Sibanye Stillwater Ltd (SBSW) 2024 Q4 法說會逐字稿

Good morning, good afternoon, and good evening to all the attendees. A warm welcome to our golden circle, and you'll see the relevance of that as I move through our 2024 year-end results, but also note the main heading of the presentation being quantifying the value created from our strategic differentiation, which I will also cover in some detail. Obviously, they are forward-looking statements. So please take note of our safe harbor statement. If we can go on to the next slide, please.

各位與會代表早安、下午好、晚上好。熱烈歡迎您加入我們的黃金圈，當我回顧 2024 年年終業績時，您會看到它的重要性，但也請注意，演示的主要標題是量化我們戰略差異化所創造的價值，我也將詳細介紹這一點。顯然，它們是前瞻性的陳述。因此請注意我們的安全港聲明。如果我們可以繼續看下一張投影片的話，請。

I think it's all well known now that Richard Stewart has been appointed as CEO designate and will be taking over from me from September. I am exceptionally pleased with that and would like to take this opportunity to congratulate Richard as well. But the purpose of this slide is also to highlight that apart from the succession planning, which I'm going to get to, we have a very competent and solid C-suite. That's the first point you should note. I think the other thing is, the company is all about the people. And hence, the reason this slide is first.

我想現在大家都知道，理查德斯圖爾特已被任命為候任首席執行官，並將從九月起接替我。我對此感到非常高興，並想藉此機會向理查德表示祝賀。但這張投影片的目的還在於強調，除了我將要講到的繼任計畫之外，我們擁有一支非常能幹、可靠的高階主管團隊。這是你應該注意的第一點。我認為另一件事是，公司最關心的是人。這就是這張投影片放在第一名的原因。

The company is in good hands. And I want to say that we have followed a best practice succession planning for myself. And in fact, it is the same process that we follow for every senior management person within the company. And let me highlight the impact. We've been planning for this transition for probably about two years now. So this is not something that was decided yesterday or last month or even last quarter.

公司已在良好的管理之下。我想說的是，我們已經為我自己制定了最佳實踐的繼任計劃。事實上，我們對公司內的每一位高階主管都遵循相同的流程。讓我強調一下其影響。我們為這次轉變已經籌劃了大約兩年。所以這不是昨天、上個月甚至上個季度才決定的事情。

Very pleasing to myself. And remember, this is a Board process when it involves the CEO, is that this is an internal appointment, which will result in a smooth transition. And as I've said, the comfort I have is, we have a very solid and stable C-Suite team.

我自己非常高興。請記住，當涉及執行長時，這是一個董事會流程，這是內部任命，將實現平穩過渡。正如我所說，讓我感到欣慰的是，我們擁有一支非常堅實且穩定的高階主管團隊。

What an internal appointment does, as long as you've got ownership of the strategy as it's been developed by both the Board and the C-Suite is that you have strategic continuity and you are welcome to ask Richard directly what he may be thinking of changing and so on. But certainly, it's my understanding that we have significant continuity. And not only that, I think the purpose of the company is we have a C-Suite, which is committed to the purpose, which is underpinned by sustainability, and that permeates our entire strategy. So I think a very good and important outcome.

內部任命的作用是，只要您擁有由董事會和高階主管制定的策略的所有權，您就擁有策略連續性，並且您可以直接詢問理查德他可能考慮改變什麼等等。但可以肯定的是，據我了解，我們具有重要的連續性。不僅如此，我認為公司的宗旨是我們擁有一個致力於實現目標的高階主管團隊，該團隊以永續發展為基礎，並滲透到我們的整個策略中。所以我認為這是一個非常好的、重要的結果。

If we can move to the next slide, please. Again, I'm not going to go through strategy in detail, but just to say that our strategic positioning and the refocus on the strategic essentials has been validated if you start looking at the trends and the results, and I believe that it's appropriate and important to continue focusing on the strategic essentials. And what are they?

請轉到下一張投影片。再說一次，我不會詳細闡述戰略，只是想說，如果你開始觀察趨勢和結果，我們的戰略定位和對戰略要點的重新關注已經得到了驗證，我相信繼續關注戰略要點是適當且重要的。它們是什麼？

Well, it's ensuring safety and well being. It's prospering in every region in which we operate. It's achieving what we call operational excellence, maintaining a profitable business and optimizing capital allocation. And as I mentioned at last year's results, ESG will remain an important part of the way we do business. Thank you. If we can go to the next slide, please.

嗯，這可以確保安全和健康。在我們經營的每個地區都蓬勃發展。它實現了我們所說的卓越運營，保持業務盈利並優化資本配置。正如我在去年的業績中提到的，ESG 仍將是我們經營方式的重要組成部分。謝謝。請切換到下一張投影片。

So our vision is to create superior shared value for all stakeholders. And this is new work based on an assessment on by the University of Montana using IMPLAN. And I'm not going to go through this slide in detail. But for those of you who are interested, I would urge you to read it in detail in your own time.

因此，我們的願景是為所有利害關係人創造卓越的共享價值。這是蒙大拿大學使用 IMPLAN 進行評估後進行的新工作。我不會詳細介紹這張投影片。但對於有興趣的人，我建議您在自己的時間內詳細閱讀它。

But if you look at the tree, and as you know, that represents our ethos. We are impacting over 147,000 jobs. In other words, we're supporting 147,000 jobs, that is very, very significant. In terms of economic impact, we have an impact of ZAR225.9 billion. In terms of compensation impacts, ZAR61.3 billion and in terms of tax impacts, ZAR27 billion. So again, confirmation that we do deliver superior shared value, not just for our shareholders but for all our stakeholders. Thank you, if we can move on to the next slide.

但如果你看看這棵樹，你就會知道，它代表了我們的精神。我們影響了超過 147,000 個工作機會。換句話說，我們支持了 147,000 個工作崗位，這是非常非常重要的。就經濟影響而言，我們的影響是2259億蘭特。就薪資影響而言，為 613 億蘭特，就稅收影響而言，為 270 億蘭特。因此，我們再次確認，我們確實提供了卓越的共享價值，不僅為我們的股東，也為所有利害關係人。謝謝，我們可以進入下一張投影片。

So I would like to just almost skim through the salient features for the six months 2024. And of course, that completes the year ended December 31, 2024. So safety continues to improve with the group SIFR and TRIFR at the lowest recorded level since 2013. So in a way, record safety performance. Very pleasingly, net debt to adjusted EBITDA came in at 1.79 times at December 31, 2024. And I want to highlight this is before accounting for the $500 million stream. And I do remember reading a number of reports, which had us well over 3 times. And I will cover the net debt to adjusted EBITDA profile a bit later.

因此，我只想簡單瀏覽一下 2024 年六個月的顯著特徵。當然，這就完成了截至 2024 年 12 月 31 日的年度。因此，安全性持續改善，SIFR 和 TRIFR 組處於 2013 年以來的最低記錄水準。因此從某種意義上來說，記錄安全性能。非常令人高興的是，截至 2024 年 12 月 31 日，淨負債與調整後 EBITDA 的比率為 1.79 倍。我想強調的是，在計算 5 億美元的流量之前。我確實記得讀過一些報告，這些報告的數量遠遠超過我們的 3 倍。稍後我將介紹淨債務與調整後 EBITDA 的關係。

Revenue was 7% higher for the second half of 2024 compared to 2023. Group adjusted EBITDA came in at ZAR6.4 billion. And that is a stable result for the third sequential six-month period. And I will say more on that. We do note that a number of our peers are now starting to show declining EBITDA numbers, where ours have now been stable. We've arrested our decline. And I think we can look forward in a more constructive way going forward. I will cover that in more detail as well.

2024 年下半年的營收比 2023 年成長 7%。集團調整後的 EBITDA 為 64 億南非蘭特。這對於連續第三個六個月而言是一個穩定的結果。我也將就此展開進一步闡述。我們確實注意到，我們的許多同業的 EBITDA 數字現在開始下降，而我們的 EBITDA 數字目前已經穩定。我們已遏制住衰退的勢頭。我認為我們可以以更具建設性的方式展望未來。我也會更詳細地介紹這一點。

Obviously, South African gold underpin that change. And there was a 216% increase in adjusted EBITDA for the second half of 2024. In terms of South African PGMs, I think what was a highlight was a 6% operating cost increase, which is very much in line with inflation and probably below mining inflation. I thought that was a standout result for the South African PGM sector.

顯然，南非黃金支撐了這項變化。2024 年下半年調整後的 EBITDA 成長了 216%。就南非鉑族金屬而言，我認為最大的亮點是營運成本增加了 6%，這與通貨膨脹率非常一致，可能低於採礦業的通貨膨脹率。我認為這是南非 PGM 行業突出的成績。

Our US PGM, in my mind, had one of the best performances within the group with a successful restructuring at the end of 2024, and throughout the year consistent production and a 27% reduction in all-in sustaining costs. There is still some way to go. We're not confused by the very good progress made. And we know there's still a lot of hard work, but the light is at the end of the tunnel.

在我看來，我們的美國 PGM 是集團內表現最好的公司之一，該公司於 2024 年底成功完成重組，全年產量穩定，總維持成本降低了 27%。還有一段路要走。我們對所取得的非常好的進展並不感到困惑。我們知道還有很多艱苦的工作要做，但隧道的盡頭已經出現了光明。

There was a $32 million or ZAR594 million contribution to the group's adjusted EBITDA in 2024 from our recycling business in the US, again, quite significant. And in the Australian region, we had a $34 million or ZAR641 million contribution in 2024 from the Century operation. So to me, those are good results considering the current commodity price climate, and I'm referencing PGMs in that regard, obviously, not gold. But a difficult operating environment where I would suggest we've arrested and turned a corner.

我們在美國的回收業務為集團 2024 年的調整後 EBITDA 貢獻了 3,200 萬美元或 5.94 億南非蘭特，同樣相當可觀。在澳洲地區，世紀業務為我們帶來了 2024 年 3,400 萬美元或 6.41 億南非蘭特的貢獻。因此對我來說，考慮到當前的大宗商品價格環境，這都是不錯的結果，而且我指的是鉑族金屬，顯然不是黃金。但我認為，面對困難的經營環境，我們已經停止並扭轉了局面。

If we can go to the next slide, please. So I would like to -- actually demonstrate in a factual way what the value that is being created by taking what we consider the road less traveled, probably more complicated, certainly more controversial, but not controversial to be controversial and more complex, absolutely.

請切換到下一張投影片。因此，我想用事實來證明，走我們認為人跡罕至的道路，這條道路可能更複雜，肯定更具爭議性，但絕對不會有爭議和更複雜。

So if we can go to the next slide. So as everybody on this call would know, we are driven. Well, our strategy is defined by understanding the gray elephants, which we've presented previously. I'm not going to go through them. But the one that was influential in driving the diversification of the company into green metals portfolio company was that one of the Angry planet. And we've often presented the sigmoid curves, on the right-hand side of this slide, which indicate growth from a gold base through South African PGMs internationalizing the company in the US through PGMs and then slowly but surely moving into battery metals.

那我們可以轉到下一張投影片。因此，正如參加此次電話會議的每個人所知，我們動力十足。我們的策略是透過了解灰色大象來定義的，我們之前已經提出過。我不會去細細品味它們。但對推動該公司向綠色金屬投資組合公司多元化發展有重要影響的，是「憤怒星球」公司之一。我們經常在這張投影片的右側展示 S 形曲線，這表明該公司從以黃金為基礎，透過南非鉑族金屬在美國實現國際化，然後緩慢但穩定地轉向電池金屬領域。

So that's well understood. But we've also, for some time, been talking about responsible resource stewardship. And you can't be environmentally responsible if you are not sensitive to primary mining, secondary mining and recycling. And we have very consciously been building those portfolios within our business. And I want to show you, they have become significant businesses and contributing quite significantly to the bottom line. But I will do that in the next couple of slides.

這是很好理解的。但一段時間以來，我們也一直在談論負責任的資源管理。如果您對原生採礦、二次採礦和回收不敏感，那麼您就無法對環境負責。我們非常有意識地在我們的業務範圍內建立這些投資組合。我想告訴你們，它們已經成為重要的企業，對獲利做出了相當大的貢獻。但我將在接下來的幾張投影片中這樣做。

Importantly, we have always maintained that having an underlying portfolio of gold is in an insurance policy when you have a large portfolio of industrial metals, and you move into an environment, a global economic environment that is difficult with high interest rates, high inflation and so on. And it's become very evident in our business how that insurance policy of gold is working. If we can go to the next slide, please?

重要的是，我們一直認為，當你擁有大量工業金屬投資組合時，而當你進入一個高利率、高通膨等困難的全球經濟環境時，擁有黃金作為基礎投資組合就是一種保險。在我們的業務中，黃金保險政策如何發揮作用已經變得非常明顯。我們可以轉到下一張投影片嗎？

So they say a picture paints a thousand words. And this is our adjusted EBITDA slide from 2017. And I just want to work through it. and then make some conclusion. So we were a gold business, predominantly a gold business. You can see how that gold business supported the investment into PGMs, and the contribution by PGMs was relatively small.

所以人們說，一張圖片勝過千言萬語。這是我們 2017 年調整後的 EBITDA 幻燈片。我只是想解決這個問題。然後做出一些結論。所以我們是一家黃金企業，主要是黃金企業。你可以看到黃金業務如何支持對鉑族金屬的投資，而鉑族金屬的貢獻相對較小。

But you can see as we moved into 2018 how the Stillwater or the US PGM business actually carried the company through a very difficult period while we were growing our South African PGM business. And you can see we took a strike in gold because, to be blunt, Anchor was trying to prevent us from buying Lonmin and it was our US PGM business that pulled us through that. And eventually, we were successful. But you can see with that disruption in gold, how gold became negative in 2019 due to all those disruptions.

