gold price with an improving outlook. The average gold price received increased 36% year-on-year to slightly more than ZAR1.8 million per kilogram. And adjusted EBITDA, which includes DRD gold for the first half of 2025 increased by 118% to ZAR4.8 billion from ZAR2.2 billion for the first half of 2024. This is the highest since the second half of 2020. The contribution to group adjusted EBITDA increased to 48% from 33% for the first half of 2024 confirming the strategic importance of the South African gold assets in the diversified group portfolio.

我們的南非黃金業務高度依賴黃金價格，前景不斷改善。黃金平均價格較去年同期上漲 36%，至每公斤略高於 180 萬南非蘭特。調整後的 EBITDA（包括 2025 年上半年的 DRD 黃金）從 2024 年上半年的 22 億南非蘭特增長 118% 至 48 億南非蘭特。這是2020年下半年以來的最高水準。集團調整後 EBITDA 的貢獻從 2024 年上半年的 33% 上升至 48%，證實了南非黃金資產在多元化集團投資組合中的戰略重要性。

Production for the first half of 2025, including DRD Gold, declined 13% to 9.3 tons of gold. And from managed operations, excluding DRD Gold, production was lower by 14% to 7.1 tons. Excluding DRD Gold, EBITDA increased by 166% to ZAR3 billion. Capital spend was lower by 16% to ZAR1.7 billion with the Burnstone project on can maintenance, ore reserve development down 3% to ZAR1.4 billion and sustaining capital higher by 2%. Notably, and historically, these managed assets unbundled in 2013 is high-cost end-of-life assets with 13.5 million ounces in reserve and an 8-year remainder life of mine have produced 12.9 million ounces over the past 12 years.

包括DRD Gold在內的2025年上半年黃金產量下降了13%，至9.3噸。而不包括 DRD Gold 在內的管理業務產量則下降了 14%，至 7.1 噸。不包括 DRD Gold，EBITDA 成長 166%，達到 30 億南非蘭特。資本支出下降 16% 至 17 億南非蘭特，其中 Burnstone 項目的罐體維護、礦石儲量開發下降 3% 至 14 億南非蘭特，維持資本增加 2%。值得注意的是，從歷史上看，這些在 2013 年拆分的管理資產是高成本的報廢資產，其儲備量為 1350 萬盎司，礦山剩餘使用壽命為 8 年，在過去 12 年中已生產了 1290 萬盎司。

As stated, our managed gold assets delivered ZAR3 billion of EBITDA in the first 6 months of this year. Since our ZAR 10 billion market capitalization in 2013, they've generated substantial cumulative earnings far exceeding that evaluation. With another 4 to 10 years ahead, these are functional and viable assets that have delivered outstanding returns.

如上所述，我們管理的黃金資產在今年前 6 個月實現了 30 億南非蘭特的 EBITDA。自 2013 年我們的市值達到 100 億南非蘭特以來，他們創造的累計收益已遠遠超過這一估值。在未來4到10年的時間裡，這些資產都將具有功能性和可行性，並能帶來豐厚的報酬。

Driefontein operational performance improved during the second quarter of 2025 with gold production 32% higher compared to the first quarter after a January fire and March stock note by Section 54 order delayed ramp-up at the [Flanganani] Fire shaft. Seismicity in high-grade VCR stopes also led to crew reassignments to lower grades.

2025 年第二季度，Driefontein 的營運業績有所改善，黃金產量較第一季高出 32%，此前，1 月發生火災，3 月因第 54 條命令導致 [Flanganani] 火井產量增加而出現庫存問題。高品位 VCR 採場的地震活動也導致工作人員調動到較低品位的採場。

At Beatrix, we've built up the stockpile all ahead of the metallurgical plant due to ongoing upgrades and infrastructure constraints that have temporarily reduced throughput. This includes approximately 28,000 tons containing around 92 kilograms of gold, which we expect to process fully during the second half of this year.

在 Beatrix，由於持續的升級和基礎設施限制導致產量暫時降低，我們在冶金廠之前就建立了庫存。其中包括約 28,000 噸、約 92 公斤黃金，我們預計今年下半年將全部加工完畢。

Overall, the mine itself is performing very well. And rather, the targeted improvements to the leach and carbon regeneration circuits that have necessitated this reduction in processing capacity leading to the temporary build out.

總體而言，礦山本身表現得非常好。相反，對浸出和碳再生迴路進行有針對性的改進，必然會降低處理能力，從而導致臨時擴建。

Turning to Kloof. Our operations faced a tough first half of 2025 primarily driven by increased seismicity in high-grade isolated blocks of ground along with infrastructure limitations in the shaft or parts and ventilation systems at 2 coning shaft. These issues have resulted in stop-start operations that further impact stability of production compounding this with two significant incidents. The tragic fatal accident at 1 Shaft in January, together with the Section 54 stoppage resulting in a loss of about 25,000 ounces and a shaft incident in May at the 7 shaft causing a further loss of roughly 2,000 ounces.

