Sibanye Stillwater Ltd (SBSW) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen. Welcome. I think it's a real pleasure to have you with us today as we present our operating and financial results for 2025. So, thank you very much for joining us today.

女士們、先生們，早安。歡迎。今天能和各位一起了解我們 2025 年的營運和財務業績，我感到非常榮幸。非常感謝各位今天能來參加我們的節目。

And just in terms of the agenda that we've got, I will start off with a few high-level salient points. Then we'll move into the performance excellence, which will be presented by a number of the team. We'll then move into growth and just touch briefly on the resources, the mineral resources, and reserves that we've recently published.

至於我們目前的議程，我先從幾個重要的要點談起。接下來我們將進入績效卓越環節，這將由團隊中的幾位成員進行展示。接下來，我們將進入成長部分，並簡要介紹我們最近發布的資源、礦產資源和儲量。

Charl will take us through the financial performance, and Kleantha touch on how we're interpreting these very volatile markets we're seeing. And a little bit of the outlook in that regard before I wrap up with the with the way forward.

Charl 將帶我們了解財務業績，Kleantha 將談談我們如何解讀目前這些波動劇烈的市場。在總結未來發展方向之前，我想先簡單談談這方面的展望。

I think there are several forward-looking statements in the documents, so I would urge you please to just take note of the Safe Harbor statement. Thank you.

我認為文件中包含一些前瞻性陳述，因此我懇請您特別注意「安全港」聲明。謝謝。

I think when we reflect on December 1, 2025, I think certainly during the latter half of the year, it was a time of significant change at Sibanye. We of course had the leadership transition, and with that we also undertook a refresh of our strategy.

我認為，當我們回顧 2025 年 12 月 1 日時，尤其是在下半年，對 Sibanye 來說，那是一個發生重大變化的時期。當然，我們經歷了領導階層更迭，隨之而來的是我們對策略的更新。

This was something that we presented to the market at the end of January. But for anybody who was not able to make that. If I could try and summarize our strategic refresh in one word, it would be simplification. Specifically, what we're really focusing on in the short-term is around maximizing and driving our operating margins. We're doing that through a keen focus on operational excellence and simplifying the operating model that we have.

這是我們一月底向市場推出的產品。但對於那些未能做到這一點的人來說。如果用一個字來概括我們的策略調整，那就是簡化。具體來說，我們短期內真正關注的是最大限度地提高和提升我們的營業利潤率。我們正透過高度重視卓越營運和簡化現有營運模式來實現這一目標。

And then further simplification through our portfolio such that we -- we're focusing on the highest return assets, of course, cash generative assets, and ensuring an appropriate management focus in that regard. This is all coupled with a very disciplined capital allocation framework, which we shared as being roughly a third towards shareholder returns, a third towards reducing our gross debt, and a third towards growth. And again, Charl will unpack that in a little bit more detail.

然後，我們進一步簡化投資組合，以便——當然，我們專注於回報最高的資產，即現金流資產，並確保在這方面進行適當的管理。這一切都與非常嚴格的資本配置框架相結合，我們將其大致分為三部分：三分之一用於股東回報，三分之一用於減少總債務，三分之一用於成長。查爾接下來會更詳細地解釋一下。

And in terms of growth, we certainly see the best value at the moment for us in terms of returns as being internal, in terms of the resource value that we have. We have a significant resource base, particularly in South Africa, our PGM operations, and organic growth will be our immediate focus. But we did also share a value creation framework that we have put together, that will help us assess any external growth opportunities moving forward.

就成長而言，就回報而言，我們目前認為最有價值的還是內部資源，也就是我們擁有的資源價值。我們擁有豐富的資源基礎，尤其是在南非、我們的鉑族金屬業務以及內生成長，這將是我們眼下的重點。但我們也分享了我們所製定的價值創造框架，這將有助於我們評估未來任何外部成長機會。

In addition to the strategic refresh, I think there were some quite key decisions that we needed to make towards the end of last year, especially amongst several of our operations. One of the big ones was, the startup of the Keliber lithium project in Finland.

除了策略調整之外，我認為去年年底我們還需要做出一些非常關鍵的決定，尤其是在我們的一些業務運作方面。其中一件大事是芬蘭 Keliber 鋰計畫的啟動。

That is a green fields project that we have built and given the volatility in the lithium market, we had to make a decision how best to proceed with that project. And I think very pleasingly towards the end of last year, together with our partners, the Finnish Minerals Group, came to a way forward which really considers a staged ramp up of the caliber project. And we'll share a bit more of those details with you in the presentation, but it really is an approach that mitigates some of the risks of the market, while allowing us a lot of strategic optionality, around the project and we'll unpack that for you in the coming slides.

這是一個我們新建的綠地項目，鑑於鋰市場的波動性，我們必須決定如何最好地推進該項目。令人非常欣慰的是，在去年年底，我們與合作夥伴芬蘭礦業集團一起，找到了一個切實可行的前進方向，那就是分階段擴大這一高規格項目的規模。我們將在簡報中與您分享更多細節，但這種方法確實可以減輕一些市場風險，同時讓我們在專案方面擁有許多策略選擇權，我們將在接下來的幻燈片中為您詳細闡述。

The second big decision we had to make was around Kloof. We did share with the market that early on in the year, due to increased risk of seismicity and what we deemed to be an unacceptable safety risk, we ceased mining at quite a few of the deeper level areas at Kloof, and this had a material impact not only on the output from the Kloof operations, but also the future of that operation.

我們必須做出的第二個重大決定是關於克魯夫的。今年年初，由於地震風險增加以及我們認為不可接受的安全風險，我們向市場透露，我們停止了克魯夫礦區許多較深區域的採礦活動，這不僅對克魯夫礦區的產量產生了重大影響，而且對該礦區的未來也產生了重大影響。

Towards the end of last year, we did make a decision that Kloof would continue to operate on a year-by-year basis, assessing the profitability each year as we proceed. So very dependent on sustained higher gold prices. And then there were several priority projects that we have been evaluating during the year and we're making -- we'll be making financial investment decisions on during the course of this year.

去年年底，我們決定克魯夫將繼續按年運營，並逐年評估其獲利能力。因此，它非常依賴持續走高的金價。此外，還有幾個優先項目是我們今年一直在評估的，我們將在今年做出財務投資決定。

There was also some overhangs from previous or legacy issues. We had to address the Appian court case. We came to a settlement there in November. Ultimately a settlement payment of $215 million. And then we also had the South African gold wage negotiations that had been continuing from about the middle of the year. I think credit to the team, we successfully settled that also towards the end of the year. And again, credit to all stakeholders. I think a very good outcome considering the environment we're currently operating in.

此外，還有一些遺留問題或歷史遺留問題需要解決。我們必須處理阿皮安的法庭案件。我們在11月份達成了和解。最終達成和解，支付金額為 2.15 億美元。此外，還有從年中開始持續進行的南非黃金價格談判。我認為應該讚揚團隊，我們在年底前也成功解決了這個問題。再次感謝所有利害關係人。考慮到我們目前所處的環境，我認為這是一個非常好的結果。

But I share this because I guess it was a rather busy, transformational, and actually quite a noisy second half of the year with lots of decisions being made in terms of how we will continue going forward. And that has also reflected in our finances, which are complex and again I dare say a lot of noise. But hopefully certainly the way I feel and hopefully you can see that what this has done. It's simplified our operations going forward.

但我之所以分享這些，是因為我覺得今年下半年相當忙碌、充滿變革，而且實際上也相當喧鬧，我們做出了許多關於未來發展方向的決定。這也反映在我們的財務狀況上，我們的財務狀況很複雜，而且恕我直言，其中有很多噪音。但希望我的感受，也希望你們能看到這件事帶來的影響。它簡化了我們今後的營運流程。

It's already simplified where our focus needs to be. And I think it's set up a solid operational base, which we have launched into 2026. And I look forward to that simplification also starting to feature in the financial numbers as we ultimately simplify the total portfolio.