但你可以看到，當我們進入2018年時，在我們發展南非 PGM 業務的同時，Stillwater 或美國 PGM 業務實際上幫助公司度過了一段非常困難的時期。你可以看到，我們在黃金領域取得了重大成功，因為坦白說，Anchor 試圖阻止我們收購 Lonmin，而正是我們的美國 PGM 業務幫助我們度過了難關。最終，我們成功了。但你可以看到，由於黃金市場的混亂，2019 年黃金價格是如何出現負值的。

But that essentially allowed us to build a PGM business, I want to say, second to none. And you can see how the PGM business from 2019 carried this company to new heights and how gold was a very much smaller portion of the contribution because of the very good PGM basket prices of the time.

但我想說，這實際上使我們能夠建立起無與倫比的 PGM 業務。你可以看到，2019 年的鉑族金屬業務如何將這家公司推向了新的高度，而由於當時鉑族金屬籃子價格非常好，黃金的貢獻只佔很小的比例。

We also used -- and to be fair to our gold division, we used our gold division to ensure that if there was to be any sort of strife in wage negotiations and unrealistic demands that the brunt of that would be carried in the gold business because it was a relatively small contributor. But of course, that created the impression today that the gold business is not a contributor of any substantial amount to our business. And in fact, we often get questions why don't you get rid of it? Well, you're going to see why not, shortly.

我們也利用——為了公平對待我們的黃金部門，我們利用我們的黃金部門來確保，如果在工資談判中出現任何形式的衝突和不切實際的要求，那麼黃金業務將承擔主要衝擊，因為它的貢獻相對較小。但當然，今天這給人的印像是黃金業務並沒有為我們的業務帶來任何實質的貢獻。事實上，我們常常被問到為什麼不把它去掉？好吧，您很快就會明白為什麼不行。

So then as the PGM basket price fell off, especially in dollar terms, and especially regarding palladium, you can see how the South African PGM business carried the company forward through 2023. But you can now start seeing in 2024, how the relative portion of gold in terms of the contribution to our earnings has increased.

因此，隨著 PGM 籃子價格下跌，尤其是以美元計算，尤其是鈀金價格下跌，你可以看到南非 PGM 業務如何推動公司在 2023 年向前發展。但現在你可以開始看到，到 2024 年，黃金對我們收益的貢獻相對份額是如何增加的。

And the two bars on the very right-hand side show the second half of 2023 and the second half of 2024 in terms of the contribution of gold. And one of the outstanding features of the second half of this year is that our gold business is really contributing, and we look forward to it contributing. And I think the other thing to note from this is how our earnings have stabilized even though we have got decreasing PGM basket prices. So that's the story. That's the picture that I referred to. If we can go to the next page, please.

最右邊的兩個長條圖分別顯示了 2023 年下半年和 2024 年下半年黃金的貢獻。今年下半年的一個突出特點是我們的黃金業務確實做出了貢獻，我們期待它能做出貢獻。我認為另一件值得注意的事情是，儘管鉑族金屬籃子價格下降，但我們的收益仍然穩定。故事就是這樣的。這就是我提到的那張圖片。如果我們可以轉到下一頁，請。

So not only has commodity diversification created value and assisted the company through, let me say, difficult times, our move into tailings reprocessing and recycling has also become a very significant contributor. And if you look at our secondary mining business, it has become a big business by mining standards, generating revenues of over ZAR11 billion, a 10.1% contribution to the group. And from an adjusted EBITDA point of view, contributing ZAR3.2 billion, which is a 24% contribution to the group. So to me that is smart, strategic growth, especially in a complex environment with so many changes.

因此，商品多樣化不僅創造了價值並幫助公司度過了困難時期，我們進軍尾礦再加工和回收領域的舉措也做出了非常重要的貢獻。如果你看看我們的二級採礦業務，以採礦標準來說，它已經成為一項大生意，創造了超過 110 億南非蘭特的收入，為集團貢獻了 10.1%。而從調整後的EBITDA來看，貢獻了32億南非蘭特，對集團的貢獻率為24%。所以對我來說，這是一種明智的、策略性的成長，特別是在一個充滿許多變化的複雜環境中。

If we go to the next slide and look at recycling. Again, we've only really started to move into recycling more recently other than the PGM recycling or the catalytic converter recycling in the US. But if you look at it today, a revenue of ZAR14 billion for 2024, just over 10% contribution to group revenue and 4.5% contribution to adjusted EBITDA of ZAR594 million or $32 million. So again, these business will continue to grow. We can do them in an affordable way, and they reduce -- they improve our flexibility through down cycles and so on.

如果我們轉到下一張投影片並查看回收。再說一遍，除了美國的 PGM 回收或催化轉換器回收之外，我們最近才真正開始進入回收領域。但如果你今天來看，2024 年的收入為 140 億南非蘭特，對集團收入的貢獻略高於 10%，對調整後的 EBITDA 的貢獻為 4.5%，即 5.94 億南非蘭特或 3200 萬美元。所以，這些業務將會持續成長。我們可以用一種經濟實惠的方式來實現這些目標，而且它們還可以減少——透過停機週期等等來提高我們的靈活性。

Next slide, please. So the other area of our strategy that, to some extent, has not been seen to really add value. But I want to demonstrate it is that, that relates to multipolarity which we identified even before COVID. The world was going to deglobalize. You've had to choose which way you face, which market you're going to prioritize, and we've prioritized the Western markets. And let's have a look how we've been rewarded for that.

請看下一張投影片。因此，從某種程度上來說，我們策略的另一個領域尚未真正增加價值。但我想證明的是，這與我們在 COVID 之前就已確定的多極化有關。世界將會去全球化。你必須選擇你所面對的方式、你要優先考慮的市場，而我們優先考慮的是西方市場。讓我們看看我們因此得到了什麼回報。

So you can read the slides in detail at your leisure. But in North America, the Section 45 credits that are not reflected in these financial results yet have delivered very significant credits or will deliver very some significant tax credits in cash of approximately ZAR2.2 billion and ZAR1.6 billion for 2023 and 2024, respectively. That's $120 million and $90 million, respectively, for both mining and recycling.

因此，您可以隨意詳細閱讀幻燈片。但在北美，尚未反映在這些財務結果中的第 45 條抵免已帶來非常可觀的抵免，或將帶來非常可觀的稅收抵免，抵免形式為現金，2023 年和 2024 年分別約為 22 億南非蘭特和 16 億南非蘭特。其中採礦和回收方面的投資分別為 1.2 億美元和 9,000 萬美元。

Our estimate of the value of the credits for 2025 based on the recently restructured Stillwater operations is about ZAR1 billion or $60 million. That is, I think, our rewards for being loyal to providing strategic metals in the US. And I'm not sure where else you would have got that type of value addition anywhere else in the world, other than in Europe, of course, which is similar to the US in that it is dependent on strategic metals.

根據最近重組的 Stillwater 業務，我們估計 2025 年的信貸價值約為 10 億南非蘭特或 6,000 萬美元。我認為，這就是我們忠誠地為美國提供戰略金屬的回報。我不知道世界上除了歐洲以外還有什麼地方能實現這種增值，當然，歐洲與美國類似，都依賴戰略金屬。

And in France, we've been very well received by the French government. And in advancing the GalliCam feasibility study, we've been selected for a grant. And please remember, this is a grant, not a credit, of ZAR2.8 billion once we have a financial investment decision when we have completed that feasibility study. And we are eligible for what they call the C3IV tax credit for green industry innovation.

在法國，我們受到了法國政府的熱烈歡迎。在推進 GalliCam 可行性研究的過程中，我們已獲得資助。請記住，當我們完成可行性研究並做出財務投資決定時，這是一筆 28 億蘭特的贈款，而不是貸款。我們有資格獲得所謂的綠色產業創新 C3IV 稅收抵免。

So that's another value outcome from the strategy. In addition, we have the Finnish government through FMG, the Finnish Minerals Group, as a 20% co-investment partner in Keliber. So in my mind, those are very tangible outcomes of the multipolarity strategy and focusing on Europe and North America as providing critical metals in those jurisdictions.

這是該策略的另一個價值成果。此外，芬蘭政府透過 FMG（芬蘭礦業集團）成為 Keliber 20% 的共同投資夥伴。因此，在我看來，這些都是多極化策略的實際成果，並且專注於歐洲和北美，為其提供關鍵金屬。

Next slide, please. So the other aspect I wanted to raise was our early response to a changing economic environment. And at our August or our midyear results in 2023, we actually shared with you how we were going to proactively respond to what we saw as a deteriorating environment. And those of you who attend these presentations will remember when the Ukraine was invaded, we already raised the issue of an environment that was going to become inflationary and started preparing ourselves.

請看下一張投影片。所以我想提出的另一個面向是我們對不斷變化的經濟環境的早期反應。在我們 2023 年 8 月或年中業績發布會上，我們實際上與大家分享了我們將如何積極應對我們所看到的不斷惡化的環境。參加這些演講的人都會記得，當烏克蘭被入侵時，我們已經提出了通貨膨脹環境的問題，並開始做好準備。

If we can just pull the slide to the next portion. You would also remember at a results presentation, we used a piggy bank to indicate that we were going to save money in a piggy bank and prepare and strengthen our balance sheet. And I think I recognized there was some amusement and probably some skepticism to us actually being able to do that.

如果我們可以將幻燈片拉到下一部分。您還記得，在一次業績演示中，我們使用了存錢罐來表示我們要把錢存入存錢罐，並準備和加強我們的資產負債表。我想我意識到有些人對我們是否真的能做到這一點感到有趣，但也可能有些人懷疑。

To protect your balance sheet, not only do you have to raise money, but you've also got to make sure that negative outflows that weaken the balance sheet are addressed, and we moved into a number of restructurings both in the South Africa -- well, in the South African region and in the US. The US. went through two and in Sandouville, we terminated the Boliden contract and started moving, accelerating our nickel sulfate concept studies, which then transitioned into the GalliCam studies going straight to pCAM.

為了保護你的資產負債表，你不僅需要籌集資金，而且還必須確保解決削弱資產負債表的負流出問題，我們在南非（嗯，在南非地區和美國）進行了一些重組。美國。經歷了兩次，在桑杜維爾，我們終止了與 Boliden 的合約並開始行動，加速我們的硫酸鎳概念研究，然後過渡到 GalliCam 研究，直接進入 pCAM。

In terms of reinforcing the balance sheet in 2024, and I'll discuss more about this, we embarked on a number of programs and I'm not going to go through them all. Probably the most significant one was the stream. But in effect, we raised ZAR35.8 billion. We improved liquidity by that amount to be safe and prudent, we had our covenants uplifted just to give us some headroom in case we were not successful with this. But all these initiatives have had a major positive impact on the company and its current positioning, and I'm going to show you that in the next slide.

關於 2024 年加強資產負債表的問題，我將對此進行更多討論，我們已經啟動了許多計劃，但我不會一一介紹。可能最重要的就是溪流。但實際上，我們籌集了358億蘭特。為了安全和審慎，我們提高了流動性，並提高了契約，以便在我們未能成功的情況下獲得一些空間。但所有這些舉措都對公司及其當前定位產生了重大積極影響，我將在下一張投影片中向您展示這一點。

So in terms of -- let's focus on the graph on the right-hand side, and I'll come back to the bullet points on the left. So in terms of net debt to EBITDA and our gearing, you can see how from 2018 from 2.5 times, in fact, came down to being net cash and then moved up and the actual number, as I said, was 1.79 times. But if you include the stream, our pro forma net debt to EBITDA is below 1.1 times now.

因此就——讓我們專注於右側的圖表，然後我會回到左邊的要點。因此，就淨債務與 EBITDA 以及我們的負債比率而言，您可以看到，從 2018 年起，該比率實際上從 2.5 倍降至淨現金，然後上升，正如我所說，實際數字是 1.79 倍。但如果將流動資產包括在內，我們的預期淨債務與 EBITDA 比率現在低於 1.1 倍。

Now I dare say that is lower than most of our PGM peers. And I say that and reinforce it because there was a lot of skepticism that we would not be able to keep our leverage below 3 times. So I trust that in the future when we say we're going to embark on these sort of programs, we will be given more credibility for achieving them.

現在我敢說這比我們大多數 PGM 同行都要低。我之所以這麼說並且強調這一點，是因為有很多人懷疑我們能否將槓桿率保持在 3 倍以下。因此我相信，當我們將來說要實施這類計劃時，我們將獲得更多的可信度來實現它們。

But I also want to acknowledge in a way that it's difficult for analysts to, let's say, know all the forms of funding that we can use. And I know it's complex for them to value and include. But we're not a one-trick pony. We know and we have experienced of raising non-debt. We have experience of using structures such as streams. We have experience of analyzing these and fully understanding the negative and the positives of each form of structure. And we made a commitment we would not use equity. We were not lean on our shareholders, and we have not. And for that, I am, first of all, very pleased but also very proud.

但我也想承認，分析師很難了解我們可以使用的所有融資形式。我知道這對他們來說很難評價和接受。但我們不是只有一招的小馬。我們知道並且有非債務融資的經驗。我們有使用流等結構的經驗。我們有分析這些內容的經驗，並充分了解每種結構形式的正面和負面方面。而我們承諾不會動用股權。我們並不依賴股東，我們也沒有這麼做。對此，我首先感到非常高興，同時也非常自豪。

We've retained upside exposure to prices. We haven't locked ourselves into anything. As I said, we secured ZAR36 billion of financing in 12 months. We have started well ahead of our peers. I would suggest that debt and non-debt funding is going to get more difficult and more expensive. We have, as I said, accessed non-traditional sources of capital early. And I think that is an exceptional result for a company like ourselves.