轉向克魯夫。2025 年上半年，我們的營運面臨嚴峻挑戰，主要原因是高品位孤立地塊的地震活動增加，以及 2 號錐形井的豎井或零件和通風系統的基礎設施限制。這些問題導致生產時斷時續，進一步影響了生產的穩定性，並引發了兩起重大事故。1 月 1 號礦井發生的悲慘致命事故，加上第 54 區停工，造成約 25,000 盎司的損失，5 月 7 號礦井發生的礦井事故又造成約 2,000 盎司的損失。

Throughout though, our decisions have been guided by a strong emphasis on safety and the sites limited operational flexibility. Longer term, current life of mine is currently under comprehensive review to optimize the plan for long-term sustainability and commercial viability. All the while holding our unwavering commitment to safe production practices.

不過，自始至終，我們的決策都以高度重視安全性和場地有限的營運彈性為指導。目前正在對礦山的長期壽命進行全面審查，以優化長期可持續性和商業可行性計劃。我們始終堅定不移地致力於安全生產實踐。

Gold wage negotiations started in mid-July this year and are progressing constructively to date. Production and all-in sustaining cost guidance for the managed operations for the full year has been revised to between 15 and 16 tons and between ZAR1.45 million and ZAR1.55 million per kilogram following the first half performance and constraints at the operations. Our Burnstone project is being evaluated in the current high gold price environment together with funding options for value.

黃金薪資談判於今年 7 月中旬啟動，目前進展順利。根據上半年的業績和營運限制，全年管理營運的產量和總維持成本指引已修訂為 15 至 16 噸之間，每公斤 145 萬至 155 萬南非蘭特之間。我們正在當前高金價環境下對 Burnstone 專案以及融資選擇進行價值評估。

Turning to DRD Gold, stable operating performance supported by higher gold prices have boosted earnings. Production decreased by 8% to 2.27 tons of gold for the first half of 2025. All-in sustaining costs increased 15% to ZAR1.08 million per kilogram. Adjusted EBITDA grew 70% year-on-year to ZAR1.8 million for the first half of 2025. This strong result enabled a final dividend of ZAR0.40 per share for the year ended 30 June 2025, with around ZAR178 million accruing to Sibanye-Stillwater. We thank DRD Gold for this dividend and the consistent cash flow the company provides. Our investment in DRD Gold circular economy model continues to deliver reliable earnings across market cycles.

談到DRD Gold，受金價上漲支撐的穩定經營績效提振了獲利。2025年上半年黃金產量下降8%至2.27噸。總維持成本增加 15%，達到每公斤 108 萬南非蘭特。2025 年上半年調整後 EBITDA 年成長 70%，達到 180 萬南非蘭特。這一強勁業績使得截至 2025 年 6 月 30 日的年度末期股息達到每股 0.40 南非蘭特，其中 Sibanye-Stillwater 獲得約 1.78 億南非蘭特。我們感謝 DRD Gold 提供的股利和公司提供的持續現金流。我們對 DRD Gold 循環經濟模式的投資在整個市場週期中持續帶來可靠的效益。

Looking forward to the second half of the year, we expect improved results from Driefontein and from Beatrix, with Kloof operations under review. Encouragingly, with third quarter average gold price to date at slightly more than ZAR1.9 million per kilogram, 7% above the first half, if sustained, further profitability gains are anticipated.

展望下半年，我們預計 Driefontein 和 Beatrix 的業績將有所改善，而 Kloof 的營運將受到審查。令人鼓舞的是，第三季迄今的平均黃金價格略高於每公斤 190 萬南非蘭特，比上半年高出 7%，如果這一價格持續下去，預計盈利能力將進一步提高。

I'll now hand over to Charles from the US operations.

我現在將美國業務交給查爾斯。

Thank you, Richard. Our Montana PGM operations for the half year 2025, we produced 141,000 ounces at an all-in sustaining cost of $1,207 an ounce. This was in line with our plan, which as compared to our performance pre-restructuring late last year, saw a 41% decrease in all-in sustaining costs and a 52% reduction in total capital to $45 million.

謝謝你，理查。我們在蒙大拿州的 PGM 業務在 2025 年上半年生產了 141,000 盎司，總維持成本為每盎司 1,207 美元。這符合我們的計劃，與去年年底重組前的業績相比，所有維持成本下降了 41%，總資本減少了 52%，至 4,500 萬美元。

We had several disruptions during Q2, one of which was commissioning of an electric furnace number two in Columbus, which resulted in an inventory lockup of approximately 5,700 ounces. This is cleared post quarter. As you'll see, adjusted EBITDA for the half year was $151 million.

我們在第二季度遇到了幾次中斷，其中一次是哥倫布二號電爐的調試，導致約 5,700 盎司的庫存被凍結。本季結束後將予以清除。如您所見，半年調整後的 EBITDA 為 1.51 億美元。

Richard Cox showed in the industry cost curve in his presentation that the Stillwater assets are currently sitting in the middle of the pack, whereas a year ago, we were the highest cost producer in the industry on the same graph. The team has done significant work to affect the shift and our intent is to keep moving down the cost curve, but to get to a consistent $1,000 an ounce cost character in these Montana operations from our current run rate of just under $1,400 an ounce before the Section 45X credit is going to take several years and requires a large number of changes from equipment through to debottlenecking all aspects of the mining and ore handling process in both Stillwater and East Boulder.