我們已經把重點放在需要關注的地方簡化了。我認為它已經建立了一個穩固的營運基礎，我們已經將其推向了 2026 年。我期待這種簡化也能體現在財務數據中，因為我們最終會簡化整個投資組合。

I think looking at our operational output, safety, and I'll unpack safety in a bit more detail in the coming slide, but very pleased with the continuous improvements that we've seen in many of our indicators, both lagging and leading indicators. We have seen some of our best numbers ever, which is pleasing in terms of the progress that we've made over the years. But our focus on eliminating fatals, remains our absolute priority as a company.

我認為，從我們的營運產出、安全狀況來看（我將在下一張投影片中更詳細地闡述安全狀況），我對我們在許多指標（包括滯後指標和領先指標）中看到的持續改進感到非常滿意。我們看到了一些有史以來最好的數據，這令人滿意，也反映了我們多年來所取得的進步。但消除致命事故仍然是我們公司的絕對優先事項。

I think I have to give full credit to many of our operational teams. As I say, this was a busy period. It was a very volatile period in the markets. And yet our operational teams delivered solidly across most of our business. All of our operations came in largely within guidance recognizing, we did have to revise guidance at the gold operations because of the Kloof decision I mentioned earlier.

我認為我必須充分肯定我們許多營運團隊的貢獻。正如我所說，這段時間非常忙碌。那段時間市場波動非常劇烈。然而，我們的營運團隊在大部分業務領域都表現出色。我們所有的營運績效基本上都符合預期，但考慮到我之前提到的 Kloof 礦區的決定，我們不得不修改黃金業務的績效預期。

But to have come in within guidance or better than guidance across the board, was very pleasing and full credit to our teams in that regard. We also made some great strides on our sustainability strategy, across many aspects, including water, including the social investments in South Africa. But one that really is a bit of a standout is our positioning.

但所有專案都達到或超過指導標準，這非常令人滿意，這完全歸功於我們團隊的努力。我們在永續發展策略方面也取得了巨大進展，涵蓋許多方面，包括水資源，以及在南非的社會投資。但其中真正比較突出的一點是我們的市場定位。

With regards to our renewable energy, where I think we really are in our position as a leader in renewable energy in South African mining and certainly that is not only going to have a material impact on our carbon footprint going forward in our ability to provide responsible metals, but also significant commercial benefit.

就我們的再生能源而言，我認為我們確實處於南非採礦業再生能源領域的領先地位，這不僅將對我們未來提供負責任金屬的能力產生實質影響，從而減少我們的碳足跡，而且還將帶來顯著的商業利益。

Just during the year-to-date on a small portion of the projects we've commissioned, we've already achieved close to ZAR100 million worth of savings. And avoided over 300,000 tonnes of carbon dioxide, and we see that going up to close on ZAR1 billion worth of savings over the coming years.

僅今年迄今為止，在我們委託的一小部分項目中，我們已經實現了近 1 億蘭特的節省。避免了超過 30 萬噸二氧化碳排放，我們預計未來幾年這一數字將上升至接近 10 億蘭特。

Like I mentioned, I think with the -- with much of the decisions and complexity we had in the business over the second half of the year, that does reflect in our numbers. But looking through those numbers, I guess sort of really through to the core financials, I think what we really see is stability, a real turnaround, and I think a solid base of which to build into 2026.

正如我之前提到的，我認為，由於今年下半年我們在業務中做出的許多決定和麵臨的許多複雜情況，確實反映在我們的財務數據中。但仔細分析這些數字，我想真正深入了解核心財務狀況後，我認為我們真正看到的是穩定性、真正的轉變，以及為 2026 年奠定的堅實基礎。

We achieved the highest EBITDA that we have in three years at just under ZAR38 billion or just over $2 billion. And to see a headline earnings per share up by just under 300%, I think is very pleasing, particularly given that most of that just came during the second half of the year.

我們實現了三年來最高的 EBITDA，接近 380 億蘭特，約 20 億美元。看到每股盈餘成長近 300%，我認為這非常令人滿意，尤其考慮到其中大部分成長都發生在下半年。

Our balance sheet remains strong. Our total net debt to adjusted EBITDA has declined to below 0.6 times, so very comfortably within covenant limits. But as we shared during our strategy, renewed focus on gross debt, to ensure stability through a cycle, is where our focus will be going forward.

我們的資產負債表依然穩健。我們的總淨債務與調整後 EBITDA 比率已降至 0.6 倍以下，完全符合契約限制。但正如我們在策略中所述，未來我們將專注於總債務，以確保經濟週期中的穩定性。

But overall, with a good operational output, with a strong financial stability and underpinned, I think as a company and a Board, the Board is very comfortable to declare a dividend of ZAR1.31 per share, that equates to roughly a 2% dividend yield. And again, I think reflecting. Largely just the earnings over the second half of the year. And that dividend declaration is at the top end of our dividend policy. So very glad to be back into dividend paying territory.

但總的來說，憑藉良好的營運產出、強大的財務穩定性和堅實的基礎，我認為作為一家公司和董事會，董事會完全有信心宣布每股派發 1.31 南非蘭特的股息，這相當於大約 2% 的股息收益率。再次強調，我認為需要反思。主要指下半年的收益。而且，此次分紅金額處於我們分紅政策的最高水準。非常高興公司重新開始派發股息。

I think as we look at performance excellence, we did share at the end of January during our strategic update, that our strategy is based on four pillars. A simplification, I've mentioned already, simplification of our -- of how we operate, driving accountability, simplification of our portfolio, getting our focus and capital allocation in the right place.

我認為，當我們審視卓越績效時，正如我們在 1 月底的策略更新中所述，我們的策略是基於四大支柱。正如我之前提到的，我們需要簡化我們的營運方式，提高問責制，簡化我們的投資組合，將我們的重點和資本配置放在正確的地方。

And the second pillar was performance excellence. Performance excellence is really, covers a holistic improvement. And within there we have safe production. We have the operational excellence which I think will be well understood by many.

第二個支柱是卓越績效。卓越的績效實際上涵蓋了全面的改進。而且，我們還能確保安全生產。我們擁有卓越的營運能力，我想很多人都會對此深有體會。

Resource optimization, how best we can extract our resources, maximizing long-term economic value, and of course embedding sustainability in in the way we operate. And for us sustainability is really about people, the planet, and prosperity for both.

資源優化，也就是我們如何才能最好地提取資源，最大限度地提高長期經濟價值，當然也要將永續性融入我們的營運方式中。對我們而言，永續發展真正關乎人類、地球以及二者的共同繁榮。

I will specifically touch today on safe production and then hand over to the two COOs, Richard and Charles, to look at operational excellence and Melanie on sustainability.

今天我將重點談談安全生產，然後把發言權交給兩位首席營運官理查德和查爾斯，讓他們談談卓越運營，再交給梅蘭妮，讓她談談永續發展。

So I think touching on safe production, as I mentioned earlier, it's been extremely pleasing to see the trend that we have seen since 2021 in particular. And I raise 2021 because that's the time when we started our fatal elimination strategy. Since then, we've seen over a 40% reduction in in serious injuries. And the reason we look at serious injuries is that it is very often associated with high energy incidents. So high energy incidents that could result in either fatal incidents, or certainly life changing incidents.

所以，談到安全生產，正如我之前提到的，尤其令人欣慰的是，我們看到了自 2021 年以來的這一趨勢。我之所以提到 2021 年，是因為那一年我們開始實施致命的清除策略。自那以後，我們看到嚴重受傷人數減少了 40% 以上。我們之所以關注嚴重傷害，是因為它通常與高能量事故有關。因此，高能量事故可能會導致致命事故，或至少造成改變人生的事故。

I think we've also seen a very similar pleasing decline in terms of the high potential incidents that we measure. Some of those are associated with injuries, some not. But it certainly gives us a good data point to understand whether or not we are decreasing risk within our operations and whether we look at our own history, whether we benchmark ourselves against peers who have similar underground narrow tabular labor intensive operations.

我認為，就我們所衡量的高風險事件而言，我們也看到了類似的令人欣喜的下降趨勢。有些與受傷有關，有些則無關。但這無疑為我們提供了一個很好的數據點，讓我們了解我們是否正在降低營運中的風險，以及我們是否回顧了自己的歷史，是否將自己與擁有類似地下狹窄平台勞動密集型業務的同行進行基準比較。

Generally across the board, I think we've seen a significant reduction in risk in our operations. And that is a trend we would like to see continue, and we continue to benchmark ourselves against ICM peers, many of whom of course operate in very different environments.