我們保留了價格上行的風險。我們並沒有把自己限制在任何事物上。正如我所說，我們在 12 個月內獲得了 360 億蘭特的融資。我們已經遠遠領先我們的同行。我認為債務和非債務融資將變得更加困難和更昂貴。正如我所說，我們很早就獲得了非傳統的資本來源。我認為這對我們這樣的公司來說是一個非凡的成績。

Next slide, please. So just a little bit on the stream because I've also read the reports about giving away upside and that's not really true. So we've crystallized ZAR9 billion in future venue. As you can see, it's had a very significant impact on headroom and liquidity. It's almost a 1 times turn in reducing leverage. In fact, it's 0.7 times. And important to note that, that $500 million stream or ZAR9.4 billion stream is 44% of our total acquisition cost of our South African PGM assets, 44% of what we paid we've raised in one stream.

請看下一張投影片。所以只是在流程上稍微了解一下，因為我也閱讀了關於放棄上行空間的報道，但事實並非如此。因此，我們在未來的資金中已經兌現了 90 億南非蘭特。正如您所看到的，它對淨空空間和流動性產生了非常顯著的影響。這幾乎是1倍的降低槓桿率。事實上是0.7倍。值得注意的是，5 億美元或 94 億南非蘭特的資金流占我們南非 PGM 資產收購總成本的 44%，我們所支付金額的 44% 是我們一次性籌集的。

Now let's understand what that stream is. It's primarily a stream based on gold by products in PGMs, which we get practically no value for. In terms of the impact on platinum, there's a little bit of platinum stream that's less than 2% of our platinum. Now remember, this is less than 2% for a 44% return on what we paid for these assets. So now start putting it in context.

現在讓我們來了解一下該流是什麼。它主要是基於鉑族金屬中的黃金副產品流，我們實際上並未從中獲得任何價值。就對鉑金的影響而言，鉑金流很少，不到我們鉑金的 2%。現在請記住，我們為這些資產支付的回報率為 44%，而這個數字還不到 2%。現在開始將其置於上下文中。

In terms of the process you have to go through with a streamer, such as Franco-Nevada, they conduct exceptionally deep due diligence and of course, the upside to them is the optionality of us expanding and having longer lives of mine, that is what they look for. So it's another form of due diligence on the company, which we welcome.

就與 Franco-Nevada 等串流媒體公司合作所必須經歷的流程而言，他們會進行非常深入的盡職調查，當然，他們的好處在於我們可以選擇擴張，並延長礦井的使用壽命，這正是他們所尋求的。所以這是對公司進行另一種盡職調查的形式，我們對此表示歡迎。

I would also add that this is long-term non-debt type of capital. It was at competitive costs much lower than you can get through, let's call it, vanilla financing instruments. There's no repayment of the advanced payment and there's no minimum delivery obligations. So this is an exceptional instrument for raising money and has served us well. The last thing I'm going to say is, please, when you look at this table in detail, just note the payback on investments we've achieved from these purchases, something like Lonmin, we've paid for 12.7 times over. So to me, all very good news.

我還要補充一點，這是長期非債務類型的資本。它的成本具有競爭力，比你透過所謂的普通融資工具所能獲得的成本要低得多。無需償還預付款，也沒有最低交貨義務。所以，這是一種非常有效的籌集資金的方法，並且對我們很有幫助。我要說的最後一件事是，當您詳細查看該表格時，請注意我們從這些購買中獲得的投資回報，例如 Lonmin 之類的產品，我們支付的費用是其 12.7 倍。所以對我來說，這都是好消息。

Thank you, (inaudible), if you could -- so at this stage, I'm going to hand over to the Chief Regional officers to do -- to present a detailed operational review. So Richard will be first up. So over to you, Richard. Thank you.

謝謝，（聽不清楚），如果你可以的話——那麼在這個階段，我將把任務交給首席區域官員——來提交一份詳細的營運審查。因此理查德將首先發言。那麼交給你了，理查德。謝謝。

Good morning and good afternoon, ladies and gentlemen, and thank you very much, Neal. I think if we start off with our safety. As a company, we are now three years into our fatal elimination strategy. This has been a strategy that is very much focused on identifying and mitigating the highest risk areas of our business that could result in fatals. It's very pleasing that we can see a consistent decline in terms of those lagging indicators.

女士們、先生們，早安、下午好，非常感謝你，尼爾。我認為我們應該從安全開始。作為一家公司，我們實施致命消除策略已經三年了。這項策略主要著重於識別和減輕我們業務中可能導致死亡的最高風險領域。我們很高興看到這些滯後指標持續下降。

Looking at our top two, our serious injury frequency rates and our total recordable injury frequency rates. We've seen a consistent 15% to 16% decline in those rates over the last three years. And in fact, 2024 was the best results we've ever achieved. Looking at our lagging indicators, which tracks our high potential incidents and that includes incidents where we didn't necessarily suffer an injury, but it could have resulted in a serious injury or loss of life. We've also seen those incidents substantially reduced year-on-year and, in fact, month-on-month, demonstrating the real risk reduction across our operations.

看看我們的前兩項，我們的嚴重傷害頻率率和我們的總可記錄傷害頻率率。在過去三年中，我們看到這些比率持續下降了 15% 至 16%。事實上，2024 年是我們所取得的最佳成績。查看我們的滯後指標，它可以追蹤我們的高潛在事故，其中包括我們不一定受傷，但可能會導致嚴重傷害或生命損失的事故。我們也發現這些事故的發生率逐年大幅減少，事實上，環比也呈現下降趨勢，這表明我們整個營運過程中的風險確實在降低。

Nevertheless, despite an improving trend as well across our fatality frequency rate, it is deeply disappointing and tragic that we lost eight colleagues during 2024 and our sincere condolences go to the families, colleagues and friends of our fallen comrades.

儘管如此，儘管我們的死亡頻率也呈現改善趨勢，但我們在 2024 年失去了 8 名同事，這令人深感失望和悲痛，我們向陣亡戰友的家人、同事和朋友表示誠摯的哀悼。

We will not stop until as a company, and we do believe that we can mine labor-intensive operations without loss of life, and this will remain our deepest commitment until such time as we achieve that. We are at a critical juncture in our fatal elimination journey where our focus to date has largely been on identifying the risks, putting the controls in place to mitigate those risks and embedding that throughout the organization.

作為一家公司，我們不會停止前進的步伐，我們確實相信，我們可以在不造成人員傷亡的情況下開展勞動密集型作業，在我們實現這一目標之前，這將一直是我們最堅定的承諾。我們正處於消除致命風險的關鍵時刻，迄今為止我們的重點主要是識別風險、實施控制措施以減輕這些風險並將其滲透到整個組織中。

We are now moving to a point where we are deeply focused on behavior and ultimately, how we want to drive our culture through our management routines and our leadership ultimately underpinned by the values of the company and our value-based behavior.

我們現在正轉向深度關注行為，並最終關注如何透過管理慣例和領導力來推動我們的文化，而這最終都由公司的價值觀和基於價值觀的行為所支撐。

Moving on to our gold operations. I think when we look at the first half of 2024, in particular, was the very tough operating environment for our gold operations. In addition to the regional restructuring that we were doing across the region, which did have significant disruption on operations. We also had several one-off incidents in the event of infrastructure failures that impacted some of our shafts. We had some increased seismicity during the first half of the year and then also stopped a significant portion of the Beatrix operation, following a back break so that we could redesign that mining method, ensuring we were not placing any employees at risk.

接下來是我們的黃金業務。我認為，當我們回顧 2024 年上半年時，我們的黃金業務的營運環境尤其艱難。除了我們在整個地區進行的區域重組之外，這確實對營運造成了重大干擾。我們也遇到過幾起一次性事故，即基礎設施發生故障，對我們的一些礦井造成了影響。今年上半年，地震活動有所增加，並且在發生礦井斷裂後，我們也停止了 Beatrix 礦場的大部分作業，以便重新設計採礦方法，確保不會讓任何員工處於危險之中。

I think very pleasingly, during the second half of the year, we saw much more stable and solid performance from our gold operations as they settle down. The benefits of the restructuring we started realizing, albeit many of the costs still carried through into the second half of the year. And together with an increase in gold price, that saw second half EBITDA of about ZAR3.5 billion, which contributed just over half of the total group's EBITDA earnings for the period.

我認為非常令人高興的是，在今年下半年，我們的黃金業務表現更加穩定和紮實，業務逐漸穩定下來。儘管許多成本仍延續到下半年，但我們開始意識到重組的好處。加上金價上漲，下半年 EBITDA 達到約 35 億南非蘭特，佔集團當期 EBITDA 總收益的一半多一點。

For the year as a whole, our gold operations contribute to just under ZAR6 billion worth of EBITDA, a substantial increase from the prior period. And looking forward, with our gold operations settled with the benefits of the restructuring coming through and a sustained increase in gold price that today is some 20% higher than what it was last year, we're very much looking forward to a continued positive output from our operations into 2025.

就全年而言，我們的黃金業務貢獻了近 60 億蘭特的 EBITDA，比上一期大幅成長。展望未來，隨著我們的黃金業務的穩定和重組效益的實現，以及金價的持續上漲（目前比去年高出約 20%），我們非常期待我們的業務在 2025 年繼續取得積極的成果。

Moving on to our SA PGM operations. We saw an annual increase of just over 4% at our operations, and these were largely steady year-on-year. That increase largely came from the additional consolidation of the 50% of Kroondal that we acquired from Anglo Platinum during the year. And that was slightly offset by some operational disruptions we had at Rustenburg, most notably the shaft failure at Siphumelele, which took that shaft out for almost two months, and the two weeks' worth of disruptions we had at Kroondal as a result of illegal industrial action.

繼續我們的 SA PGM 操作。我們的營運業務年增長率略高於 4%，並且年比基本保持穩定。這一成長主要源自於我們今年從英美鉑業收購的 Kroondal 50% 股份的額外合併。但是，我們在魯斯滕堡遇到的一些營運中斷稍微抵消了這一影響，最明顯的是西弗梅萊勒 (Siphumelele) 的豎井故障，導致該豎井停駛近兩個月，以及由於非法工業行動導致的克朗達爾 (Kroondal) 兩週的中斷。

Nevertheless, I think the costs were well managed, particularly in the second half of the year. We saw a decline in our operating costs from H1 and year-on-year, an inflation-related increase. Operating costs just over ZAR23,500 per 4E ounce. Our total all-in sustaining costs increased to just under ZAR22,000 per 4E ounce, and that was a 9% year-on-year increase. I think some key drivers to that is the transition at Kroondal from a purchase of concentrate to a tolling arrangement that took place from the September 1, last year. And effectively for those four months saw us incurring totaling costs, but of course, that also comes with full exposure to the PGM basket price. 16% decline in the PGM basket price year-on-year did have a significant impact on the EBITDA from these operations, and we saw that declining by just under 60% to ZAR7.5 billion for 2024.

儘管如此，我認為成本管理得很好，特別是在今年下半年。我們的營運成本較上半年和去年同期都有所下降，這是由於通貨膨脹導致的增加。每 4E 盎司的營運成本略高於 ZAR23,500。我們的總維持成本增加到每 4E 盎司略低於 22,000 南非蘭特，比去年同期成長 9%。我認為，造成這種情況的一些關鍵驅動因素是 Kroondal 自去年 9 月 1 日起從購買精礦轉變為代加工協議。實際上，在這四個月裡，我們承擔了總成本，但當然，這也伴隨著對 PGM 籃子價格的全面影響。 PGM 一籃子價格年減 16% 確實對這些業務的 EBITDA 產生了重大影響，我們發現 2024 年 EBITDA 下降了近 60% 至 75 億南非蘭特。

Important to note that during the four months at Kroondal, we did not recognize any revenue or earnings for that period out of Kroondal, given that we are building up the four months pipeline associated with the tolling contract. So that metal will be returned to us from January of this year and recognized as revenue upon sale of that metal as we move forward.

值得注意的是，在 Kroondal 的四個月內，我們沒有確認來自 Kroondal 的任何收入或收益，因為我們正在建造與收費合約相關的四個月的管道。因此，從今年 1 月起，該金屬將返還給我們，並在我們出售該金屬時確認為收入。

If we have a look at where our current PGM operations across the group are positioned on the cost curve, and we do utilize the Nedbank cost curve in this regard as both an independent source, but also looks at total operating costs as well as capital and therefore, is probably the closest reflection to an all-in sustaining costs that we see across the industry.

如果我們看一下整個集團目前的 PGM 營運在成本曲線上的位置，我們確實利用了 Nedbank 成本曲線作為獨立來源，同時也考慮了總營運成本和資本，因此，這可能是最接近反映我們在整個行業中看到的全部維持成本的。

Looking at this, most of our operations are comfortably positioned on the left-hand side of that curve or just above the 50' percentile, except for the Marikana operations, where we are investing through the cycle in our K4 project. The K4 project capital largely comes to an end at the end of this year, 2025, and we look forward to the following years with reduced capital and continued and sustained ramp-up in metal output will ultimately see the Marikana operations moving down into the second quartile and therefore, a very well-positioned portfolio across the global industry cost curve.

從這個角度來看，我們的大多數業務都位於該曲線的左側或略高於 50% 百分位數，但馬里卡納業務除外，我們在那裡透過整個週期對 K4 專案進行投資。K4 專案資本將在今年年底（2025 年）基本結束，我們期待接下來的幾年裡，隨著資本減少以及金屬產量持續穩定上升，馬里卡納金礦最終將進入第二四分位數，從而在全球行業成本曲線中佔據非常有利的投資組合地位。

I think finally, on Wednesday of this week, we did announce a new agreement that we have entered into with the Glencore Merafe venture. This is a significant step for us in terms of our strategy of optimizing value from our byproducts of which chrome is a critical one. That strategy really goes to diversification of the PGM basket and enhances our resilience during times like this when PGM prices are low, but many of the other metals, in this case, chrome, doing significantly well.