理查德·考克斯 (Richard Cox) 在他的演講中通過行業成本曲線表明，斯蒂爾沃特資產目前處於中間位置，而一年前，在同一圖表上，我們是行業中成本最高的生產商。團隊已做了大量工作來影響轉變，我們的目的是繼續降低成本曲線，但要使蒙大拿州這些業務的成本從目前略低於每盎司 1,400 美元的運行率在第 45X 條款抵免之前達到每盎司 1,000 美元的穩定水平，需要幾年時間，並且需要從設備到消除斯蒂爾沃特和東博爾德各個礦山和東氏礦場進行大量採礦方面的礦石處理過程。

That work is underway. It's looking good. We have a lot of heavy lifting to do to hit that aspirational target, but I think we're well on the way, and we'll talk to that as we go in the future on the plan for next year, et cetera.

這項工作正在進行中。看起來不錯。要實現這一理想目標，我們還有很多艱鉅的任務要做，但我認為我們已經在路上了，我們會在未來討論明年的計劃等等。

Section 45X of the Inflation Reduction Act saw a benefit for the mining operations of $159 million credited to costs in the half year. The impairment of $238 million was not related to operations, but rather was due to a change in accounting treatment from the original evergreen treatment of Section 45X in the original Inflation Reduction Act to it now being phased out from 2031 through to 2034 with a 25% step down each year.

根據《通貨膨脹削減法案》第 45X 條，採礦業務在半年內獲得了 1.59 億美元的收益，計入成本。2.38 億美元的減損與營運無關，而是由於會計處理方式的變化，從原來的《通貨膨脹削減法案》第 45X 條的常青處理方式變為現在從 2031 年至 2034 年逐步淘汰，每年減少 25%。

Our treatment of Section 45X in our books has followed the letter of the law from the original inflation Reduction act now to revisions on the newly promulgated Big Beautiful Act, which revised tax and spending policies in the US. We will be making our formal 45X submissions with revised tax filings during the second half of this year. We would expect the cash flow for the 2023 filing and the 2024 filing years to be realized next year in 2026.

我們在書中對第 45X 條的處理遵循了從最初的《降低通貨膨脹法案》到新頒布的《大美麗法案》的修訂的法律條文，該法案修訂了美國的稅收和支出政策。我們將在今年下半年提交正式的 45X 申請和修改後的報稅表。我們預計 2023 年申報年度及 2024 年申報年度的現金流量將於明年即 2026 年實現。

You will have also seen that together with the United Steel Workers, we recently filed an antidumping and countervailing duty petition against unwrought Russian palladium imports into the US. The petitions were filed with the US Department of Commerce and the US International Trade Commission. The goal of US antidumping and countervailing duty law is to ensure that domestic producers can compete on a level playing field by addressing the market distortions caused by unfair trade practices elsewhere. These investigations by Commerce and the ITC should take approximately 13 months, though preliminary duties and determinations are expected in the next three to five months.

您可能還會看到，我們最近與美國鋼鐵工人聯合會一起，對進口到美國的俄羅斯未鍛造鈀金提起了反傾銷和反補貼稅申請。這些請願書已提交給美國商務部和美國國際貿易委員會。美國反傾銷和反補貼稅法的目標是透過解決其他國家不公平貿易行為造成的市場扭曲，確保國內生產商能夠在公平的環境中競爭。美國商務部和國際貿易委員會的調查大約需要 13 個月，但初步關稅和裁定預計將在未來三到五個月內公佈。

The heavily subsidized Russian imports have been sold below market prices since 2022. And at the very time that we reduced annual production at our Montana operations by 200,000 ounces and cut 700 jobs because of low palladium prices, Russian imports stepped up into the US. Imports of unwrought palladium from Russia into the US increased by 35% from 2022 to 2024 and increased by another 50% in the first quarter of 2025. It is this unfair trade practice specifically that we are addressing with the trade remedies that we have available to us in the US.

自2022年以來，享有大量補貼的俄羅斯進口產品一直以低於市場價格的價格出售。而就在我們因鈀金價格低迷而將蒙大拿州工廠的年產量削減 20 萬盎司並裁員 700 人的同時，俄羅斯對美國的進口量卻大幅增加。2022 年至 2024 年，美國從俄羅斯進口的未鍛造鈀金增加了 35%，2025 年第一季又增加了 50%。我們正在利用美國現有的貿易救濟措施來應對這種不公平的貿易行為。

In handing over to Grant to talk to our recycling business, let me just note that while auto cat recycling remains subdued in the US and hence impacts our Columbus recycling business, our move into industrial scrap and e-scrap recycling through Reldan is performing above plan, which is very pleasing to see. We are also excited to add metallics to this platform in the near future, which will allow us to unlock further synergies as we build out a substantial critical minerals recycling business that is complementary to our US PGM mining business. Thank you.

在將我們的回收業務移交給格蘭特時，我只想指出，雖然美國的汽車廢料回收仍然低迷，從而影響了我們的哥倫布回收業務，但我們通過 Reldan 進軍工業廢料和電子廢料回收的舉措正在超出計劃，這是非常令人高興的。我們也很高興在不久的將來將金屬添加到該平台中，這將使我們能夠釋放進一步的協同效應，因為我們將建立一個與我們的美國 PGM 採礦業務互補的重要礦物回收業務。謝謝。

Thanks very much, Charles, and good day, everyone. Our recycling journey in Montana began over two decades ago when spare melt capacity was first leveraged to process spent autocatalytic converters. What started off as an efficiency initiative has evolved into a strategic platform. Since acquiring Stillwater in 2017, we have deliberately strengthened and expanded this capability, transforming Columbus into the cornerstone of our recycling business and the springboard for broader growth.