總體而言，我認為我們的營運風險已經顯著降低。我們希望這種趨勢能夠繼續下去，我們將繼續以 ICM 同行為標桿，當然，其中許多同行是在非常不同的環境中運營的。

I think what's always tough talking about these safety trends is as pleasing as it is to look in the rearview mirror and understand that we're doing the right things to reduce risk. As a management team, we also recognize that that is unfortunately very cold comfort to family and friends of colleagues who we have lost on our operations. And tragically during 2025, we did experience six fatal incidents across our operations.

我認為，談論這些安全趨勢總是很困難的，儘管回顧過去，看到我們正在採取正確措施來降低風險，這令人欣慰。作為管理團隊，我們也意識到，對於在營運中不幸殉職的同事的家人和朋友來說，這無疑是一種非常微不足道的安慰。令人痛心的是，在 2025 年，我們的營運過程中發生了六起致命事故。

And in this regard, I would really like to extend our heartfelt condolences on behalf of the management team and the Board to the family and the friends of Humberto Xavier, Bomkazi Jozana, [Nomsse] Matsolo, Brian Hanson, [Basiswe] Ramaila, and [Thabas Nkosi]

在此，我謹代表管理團隊和董事會，向 Humberto Xavier、Bomkazi Jozana、[Nomsse] Matsolo、Brian Hanson、[Basiswe] Ramaila 的家人和朋友致以最深切的慰問。[塔巴斯·恩科西]

Eliminating fatal incidents is absolutely our number one priority as a Board, as a management team, and as a company. Our focus moving forward into 2026 remains on how we can more effectively embed our fatal elimination strategy. The strategy fundamentally hangs off three pillars of critical controls, what we call critical management routines or effectively management practices, and then lifesaving behaviors.

消除致命事故絕對是我們董事會、管理團隊和公司的首要任務。展望 2026 年，我們的重點仍是如何更有效地落實我們的致命性消除策略。這個策略從根本上依賴三大支柱：關鍵控制、我們稱之為關鍵管理程序或有效管理實踐，以及拯救生命的行為。

Those are the three key pillars that will mitigate risk within our operations. The focus for 2026 is how we can enhance compliance in this regard, but most importantly, enhancing it through a transformation of culture, which will also drive behavior.

這是降低我們營運風險的三大關鍵支柱。2026 年的重點是如何提高這方面的合規性，但最重要的是，透過文化轉型來提高合規性，這也將驅動行為。

I think what we have seen historically within the mining industry is that compliance is driven through force, through instruction, and we recognize the opportunity to change that culture and to drive compliance through a culture of accountability and a culture of care. And through that we truly believe we will eliminate fatal incidents from our operations.

我認為，從採礦業的歷史來看，合規是透過強制和指示來實現的，我們認識到有機會改變這種文化，並透過問責文化和關懷文化來推動合規。我們堅信，透過這些措施，我們將消除營運中的致命事故。

Thank you very much. And with that, I will hand over to Richard Cox, to take us through the South African operations. Over to you, Richard. Thank you.

非常感謝。接下來，我將把麥克風交給理查考克斯，讓他帶我們了解南非的業務狀況。接下來就交給你了，理查。謝謝。

Thanks, Rich. Hello, everyone. The Chief Operating Officer of our South African operations, my focus is on delivering performance excellence through safe production, operational efficiency, and holistic improvement. Our strategy ensures we consistently improve delivery across our portfolio. So let's take a look into our 2025 results for the South African business.

謝謝你，里奇。大家好。作為南非業務的首席營運官，我的工作重點是透過安全生產、營運效率和全面改進來實現卓越的業績。我們的策略確保我們能夠持續提升旗下所有產品的交付水準。那麼，讓我們來看看我們在南非業務的 2025 年業績預測。

Turning to our SA PGM operations, we've maintained consistent delivery, meeting or exceeding guidance each year since 2017. More specifically, for 2025, total full year PGM production reached 1.8 million ounces, including attributable production from Amoza at 117,000 ounces, and third party purchase of concentrate at 73,000 ounces. And all aggregated, aligning with our 1.75 to 1.85 million ounce guidance, and stable year-on-year.

就我們的南非鉑族金屬業務而言，自 2017 年以來，我們一直保持著穩定的交付水平，每年都達到或超過預期目標。更具體地說，2025 年全年鉑族金屬總產量達到 180 萬盎司，其中包括 Amoza 礦場的歸屬產量 11.7 萬盎司，以及第三方購買的精礦 7.3 萬盎司。綜合來看，產量與我們先前預測的 175 萬至 185 萬盎司的產量相符，並且與去年同期保持穩定。

Since the Lonmin acquisition in 2019, production has remained steady between 1.73 and 1.83 million ounces annually, reflecting our operational resilience and ongoing progress toward the second quartile of the industry cost curve. Breaking it down, underground production increased 2% to over 1.6 million ounces, supported by improvements at Rustenburg's mechanized Bathopele shaft, and more stable output compared to 2024's disruptions at Sipumelele and Kroondal operations.

自 2019 年收購 Lonmin 以來，年產量一直穩定在 173 萬至 183 萬盎司之間，這反映了我們營運的韌性以及在向產業成本曲線第二四分位數邁進的持續進展。具體來說，地下黃金產量增加了 2%，超過 160 萬盎司，這得益於魯斯滕堡機械化巴托佩勒礦井的改進，以及與 2024 年錫普梅勒勒和克朗達爾礦井的生產中斷相比，產量更加穩定。

At Marikana, output was affected by safety-related stoppages at the high-performing Safi shaft, but this was partially offset by Cave 4's ramp-up, where production rose 41% to almost 100,000 ounces, contributing to Marikana's improved cost position.

在馬里卡納，由於高性能的薩菲礦井發生安全事故而停產，產量受到影響，但第四洞礦井的增產部分抵消了這一影響，該礦井的產量增長了 41%，達到近 10 萬盎司，從而改善了馬里卡納的成本狀況。

Surface production was lower by 29%, at 108,000 ounces, influenced by high first quarter rainfall and the commencement to transition feed resources such as Rustenburg's Waterval West TSF and Marikana's ETD1 to ETD2 tailings facilities. We are evaluating long-term surface opportunities at Rustenburg to support the sustainability of the surface business. Purchase of concentrate volumes were reduced by 24% in line with contractual terms.

受第一季高降雨量以及開始向飼料資源過渡（例如魯斯滕堡的 Waterval West TSF 和馬里卡納的 ETD1 到 ETD2 尾礦設施）的影響，地表產量下降了 29%，為 108,000 盎司。我們正在評估魯斯滕堡的長期地面發展機遇，以支持地面業務的永續發展。根據合約條款，濃縮物採購量減少了 24%。

We remain focused on cost discipline. Operating costs increased by just 7.3% in absolute terms, while AISC rose 10% to just over ZAR24,000 per 4E ounce, and that was within our ZAR23,500 to ZAR24,500 per ounce guidance, bolstered by byproduct credits of ZAR11.1 billion.

我們將繼續專注於成本控制。營運成本絕對值僅增長了 7.3%，而 AISC 增長了 10%，達到每盎司 4E 黃金略高於 24,000 蘭特，這在我們每盎司 23,500 至 24,500 蘭特的指導範圍內，這得益於 111 億蘭特的副產品額。

Now, these credits were enhanced by stronger ruthenium and iridium contributions, helping offset the 261% increase in royalties to ZAR765 million from higher prices, and a 12% rise in sustaining capital to ZAR2.9 billion for key mining equipment and precious metal refinery infrastructure.

現在，由於釕和銥的貢獻增加，這些收益得到了提升，有助於抵消因價格上漲而導致的 261% 的特許權使用費增長至 7.65 億蘭特，以及用於關鍵採礦設備和貴金屬精煉基礎設施的維持性資本增長 12% 至 29 億蘭特。

Project capital was lower by 16%, at ZAR675 million, which was below guidance due to completed Rustenburg initiatives and deferred Marikana expenditures. Total CapEx came in at ZAR5.9 billion, under our ZAR6.5 billion estimate.