我想，本週三我們終於宣布了與嘉能可Merafe合資公司達成的新協議。就我們優化副產品價值（其中鉻是關鍵的一種）的策略而言，這是一個重要的一步。這項策略實際上實現了 PGM 籃子的多樣化，並在 PGM 價格低迷但許多其他金屬（在本例中是鉻）表現良好的時期增強了我們的抵禦能力。

Underneath this revised, what we call in the CMA, the chrome management agreement, the Glencore Merafe JV will take over operatorship of all of or most of our chrome recovery plants, and through that, we look to realize significant operational synergies through a one owner operator. So it's cost synergies in terms of operating costs as well as the ability for the joint venture to apply their knowledge and expertise, our IP and technology to enhancing our overall recovery of chrome from those facilities including the recovery of fine chrome.

根據修訂後的《鉻管理協議》（我們在 CMA 中稱之為），Glencore Merafe JV 將接管我們全部或大部分鉻回收工廠的營運權，透過這種方式，我們希望透過單一所有者營運商實現顯著的營運協同效應。因此，它在營運成本方面具有成本協同效應，合資企業能夠運用他們的知識和專業技能、我們的智慧財產權和技術來提高我們從這些設施中整體回收鉻的能力，包括回收細鉻。

I think two other significant benefits to the chrome management agreement, many of you would be aware that historically, Lonmin signed a long-term offtake contract with what was then Xstrata, subsequently Glencore, under which Marikana received very low values, less than 10% of the market-related value for its chrome. This particular contract would have run until about 2060 under the current terms.

我認為鉻管理協議還有另外兩個重要的好處，很多人都知道，從歷史上看，Lonmin 與當時的 Xstrata（後來的 Glencore）簽署了一份長期承購合同，根據該合同，Marikana 獲得的價值非常低，不到其鉻市場相關價值的 10％。根據現行條款，該特定合約將有效期至 2060 年左右。

Under the new management agreement, we have been able to accelerate the delivery into that through the synergies that we expect to realize, and on the back of the current life of mine profile would expect that contract, although the Marikana contract to come to an end around about 2033, after which Marikana will receive market-related prices for their chrome output.

根據新的管理協議，我們能夠透過預期實現的協同效應來加速交付，並且根據目前的礦山壽命情況，我們預計該合約將在2033年左右到期，但馬里卡納的合約將在2033年左右到期，此後馬里卡納將以市場價格出售其鉻礦的產量。

In addition as part of the agreement, we have agreed that any new projects that come online on the Marikana property may be ring-fenced if required, and therefore receive full market value for their chrome even if developed prior to 2033.

此外，作為協議的一部分，我們同意，在馬里卡納礦區上線的任何新項目均可在必要時進行專項保護，這樣即使是在 2033 年之前開發的項目，也可以獲得其鉻的全部市場價值。

In particular we have three projects, three shallow, UG2 mechanized projects, therefore low cost, very low capital intensity, given that they are brownfield projects, that we are progressing through a feasibility study. And this agreement certainly adds significant value to those for those to be brought online at an appropriate time, given the current PGM markets. But I dare say, these are three of the most attractive projects within the industry at the moment. And this agreement has just further enhanced that value quite materially.

具體來說，我們有三個項目，三個淺層、UG2 機械化項目，因此成本低，資本密集度非常低，因為它們是棕地項目，我們正在進行可行性研究。考慮到目前的鉑族金屬市場，該協議無疑為那些在適當時間上線的協議增加了重要價值。但我敢說，這三個項目是目前業界最具吸引力的項目。這項協議進一步大大提升了這一價值。

Thank you very much, and I'll now pass over to Charles to discuss the US operating region.

非常感謝，現在我將把話題交給查爾斯來討論美國營運區域。

Thank you, Richard. We have done two rounds of significant restructuring on the Montana operations, in the fourth quarter of 2023 and again in the fourth quarter of 2024. If I reflect on the first round of restructuring that drove our operating plan through the year until our second restructuring that disrupted the fourth quarter production, we delivered mined 2E production, which was stable at 425,842 ounces. We saw a 27% decline in AISC to $1,367. Total operating costs reduced 4% to $480 million. We saw a combined reduction of $191 million in capital with a 50% reduction in ORD and a 72% reduction in sustaining capital. Project capital declined by 62% to $16 million. We also saw the average two-year PGM basket price declined by 21% to $988 an ounce through the year.

謝謝你，理查。我們對蒙大拿州的業務進行了兩輪重大重組，一次是在 2023 年第四季度，另一次是在 2024 年第四季。如果我回顧一下推動我們全年營運計畫的第一輪重組，直到第二次重組擾亂了第四季度的生產，我們實現了開採的 2E 產量，穩定在 425,842 盎司。我們看到 AISC 下降了 27%，至 1,367 美元。總營運成本減少 4% 至 4.8 億美元。我們發現資本總計減少了 1.91 億美元，其中 ORD 減少了 50%，維持資本減少了 72%。專案資本下降62%至1600萬美元。我們也看到，兩年期鉑族金屬籃子平均價格全年下跌了 21%，至每盎司 988 美元。

This persistent low price pressure led us to a further substantial restructure in the fourth quarter of 2024. As you are aware, we have reduced our mine production by 200,000 ounces in the 2025 plan. We placed Stillwater West mine on care and maintenance. We increased production from our higher-grade Stillwater East mine to 130,000 ounces, and we reduced production from our East Boulder mine to 135,000 ounces by moving from 6 ramps to 4, which in turn allowed us to push out our capital on our tailings and rock dump expansion plans.

持續的低價壓力導致我們在 2024 年第四季進行了進一步的重大重組。如您所知，我們在 2025 年計劃中已將礦山產量減少了 200,000 盎司。我們對 Stillwater West 礦井進行了維護和保養。我們將高品位的 Stillwater East 礦的產量提高到了 130,000 盎司，同時透過將礦場由 6 個減至 4 個，將 East Boulder 礦的產量降低到了 135,000 盎司，這反過來又使我們能夠將資本投入到尾礦和岩石堆擴建計劃中。

In the process, we reduced our workforce by 636 employees and contractors, a reduction of almost 40%. These changes have significantly reduced our cash bleed, although given the significant reduction in ounces, you will see that our AISC on a unit basis is forecast at $1,420 an ounce to $1,460 an ounce in 2025.

在此過程中，我們減少了 636 名員工和承包商，減少了近 40%。這些變化大大減少了我們的現金流失，儘管考慮到盎司的大幅減少，您會看到，我們按單位計算的 AISC 預計在 2025 年將為每盎司 1,420 美元至每盎司 1,460 美元。

Any future booking of the 45X tax credit has the potential to reduce this AISC forecast by $30 million or approximately $100 an ounce. Given that the 45X rules are retrospective, we are expecting that combined credits for 2023 and 2024 financial years are estimated at approximately $120 million combined.

任何未來 45X 稅收抵免的預訂都有可能將 AISC 預測減少 3000 萬美元或每盎司約 100 美元。鑑於 45X 規則具有追溯力，我們預計 2023 和 2024 財年的綜合抵免額估計約為 1.2 億美元。

As noted at the time of our restructuring in our last market presentation, we have a three-year game plan to move these operations to a $1,000 an ounce cost character. As you will have seen in the industry cost curve slide covered by Richard, we are now in the middle of the pack, whereas a year ago, we were the highest cost producer in the industry. Our aim is to shift to the lowest quartile over time, and I believe that we are well on the way in that journey.

正如我們在上次市場演示重組時所指出的那樣，我們有一個三年計劃，將這些業務轉移到每盎司 1,000 美元的成本特徵。正如您在理查德介紹的行業成本曲線幻燈片中所看到的，我們現在處於中等水平，而一年前，我們是業內成本最高的生產商。我們的目標是隨著時間的推移轉向最低四分位數，我相信我們已經在這條道路上順利前進。

We set ourselves a three-year game plan to hit the $1,000 an ounce. And obviously, where we can bring that forward and accelerate it, we will seek to achieve that. Certainly from December, we started hitting our arms and cost targets according to the run rates we have in the 2025 plan, and we have continued this through January.

我們制定了一個三年計劃，以實現每盎司 1,000 美元的目標。顯然，只要我們能夠推動並加速這一進程，我們就會努力實現這一目標。當然，從 12 月開始，我們就開始按照 2025 年計劃中的運行率實現我們的武器和成本目標，並且我們將持續到 1 月。

Most pleasingly, we were injury-free through December and January in the Montana business. And this is the first for these operations. Given the amount of change we have been through, I think this talks to the character, commitment and professionalism of our employees. And I'd like to thank all team members for leading in safety in this way.

最令人高興的是，我們在 12 月和 1 月的蒙大拿州業務中沒有受到任何傷害。這是首次進行此類行動。考慮到我們經歷的變化，我認為這說明了我們員工的個性、承諾和專業。我還要感謝所有團隊成員以這種方式引領安全。

With that, let me hand off to Grant to cover our recycling business, where we have seen an excellent integration of Reldan into our North American recycling platform during the course of the year.

現在，請容許我把主題交給格蘭特 (Grant) 來負責我們的回收業務，在這一年中，我們看到 Reldan 與我們北美回收平台的完美融合。

Over to you, Grant.

交給你了，格蘭特。

Thanks very much, Charles, and a good day to you all. As Neal illustrated in the earlier slide on the diversification benefits of our metal portfolio, the acquisition of Reldan has expanded our recycling footprint, providing exposure to a broader suite of precious metals and collector networks across North America, Mexico and India.

非常感謝，查爾斯，祝大家有個愉快的一天。正如尼爾在早先有關我們金屬投資組合多元化優勢的幻燈片中所闡述的那樣，收購 Reldan 擴大了我們的回收足跡，使我們接觸到更廣泛的貴金屬和北美、墨西哥和印度的收藏家網絡。

Our auto cat recycling business made 317,000 ounces of platinum, palladium and rhodium, a 2% increase from the previous year despite persistent soft market conditions. While marginally better than 2023, there is no indication of any meaningful recovery in spend auto cat volumes as inflationary pressures and higher prices of new and used vehicles continues.

我們的汽車催化劑回收業務生產了 317,000 盎司鉑、鈀和銠，儘管市場狀況持續疲軟，但仍比上年增長了 2%。雖然略好於 2023 年，但由於通膨壓力和新舊汽車價格上漲持續存在，沒有跡象表明汽車保險支出量出現任何有意義的復甦。

Over the 10 months since the acquisition of Reldan, the operation has processed over 20 million pounds of precious metal bearing waste and sold 108,000 ounces of gold, 1.7 million ounces of silver, 35,000 3E PGM ounces and 2.6 million pounds of copper. Reldan has certainly demonstrated strong safety performance, operational and financial performance, underscoring the ability to deliver value without requiring further group capital investment.

自收購 Reldan 以來的 10 個月裡，該公司處理了超過 2,000 萬磅含有貴金屬的廢料，並售出了 108,000 盎司黃金、170 萬盎司白銀、35,000 盎司 3E PGM 和 260 萬磅銅。Reldan 確實展現了強大的安全績效、營運和財務績效，凸顯了其在不需要進一步集團資本投資的情況下創造價值的能力。

The combined recycling segment contributed just under 5% of total group adjusted EBITDA, some $33 million or just under ZAR600 million, with Reldan contributing 45% over the 10 months. The auto cat recycling operation contributed to ZAR326 million balance with annual profit margin of 4.3%.

聯合回收部門對集團調整後 EBITDA 總額的貢獻略低於 5%，約 3,300 萬美元，或略低於 6 億南非蘭特，其中 Reldan 在 10 個月內的貢獻率為 45%。汽車催化劑回收業務貢獻了3.26億蘭特的利潤，年利潤率為4.3%。

As was mentioned earlier by Neal, this excludes the Section 45X credits specific to the auto cat recycling operation estimated at some $58 million or ZAR1 billion for 2023 and $32 million or ZAR580 million-odd for 2024, which enhances the profitability of the recycling operations.

正如尼爾先前所提到的，這不包括第 45X 條專門針對汽車催化劑回收業務的抵免，預計 2023 年的抵免額約為 5800 萬美元或 10 億蘭特，2024 年的抵免額約為 3200 萬美元或 5.8 億多蘭特，這提高了回收業務的盈利能力。

Looking ahead, the evolving recycling landscape presents both risks and opportunities. Our strategy prioritizes long-term value creation over short-term competitive tactics ensuring that we maintain access to critical feedstock, technology and infrastructure to deliver the unchanged forecast of 300,000 to 350,000 PGM ounces. Reldan is looking to deliver 120,000 to 130,000 ounces of gold and 2 million to 2.3 million ounces of silver.

展望未來，不斷發展的回收格局既帶來風險也帶來機會。我們的策略優先考慮長期價值創造，而不是短期競爭策略，確保我們能夠保持對關鍵原料、技術和基礎設施的獲取，以實現 300,000 至 350,000 盎司 PGM 的不變預測。Reldan 希望交付 12 萬至 13 萬盎司黃金和 200 萬至 230 萬盎司白銀。

Across both businesses, our key priorities include fostering a performance-driven culture, realizing synergies across the recycling operations, leveraging global sales networks, spent auto cat collection and reinforcing our commitment to responsible sourcing and green premiums.

對於這兩項業務，我們的重點包括培育績效驅動的文化、實現整個回收業務的協同效應、利用全球銷售網絡、廢棄汽車催化劑收集以及加強我們對負責任採購和綠色溢價的承諾。

With that, I will hand over to Mika. Thanks.

說完這些，我將把權力交給米卡。謝謝。

Thank you, Grant, and briefings everyone from Helsinki. For region Europe, in Sandouville, we had a year of transformation and restructuring. And actually, the team did rather good job. The primary goal was to reduce the losses of the existing operations. And we managed to do it by producing 8% more than the year before and through rigorous cost management, which resulted in 43% better result as the year before. We also did good working capital management and free cash from the operation.