非常感謝，查爾斯，大家好。我們在蒙大拿州的回收之旅始於二十多年前，當時我們首次利用閒置的熔化能力來處理廢舊汽車觸媒轉換器。最初只是一項效率舉措，現已發展成為一個策略平台。自 2017 年收購 Stillwater 以來，我們一直致力於加強和擴大這項能力，將哥倫布轉變為我們回收業務的基石和更廣泛增長的跳板。

While the global auto cat recycling market remains under pressure with macroeconomic factors extending a vehicle's life on the road and thereby limiting short-term volume recovery, Columbus continues to form as a stable cash-generative platform. In the first half of 2025, average daily feed was 9.6 short tons per day, slightly below the prior year due in part to market factors, but also due to the transition to a second furnace, which resulted in a temporary inventory buildup of 147 tons containing an estimated 12,000 3E PGM ounces. With the electric furnace now operational, inventories are expected to normalize in Q3 of 2025.

儘管全球汽車觸媒回收市場仍面臨壓力，宏觀經濟因素延長了車輛的使用壽命，從而限制了短期產量恢復，但哥倫布繼續形成穩定的現金生成平台。2025 年上半年，日均進料量為 9.6 短噸，略低於上年，部分原因是市場因素，也是由於過渡到第二座熔爐，導致庫存暫時增加 147 噸，估計包含 12,000 3E PGM 盎司。隨著電爐投入運營，庫存預計將在 2025 年第三季恢復正常。

Together with the $126 million of Section 45X credits that Charles has just mentioned, Columbus delivered an adjusted EBITDA of $129 million or ZAR2.4 billion. As part of our growth strategy, we acquired Reldan 15 months ago. Reldan has been a successfully integrated entity into our organization and delivered $20 million in operating cash flows year-to-date, equating to an adjusted EBITDA of $18 million or ZAR330 million. Reldan is structurally well positioned underpinned by strong Fortune 500 customer base, a disciplined operating model with a sharp focus on cost management and a suite of industrial and precious metals. Year-to-date, we have processed 8.6 million pounds of industrial scrap and waste and sold 64,000 ounces of gold, 933 ounces of silver, 20,000 ounces of PGMs and 1.5 million pounds of copper.

加上查爾斯剛才提到的 1.26 億美元的第 45X 條抵免，哥倫布的調整後 EBITDA 為 1.29 億美元或 24 億南非蘭特。作為我們成長策略的一部分，我們在 15 個月前收購了 Reldan。Reldan 已成功融入我們的組織，今年迄今已實現 2000 萬美元的營運現金流，相當於調整後的 EBITDA 為 1800 萬美元或 3.3 億南非蘭特。Reldan 擁有良好的結構定位，擁有強大的財富 500 強客戶群、注重成本管理的嚴謹營運模式以及一系列工業和貴金屬。今年迄今為止，我們已經處理了 860 萬磅工業廢料和廢物，並銷售了 64,000 盎司黃金、933 盎司白銀、20,000 盎司鉑族金屬和 150 萬磅銅。

Most recently, we announced the acquisition of Metallix. Now Metallix further strengthens our value proposition by adding scale, advanced processing technologies and logistics and a logistics fleet that extends our sourcing reach across the US. Together with Reldan, we will have presence in Mexico, India, the United Kingdom, South Korea and Taiwan. Metallix brings increased volumes of gold, silver, PGMs and copper and like Reldan, is expected to be cash generative from day one.

最近，我們宣布收購 Metallix。現在，Metallix 透過擴大規模、先進的加工技術和物流以及擴大我們在美國採購範圍的物流車隊，進一步加強了我們的價值主張。我們將與 Reldan 攜手，在墨西哥、印度、英國、韓國和台灣開展業務。Metallix 帶來了更多的黃金、白銀、鉑族金屬和銅，就像 Reldan 一樣，預計從第一天起就能產生現金。

So what we have now is a platform with real structural integrity and reach. Our auto cat platform is the mature foundation with PGM scale, dependable assay capability, quick turnaround times and a business with integrity and reputation. Reldan as a diversification engine with a geographic reach and competence and scale in gold and silver and now Metallix as the accelerator of scale and innovation. It is expected that the transaction will close in September now that we have all regulatory approvals in hand.

所以我們現在擁有的是一個具有真正結構完整性和影響力的平台。我們的自動催化平台具有成熟的基礎，具有 PGM 規模、可靠的檢測能力、快速的周轉時間以及誠信和聲譽的業務。Reldan 是一家多元化引擎，在黃金和白銀領域具有地理覆蓋範圍、能力和規模，而 Metallix 則是規模和創新的加速器。目前我們已獲得所有監管部門的批准，預計交易將於 9 月完成。

In conclusion, this is more than a series of acquisitions. It's a strategic convergence that redefines what's possible in precious metal recycling and positions us uniquely to shape a cleaner, greener future. Thanks, and over to you, Robert.