計畫資本減少了 16%，為 6.75 億蘭特，低於預期，原因是魯斯滕堡計畫已完成，馬里卡納支出已推遲。總資本支出為 59 億蘭特，低於我們先前預估的 65 億蘭特。

So this foundation we are creating enables us to capitalize on stronger PGM prices. The 2025 average full year basket price increased 28% to over 31,000 ZARper ounce, driving adjusted EBITDA up by a 125% to ZAR16.7 billion.Early 2026 prices have risen 43% to over $44,000 per ounce, as shown in the chart. Following an even higher and brief January adjustment. With supported fundamentals, we anticipate potential for additional earnings and cash flow improvements in 2026.

因此，我們正在建立的這個基礎使我們能夠從鉑族金屬價格走強中獲益。2025 年全年平均籃子價格上漲 28%，達到每盎司 31,000 南非蘭特以上，推動調整後 EBITDA 成長 125%，達到 167 億南非蘭特。如圖所示，2026 年初價格上漲 43%，達到每盎司 44,000 美元以上。繼一月份更劇烈且短暫的調整。在基本面良好的情況下，我們預計 2026 年獲利和現金流將有進一步改善的潛力。

We are continuing investing through the cycle in low risk, low capital intensity projects with quick paybacks, all supporting stable, high-performing operations with optionality to extend our portfolio. Overall, our SA PGM operations are very well positioned to benefit long term and also from the current market upside.

我們將繼續在周期內投資於低風險、低資本密集度、快速回報的項目，所有這些都支持穩定、高效的運營，並為我們擴展投資組合提供了選擇權。總體而言，我們在南非的鉑族金屬業務處於非常有利的地位，能夠從長期發展以及當前的市場上漲中獲益。

This slide illustrates our advancement on the PGM cost curve and based upon end December 2025 data, and highlights our positioning relative to peers. Starting on the right, Marikana's total cost, including CapEx, has been influenced by K4's project buildup phase, but as K4 approaches steady state, we're seeing a shift towards lower costs.This combined Rustenburg and Kroondal position has moved slightly higher due to the Kroondal transition to toll treatment, which does introduce processing costs, however, enhances profitability through improved revenue and margins.

這張幻燈片展示了我們在鉑族金屬成本曲線上的進展，並基於 2025 年 12 月底的數據，突出了我們相對於同行的定位。從右側開始，馬里卡納的總成本（包括資本支出）受到K4項目建設階段的影響，但隨著K4項目接近穩定運行，我們看到成本正在下降。由於克朗達爾礦區轉向收費處理，魯斯滕堡和克朗達爾礦區的合併排名略有上升。雖然這會增加加工成本，但透過提高收入和利潤率，提高了獲利能力。

While we are at or below the fiftieth percentile now, and our low capital intensity greenfields projects are poised to further strengthen competitiveness against peers, spot 4E and 6E, which includes base metal, basket prices are positioned well above our costs, underscoring our leverage in the prevailing market. And so our progression from the fourth to the second quarter reflects the value of our strategic investments in building long-term sustainable advantage in this business.

雖然我們目前處於或低於第 50 個百分位，而且我們低資本密集度的綠地項目有望進一步增強與同行的競爭力，但包括基本金屬在內的現貨 4E 和 6E 籃子價格遠高於我們的成本，這凸顯了我們在當前市場中的槓桿作用。因此，我們從第四季度到第二季度的進展反映了我們在該業務中建立長期可持續優勢的策略性投資的價值。

Now, to our gold operations. These mature assets are highly geared to gold prices and continue to generate strong cash flows in the current supportive price environment. Total production, including DRDGold, was lower by 10% at 19.7 tonnes.

現在，我們來談談黃金業務。這些成熟資產與黃金價格高度相關，在當前有利的價格環境下，它們將繼續產生強勁的現金流。包括 DRDGold 在內的總產量下降了 10%，為 19.7 噸。

Underground production reduced by 8%, primarily due to operational challenges at our Kloof operations, including seismicity and infrastructure constraints, while surface production was down 16%, influenced by lower yields as we transitioned from higher grade to lower grade tailings and lower grade third-party sources. A 39% increase in the gold price received helped mitigate this impact, though all-in sustaining costs increased 15% to ZAR1.4 million per kilogram, with 14% lower gold sold.

地下產量減少了 8%，主要是由於我們在克魯夫礦區面臨的營運挑戰，包括地震活動和基礎設施限制；而地面產量下降了 16%，這是由於我們從高品位尾礦和低品位第三方礦源過渡到低品位尾礦，導致產量下降所致。黃金價格上漲 39% 有助於緩解這一影響，但綜合維持成本上漲 15% 至每公斤 140 萬蘭特，而黃金銷量下降 14%。

At our Kloof operations, persistent challenges, including a shaft incident at (inaudible) 7 shaft in May 2025, infrastructure age showing in ventilation paths and ore pass systems, logistics constraints and seismic risk in high-grade isolated blocks of ground, or IBGs, resulted in production lower by 31% year on year at 3,374 kilograms. This prompted a rebasing of the plan and a life of mine adjustment to one year.

在我們的克魯夫礦區，持續不斷的挑戰，包括 2025 年 5 月 7 日（聽不清楚）豎井發生的豎井事故、通風通道和礦石溜槽系統的基礎設施老化、物流限制以及高品位孤立礦塊（IBG）的地震風險，導致產量同比下降 31%，至 3,374 公斤。這促使對計劃進行重新調整，並將礦山壽命調整為一年。

Safety remains our number one priority. We did relocate a number of Kloof teams from higher risk IBGs to different mine operations, and subsequently, post the comprehensive review process, removed those areas of Kloof operations from the long-term plan to align with our risk tolerance. That said, the sustained rise in the rand gold price over the period boosted Adjusted EBITDA 115% to ZAR12.5 billion, representing 33% of group EBITDA and surpassing 2020's record. Excluding DRDGold, EBITDA increased 111% to ZAR6.1 billion on average price of ZAR1.8 million a kilogram.

安全始終是我們的首要任務。我們確實將克魯夫礦區的一些團隊從風險較高的IBG礦區轉移到了不同​​的礦山作業區，隨後，在經過全面審查後，我們將克魯夫礦區的這些作業區從長期計劃中移除，以符合我們的風險承受能力。儘管如此，在此期間蘭特金價的持續上漲推動調整後 EBITDA 增長 115% 至 125 億蘭特，佔集團 EBITDA 的 33%，超過了 2020 年的記錄。不計DRDGold，EBITDA成長111%至61億蘭特，平均價格為每公斤180萬蘭特。

For the whole gold business, we are pleased to have concluded a three-year wage agreement with labor, and that provides a degree of cost certainty moving forward. There is a lot of work underway supporting our strategic transitioning of the SA gold business, and this effort is to ensure long-term sustainability. Our investment in DRDGold is a prime example, providing long-life, high-margin surface gold exposure that is cash generative.

對於整個黃金業務而言，我們很高興與勞工達成了一項為期三年的工資協議，這為未來的成本提供了一定程度的確定性。我們正在進行大量工作，以支持南非黃金業務的策略轉型，這項工作的目的是確保長期可持續發展。我們對 DRDGold 的投資就是一個絕佳的例子，它提供了長期、高利潤的地面黃金投資機會，並且能夠產生現金流。

We are also focusing on a higher margin, shallow gold mining business, with Burnstone's feasibility study underway and final investment decision being targeted for the first half of 2026. As you see in the image here, the Burnstone project exemplifies this strategic shift. We are also focusing on high margin, shallow gold mining, where we have added over 1 million ounces in reserves at Kloof Surface, Burnstone, attributable DRD and Beatrix operations.