謝謝格蘭特，也謝謝赫爾辛基的各位簡報。對於歐洲地區，在桑杜維爾，我們經歷了一年的轉型和重組。事實上，該團隊做得相當不錯。主要目標是減少現有營運的損失。我們透過比上年增加8%的產量和嚴格的成本管理實現了這一目標，最終業績比上年提高了43%。我們也實現了良好的營運資本管理，並從營運中獲得自由現金。

At the same time, when we are preparing ourselves for the ramp down of this operation, we believe that it will happen in H1 this year. We also developed the possible future of Sandouville operations, which is the project GalliCam. GalliCam is a result of different repurposing alternatives that we analyzed and the strategy is to take us towards battery metals and the battery metals ecosystem in France through precursor manufacturing. We are currently doing the pre-feasibility study for that.

同時，我們正在為逐步結束這一行動做準備，我們相信它將在今年上半年發生。我們也開發了桑杜維爾未來可能的業務，即 GalliCam 專案。GalliCam 是我們分析了不同的再利用替代方案的結果，其策略是透過前驅製造將我們帶入法國的電池金屬和電池金屬生態系統。我們目前正在進行預可行性研究。

So originally, we said that we would finalize that already November '24. However, due to a change in scope, we decided to split it to PFS 1 and PFS 2. Now PFS as a whole will be finalized this year, Q4. We are on a strategic project now. We've got the status for the European Commission. And at the same time, we got a grant from innovation fund, which is EUR144 million for this project. We are also eligible to another grant in France, which is called the C3IV fund.

所以最初我們說過我們會在 2024 年 11 月完成這件事。但是，由於範圍的變化，我們決定將其分為 PFS 1 和 PFS 2。現在整個 PFS 將於今年第四季完成。我們現在正在進行一個戰略項目。我們已獲得歐盟委員會的認可。同時，我們也獲得了創新基金的資助，該計畫的資助金額為1.44億歐元。我們還有資格獲得法國的另一項資助，即C3IV基金。

Now over to Keliber. Keliber construction progressed very well and on time. You can see here some beautiful pictures of the mine, of the concentrator and of the refinery. And you can see the difference, which has happened only in more or less six months in between the pictures. A lot of people have been working in the construction and it has gone well as mentioned.

現在轉到 Keliber。Keliber 的建設進展順利，按時完成。您可以在這裡看到一些礦山、選礦廠和煉油廠的美麗照片。您可以看到差異，兩張照片之間只間隔了大約六個月的時間。很多人都參與了建設工作，而且正如所說的那樣，一切進展順利。

What happened last year as well is that we got the funding of EUR500 million. And we also recruited people. We are an attractive employer. The project is very much liked. So our headcount increased according to our plans as well. What we are doing now is that due to authorities and regulatory changes and some changes also in the scope of the project, that means that it's necessary to review the CapEx needed and also the OpEx concerning the ramp-up.

去年也發生了同樣的事情，我們獲得了 5 億歐元的資金。我們也招募了人員。我們是一家具有吸引力的雇主。這個項目很受歡迎。因此我們的員工人數也按照計劃增加了。我們現在正在做的是，由於當局和監管的變化以及專案範圍的一些變化，這意味著有必要審查所需的資本支出以及與提升相關的營運支出。

This work is now underway as we speak. We are now also targeting for the ramp-up H1 '26. That's the hot commission as well. And we have a change against our earlier plans and mainly due to commercial reasons. We are not going to do the external feed phase at all, but we have decided and the current plan is that we go directly to our own ore and that, as mentioned, H1 '26.

正如我們所說，這項工作正在進行中。我們現在也瞄準了 2026 年上半年的成長目標。這也是熱門佣金。我們與先前的計劃有所改變，主要是由於商業原因。我們根本不會進行外部進料階段，但我們已經決定，目前的計劃是直接去我們自己的礦石，正如提到的那樣，H1'26。

There are good news as well. As you know, we have done a lot of exploration, and we are updating our reserves and the resources. They increased actually mineral reserves by 36.6%. And we feel that, that is a very good result. So we have a future here, and we have a future potential to grow.

也有好消息。如你所知，我們已經做了很多勘探工作，並且正在更新我們的儲量和資源。實際礦產儲量增加了36.6%。我們認為這是一個非常好的結果。所以我們在這裡有未來，而且我們未來有成長的潛力。

Thank you all. Over to you, Robert.

謝謝大家。交給你了，羅伯特。

Hello, everybody. I'm Robert Van Niekerk, and I'll talk to the Australian region and the Century reprocessing operations. The region produced 82,000 tonnes of payable zinc material in 2024. Disappointingly, this is not a big improvement on the preceding 10 months. Quarter 1 was severely impacted by excessive rainfall and flooding. Production recovered strongly in quarter 2 and quarter 3, but then in quarter 4, again, production was impacted by bushfire.

大家好。我是羅伯特‧范尼克爾克 (Robert Van Niekerk)，我將與澳洲地區和世紀再處理業務進行交流。2024 年該地區生產了 82,000 噸可付費鋅材料。令人失望的是，與前 10 個月相比，這並沒有太大改善。第一季受到過多降雨和洪水的嚴重影響。第二季和第三季產量強勁恢復，但第四季產量再次受到森林火災的影響。

The bushfire was on the October 19, and the team did exceptionally well. They managed to predict most of the assets. Unfortunately, we did lose in excess of 23 kilometers of large diameter poly piping by the fire, and this impacted our severely. We were impacted for about 60 days. So I'd say again, the fire was in the month of October. We were in production again by the November 16, but we were only back to normal production by the December 4.

這場叢林大火發生在 10 月 19 日，團隊表現十分出色。他們成功預測了大部分資產。不幸的是，火災損失了超過 23 公里的大直徑聚乙烯管道，這對我們造成了嚴重影響。我們受到的影響持續了大約60天。所以我再說一遍，火災發生在十月。我們在 11 月 16 日就恢復了生產，但直到 12 月 4 日才恢復正常生產。

We had a 22% decrease in production for the second half of 2024 compared to the same period 2023. The all-in sustaining cost was $2,317 per tonne. This was 17% higher than in 2023, due to what I've just spoken about, but compounded by higher royalties associated with the higher metal price we received and even slightly higher sustaining capital as well. USD3.5 million of the increase in the sustaining capital was directly attributable to the bushfire.

與 2023 年同期相比，2024 年下半年的產量下降了 22%。總維持成本為每噸 2,317 美元。由於我剛才談到的原因，這一數字比 2023 年高出 17%，但由於我們收到的金屬價格上漲而產生的特許權使用費增加，以及維持資本也略有增加。維持資本增加的350萬美元直接歸因於森林大火。

During the year, we were assisted by two very strong tailwinds. We saw a turnaround in EBITDA. The region contributed -- sorry, the operations contributed positive adjusted EBITDA by $34 million. This is in excess of ZAR640 million. And this compared to an adjusted EBITDA loss of ZAR15 million for the preceding 10 months. The average zinc price for the year was USD2,805 per tonne, significantly higher than the $2,541 per zinc tonne for the preceding 10 months.

這一年，我們得到了兩股非常強勁的順風的幫助。我們看到了 EBITDA 的轉變。該地區的貢獻——抱歉，該業務對調整後的 EBITDA 貢獻了 3400 萬美元。這超過了 6.4 億南非蘭特。相較之下，前 10 個月的調整後 EBITDA 虧損為 1,500 萬南非蘭特。全年平均鋅價為每噸 2,805 美元，大幅高於前 10 個月的每噸 2,541 美元。

We were also fortunate with lower treatment charges. The treatment charges decreased year-on-year from $264 a tonne to $148 a tonne. I am optimistic that we are going to continue to have strong metal prices in 2025, especially given the deterioration of the Australian dollar to the US dollar. And I also believe that our treatment charges are going to be significantly lower than $148 we had per concentrate tonne in 2024.

我們也很幸運，治療費用較低。處理費用較去年同期下降，從每噸264美元降至每噸148美元。我樂觀地認為，2025 年金屬價格將繼續保持強勁，尤其是考慮到澳元兌美元的匯率下跌。而且我還相信，我們的處理費用將大大低於 2024 年每噸精礦 148 美元。

The region is also busy developing two growth projects. The first you are familiar with, the Mount Lyell copper project. The feasibility study has commenced for this project, and we're expecting that to be completed by the end of this year. This feasibility study is backed by a very significant increase, a 20.8% increase in copper resources.

該地區也正忙於開發兩個增長項目。第一個您熟悉的是 Mount Lyell 銅礦計畫。該專案的可行性研究已經開始，預計將在今年年底完成。這項可行性研究得到了非常顯著的成長的支持，銅資源增加了20.8%。

And then we're also busy with the development of a phosphate feasibility study. In this regard, we are assessing the opportunities to leverage our existing infrastructure in the region together with a large regional phosphate deposits. And this we can bring into operation post the completion of the zinc tailings retreatment project. In this regard, the feasibility study has also commenced, also which we plan to have finished by the end of the year.

然後我們也忙於進行磷酸鹽可行性研究。在這方面，我們正在評估利用該地區現有基礎設施以及大型區域磷酸鹽礦床的機會。我們可以在鋅尾礦再處理專案完成後投入營運。在這方面，可行性研究也已開始，我們計劃在今年年底前完成。

I think I'll leave it there for the Australian region, and I hand over to our CFO, Charl. Thank you very much.

我想我會把它留給澳洲地區，然後交給我們的財務長查爾。非常感謝。

Thank you, Robert. Turning to the financial results for the months and year ended December 31, 2024. Revenue for the six months increased by 7%. This was mainly due to higher rand gold prices and the inclusion of Reldan for this six-month period. The effective date of the Reldan acquisition was March 2024.

謝謝你，羅伯特。回顧截至 2024 年 12 月 31 日的月份和年度的財務表現。六個月的收入增加了7％。這主要是由於蘭特黃金價格上漲和在這六個月期間納入了 Reldan。Reldan 收購的生效日期為 2024 年 3 月。

Although cost of sales was up 8% on a like-for-like basis, normalizing for the Reldan operations, cost of sales increased by only 0.5%. This is very commendable cost performance read against the backdrop of still high global inflation. Adjusted EBITDA came in at ZAR6.4 billion, and this is the third half year in a row where we have kept EBITDA at this level.

儘管銷售成本比去年同期上漲了 8%，但對於 Reldan 業務而言，銷售成本僅上漲了 0.5%。在全球通膨仍然高企的背景下，這是非常難能可貴的成本效益。調整後 EBITDA 為 64 億南非蘭特，這是我們連續第三個半年將 EBITDA 保持在這個水平。

Finance expenses are partly due to the debt service charges on the convertible bond, which was issued in 2023 and the utilization of borrowings. The gain on financial instruments reflects the impact of lower medium- to long-term commodity prices, which has a direct impact on the valuation of third-party liabilities which include dividends and profit share to our empowerment partners. We have booked a further impairment at our US operations due to the impact of consensus lower future palladium prices. Profit for the period was ZAR1.3 billion compared to a loss of ZAR45 billion for the similar period in 2023. No final dividend will be paid.

財務費用部分是由於 2023 年發行的可轉換債券的償債費用及借款的使用。金融工具的收益反映了中長期大宗商品價格走低的影響，這直接影響了第三方負債的估值，其中包括對我們賦權合作夥伴的股息和利潤分成。由於未來鈀金價格普遍走低的影響，我們在美國業務中計入了進一步的減損。本期間利潤為 13 億南非蘭特，而 2023 年同期虧損 450 億南非蘭特。不派發末期股息。

Moving on to the full year results. 2024 saw a 1% reduction in revenue despite the inclusion of the Reldan operations. The main driver was lower PGM prices as the basket price at our SA operations were down 16%, at our US PGM operations down 21%, and at our US PGM recycling operations, it was down 46%. The reduction in PGM prices were partially offset by an increase of 22% at the SA Gold operations. Cost of sales increased 7% year-on-year. But again, if we normalize for Reldan, costs only increased by 1%.

接下來是全年業績。儘管納入了 Reldan 業務，但 2024 年的收入仍減少了 1%。主要驅動因素是 PGM 價格下跌，因為我們南非業務的一攬子價格下跌了 16%，美國 PGM 業務的一攬子價格下跌了 21%，而美國 PGM 回收業務的一攬子價格下跌了 46%。南非黃金業務 22% 的增幅部分抵消了鉑族金屬價格的下跌。銷售成本較去年同期成長7%。但是，如果我們對 Reldan 進行標準化，成本僅增加了 1%。

It is important to note that the positive impact of Section 45X is not included in any of the financial numbers. The estimated impact for 2023 is a credit to cost of approximately ZAR2.2 billion, and for 2024, a credit to cost of approximately ZAR1.7 billion. Adjusted EBITDA was ZAR13.1 billion for the six months ended December 31, compared to just under ZAR21 billion for the same period in 2023.

值得注意的是，第 45X 條的正面影響並未包含在任何財務數字中。預計 2023 年的成本影響約為 22 億南非蘭特，2024 年的成本影響約為 17 億南非蘭特。截至 12 月 31 日的六個月的調整後 EBITDA 為 131 億南非蘭特，而 2023 年同期略低於 210 億南非蘭特。

Finance expenses, as highlighted earlier, were impacted by the convertible bond and the utilization of our facilities specifically the EUR500 million facility for Keliber. The gain on financial instruments, as explained, were impacted by lower future commodity prices, specifically PGMs and lithium. The full year impairments were ZAR9.2 billion with ZAR8.8 billion at the US underground PGM operations. The loss for the full year was ZAR5.7 billion. Excluding the impairments, it would have been a profit of ZAR3.5 billion. Headline earnings per share was flat year-on-year at ZAR0.64 per share.

正如前文所強調的，財務費用受到可轉換債券和我們設施的使用的影響，特別是為 Keliber 提供的 5 億歐元設施。正如所解釋的那樣，金融工具的收益受到未來商品價格下跌的影響，特別是鉑族金屬和鋰。全年減損損失為 92 億南非蘭特，其中美國地下 PGM 業務減損損失為 88 億南非蘭特。全年虧損57億南非蘭特。除去減損損失，利潤將達 35 億南非蘭特。每股收益與去年同期持平，為每股 0.64 南非蘭特。

Borrowings increased from ZAR33.6 billion to ZAR39.4 billion. The increase of ZAR5.8 billion is due to the drawdowns of ZAR5.7 billion under the Keliber EUR500 million green facility as the project ramps up construction. Cash on hand is ZAR16 billion and net debt was ZAR23.4 billion. Including the $500 million stream on a pro forma basis, leverage for 2024 would have been 1.1 times net debt to adjusted EBITDA.