總而言之，這不僅僅是一系列收購。這是一種策略性融合，它重新定義了貴金屬回收的可能性，並使我們能夠塑造一個更清潔、更環保的未來。謝謝，交給你了，羅伯特。

Thank you, Grant, and hi, everyone. I'm pleased to report that the Australian operations had a good start to 2025. They produced 51,000 tons of payable zinc metal, which is a 22% year-on-year increase. This level of production even exceeded my own expectations and was thanks to less rain this year compared to last year and also the successful implementation of remedial measures to address risk excess of rainfall. As one would expect, with an increase in production, costs come down, and the unit costs this year are 21% lower than for the same period last year.

謝謝你，格蘭特，大家好。我很高興地報告，澳洲業務在 2025 年取得了良好的開端。生產有價鋅金屬5.1萬噸，年增22%。這個產量水準甚至超出了我的預期，這要歸功於今年的降雨量比去年少，以及成功實施了應對降雨過多風險的補救措施。正如人們所預料的那樣，隨著產量的增加，成本下降，今年的單位成本比去年同期下降了 21%。

The H1 good performance was supported by an 11% increase in the average zinc metal price and increased from $2,366 a ton in 2024 to $2,626 per ton in 2025. Worthwhile mentioning is the treatment charges, which were less than 50% of what they were last year, this in part due to the industry benchmark, which was lower, but also the team capitalizing on very lucrative spot sale agreements in the first half of this year.

上半年的良好表現得益於鋅金屬平均價格上漲 11%，從 2024 年的每噸 2,366 美元上漲至 2025 年的每噸 2,626 美元。值得一提的是，處理費用比去年同期減少了 50% 以上，這部分是由於行業基準較低，也是因為團隊在今年上半年利用了非常有利可圖的現貨銷售協議。

Increased metal production, reduced costs, higher metal price all contributed to an adjusted EBITDA of $36 million, which was significantly more than the $19 million loss of 2024. Looking at the remaining six months for the year, we've hedged approximately 60% of our zinc, which we can produce, and this at a cap and a floor of between AUD4,900 per ton and AUD4,100 per ton. And this, coupled with a decent performance, is going to assist us to contribute very significantly to the organization again.

金屬產量增加、成本降低、金屬價格上漲均導致調整後的 EBITDA 達到 3,600 萬美元，遠高於 2024 年的 1,900 萬美元虧損。縱觀今年剩餘的六個月，我們已經對大約 60% 的鋅（我們可以生產）進行了套期保值，上限和下限在每噸 4,900 澳元至每噸 4,100 澳元之間。這一點，加上不錯的表現，將幫助我們再次為組織做出重大貢獻。

Closing out with the development projects, the feasibility study for the Mount Lyell copper project in Tasmania is progressing well, and I'm expecting it to be finished before the end of this year. And then the phosphate feasibility study, which uses the Century existing infrastructure, is expected to be finished in the first quarter of next year.

在開發項目方面，塔斯馬尼亞州萊爾山銅礦項目的可行性研究進展順利，我預計它將在今年年底前完成。然後，利用世紀現有基礎設施的磷酸鹽可行性研究預計將於明年第一季完成。

At this point, I'll hand over to Mika. Thank you very much.

現在，我將把時間交給 Mika。非常感謝。

Thanks, Rob, and hi, all. Greetings from Finland. We have 2 strategic projects in the region Europe, which are classified as strategic by the European Commission, and it's obviously related to Critical Minerals Act. We are quite proud of that. Although market for lithium is currently challenging, we can see that the electric vehicle volumes are growing again in the region Europe.

謝謝，羅布，大家好。來自芬蘭的問候。我們在歐洲地區有 2 個戰略項目，被歐盟委員會列為戰略項目，顯然與《關鍵礦產法》有關。我們對此感到非常自豪。儘管鋰市場目前充滿挑戰，但我們可以看到歐洲地區的電動車銷售正在再次成長。

If you look at Q2 sales numbers, it was almost 30% positive year-on-year. Our long-term view about EVs and lithium has not changed. We see it very positively. And what we can say also is that particularly when we are having the pole position to enter the lithium hydroxide market in Europe, so we are confident that that will give us longer term a lot of opportunities.

如果你看第二季的銷售數據，你會發現它比去年同期成長了近 30%。我們對電動車和鋰的長期看法沒有改變。我們對此持非常正面的看法。我們也可以說，特別是當我們佔據進入歐洲氫氧化鋰市場的有利位置時，我們相信這將為我們提供長期的大量機會。

We are on schedule, and we are also on the CapEx plan, which was revised just some time ago to EUR783 million. As you can see, EUR577 million so far has been used, and we haven't changed the guidance for the total year '25 on this one. It's still EUR300 million. The permits are in place for us to start. And we did an impairment because of the lithium price outlook being more challenging than what it was before. This impairment is about 35% of the value.

一切按計劃進行，我們也在執行資本支出計劃，該計劃不久前剛修訂為 7.83 億歐元。如您所見，迄今為止已使用了 5.77 億歐元，並且我們並未改變 25 年全年的指導方針。仍然是3億歐元。我們已經獲得許可，可以開始工作了。由於鋰價前景比以前更具挑戰性，我們進行了減損。該損失約佔價值的35%。

Currently, we are working on different options, different financial scenarios, different risk management actions, how to mitigate the risks during the ramp-up but also looking what is the most responsible way of ramping up and starting this operation for all the stakeholders.