我們也專注於利潤率較高的淺層金礦開採業務，Burnstone 的可行性研究正在進行中，最終投資決定目標是在 2026 年上半年做出。正如您在圖片中看到的，伯恩斯通計畫體現了這種策略轉變。我們也專注於高利潤的淺層金礦開採，在 Kloof Surface、Burnstone、DRD 和 Beatrix 礦區，我們新增了超過 100 萬盎司的黃金儲量。

Turning to the charts, the gearing and all-in sustaining cost margin chart illustrates how price, rising prices are opening up expanding margins, with the average gold price received climbing steadily against controlled all-in sustaining cost. The adjusted free cash flow bar chart highlights the magnitude and rapid cash flow turnaround, moving from negative in 2024 to positive and significant in 2025.

從圖表來看，槓桿率和綜合維持成本利潤率圖表顯示，價格上漲如何帶來不斷擴大的利潤空間，平均黃金價格在控制綜合維持成本的情況下穩步攀升。調整後的自由現金流長條圖突顯了現金流的規模和快速轉變，從 2024 年的負值轉變為 2025 年的正值和顯著的正值。

Looking forward, our core operations will continue to drive performance excellence, and we're excited about the prospects in our current portfolio. For 2026, the outlook is positive. Spot prices are up 9% year-to-date to over ZAR2.5 million per kilogram, and 20% above second half 2025 levels, all boding well for another successful year with potential earnings and cash flow growth.

展望未來，我們的核心業務將繼續推動卓越業績，我們對當前投資組合的前景感到興奮。2026年的前景樂觀。今年迄今為止，現貨價格上漲了 9%，達到每公斤 250 萬蘭特以上，比 2025 年下半年的水平高出 20%，所有這些都預示著又一個成功之年，並有可能實現盈利和現金流增長。

I'll now hand over to Charles.

現在我將把麥克風交給查爾斯。

Thank you, Richard. The US PGM operations have had a solid year, with production of 284,002 ounces and an all-in sustaining cost of $1,203 an ounce, beating our guidance, combined with a strongly improving safety performance into year-end. The significant downsizing in late 2024, while turning around the cash bleed at the time in the context of depressed prices, also sowed the seeds of improved mining productivities and cost efficiencies that we have built on through the year under review. Certainly, with improved PGM prices later in the year, we returned to profitability, and when you overlay Section 45X benefits, you have a competent outcome.

謝謝你，理查。美國鉑族金屬業務今年表現穩健，產量達 284,002 盎司，綜合維持成本為每盎司 1,203 美元，超出預期，同時安全績效在年底前也大幅提升。2024 年底的大幅裁員，雖然扭轉了當時價格低迷時期的現金流困境，但也播下了提高採礦生產力和成本效益的種子，而我們在回顧年度中一直以此為基礎。當然，隨著今年稍後鉑族金屬價格的上漲，我們恢復了盈利，再加上第 45X 條款的優惠，最終取得了令人滿意的結果。

During this period of getting our operating performance right, albeit at lower volumes, the team led by Kevin Robertson has also done a significant amount of work on setting up the Montana operations for long-term success. You have seen in the earlier global cost curve that we are now sitting in the middle of the pack and have been for two consecutive quarters. But our drive towards $1,000 an ounce is aimed at being a lowest quartile PGM producer on a sustainable basis through price cycles.

在這段時期，儘管產量較低，但我們仍在努力提升營運績效。在此期間，由凱文羅伯森領導的團隊也做了大量工作，為蒙大拿州的長期成功奠定了基礎。從先前的全球成本曲線圖中可以看出，我們目前處於中游水平，並且已經連續兩個季度如此。但我們力求每盎司達到 1000 美元的目標，是希望在價格週期中，能夠持續成為鉑族金屬價格最低的四分之一生產商。

In the Montana operations, we have a legacy of semi-mechanized mining, with narrow headings and small stopes, using a range of small equipment such as 2-yard LHDs and C-mac bolting, which ultimately constrains you with lower tonnes per cycle and a higher cost per ounce, notwithstanding the fact that our miners are incredibly good at what they do and bring significant skills and experience to the process.

在蒙大拿州的採礦作業中，我們一直沿用半機械化採礦的傳統，巷道狹窄，採場面積小，使用各種小型設備，例如 2 碼 LHD 和 C-mac 錨桿，這最終限制了每次循環的噸位減少和每盎司成本增加，儘管我們的礦工非常擅長他們的工作，並為該過程帶來了重要的技能和經驗。

Through last year, we trialed mechanized bolting with success, and we are now right now rolling out a significant transformation program, which will see, among many changes, a stepwise introduction of mechanized equipment, a progressive increase in heading size and advance, with associated workforce and supervisory upskilling, and a shift from legacy captive stopping to task mining.

去年，我們成功地試用了機械化錨桿，現在我們正在推出一項重大轉型計劃，該計劃將帶來許多變化，包括逐步引入機械化設備、逐步增加巷道尺寸和推進距離，以及相關的員工和管理人員技能提升，並從傳統的固定採礦轉向任務採礦。

The benefits of these changes really start bearing fruit in 2027, because we have a phased introduction of new equipment and changes to work practices running in parallel with our established approach. Where this takes us in the next 18 months is a fully mechanized and scaled operation with higher productivities and lower costs, improved safety and wellness benefits, and a business that we believe will be resilient through price cycles.

這些變革帶來的好處將在 2027 年開始真正顯現，因為我們將分階段引入新設備並改變工作方式，同時與我們既定的方法並行。未來 18 個月，我們將實現全面機械化和規模化運營，提高生產率，降低成本，改善安全和健康福利，我們相信這將使我們的業務能夠經受價格週期的考驗。

We are starting these change interventions at Stillwater East, and then moving to East Boulder. And once we know that we can deliver around $1,000 an ounce, we will consider bringing back Stillwater West, although this will require infrastructure upgrades and a range of capital spend, which means that we have that decision point further down the road, and it will need to be based on an extensive feasibility study.

我們將首先在斯蒂爾沃特東區開展這些變革幹預措施，然後推廣到東博爾德。一旦我們確定每盎司黃金的產量可以達到 1000 美元左右，我們將考慮恢復斯蒂爾沃特西礦區，但這需要基礎設施升級和一系列資本支出，這意味著我們還需要一段時間才能做出這個決定，而且這個決定需要基於廣泛的可行性研究。

If I turn to the US-based recycling business, 2025 has also been a busy year for us. We bedded down and integrated the Reldan acquisition and later added the Metallix acquisition. Together with our Columbus Autocat recycling business, we believe that we have a compelling PGM and precious metals recycling platform that has low capital intensity and which can provide stable margins through price cycles.

如果把目光轉向美國的回收業，2025 年對我們來說也是忙碌的一年。我們完成了對 Reldan 的收購並整合，後來又完成了對 Metallix 的收購。我們相信，結合我們在哥倫布的 Autocat 回收業務，我們擁有一個極具吸引力的鉑族金屬和貴金屬回收平台，該平台資本密集度低，並且能夠在價格週期中提供穩定的利潤率。

The team, led by Grant Stewart, is moving very quickly to integrate the management teams and optimize which feeds go to which site, while leveraging a single sourcing and sales platform that now has very wide reach, both in the Americas but also into Asia and elsewhere. As investors and analysts will appreciate, there is significant change underway in global metals recycling, where we are seeing consolidation, vertical integration, and indeed some companies in various parts of the value chain going to the wall.

在 Grant Stewart 的帶領下，團隊正迅速推進管理團隊的整合，並優化哪些資訊流流向哪些網站，同時利用一個單一的採購和銷售平台，該平台目前涵蓋範圍非常廣泛，不僅在美洲，而且在亞洲和其他地區也是如此。投資者和分析師將會意識到，全球金屬回收產業正在發生重大變化，我們看到產業正在整合、垂直一體化，而且價值鏈各個環節的一些公司確實正在走向破產。

Within the significant shifts underway, I think we are well positioned. We know what our value proposition is, the niches that we play in, and which differentiates us against some of our very large competitors. We now have the ability to organically grow an integrated recycling platform without needing to necessarily chase new acquisitions.

我認為，在當前發生的重大變革中，我們已經佔據了有利地位。我們清楚自身的價值主張、所處的細分市場，以及我們與一些規模龐大的競爭對手之間的差異。我們現在有能力有機地發展一個綜合回收平台，而無需刻意追求新的收購。

Our Century Zinc retreatment business in Australia has also had a very good year, from a stellar safety performance through to increased production of 101 kilotons of payable metal and a 17% decrease in all-in sustaining costs to $1,920 a tonne, which exceeded guidance. This team is very ably led by Barry Harris, and I want to thank Robert van Niekerk, who was the executive lead through the last couple of years, for a seamless handover.