借款從336億南非蘭特增加到394億南非蘭特。58億蘭特的增加是由於隨著項目建設的加快，Keliber 5 億歐元綠色融資項下提取了 57億蘭特。庫存現金為160億南非蘭特，淨負債為234億南非蘭特。如果包括預計的 5 億美元現金流，2024 年的槓桿率將是淨債務與調整後 EBITDA 的 1.1 倍。

Furthermore, had we included the ZAR1.7 billion impact of Section 45X for 2024, leverage would have been below 1 times net debt to adjusted EBITDA, which is the level we have always indicated as our comfort level. Liquidity remains high with headroom at ZAR45.7 billion or almost 250% of our financial policy, which requires that we have available liquidity of two months of OpEx and CapEx. Our debt maturities and the repayment profile remains very manageable. And the balance sheet is in a strong position to ensure that we continue to navigate the low PGM price environment.

此外，如果我們將第 45X 條對 2024 年 17 億南非蘭特的影響納入考量，槓桿率將低於淨債務與調整後 EBITDA 之比的 1 倍，這也是我們一直認為的舒適水平。流動性仍然很高，淨空間為 457 億南非蘭特，幾乎是我們財務政策的 250%，這要求我們擁有兩個月的營運支出和資本支出的可用流動性。我們的債務到期日和償還狀況仍然非常易於管理。資產負債表處於強勁狀態，確保我們持續應對低 PGM 價格環境。

Thank you, ladies and gentlemen. I will now hand you back to Neal for the conclusion of our results.

謝謝各位，女士們、先生們。現在我將把我們的結果交還給尼爾。

Thank you, Charl. And before we move on, I would urge the audience just to look at the speedometer and it's actually marked in miles per hour, so the company is at speed. So let me conclude with what I think the key points are. So a record safety performance. However, eliminating fatalities and reducing high potential incidents is a major focus area. The balance sheet reinforcement, I'm very pleased about and we currently have a pro forma leverage of 1.1 times. And as I said, better than most of our peers, and especially when you consider that our earnings have now been stabilized over the last three half year periods.

謝謝你，查爾。在我們繼續之前，我想請聽眾看一下速度計，它實際上是以英里每小時為單位標記的，因此該公司正在加速行駛。最後，讓我總結一下我認為的關鍵點。安全表現創下了紀錄。然而，消除死亡事故和減少高潛在事故是一個主要關注領域。我對資產負債表的加強感到非常高興，我們目前的預期槓桿率為 1.1 倍。正如我所說，我們的業績比大多數同業都要好，尤其是考慮到我們的盈利在過去三個半年內已經趨於穩定。

There's no doubt that our diversified portfolio ensures greater financial stability through these price cycles. Our South African gold operations are contributing significantly to our profitability. And in fact, we at -- let's call it, current depressed PGM prices, we expect our South African gold business to generate more than half of our EBITDA this year in 2025.

毫無疑問，我們多元化的投資組合能夠在這些價格週期中確保更大的財務穩定性。我們的南非黃金業務對我們的獲利能力貢獻巨大。事實上，在目前鉑族金屬價格低迷的情況下，我們預計，到 2025 年，我們的南非黃金業務將創造一半以上的 EBITDA。

Our recycling and tailings reprocessing businesses are delivering stable and good margins and have created significant value for our stakeholders. I think our proactive decisive restructuring of the loss-making operations has arrested the decline in profitability, and you now have three half year periods to demonstrate that. Our multipolarity strategy has resulted in also significant value creation. So in my view, our strategy remains relevant. However, there will be a continuing focus on the strategic essentials, as I said right at the beginning of the presentation.

我們的回收和尾礦再加工業務正在提供穩定且良好的利潤，並為我們的利害關係人創造了巨大的價值。我認為，我們對虧損業務採取的積極果斷的重組已經遏制了盈利能力的下滑，現在有三個半年期來證明這一點。我們的多極化策略也創造了巨大的價值。因此，我認為我們的策略仍然有意義。然而，正如我在演講一開始就說過的，我們將繼續專注於策略要點。

So finally, I'll conclude with guidance for 2025. And again, I'm not going to go through this in detail. It's much of a muchness. There's no major differences from the previous years. I think in terms of output, the one area I would ask you to focus on, our little Reldan recycling business produces almost as much gold as DRD, significant amounts of silver, PGMs and copper, costs have escalated in line with the inflation. And I would leave it to you to read this in detail in your own time, but operating guidance shouldn't create any major suprises.

最後，我將以 2025 年的指導作為結束。再說一遍，我不會詳細闡述這一點。這些都是大同小異的。與前幾年並無太大差異。我認為就產量而言，我想請您關注的一個領域是，我們的小型 Reldan 回收業務生產的黃金幾乎與 DRD 一樣多，還生產大量的白銀、鉑族金屬和銅，成本隨著通貨膨脹而上漲。我建議您在自己的時間內詳細閱讀此內容，但操作指南不會造成任何重大意外。

So with that, let me hand over to James to manage the question-and-answer session. Thanks, James.

因此，我現在將問答環節交給詹姆斯來主持。謝謝，詹姆斯。

Thanks, Neal. Greetings, everybody. I think I'll start -- just got two questions here, Neal, gold related. It seems we can't please everybody anytime. Even when we produce the ZAR3.6 billion EBITDA from these operations for the second half of the year.

謝謝，尼爾。大家好。我想我會開始的——我這裡只有兩個問題，尼爾，與黃金有關。看來我們無法隨時取悅所有人。即使我們下半年從這些業務中創造了 36 億南非蘭特的 EBITDA。

There's still some questions about -- this 1 from Chris Nicholson. You mentioned shaft infrastructure issues at the gold operations. Could you please give a bit more detail on this? And could you please give us comfort that these assets -- sorry, that's Arnold Van Graan, give us comfort that these assets are adequately capitalized. And should we expect a sharp increase in CapEx at these operations on the back of the higher gold price as seen elsewhere in the gold industry?

關於克里斯·尼科爾森 (Chris Nicholson) 的這個問題，還有一些疑問。您提到了金礦作業中的礦井基礎設施問題。您能否對此進行更詳細的說明？您能否讓我們放心，這些資產——抱​​歉，那是 Arnold Van Graan，讓我們放心，這些資產的資本充足。我們是否應該預期，隨著金價上漲，這些業務的資本支出將大幅增加，就像黃金產業其他領域的情況一樣？

And then the second one is also related. Unit costs are guided up by 8% -- 3% to 8% year-on-year. Is this a lot of disappointing outcome, given the restructuring we've done in 2024? Is ZAR1.3 million a kilogram the new base AISC for the SA gold operations.

然後第二個也是相關的。單位成本指導上漲8%－年增3%至8%。考慮到我們在 2024 年進行的重組，這是否是一個令人失望的結果？南非黃金業務新的 AISC 基準價格為每公斤 130 萬南非蘭特。

Thanks, James, and thanks, Arnold and Chris. I think, Richard, is probably best placed to answer the question in detail. But let me just say, volume is a major driver of costs. So you would have seen both in the US and now with the restructuring in South Africa, I think it's actually a very pleasing outcome that cost escalation has been contained to about 3% on lower volumes. So the restructuring has definitely worked, and I'm sure Richard will tell us there's more benefits that will still flow through.

謝謝，詹姆斯，謝謝，阿諾德和克里斯。我認為理查德可能最適合詳細回答這個問題。但我只想說，數量是成本的主要驅動因素。因此，您可能已經在美國看到了這種情況，現在南非也進行了重組，我認為這實際上是一個非常令人滿意的結果，即成本上漲在較低產量的情況下已被控制在 3％ 左右。因此，重組確實有效，我相信理查德會告訴我們，重組會帶來更多好處。

But Rich, over to you just to pick up both of those questions.

但是 Rich，請你來回答這兩個問題。

Perfect. Thanks very much, Neal, and good morning. Arnold, thanks for the question. I think in terms of the incidents that we suffered at gold last year, there was the one K7 incident where we had a conveyance that caught a bunton in the shaft. So from a safety perspective, we stopped that shaft for two months, while we inspected the entire shaft and fixed those buntons.

完美的。非常感謝，尼爾，早安。阿諾德，謝謝你的提問。我認為，就去年我們在金礦遇到的事故而言，有一起 K7 事故，當時我們的運輸工具被礦井裡的金塊卡住了。因此，從安全角度來看，我們將該豎井停運了兩個月，同時檢查了整個豎井並修復了那些按鈕。

And then we also had a two-week outage at our Driefontein eight operations, where we did some maintenance work on our winder. That is actually something that had been planned to be done over the break. But based on the safety assessment and risk assessment, we decided to move that forward into earlier in the year.

然後，我們在 Driefontein 的八個工廠也停工了兩週，對捲繞機進行了一些維護工作。這實際上是計劃在假期期間完成的事情。但基於安全評估和風險評估，我們決定將其提前至今年稍早。

I can assure you that we do have detailed risk assessments and plans that are done annually to make sure that our maintenance and infrastructure is appropriate. So they are well capitalized. Of course, these are old assets. So that is a big focus of ours. I can also assure you that there isn't a significant jump coming in capital at all. Our sustaining capital and our ORD capital for these operations is pretty steady going forward.

我可以向您保證，我們確實有詳細的風險評估和計劃，每年進行一次，以確保我們的維護和基礎設施是適當的。因此他們的資本充足。當然，這些都是舊資產。所以這是我們關注的重點。我還可以向你保證，資本根本不會有顯著的成長。我們用於這些營運的維持資本和 ORD 資本在未來將相當穩定。

What we have in the plan right now is what we will sustain going forward and the exposure to the gold price, we should see that full benefit coming through on the bottom line. So no, there's no capital change expected due to gold price at all. I think you can model what we have right now is fairly sustainable going forward.

我們目前的計劃是我們未來將維持的，並且受到金價的影響，我們應該看到全部的利益體現在底線上。因此，預計資本不會因金價而改變。我認為，你可以模擬我們現在所擁有的，在未來是相當可持續的。

Chris, thanks very much. I think, yes, just to pick up on that. And perhaps just to qualify, I think the obviously, the all-in sustaining cost, you see reported that I think you've done your sort of comparison to in terms of increases total for the group, including DRD. If we look at our managed operations, which is the guidance we provide for, our guidance is, in fact, slightly lower versus what we achieved in 2023 across the managed operations.

克里斯，非常感謝。我認為是的，只是想了解這一點。也許只是為了限定條件，我認為顯然，總維持成本，您看到報告說，我認為您已經對包括 DRD 在內的整個集團的總增長進行了比較。如果我們看一下我們的管理運作（即我們提供的指導），我們的指導實際上略低於我們在 2023 年管理營運中所取得的成就。

So I think as Neal said, look, that for us is actually quite pleasing. We saw a 20% drop in total output with the restructuring we did from '23 to '24. So being able to manage that, that decline in output and effectively work inflation out of the costs year-on-year given that they're flat in nominal terms, actually, I think is a good outcome.

所以我認為正如尼爾所說，對我們來說這實際上是相當令人高興的。我們在23年至24年間進行重組後，總產量下降了20%。因此，在名目成本持平的情況下，能夠控制產出下降，並有效地透過逐年通膨來抵消成本，實際上，我認為是一個好的結果。

In terms of your question, is 1.3 the next base? I do think we can still get that cost, I think it's the base certainly for the next 12 to 18 months. Beatrix is a stable operation. At Driefontein, we're opening up a significant new block of ground on VCR. And at Kloof, we are transitioning to greater proportion of secondary reefs. And I think as we see those two projects coming through, we can look to a continued decline in those costs.

就您的問題而言，1.3 是下一個基數嗎？我確實認為我們仍然可以獲得這個成本，我認為這肯定是未來 12 到 18 個月的基礎。Beatrix 的手術很穩定。在 Driefontein，我們正在 VCR 上開闢一塊重要的新地塊。在峽谷，我們正轉向更大比例的次生礁。我認為，隨著這兩個項目的完成，我們可以預見這些成本將持續下降。

So I would like to see about a further 10% or so reduction on that cost base over the coming period. But for this year on the managed operations, 1.3 is probably a good number. I think including DRD, I would expect that to be closer to 1.2. Thanks, Chris.

因此，我希望在未來一段時間內該成本基礎能夠進一步降低 10% 左右。但對於今年的管理營運來說，1.3 可能是個不錯的數字。我認為包括 DRD 在內，我預計它會更接近 1.2。謝謝，克里斯。

I think while we've got you on the mic, Richard, another question from -- this is from (inaudible) Mathonsi at Investec. Could you please talk us through the free cash flow generation of SA PGM assets in 2024, Rustenburg, Marikana and Kroondal?

理查德，我想當我們請你發言的時候，還有一個問題來自——這是來自 Investec 的 Mathonsi（聽不清楚）。您能否向我們介紹一下 2024 年南非 PGM 資產、魯斯登堡、馬里卡納和克龍達爾的自由現金流產生？

Sure. Listen, I think what I might -- given that there are a lot of intercompany movements in terms of the free cash flows, et cetera. But Charl, would you like to just comment on that change from cost to.

當然。聽著，我想我可能會——鑑於在自由現金流等方面存在大量的公司間流動。但是查爾，你想評論一下從成本到變化的情況嗎？

Sure, Richard. I think [Nkateko], I think to be fair, if you look at the all-in sustaining cost and if you look at the basket price, these operations were still cash generative on an all-in basis. But as Richard has pointed out, obviously, because our treasury vehicle sits within what we refer to as the old Sibanye Gold, there are quite a few intercompany movements that skew the free cash flow. But I think as a good benchmark just using the basket price and all-in sustaining costs, you'll see that for 2024, they still made very good bottom line cash flow for the group.