目前，我們正在研究不同的選擇、不同的財務方案、不同的風險管理措施，如何在擴張過程中降低風險，同時也尋找對所有利害關係人來說最負責任的擴張和啟動這項業務的方式。

Let's then move to Sandouville France. Actually, we are working on two streams there. One is about history, and the other one is about future. We have ramped down the current production during H1. And we are now preparing Q3 for care and maintenance, and we continue that Q4.

那麼讓我們前往法國桑杜維爾。實際上，我們正​​在那裡進行兩項工作。一個是關於歷史，一個是關於未來。我們在上半年已經降低了目前的產量。我們現在正在為第三季的保養和維護做準備，並將繼續進行第四季的保養和維護。

And at the end of the year, we are going to be in care and maintenance. The future work is obviously about GalliCam. And GalliCam project is now going forward in a good way. We believe that we can finalize the pre-feasibility study around the year-end.

到年底，我們將進行護理和維護。未來的工作顯然與 GalliCam 有關。目前，GalliCam專案正在順利推進。我們相信，我們可以在年底左右完成預可行性研究。

Maybe just a few words about the ramp-down of the current production. We have been following the plan, and the plan was to ramp it down at the end of H1, and we are there. We have also agreed already with 72 out of our 200 head count to leave the company still during this year. We are negotiating with the unions in good faith to do further reductions in order to reach the care and maintenance position at the end of the year. What does it mean? We are targeting, give and take, to 60 in this headcount reduction, and half of that would be care and maintenance and the other half is GalliCam project.

也許只是想簡單說幾句關於當前產量下降的情況。我們一直在按照計劃進行，計劃是在上半年末逐步減少產量，我們現在正在這樣做。我們也與 200 名員工中的 72 人達成協議，他們將在今年內離開公司。我們正在與工會進行真誠的談判，以進一步削減開支，從而在年底達到護理和維護水平。這是什麼意思？我們的目標是，在這次裁員中，裁員 60 人，其中一半負責護理和維護，另一半負責 GalliCam 計畫。

About GalliCam, I said it's advancing well, and we have very good encouraging results from the lab tests. The pCAM product is not yet ready. We are still working with the density of the product. We are going to do tests in the cells and so on. But the research and development work together with the engineering work is progressing well. We are also looking for possible partners to mitigate the risks further and to make sure that we are part of the right ecosystems if we make the decision after the feasibility study to continue.

關於 GalliCam，我說它進展順利，而且我們在實驗室測試中獲得了非常令人鼓舞的結果。pCAM 產品尚未準備好。我們仍在研究產品的密度。我們將在細胞內進行測試等等。但研發工作和工程工作進展順利。如果我們在可行性研究後決定繼續，我們也在尋找可能的合作夥伴來進一步降低風險，並確保我們是正確的生態系統的一部分。

So thank you very much all. And over to you, Charl.

非常感謝大家。接下來交給你了，查爾。

Thank you, Mika, and good afternoon to all participants on the call. It is my pleasure to take you through the financial results for the six months ended 30 June 2025.

謝謝你，米卡，祝所有參加電話會議的人下午好。我很高興向您介紹截至 2025 年 6 月 30 日的六個月的財務表現。

Group revenue decreased by 1% to ZAR54.8 billion with increased commodity prices offset by lower volumes. Cost of sales decreased by 20%. However, if we normalize for the impact of Section 45X for 2023 and 2024, it reduced by 11% or ZAR5.4 billion. EBITDA increased from ZAR6.6 billion to ZAR15.1 billion. And if we normalize for the Section 45 impact of 2023 and 2024, it increased by 60% to ZAR10.7 billion.

集團營收下降 1% 至 548 億南非蘭特，商品價格上漲被銷售下降所抵銷。銷售成本下降了20%。然而，如果我們將第 45X 條對 2023 年和 2024 年的影響標準化，則減少了 11% 或 54 億南非蘭特。EBITDA 從 66 億南非蘭特增加到 151 億南非蘭特。如果我們根據第 45 條對 2023 年和 2024 年的影響進行標準化，則該數字將增加 60%，達到 107 億南非蘭特。

Moving on to impairments. The US operations realized an impairment of ZAR4.2 billion, and this was due to the Section 45X credit phaseout in 2034, which was clarified in the One Big Beautiful Bill Act recently enacted in the United States. Previously, this legislation had an evergreen time frame for Section 45X. The impairment at Keliber of ZAR5.3 billion was predominantly due to changes in economic factors, most notably the lithium price assumptions.

繼續討論損傷。美國業務實現了 42 億南非蘭特的減值，這是由於 2034 年第 45X 條信貸逐步取消所致，這在美國最近頒布的「一項偉大的美麗法案」中得到了明確。此前，該法案的第 45X 條有一個固定的時間框架。凱利貝爾 53 億南非蘭特的減損主要是由於經濟因素的變化，最明顯的是鋰價格假設。

At Mimosa, we also booked a ZAR461 million impairment due to the increased operating cost and capital and the introduction of the Zimbabwean beneficiation tax on platinum. The net impact of all of this was a loss for the period of ZAR3.9 billion, but it turns into a profit of ZAR1.9 billion if we exclude the noncash impairments and the historical Section 45X credits.