我們在澳洲的 Century Zinc 再處理業務也取得了非常好的成績，從出色的安全表現到可售金屬產量增加到 101 千噸，以及綜合維持成本下降 17% 至每噸 1,920 美元，均超過了預期。這個團隊由 Barry Harris 領導得非常出色，我要感謝 Robert van Niekerk，他在過去幾年裡擔任執行領導，實現了無縫交接。

As you will be aware, the team has been working on two feasibility studies, Fost One and Mount Lyell. The Mount Lyell feasibility study is currently under assurance, review, and evaluation. We expect to have a close-out review in early May. The Fost One study is expected to be completed end of March, with assurance targeted to be completed end of May. Final decisions will be made within our disciplined capital allocation framework that Richard has spoken to.

如您所知，團隊一直在進行兩項可行性研究，分別是 Fost One 和 Mount Lyell。萊爾山可行性研究目前正在進行品質保證、審查和評估。我們預計在五月初進行結業審查。Fost One 研究預計將於 3 月底完成，品質保證工作預計將於 5 月底完成。最終決定將在理查德已經談到的我們嚴格的資本配置框架內做出。

Given the remaining short life at Century, a pathway to new opportunities in Australia is important, and I'm looking forward to spending time with the team on the ground next week and working through the opportunity set.

鑑於我在 Century 的剩餘壽命很短，尋找在澳洲的新機會至關重要。我期待下週與當地團隊一起探討各種機會。

With that, let me hand over to Robert. Thank you.

接下來，我將把麥克風交給羅伯特。謝謝。

Thank you, Charles, and hello, everybody. Sibanye-Stillwater has a substantial life of mine and a solid project base. Focusing only on the precious metals, we've got 356 million ounces in the resource category, of which about 16%, 58.2 million ounces, has been converted into the mineral reserve category. SAPDM operations contribute about 50% of the resource base, 177 million ounces, and again, about 16% of that has been converted into reserves, 29.4 million ounces.

謝謝你，查爾斯，大家好。Sibanye-Stillwater礦場擁有相當長的開採壽命和穩固的專案基礎。僅就貴金屬而言，資源類別中有 3.56 億盎司，其中約 16%（即 5,820 萬盎司）已轉化為礦產儲量類別。SAPDM 的營運貢獻了約 50% 的資源基礎，即 1.77 億盎司，其中約 16% 已轉化為儲量，即 2,940 萬盎司。

If you look on the right-hand side of the slide, you can see that these reserves serve very, very significant operations. Some of the Rustenburg operations have in excess of 32 years life. The Marikana K4 project, for example, has a 45-year life of mine, and the Marikana East 4 project has a 34-year life of mine.

如果你看一下投影片的右側，你會發現這些儲備用於非常非常重要的作業。魯斯滕堡的一些工廠已經運作超過 32 年。例如，馬里卡納 K4 計畫的使用壽命為 45 年，馬里卡納東 4 計畫的使用壽命為 34 年。

As Richard said earlier on, our gold operations are mature. They all leave bridge to the gold price, but I would like to add, they are very insignificant. We have a 43 million ounce resource and a 9.4 million ounce reserve. The Beatrix operation in the Free State is a solid operation. The Riebeeck East operation is a very solid operation, and our DRD operation is a world-class tailings retreatment operation. We also have the Burnstone project, which is destined to become a very efficient, shallow, low-cost, 25-year life of mine operation.

正如理查德之前所說，我們的黃金業務已經成熟。它們都與黃金價格有關，但我還要補充一點，它們的影響力微乎其微。我們擁有4300萬盎司的資源量和940萬盎司的儲量。Beatrix 在自由邦的行動非常穩健。Riebeeck East 礦場運作非常穩健，我們的 DRD 礦場營運是世界一流的尾礦再處理礦場。我們還有伯恩斯通項目，注定會成為一個非常有效率、淺層、低成本、營運壽命為 25 年的礦場。

The second biggest category of our resource base is our US operations. Here we have 89 million ounces in resource, of which only 19.4 million ounces have been converted into reserves. Again, these assets are highly leveraged. They are high grade, they are quality assets. And again, if you look at the right-hand side of the slide, the Stillwater Mine has a 26-year life of mine, and the East Boulder Mine has in excess of 30 years, actually 35 years of life of mine.

我們資源基礎的第二大類別是我們在美國的業務。這裡有8900萬盎司的資源量，其中只有1940萬盎司轉化為儲量。再次強調，這些資產的槓桿率很高。它們是高檔資產，是優質資產。此外，如果你看一下幻燈片的右側，斯蒂爾沃特礦的使用壽命為 26 年，而東博爾德礦的使用壽命超過 30 年，實際上是 35 年。

I would also like to add that this year we have included a maiden reserve for the Marikana East project in, let us say, PGM region. We have also included a maiden reserve for the Cook TSF and a maiden reserve for the Mount Lyell copper project in, Tasmania, Australia.

我還想補充一點，今年我們在 PGM 地區為馬里卡納東部計畫設立了首個儲備金。我們也納入了庫克TSF礦的首次儲量和澳洲塔斯馬尼亞州萊爾山銅礦計畫的首次儲量。

In closing, I'd like to leave everybody on the call with a message that next year, '26 and 2027, Sibanye-Stillwater will be focusing on converting a large percentage of their abundant resources into reserves. With that, I'm going to hand over to Melanie. Thank you very much.

最後，我想向所有參加電話會議的人傳達一個訊息：明年，也就是 2026 年和 2027 年，Sibanye-Stillwater 將致力於將其豐富的資源中很大一部分轉化為儲量。接下來，我將把麥克風交給梅蘭妮。非常感謝。

Thank you, Robert. Good morning, good afternoon, and good evening to all attendees. Our renewable energy program remains central to our journey toward carbon neutrality, having set ourselves a target to reduce our emissions by 40% come 2030.

謝謝你，羅伯特。各位與會者，早安、下午好、晚上好。我們的再生能源計畫仍然是我們實現碳中和進程的核心，我們已設定目標，並在 2030 年將排放量減少 40%。

Now, with the conclusion of the new agreements with Itana and Noah, our renewable pipeline has expanded to 765 MW, delivering nearly the same capacity as a single Kosiba unit, and thus strengthening our energy security and accelerating progress toward carbon neutrality. Naturally, this positions us as the largest contracted private renewable energy off-taker in South African mining.

現在，隨著與 Itana 和 Noah 達成新協議，我們的再生能源專案儲備已擴大到 765 兆瓦，提供的容量幾乎與 Kosiba 單一機組相同，從而增強了我們的能源安全，並加快了實現碳中和的進程。自然而然地，這使我們成為南非礦業領域最大的簽約私人再生能源承購商。

With this portfolio, come 2028, it will supply more than half of our South African energy needs. It will generate over ZAR1 billion in annual savings and avoid 2.6 million tons of CO2 each year, a 41% reduction from our 2024 levels. At the same time, our operations, high water demand, and presence in water stream catchments make strong water stewardship critical. Through disciplined management practices and our investment in advanced water treatment plants, we've significantly reduced potable water reliance and increased resilience and also contributed to margins.

憑藉這一能源組合，到 2028 年，它將滿足南非一半以上的能源需求。該計畫每年將節省超過 10 億蘭特，每年可避免排放 260 萬噸的二氧化碳，比 2024 年減少 41%。同時，我們的營運、高用水需求以及在流域的存在，使得強而有力的水資源管理至關重要。透過嚴格的管理措施和對先進水處理廠的投資，我們大幅降低了對飲用水的依賴，提高了抵禦能力，同時也提高了利潤率。

Four of our operations are now fully independent of municipal potable water, with our gold assets at 94% independence. Importantly, though, the water liberated through these efforts is equivalent to the needs of a mid-sized city and an essential social contribution in a water-scarce country that's currently grappling with water challenges.