當然，理查德。我認為 [Nkateko]，我認為公平地說，如果你看一下全部維持成本，如果你看一下籃子價格，這些操作在全部基礎上仍然可以產生現金。但正如理查德所指出的，顯然，由於我們的資金工具位於我們所說的舊西班耶黃金 (Sibanye Gold) 內，因此相當多的公司間流動會扭曲自由現金流。但我認為，僅使用籃子價格和全部維持成本作為一個很好的基準，你會發現到 2024 年，他們仍然為集團創造了非常好的底線現金流。

So I think it's probably worth important to add on to that is that at Kroondal at the end of the year, we went from a PoC to a toll arrangements on the first of September. So we didn't recognize any revenue from Kroondal at all for four months at the end of the year. And as such, no cash flow, obviously. And that's because -- from the PoC where we normally sell concentrates to the processing party, we then fill the pipeline before we get the refined metal back at the end of that period. So that would have had a big impact on the cash flow as well.

因此，我認為值得補充的是，在年底的 Kroondal，我們於 9 月 1 日從 PoC 轉變為收費安排。因此，我們在年底的四個月內根本沒有從 Kroondal 獲得任何收入。因此顯然沒有現金流。這是因為 - 從我們通常將精礦出售給加工方的 PoC，然後我們會在該期間結束時收回精煉金屬之前填充管道。所以這也會對現金流產生很大的影響。

More questions just on the 45X. When will the 45X credits for '23 and '24 be received? Will we get this physically in cash or as an offset against future taxes?

還有更多有關 45X 的問題。何時可以收到 '23 和 '24 的 45X 點數？我們將以現金形式獲得這筆錢還是作為未來稅收的抵消？

So certainly, I think Pieter Henning, the CFO in the US is best placed to pick it up. But for my understanding is that for the next five years, we get it in cash. But Pieter, come in, please on the details.

因此，我認為美國財務長 Pieter Henning 最適合接手這個職位。但據我了解，未來五年我們將以現金形式獲得資金。但是，請 Pieter 進來談談詳細資訊。

I'm audible?

我可以聽見嗎？

Yes, Pieter, we can hear you.

是的，彼得，我們聽得到你的聲音。

Good morning, all. Section 45X is for five years, you elect direct pay for the first year. We've already revived tax returns in anticipation of the 45X, made the election for direct pay. So from the tax years effective '23 for five years, we will get direct pay. Post that event from the DS onwards, and there's no expiry date on 45X as it relates to critical minerals. You will have this -- first, you will apply it to your taxable paid at that period.

大家早安。第 45X 條為期五年，第一年您選擇直接支付。我們已經恢復了納稅申報，以應對 45X 法案，並選擇了直接支付。因此，從 23 年起的納稅年度的五年內，我們將獲得直接支付。從 DS 開始發布該事件，並且與關鍵礦物質相關的 45X 沒有到期日期。您將獲得這個——首先，您將它應用於您在該期間支付的應稅費用。

And thereafter, you can sell the credits here in the US at a discounted rate for cash as well. So at the end of the day, you will offset it to post the five years against your taxable income, and the balance will -- can be converted into a cash resource quite relatively easily in the US markets.

此後，您也可以在美國以折扣價出售這些積分以換取現金。因此，最終您將用它來抵消這五年的應稅收入，而餘額將可以在美國市場上相對容易地轉換為現金資源。

We do expect, as it relates from a timing point of view, we do need to resubmit our 2023 tax returns during this year to make the claim, depending on administration process with the IRS. We expect that hopefully this year, but our case, depending on timing, that could roll into 2026. 2024 tax return will be submitted during this year obvious, and that will be paid out within, hopefully, 12 months and therefore, also expected into 2026. Thank you.

我們確實預計，從時間角度來看，我們確實需要在今年重新提交 2023 年的報稅表以提出索賠，具體取決於美國國稅局的管理流程。我們期望今年就能實現，但根據時間安排，這個時間可能會延後到 2026 年。 2024 年的報稅表顯然將在今年提交，並且預計在 12 個月內支付，因此預計也能在 2026 年完成。謝謝。

I've got two more questions for the U.S. PGM operations. The first from Nkateko Mathonsi. What is your targeted palladium breakeven price for the restructured Stillwater operations. And I guess we'd have to look at a Section 45X and without Section 45X price, I assume, and then do you think $1,000 per ounce AISC is still achievable at the US PGM operations. From Chris Nicholson. Charles or Neal, will you go for the.

我還有兩個關於美國 PGM 行動的問題。第一個來自 Nkateko Mathonsi。您對重組後的 Stillwater 業務的目標鈀盈虧平衡價格是多少？我想我們必須看看第 45X 條，如果沒有第 45X 條的價格，您認為在美國 PGM 業務中每盎司 1,000 美元的 AISC 是否仍然可以實現。來自克里斯·尼科爾森。查爾斯還是尼爾，你會選擇哪一個？

Yes. Charles please would you pick that one up?

是的。查爾斯，請你把那個撿起來好嗎？

Yeah, sure. Thanks, Neal. So let me take the second question first on driving towards $1,000. So we've set ourselves 36 months to really achieve this. Obviously, where we can bring that forward, we will. And it covers multiple fronts. So it's everything from logistics changes to mining areas, mining method changes, mining cycle changes, material and maintenance strategies and underpinning all of that is the people and skills focused. We're really opening up and resource loading current mining fronts, even though it's a reduced footprint. We're optimizing our fleet requirements.

是的，當然。謝謝，尼爾。因此，讓我先回答第二個問題，即努力實現 1,000 美元的目標。因此，我們設定了 36 個月的時間來真正實現這一目標。顯然，只要我們能夠實現這一目標，我們就會這麼做。而且它涵蓋多個方面。因此，這涉及從物流變化到採礦區域、採礦方法變化、採礦週期變化、材料和維護策略的一切，而支持這一切的重點是人員和技能。我們確實在開放和加載當前的採礦前沿，儘管它的足跡減少了。我們正在優化我們的機隊需求。

And we've got really two phases on the mining methodologies. Phase 1 which is going to really run six to 18 months is to fully mechanize MCF and Phase 2 that follows that is to convert to SLE and where we can overlap that, we will. So I think 36 months is realistic. There's a lot to do, but this is our intent. And obviously, on a unit basis, if we lift volumes with better prices, we will get that accordingly. But the intent is to get a sustainable $1,000 an ounce cost character to our production machine and then to scale that up with better pricing and as we can bring volume back on Stillwater West mine, further down the road, it will be on a more efficient basis, so that's the game plan.

我們的挖掘方法其實分為兩個階段。第 1 階段將真正持續 6 到 18 個月，目的是完全實現 MCF 機械化，隨後的第 2 階段是轉換為 SLE，如果可以重疊，我們就會進行。所以我認為 36 個月是現實的。還有很多事情要做，但這是我們的目的。顯然，從單位角度來看，如果我們以更優惠的價格提高銷量，我們就會獲得相應的回報。但我們的目的是讓我們的生產機器實現可持續的每盎司 1,000 美元的成本，然後透過更優惠的價格擴大規模，並且隨著我們能夠恢復 Stillwater West 礦的產量，將來我們將更加高效，這就是我們的計劃。

Obviously, quarter-by-quarter, you're not going to see dramatic changes there. But I think over the 12 to 18 months, you'll really start to see a shift underway. As I noted in the presentation, 45X effectively takes $100 an ounce of AISC. So at $950 pricing, we're still bleeding cash, $975, we're still bleeding cash. We start to get towards $1,200. With 45X, you're starting to see a breakeven scenario. So this machine is very geared, very levered to price upside. It's also very levered to getting productivity improvements and then volume increases over time. So I think it's a good game plan that we have on the go. Thank you.

顯然，逐季度來看，你不會看到顯著的變化。但我認為，在未來 12 到 18 個月內，你將會真正開始看到正在發生的轉變。正如我在演示中提到的，45X 實際上需要每盎司 100 美元的 AISC。因此，當定價 950 美元時，我們仍然在虧損現金；定價 975 美元時，我們仍然在虧損現金。我們開始朝著 1,200 美元的目標邁進。有了 45X，您就會開始看到損益平衡的局面。所以這台機器非常適合、非常有利於價格上漲。隨著時間的推移，它還能有效地提高生產力並增加產量。所以我認為這是我們正在進行的一個很好的比賽計劃。謝謝。

Also, and I think it's probably worth pointing out that the $110 per ounce benefit from 45X is actually only on the portion that applies to the mining operations. If you include the $30 million from the recycling, it actually goes up to over $200 per ounce. So depending on how you look at these things, that can be quite a big difference for US operations, $60 million is quite chunky for next year.

此外，我認為值得指出的是，45X 帶來的每盎司 110 美元的收益實際上只是適用於採礦作業的部分。如果算上回收成本的 3,000 萬美元，每盎司的價格實際上會超過 200 美元。因此，取決於你如何看待這些事情，這對美國業務來說可能會有很大的差異，6000 萬美元對於明年來說是相當可觀的一筆錢。

Some questions on the Appian case from Shashi Shekhar at Citi. Could you please provide some details on the status of the case with Appian over canceled Brazilian mines deal? How much are you planning to keep aside in provisions.

花旗銀行的 Shashi Shekhar 對 Appian 案提出了一些問題。您能否提供一些有關 Appian 取消巴西礦業交易案件現狀的詳細資訊？您計劃留多少錢作為儲備？

And then Lisa Stein at News 24, is Sibanye opened settlement talks? She mentioned here a worst funded scenario of -- cost scenario of $1.2 billion. But I think we dealt with that win last year that the claims is half of that at most. So Neal, I think that one's for you.

然後是 News 24 的 Lisa Stein，Sibanye 是否開啟了和解談判？她在這裡提到了最糟糕的融資情景——成本情景為 12 億美元。但我認為，我們去年已經處理了那場勝利，索賠金額最多只有當時的一半。所以尼爾，我想這個適合你。

Yeah. No, thanks. And I think there was one more that came in, James, from Lorenzo at JPMorgan, and he highlights that I see that the potential claim payable ranges between zero and $522 million. So Lisa, there's no chance of a $1.2 billion -- sorry, claim. I think that's the first thing fair. Let me say, we're struggling to see why there's actually any claim at all. But having said that, we're quite open to engaging in settlement talks, remembering that Appian has a duty to minimize the damages while we're in dispute. So let me leave it there. The rest, we can't really comment on. It's really subjugate.

是的。不，謝謝。我認為還有一位代表，來自摩根大通的洛倫佐 (Lorenzo) 的詹姆斯 (James)，他強調說，我認為潛在的索賠應付金額在 0 到 5.22 億美元之間。所以麗莎，沒有機會獲得 12 億美元的 — — 抱歉，是索賠。我認為這是公平的第一件事。我想說的是，我們真的很難理解為什麼會有這樣的主張。但話雖如此，我們還是很樂意參與和解談判​​，同時記住，Appian 有責任在爭議期間將損失降至最低。所以我就把它留在那裡吧。其餘部分我們無法發表評論。真是服了人了。

Thank you. Thanks, James.

謝謝。謝謝，詹姆斯。

Okay. Thank you, Neal. A question from Arnold Van Graan. Will we be able to recoup some of the bushfire related losses at Century from insurance and -- our insurers.

好的。謝謝你，尼爾。來自 Arnold Van Graan 的一個問題。我們能否從保險公司和我們的保險公司收回世紀森林大火造成的部分損失？

Yes. So I think let's ask either Barry or Rob to pick that up, Rob, up to you.

是的。因此，我認為我們應該讓 Barry 或 Rob 來解決這個問題，Rob，由你決定。

Okay. Thank you, Neal, and hello, Arnold. Let me start off by saying that the full cost of the fire is included in the 2024 results, while most of the insurance payments are still to be received in 2025. Insofar damaged equipment is concerned, we are fully covered for that after a small excess of AUD1 million. And we also have full business interruption insurance. That being said, that comes into play after a 30-day period. So in summary, our damaged equipment fully recovered business interruption insurance after a delay of 30 days. Thank you, Arnold.

好的。謝謝你，尼爾。你好，阿諾德。首先我要說的是，火災的全部成本已包含在 2024 年的結果中，而大部分保險賠償仍需到 2025 年才能收到。就損壞的設備而言，除了 100 萬澳元的小額超額之外，我們還能獲得全額賠償。而且我們還擁有全面的營業中斷保險。話雖如此，但這是在 30 天後才開始發揮作用。所以總而言之，我們受損的設備在延遲 30 天後完全恢復了業務中斷保險。謝謝你，阿諾德。

Thanks. The next question, I'll just quickly answer one from Johnray Peter about US credits, are they based on profit or cost CapEx? So the credit is actually based 10% of operating costs at our extractive operations, which is the mining operations and then recycling as well. So it's a double benefit there.

謝謝。下一個問題，我將快速回答 Johnray Peter 提出的關於美國信貸的問題，它們是基於利潤還是成本資本支出？因此，抵免額實際上是基於我們採礦業務營運成本的 10%，即採礦業務和回收業務。因此，這是雙重好處。

This one is on a few questions back on the gold again. Richard, which shaft and what average depth is the new Driefontein VCR block. And at Kloof, the secondary reef project target the main reef. And again, it would shaft and at what average depth and does this access require redevelopment. That's from Bruce Williamson. You can see the old dog asks the very detailed questions. And then one question about whether we plan to reopen Kloof 4 Shaft.