在 Mimosa，我們還計入了 4.61 億南非蘭特的減損損失，原因是營運成本和資本增加，以及辛巴威對鉑金徵收選礦稅。所有這些的淨影響是本期虧損 39 億南非蘭特，但如果我們排除非現金減損和歷史第 45X 條抵免，則將變成 19 億南非蘭特的利潤。

Headline earnings per share increased from ZAR0.10 per share to ZAR1.90 per share or a 19x increase. On the dividends, as mentioned by Richard, due to the current volatile global economic and geopolitical environment, we felt it prudent not to pay an interim dividend. A decision will be taken at the end of the year once we've had some time to see if the commodity price performance is sustainable.

每股盈餘從每股 0.10 南非蘭特增加到每股 1.90 南非蘭特，成長了 19 倍。關於股息，正如理查德所提到的，由於當前全球經濟和地緣政治環境動盪，我們認為不支付中期股息是明智之舉。一旦我們有時間觀察商品價格表現是否可持續，我們將在年底做出決定。

Turning to our debt position. Gross debt increased to ZAR40.2 billion from the December 2024 reported number of ZAR39.4 billion. Net debt stands at ZAR19.2 billion, and available cash was ZAR21 billion, and available liquidity, which includes our undrawn facilities, is just under ZAR47 billion.

談談我們的債務狀況。總債務從 2024 年 12 月報告的 394 億南非蘭特增至 402 億南非蘭特。淨債務為 192 億南非蘭特，可用現金為 210 億南非蘭特，可用流動資金（包括未提取的貸款）略低於 470 億南非蘭特。

On the bonds, we remain on track to refinance the 2026 $675 million notes in half 1 2026. At this stage, we are targeting downsizing the notes to $500 million. Also pleasingly, the 2028 $500 million convertible bond is now in the money as the share price have been trading well above the conversion price of approximately ZAR24 a share. Just to note that this convertible bond is callable in November 2026.

就債券而言，我們仍有望在 2026 年上半年對 20​​26 年 6.75 億美元的債券進行再融資。現階段，我們的目標是將票據規模縮減至 5 億美元。同樣令人高興的是，2028 年 5 億美元的可轉換債券現已獲利，因為股價已遠高於每股約 24 南非蘭特的轉換價格。需要注意的是，該可轉換債券將於 2026 年 11 月贖回。

I will now hand over to Melanie Naidoo-Vermaak to provide an update on our renewable energy portfolio. Thank you, Melanie.

現在我將把時間交給 Melanie Naidoo-Vermaak，讓她介紹一下我們的再生能源組合的最新情況。謝謝你，梅蘭妮。

Thank you very much, Charl. Good morning, good afternoon and good evening to all our attendees. As Neal and Richard have often emphasized, sustainability is a principle and one that's deeply embedded in the group's strategy, its operations and values. Our sustainability framework comprises several key pillars, with our commitment to decarbonization being one of the most critical.

非常感謝，查爾。各位與會代表，早安、下午好、晚上好。正如尼爾和理查德經常強調的那樣，永續性是一項原則，它深深植根於集團的策略、營運和價值觀中。我們的永續發展框架包含幾個關鍵支柱，其中對脫碳的承諾是其中最重要的支柱之一。

The group's renewable energy program is our most powerful lever for decarbonization given that 92% of our group emissions originate from Eskom. And through the development of our large-scale solar and wind projects, alongside innovative energy solutions, we're actively reducing our emissions, we're lowering our operational costs and strengthening energy security. And the milestones achieved this year demonstrate that we are firmly on track to meet our 600-megawatt renewable energy target by 2027.

鑑於我們集團 92% 的排放來自 Eskom，集團的再生能源計畫是我們實現脫碳的最強槓桿。透過開發大型太陽能和風能專案以及創新的能源解決方案，我們正在積極減少排放，降低營運成本並加強能源安全。今年取得的里程碑表明，我們正穩步實現 2027 年 600 兆瓦再生能源的目標。

At the end of March this year, Castle wind farm entered commercial operation, already giving us 56 gigawatts of clean energy with a ZAR21.6 million cost saving for the South African region. And our Springbok solar facility is undergoing grid compliance certification as we speak, and we expect our first energy from that project in the next few days.

今年3月底，Castle風電場投入商業運營，已為南非地區提供了56吉瓦的清潔能源，節省了2,160萬南非蘭特的成本。目前，我們的 Springbok 太陽能設施正在進行電網合規認證，我們預計該專案的第一批能源將在未來幾天內投入使用。

The graphs on this slide show our growing portfolio of privately developed renewable projects, which, when fully operational, will get us to the 30% substitution of our utility energy supply by mid-2027, and that would reduce our annual emissions by 1.5 million tonsf CO2 equivalent. These projects, coupled to our pipeline in development, gets us to that 600-megawatt target by 2027, driving tangible progress toward a more sustainable and resilient energy future.

這張投影片上的圖表展示了我們不斷成長的私人開發的可再生能源專案組合，這些專案全面投入營運後，到 2027 年中期，我們將實現 30% 的公用能源供應替代，這將使我們的年排放量減少 150 萬噸二氧化碳當量。這些項目加上我們正在開發的管道，將使我們在 2027 年實現 600 兆瓦的目標，推動朝著更永續、更具彈性的能源未來邁出實際的步伐。

Thank you. Richard, handing back to you to conclude.