我們目前有四項業務完全擺脫了市政飲用水的依賴，黃金資產的獨立性達到 94%。但重要的是，透過這些努力釋放的水量相當於一個中等規模城市的用水需求，對於一個目前正努力應對水資源挑戰的缺水國家來說，這是一項重要的社會貢獻。

Our commitment to communities remains equally strong, and through the Marikana renewal process, we've prioritized addressing the needs of affected families and rebuilding trust. A key focus was closing the housing gap for families not supported by the MKU Trust. I'm pleased to share that we delivered the final 2 of 17 houses, honoring our commitment to the widows. As a business, we remain committed to shared value with all stakeholders as we earn trust where we operate.

我們對社區的承諾仍然堅定不移，在馬里卡納重建過程中，我們優先考慮滿足受影響家庭的需求並重建信任。重點是縮小未獲得 MKU 信託基金支持的家庭的住房差距。我很高興地宣布，我們已經交付了 17 棟房屋中的最後 2 棟，履行了我們對寡婦們的承諾。作為一家企業，我們始終致力於與所有利害關係人共享價值，並在我們營運所在地贏得信任。

Thank you, and handing over to you, Charles.

謝謝，現在把麥克風交給你，查爾斯。

Thanks, Melanie. At Keliber, we are looking forward to hosting a market day in a couple of months and doing a deep dive on the operation. When you get there, you will see a really impressive build, and the team on the ground, led by Hannu Hautala, has done an incredible job in completing the build program on schedule, and where changes to spend were related to revised permit requirements late in the process. This is Sibanye-Stillwater's first greenfield project build, and it has been incredibly well executed.

謝謝你，梅蘭妮。在 Keliber，我們期待在幾個月後舉辦一次市集日活動，並深入了解其營運狀況。當你到達那裡時，你會看到一個非常令人印象深刻的建築，由 Hannu Hautala 領導的現場團隊出色地完成了建設項目，按時完成了所有工作，而支出的變化與後期修改的許可證要求有關。這是 Sibanye-Stillwater 的第一個新建項目，而且完成得非常出色。

The financial investment decision for the refinery was made in November 2022. In October 2023, the scope change for the effluent treatment plant was approved, along with authorization to begin construction of the concentrator. Mechanical completion has been achieved for all components of both the concentrator and refinery, with the exception of the rotary kiln at the refinery.

該煉油廠的財務投資決定是在 2022 年 11 月做出的​​。2023 年 10 月，污水處理廠的範圍變更獲得批准，同時濃縮器建造也獲得授權。除煉廠的旋轉窯外，選礦廠和煉廠的所有零件均已完成機械施工。

As you may be aware, mining activities were delayed due to postponing contract signing until the completion of the deep dive analysis in the second half of last year. Commissioning of the concentrator, crusher, conveyance system, sorting plant, and laboratory is scheduled to be completed ahead of plan. The phased approach is a direct outcome of the deep dive work conducted by the corporate technical team.

如您所知，由於推遲合約簽署直至完成去年下半年的深入分析，採礦活動有所延誤。選礦廠、破碎機、輸送系統、分選廠和實驗室的調試工作預計將提前完成。分階段實施方法是公司技術團隊深入研究工作的直接成果。

The guidance is that we will produce at least 15,000 to 20,000 kilotonnes of spodumene this year, either for direct sale or as a feed into the refinery, if approved last year and subject to market conditions.

預計今年我們將生產至少 15,000 至 20,000 千噸鋰輝石，如果去年獲得批准並視市場情況而定，則可直接出售或作為煉油廠的原料。

Let me unpack the stage approach in a little more detail. Stage one, EUR783 million achieved for all components of both the concentrator and refinery with the exception of the rotary kiln at the refinery.

讓我更詳細地解釋一下分階段實施的方法。第一階段，除煉廠的旋轉窯外，選礦廠和煉廠的所有組件均已完成，總投資額為7.83億歐元。

As you may be aware, mining activities were delayed due to postponing contract signing until the completion of the deep dive analysis in the second half of last year. Commissioning on the concentrator, crusher, conveyance system, sorting plant, and laboratory is scheduled to be completed ahead of plan.

如您所知，由於推遲合約簽署直至完成去年下半年的深入分析，採礦活動有所延誤。選礦廠、破碎機、輸送系統、分選廠和實驗室的調試工作預計將提前完成。

The phased approach is a direct outcome of the deep dive work conducted by the corporate technical team. The guidance is that we will produce at least 15,000 kilotons to 20,000 kilotons of spodumene this year, either for direct sale or as a feed into the refinery if approved late year and subject to market conditions.

分階段實施方法是公司技術團隊深入研究工作的直接成果。預計今年我們將生產至少 15,000 千噸至 20,000 千噸鋰輝石，可直接出售，或作為煉油廠的原料（如果年底獲得批准並視市場情況而定）。

Let me unpack the stage approach in a little more detail. Stage 1, EUR783 million is the initial capital and excludes any other pre-production SIB costs. 237 kilotons of stockpile is required by year-end to counter the limitation put on the Syväjärvi mining permit being capped at 540 kilotons.

讓我更詳細地解釋一下這種分階段實施的方法。第一階段的初始資本為7.83億歐元，不包括任何其他生產前的社會投資債券成本。為彌補錫瓦耶爾維礦區採礦許可證54萬噸的產量上限，年底前需儲備23.7萬噸礦石。

Stage 2, spodumene grade of greater than 5.1% is targeted to ensure a sellable product which will not incur penalties or rejection from commercial counterparties. Stage 3 refinery startup decision is conditional on the market assessment at the time. If there's a pause, we will continue its volume and sales.

第二階段的目標是鋰輝石含量大於 5.1%，以確保產品可銷售，不會受到商業交易對手的處罰或拒絕。第三階段煉油廠的啟動決定取決於當時的市場評估。即使出現停頓，我們也會繼續保持目前的產量和銷售量。

Stage 4 focus on technical grade will allow the team to sort out processing issues before quality issues. The team will continue to incorporate lessons learned from other facilities. Stage 5 decision to proceed with ramp up to produce battery grade lithium. It must be noted that the qualification process for battery grade may take six to nine months, which means battery grade could be commercially available, likely at the earliest in 2028.

第四階段重點在於技術等級，這將使團隊能夠在出現品質問題之前解決加工問題。團隊將繼續吸取其他機構的經驗教訓。第五階段決定繼續推進電池級鋰的生產。必須指出的是，電池級認證過程可能需要六到九個月，這意味著電池級最早可能在 2028 年才能商業化。

On the operational overview, it's important to note that the feasibility profiles had a number of satellite ore bodies in as well. As far back as 2023, we have kicked off mining optimization studies, which resulted in the extended life only out of the Syväjärvi and Rapasaari pits. We intend to kick off further work on the other pits as well as this year.

從營運概況來看，值得注意的是，可行性研究報告中也包含了若干衛星礦體。早在 2023 年，我們就啟動了採礦優化研究，結果只延長了 Syväjärvi 和 Rapasaari 礦坑的壽命。我們計劃今年也開始對其他礦坑進行進一步的施工。

Work on the [Tisafit], which is a new pit which will lie close to Rapasaari. When you are on site, you'll see that we have a strong land position with further exploration options ahead of us at the right time and given all the exploration juniors that have pegged claims outside of our lease boundary, I have no doubt that the lithium story has legs in northern Western Finland for a very long time to come. The spike in SIB in 2008 in the graph on the lower left is mainly driven by the waste stripping for the Rapasaari pit.

[Tisafit] 礦井的建設工作正在進行中，這是一個位於 Rapasaari 附近的新礦井。當您親自到現場時，您會發現我們擁有強大的土地優勢，並且在適當的時機還有進一步的勘探選擇。鑑於許多小型勘探公司已經在我們的租賃邊界之外獲得了勘探權，我毫不懷疑，鋰礦開採在芬蘭西北部地區將持續很長時間。左下角圖表中 2008 年 SIB 的激增主要是由 Rapasaari 礦坑的廢料剝離造成的。

The cost overview will be updated as we get new insights from our cost optimization and debottling studies. And certainly, the team is focused on improving this picture. Here, the further optimization work is focused primarily on the following work streams. Mining study work to optimize pit design pushbacks and stockpiling.