這次又要問關於黃金的幾個問題。理查德，新的 Driefontein VCR 塊位於哪個豎井中，平均深度是多少。在克魯夫，次級礁石計畫的目標是主礁石。再一次，它會豎井，平均深度是多少，這個通道是否需要重新開發。這是布魯斯威廉森說的。你可以看到老狗問的問題非常詳細。然後還有一個問題，我們是否計劃重新開放 Kloof 4 Shaft。

Bruce, good morning, and thanks very much. Bruce, in terms of the VCR block at Driefontein, that's actually quite a significant block that we explored and started opening up about a year ago. It actually sits amongst the predominantly Driefontein 5 shaft and some of the extremities of Driefontein 1. So that would be a total depth of about 2,700-odd meters. So that's the VCR block and certainly forms a big portion of what's going forward at Driefontein 5. The cliff secondary reefs we're targeting are actually the Kloof and the Middelvlei reef.

布魯斯，早安，非常感謝。布魯斯，就德里方丹的 VCR 區塊而言，這實際上是一個相當重要的區塊，我們大約在一年前就開始探索並開放它。它實際上位於 Driefontein 5 號礦井和 Driefontein 1 號礦井的部分末端之間。因此總深度約為 2,700 多公尺。這就是 VCR 模組，並且肯定構成了 Driefontein 5 未來發展的很大一部分。我們所瞄準的懸崖次生礁其實就是峽谷 (Kloof) 和 Middelvlei 礁。

We have very successfully targeted these in the past out of the Kloof 8 shaft. And currently, we are looking to open that up at the Kloof 1 shaft. So that would also be at a depth in the region of about 2,500 -- 2.2 to 2.5 kilometers. That block of ground does require opening up. So we do use, of course, the main infrastructure that's previously mined the VCR, but there is opening up on the secondary reefs, which is currently occurring. And part of the reason why there was a slight increase in ORD costs across Kloof over the last year. Thanks, Bruce.

我們過去曾非常成功地從 Kloof 8 井中鎖定了這些目標。目前，我們正尋求在 Kloof 1 礦井開闢這一礦井。所以該深度也將在約 2,500 —— 2.2 至 2.5 公里之間。那塊土地確實需要開放。因此，我們確實使用了先前開採 VCR 的主要基礎設施，但目前正在開採次級礁石。這也是為什麼去年 Kloof 的 ORD 成本略有增加的原因之一。謝謝，布魯斯。

Sorry, second question around reopening K4. So that's something we do continually assess, but there are no plans at the moment to open it right now, no.

抱歉，第二個問題是關於重新開放 K4。所以我們確實在不斷評估這一點，但是目前還沒有開放它的計劃。

Thanks, Richard. I don't have any more questions on the -- from the webcast. So could we maybe go to the lines, Chorus Call lines, please?

謝謝，理查。我對網路直播沒有其他問題了。那我們可以轉到 Chorus Call 台詞嗎？

Marina Calero, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Marina Calero。

I have a couple of questions. First, a follow-up on the 45X, given the change in administration in the US, how likely do you think is that -- this program will stay in place?

我有幾個問題。首先，關於 45X 的後續問題，鑑於美國政府的變動，您認為該計劃繼續實施的可能性有多大？

All right. So let me pick that up. Marina, thanks. I think that if the strategic metal we were producing was about, let me call it, the green energy revolution, I would probably be a little bit worried. The fact is that the strategic metals we produce are strategic in terms of where, I think, President Trump wants to take the country and make itself sufficient. So I don't think there's any risks related to 45X for our business. Hope that answers your question.

好的。讓我來接手。瑪麗娜，謝謝。我認為，如果我們生產的戰略金屬是關於綠色能源革命的，我可能會有點擔心。事實上，我認為，我們生產的戰略金屬對於川普總統帶領國家走向自給自足的道路具有戰略意義。因此我認為 45X 不會為我們的業務帶來任何風險。希望這能回答你的問題。

That's very clear. And one more, if I may, on Rhyolite Ridge, given that you're prioritizing the balance sheet in the current market environment, how likely do you think that you would exercise this option this year? I appreciate still the Board evaluating the latest details, but how are you thinking about that? And when do you think you will be in a position to communicate the decision to the market?

這非常清楚。如果可以的話，我再問一個關於 Rhyolite Ridge 的問題，鑑於您在當前市場環境下優先考慮資產負債表，您認為今年行使此選項的可能性有多大？我讚賞董事會仍在評估最新細節，但您對此有何看法？您認為何時能夠向市場傳達這項決定？

Again, let me pick that up. The Board is currently deliberating we've presented, let's call it, our assessment having received the detailed feasibility study. I think probably within a week we will be able to advise the market of our decision. The funding of Rhyolite Ridge, we've always said, if we were to go ahead, it would be separately funded, but I think let's rather wait for our Board to deliberate and make a final decision. Thanks.

讓我再說一次。董事會目前正在審議我們在收到詳細可行性研究後提出的評估。我想大概一週之內我們就能向市場通報我們的決定。我們一直說，如果要繼續推進，Rhyolite Ridge 的資金將由單獨提供，但我認為，我們最好等待董事會審議並做出最終決定。謝謝。

Adrian Hammond, SBG.

阿德里安·哈蒙德，SBG。

I have three questions. First for Mika, if he's able to answer my questions on Keliber, just curious why the scope is changing and what the impact is on CapEx and then as well as since you won't be taking in feed, you will be mining your own material, that will be assuming you're going to move into a commercial state of production as soon as next year. Are you able to give us some cost and CapEx guidance for this business for modeling purposes?

我有三個問題。首先對於 Mika，如果他能夠回答我關於 Keliber 的問題，我只是好奇為什麼範圍會發生變化以及對資本支出有何影響，然後由於你不會接收飼料，你將開採自己的材料，這將假設你將在明年進入商業生產狀態。您能否為我們提供該業務的一些成本和資本支出指導以供建模？

And then for perhaps Neal or Charl, I see you've done a $50 million credit repayment, which assets were those -- was it Rustenburg or Kroondal. Is this separate from the Glencore JV? Has that money flowed? Or would you do some more? And since Neal you invited the question, for Richard, I'm going to ask what does he envisage as changes he'd like to implement for the business going forward?

然後對於尼爾 (Neal) 或查爾 (Charl) 來說，我看到你們已經償還了 5000 萬美元的信用額度，這些資產是——魯斯滕堡 (Rustenburg) 還是克朗達爾 (Kroondal)。這與嘉能可合資企業是分開的嗎？這些錢流出來了嗎？或者你會做更多嗎？既然尼爾，你邀請我問理查德這個問題，我想問一下，他設想在未來的業務中實施哪些變革？

Perfect. Thanks, Adrian. So I'll ask Charl just to pick up the Chrome prepayment. And then I'd ask Mika to answer your question in terms of caliber scope and guidance there. But let's start with Richard on Adrian's question regarding any strategic changes you may be thinking of, Rich?

完美的。謝謝，阿德里安。因此我會要求 Charl 領取 Chrome 預付款。然後我想請米卡回答你關於口徑範圍和指導的問題。但讓我們先從理查德開始回答阿德里安提出的問題，關於您可能正在考慮的任何策略變化，里奇？

Adrian, good morning. I'm afraid the answer I'm going to give you is probably going to be a little bit boring in that, I think as a company, we've spent a good few years developing the strategy that we have. I think in many instances, that strategy has been very forward-looking and really been based on what we, as a team, see as very long-term fundamental issues, whether that relates to energy transition, whether it relates to multipolarity. I think we've given a lot of guidance to the market on how that strategy was developed.

阿德里安，早安。恐怕我給你的答案可能會有點無聊，因為我認為，作為一家公司，我們花了好幾年的時間來制定我們的策略。我認為在許多情況下，該策略都非常具有前瞻性，並且真正基於我們作為一個團隊所看到的長期根本問題，無論這些問題是否與能源轉型有關，是否與多極化有關。我認為我們已經就如何制定該策略向市場提供了大量指導。

And I dare say, I don't think that any of those sort of long-term fundamentals have changed. So the broad strategy of the company remains appropriate, and certainly not something that I would be looking to significantly change at all have been part of developing that with the team and our Board. And I think that supports it going forward.

我敢說，我認為這些長期基本面都沒有改變。因此，公司的整體策略仍然是合適的，而且我絕對不會希望進行重大改變，我一直與團隊和董事會一起參與制定這項策略。我認為這將有助於它向前發展。

Of course, we always have to look at our current operating environment in the short term and as well as what we -- our strength internally. And I think as you can hear in this presentation, our focus is very much at the moment on our strategic essentials balance sheet. And that we've got to take into consideration. So that will remain the short-term focus.

當然，我們始終要關注短期內的當前營運環境以及我們的內部優勢。我想正如您在本次演講中所聽到的，我們目前的重點是我們的策略要點資產負債表。我們必須考慮到這一點。因此這仍將是短期重點。

But the long-term strategy around ultimately growing our diversified base in terms of green metals will remain the long-term strategy, but will be executed as appropriate, given market conditions and our current position.

但圍繞著最終擴大我們在綠色金屬方面的多元化基礎的長期策略仍將是長期策略，但將根據市場狀況和我們目前的地位酌情執行。

So Adrian I hope that assists. Charl, if you'd like to take the Chrome prepay, I can pick that up as well.

所以阿德里安，我希望這會有所幫助。查爾，如果你想使用 Chrome 預付費，我也可以接受。

Rich, I'm happy to go. So Adrian, in terms of the Chrome prepay, this was done 100% on Rustenburg material. As you pointed out, it was $50 million, and it was for a short period of six months. I think this was basically a first transaction to make sure that we can execute the Chrome prepay. And this does not impact the JV that we announced recently. Would we do more? I think for now, we've done the self-help measures that we believe had the biggest impact.

里奇，我很高興去。因此，Adrian，就 Chrome 預付而言，這 100% 是基於 Rustenburg 材料完成的。正如您所指出的，這筆錢高達 5000 萬美元，而且只持續了短短的六個月。我認為這基本上是第一筆交易，以確保我們可以執行 Chrome 預付款。這不會影響我們最近宣布的合資關係。我們會做得更多嗎？我認為就目前而言，我們已經採取了我們認為效果最大的自救措施。

So we'll keep this in our back pocket in case we need it going forward. And then you would also know, for instance, we've got about ZAR25 billion of inventory sitting on that we can always -- also use to monetize that. So Adrian, we have a lot of dry powder to make sure that we can protect the balance sheet. But I don't think we're going to rush out and do further prepayments because as the balance sheet stands now and our liquidity, there's no need for us to do anything else besides what we've done to date.

因此，我們會將其保留，以備將來需要時使用。然後你也會知道，例如，我們有大約 250 億南非蘭特的庫存，我們可以隨時使用這些庫存來賺錢。所以阿德里安，我們有足夠的資金來確保我們能夠保護資產負債表。但我不認為我們會急於進行進一步的預付款，因為就目前的資產負債表和我們的流動性而言，除了迄今為止所做的之外，我們沒有必要做任何其他事情。

And Mika, if you can answer Adrian's first question, please?

米卡，您能回答一下阿德里安的第一個問題嗎？

Thank you, Neal, and thanks for the question. Concerning the Keliber CapEx, so as mentioned, based on the regulatory changes and changes from the authorities, including consequently some changes in the scope of the project. So as we speak now, we are working on an updated CapEx profile. We have also included into this work our ramp-up considerations and risk mitigation on that one. I would say that within four to six weeks, we are in a position to announce our stakeholders the updated numbers.

謝謝你，尼爾，謝謝你的提問。關於 Keliber CapEx，如前面所提到的，基於監管變化和當局的變化，包括專案範圍的一些變化。正如我們現在所說，我們正在製定更新的資本支出概況。我們還將我們的提升考慮和風險緩解措施納入這項工作。我想說，四到六週內，我們就能夠向利害關係人公佈更新後的數據。

Concerning your second point about external feed, actually not using it is improving our numbers this year because of the current market environment. And we will be on time with the mine so that we have enough on ore, which obviously has a completely different cost profile. So this is how we plan to do the H1 '26 ramp-up of the refinery. Thank you.

至於您提到的第二點，即外部回饋，由於當前的市場環境，今年實際上不使用它反而會提高我們的業績。我們將按時開採礦山，以確保我們有足夠的礦石，這顯然具有完全不同的成本狀況。這就是我們計劃在 2026 年上半年擴大煉油廠產能的方式。謝謝。

I think that's it. We don't have any more questions on the webcast. On the Chorus line, no questions, I believe. So Neal, would you like to say a few wrapping up words?

我認為就是這樣。我們在網路直播中沒有其他問題了。我相信，在合唱線上，沒有任何問題。那麼 Neal，你想說幾句總結性的話嗎？

Yes. So again, I just want to thank everybody for joining the call. I hope you found our presentation interesting. I must say 2024 was a year where we implemented what I want to call austerity measures. We arrested the declining earnings profile. You can see that started some way back already. I believe the company is very well positioned.

是的。因此，我再次感謝大家參加這次電話會議。我希望您覺得我們的演示很有趣。我必須說，2024 年是我們實施所謂緊縮措施的一年。我們遏止了獲利狀況的下滑。您可以看到，這早已開始了。我相信該公司的定位非常有利。

And I would just like to thank the Sibanye-Stillwater employees and the senior management team for working through what has been quite a difficult period, especially when you consider there's been significant job losses.

我只想感謝 Sibanye-Stillwater 員工和高階管理團隊，感謝他們在這段相當困難的時期所做的努力，特別是考慮到我們還經歷了大量失業。

Looking forward, though, I think the company is very well positioned, especially relative to our peers. And again, let me say I'm very pleased with the CEO succession transition that we're entering into. And certainly, between Richard and I, over the next few months, we'll ensure an orderly transition with minimum disruption. So again, thank you for your time, and please have a good and a safe day. Thank you.

不過，展望未來，我認為公司處於非常有利的地位，特別是相對於我們的同行而言。我再說一遍，我對我們即將進入的執行長繼任過渡感到非常高興。當然，在接下來的幾個月裡，理查德和我將確保有序過渡，並將幹擾降至最低。再次感謝您的時間，祝您有個愉快、安全的一天。謝謝。