謝謝。理查德，交給你做結論。

Thank you very much, Melanie. So I think just to move us into a final conclusion for today's presentation. I think as mentioned earlier, most of our operations are still well within guidance, and we look forward to a very constructive second half of 2025. The only guidance that we are revising in line with, as I discussed, the review of the current [ turf ] operations, is our South African gold guidance, which has been revised down from 16 to 17 tonsgold to 15 to 16 tons of gold at all-in sustaining costs of between ZAR1.45 million and ZAR1.55 million per kilogram. The balance of guidance, as I say, remains unchanged from what we put out earlier this year.

非常感謝，梅蘭妮。所以我想讓我們對今天的演講做出最後的總結。我認為，正如前面提到的，我們的大部分營運仍在指導範圍內，我們期待 2025 年下半年取得非常有建設性的成果。正如我所討論的，根據當前 [ 地皮 ] 運營的審查，我們正在修訂的唯一指導方針是我們的南非黃金指導方針，該方針已從 16 至 17 噸黃金下調至 15 至 16 噸黃金，總維持成本在每公斤 145 萬至 155 萬南非蘭特之間。正如我所說，指導平衡與我們今年早些時候發布的指導平衡保持不變。

Thank you very much to all of my colleagues for the detailed presentations given. So I think in conclusion, as you can see from both the heading as well as the strap line on the slide, our immediate focus is very much on prioritizing safe production, optimizing our margins and ultimately continuing to strengthen our balance sheet. As described earlier, I think we have a unique asset portfolio and are very well strategic positioned to not only survive but thrive in the very turbulent market conditions we currently find ourselves in.

非常感謝各位同事的詳細演講。所以我認為總而言之，正如您從幻燈片的標題和標語中看到的那樣，我們當前的重點是優先考慮安全生產、優化利潤率並最終繼續加強我們的資產負債表。如前所述，我認為我們擁有獨特的資產組合，並且具有非常好的戰略定位，不僅可以生存，而且可以在我們目前所處的非常動蕩的市場條件下蓬勃發展。

Our production turnaround has been pleasing post the repositioning and restructuring and good progress made on eliminating fatalities, albeit that still remains our #1 focus. Our improved operational performance has underpinned the financial turnaround that we have seen over the last 6 months. And today, most of our operations are either generating positive cash flow or very close to it, and we expect to see that turning during 2026.

重新定位和重組後，我們的生產情況令人滿意，在消除死亡事故方面也取得了良好進展，但這仍然是我們的首要關注點。我們改善的營運表現為過去六個月的財務好轉奠定了基礎。如今，我們的大部分業務都在產生正現金流或接近正現金流，我們預計這種情況將在 2026 年出現轉變。

The closure of Sandouville later this year will continue to reduce losses further from that operation. And as we move through the peak funding of both Keliber and K4, we look to a higher cash flow conversion and that benefiting our overall gross debt position.

今年稍後桑杜維爾的關閉將進一步減少該業務的損失。隨著我們進入 Keliber 和 K4 的融資高峰期，我們期待更高的現金流轉換，這將有利於我們的整體債務狀況。

The significant Section 45 payments, we look to that cash coming through in 2026, again, benefiting the balance sheet. And today, we remain very bullish on gold given the current market dynamics and are cautiously optimistic about the outlook for PGM markets, fundamentally remaining very bullish in the medium term but in the short term remain focused on the fundamentals coming through.

對於第 45 條規定的重大付款，我們期待 2026 年到達的現金再次惠及資產負債表。今天，鑑於當前的市場動態，我們仍然非常看好黃金，並對鉑族金屬市場的前景持謹慎樂觀的態度，從根本上來說，中期仍然非常看好，但短期內仍然關注基本面。

I think our balance sheet is healthy. We have a low leverage. We have ample liquidity and sufficient debt headroom with a derisked debt maturity ladder ahead of us. We have been responsible with our capital allocation during a very difficult cycle, both managing to preserve the balance sheet but at the same time investing to ensure the longevity of our business.

我認為我們的資產負債表是健康的。我們的槓桿率很低。我們擁有充足的流動性和足夠的債務空間，並且擁有無風險的債務到期階梯。在非常困難的時期，我們一直負責任地進行資本配置，既設法維持資產負債表，又同時進行投資以確保業務的長久發展。

Overall, the outlook for the second half, particularly if commodity prices remain where they are, is extremely positive both on an operational and from a financial perspective. But we recognize that our absolute focus needs to be on what is within our control. It means a sustained safety improvement combined with operational and cost discipline, which will remain our absolute core focus.

總體而言，下半年的前景，特別是如果大宗商品價格保持現狀，無論從營運角度還是從財務角度來看都是極其樂觀的。但我們體認到，我們必須把絕對的注意力放在我們所能控制的事情上。這意味著持續的安全改進與營運和成本控制相結合，這仍將是我們絕對的核心重點。

Thank you once again for joining us today, and I'll now hand over to James to manage any questions you may have. Thank you.

再次感謝您今天的到來，現在我將把時間交給詹姆斯來回答您可能遇到的任何問題。謝謝。