隨著我們從成本優化和去瓶研究中獲得新的見解，成本概覽將會更新。當然，團隊正致力於改善這種情況。在此，進一步的最佳化工作主要集中在以下工作流程。採礦研究工作旨在優化礦坑設計、後推和堆料。

We're targeting here a potential EUR10 million to EUR15 million savings. And the mine to deliver a stockpile of 50 kilotons or by June 30, about 1 month of inventory. As I noted, 237 kilotons to be on stockpile to ensure stable production in 2027.

我們的目標是節省 1000 萬至 1500 萬歐元。礦場應在 6 月 30 日前交付 5 萬噸庫存，約相當於 1 個月的庫存量。正如我所指出的，需要儲備 237 千噸，以確保 2027 年的穩定生產。

The concentrated study is targeting spodumene grade above 5.1% to optimize spodumene concentrate sales and boost refinery capacity. Metallurgical work on grade versus recovery is in progress. First grade recovery curves issued for mining production planning are also taking place.

此集中研究的目標是提高鋰輝石品位至 5.1% 以上，以優化鋰輝石精礦的銷售並提高煉廠產能。冶金學方面關於品位與回收率的研究正在進行中。目前也正在製定用於礦業生產計畫的一級品位回收曲線。

Cost reduction and efficiency optimization targeting a potential unit cost decrease of $1000 per ton of lithium hydroxide has a number of components. We're reviewing the procurement for more cost savings, developing a full digital twin of the value chain to further optimize. We're studying the personnel and staffing optimization opportunities and we're reassessing the maintenance strategy and costs post ramped up. So there's a lot of further optimization work on the go, and I'm confident that we'll start to see gains from that in the next few months.

降低成本和優化效率，目標是將每噸氫氧化鋰的單位成本降低 1000 美元，其中包含多個組成部分。我們正在審查採購流程，以進一步節省成本，並開發價值鏈的完整數位孿生模型以進一步優化。我們正在研究人員配備和人員配置最佳化機會，並重新評估產能提升後的維護策略和成本。因此，我們還有很多優化工作正在進行中，我相信在接下來的幾個月裡，我們將開始看到這些工作帶來的成果。

Refinery debottleneck in studies targeting higher throughput potential and overall yield improvement are also on the go. This is about increasing refining capacity by adding a magnetic separator and resolving process bottlenecks. We're looking to boost the yield 2% to 3%. Recovering lithium from the (inaudible) treatment stream, reducing ETP costs by reviewing current initiatives, and working with other third parties to support refinery commissioning and ramp up phases.

旨在提高煉油廠產能和整體收率的研究也在進行中，這些研究旨在消除煉油廠瓶頸。這是為了透過增加磁選機來提高精煉能力，並解決製程瓶頸問題。我們希望將收益率提高 2% 到 3%。從（聽不清楚）處理流中回收鋰，透過審查現有措施降低 ETP 成本，並與其他第三方合作支援煉油廠的調試和產能提升階段。

With that, thank you, and let me hand over to Charl.

那麼，謝謝大家，接下來交給查爾。

Thank you, Charles. Good morning to all participants. It gives me great pleasure to share the financial results for the year ended 2025. If we start with the key highlights, headline earnings per share for 2025 increased 281% to [ZAR2.44] per share. During the same period, adjusted EBITDA increased almost threefold from ZAR13 billion to just under ZAR38 billion, a 189% increase.

謝謝你，查爾斯。各位參與者早安。我非常高興地與大家分享截至2025年的財務表現。如果從關鍵亮點開始，2025 年每股核心收益成長 281% 至每股 2.44 南非蘭特。在同一時期，調整後的 EBITDA 成長了近三倍，從 130 億蘭特增至略低於 380 億蘭特，增幅達 189%。

As a reminder, we have set a target of reducing gross debt by 50% from the current [2.2 billion] level over the next 2 to 3 years. A through the cycle net gearing target of below 1 times net debt to EBITDA remains consistent with our financial policy and has served us well during periods of constrained commodity prices.

再次提醒大家，我們已設定目標，在未來 2 到 3 年內將總債務從目前的 [22 億] 水準減少 50%。在整個經濟週期中，淨負債率目標保持在淨債務與 EBITDA 比率低於 1 倍，這與我們的財務政策一致，並且在商品價格受限時期對我們大有裨益。

If we look at our net debt to adjusted EBITDA at the end of 2025, it is down 1.77 times at the end of 2024 to 0.59 times at the end of 2025. As a reminder, the dividend declared for 2025, as you would have heard, is [ZAR1.31] per share with 2% yield.

如果我們看一下 2025 年底的淨負債與調整後 EBITDA 的比率，該比率從 2024 年底的 1.77 倍下降到 2025 年底的 0.59 倍。再次提醒大家，正如你們所聽到的，2025 年宣布的股息為每股 [ZAR1.31]，收益率為 2%。

Turning to the income statement, revenue increased by 16% and costs were down 8%. However, as highlighted on the previous slide, this translated to an increase of almost 200% in adjusted EBITDA.

從損益表來看，收入成長了 16%，成本下降了 8%。然而，正如上一張投影片所強調的，這轉化為調整後 EBITDA 成長了近 200%。

Noteworthy items for 2025 include the following: the loss of financial instruments of ZAR3.8 billion was mainly due to the impact of the protective gold hedges that amounted to ZAR1.7 billion as well as a revaluation of the Burnstone debt. With the sharp increase in the long-term price of gold, the Burnstone debt is now expected to be fully repaid, and that meant that we had to increase this liability by ZAR1.7 billion.

2025 年值得注意的項目包括：金融工具損失 38 億蘭特，主要是由於保護性黃金對沖的影響（損失達 17 億蘭特）以及 Burnstone 債務的重估。由於黃金長期價格大幅上漲，Burnstone 的債務預計將全部償還，這意味著我們不得不將這筆負債增加 17 億蘭特。

Another big item that impacted this period, impairments for the year at the US PGM operations, Keliber and Kloof amounted to ZAR15.8 billion. The impairment at Kloof was due to the reduction in the life of mine, due to the removal of isolated blocks of ground for safety reasons.

影響這段時期的另一個重大項目是美國鉑族金屬業務 Keliber 和 Kloof 的年度減損損失達 158 億蘭特。克魯夫礦場的減產是由於礦山壽命縮短造成的，這是因為安全原因移除了孤立的礦塊。

The impairment at the US PGM operations and Keliber were the result of changes in economic parameters such as long-term prices. This was partially offset by the reversal of impairments at Beatrix, Driefontein, and Burnstone due to the increase in the long-term price of gold. The transaction cost includes the $215 million or ZAR3.6 billion settlement of the Appian claim. If we look at the net other costs that benefited from credits in 2024 that were once off and did not repeat in 2025, it is important to note that taxes and royalties of ZAR4.3 billion increased in proportion to our profitability.

美國鉑族金屬業務和凱利伯礦的減損是由於長期價格等經濟參數的變化所造成的。由於黃金長期價格上漲，Beatrix、Driefontein 和 Burnstone 的減損損失得到逆轉，部分抵消了上述損失。交易成本包括支付給 Appian 的 2.15 億美元（約 36 億蘭特）和解金。如果我們看一下 2024 年受益於一次性抵免且 2025 年不再重複的淨其他成本，值得注意的是，稅收和特許權使用費 43 億蘭特與我們的盈利能力成正比增長。

As already mentioned, a full-year dividend of ZAR3.7 billion or at the top end of the range, 35% of normalized earnings will be paid. Compared to the last dividend that we paid in 2023, this represents an increase of 146% on an absolute basis.

如前所述，全年股息為 37 億蘭特，或以最高限額計算，相當於正常化收益的 35%。與 2023 年我們發放的上一次股息相比，這代表絕對值增加了 146%。

In 2025, we had significant non-routine cash impacts that affected our financial results. These included the Appian payment and the gold hedges that was put in place in December 2024 to ensure the ongoing sustainability of our gold operations.

2025年，我們遭遇了重大的非經常性現金影響，影響了我們的財務表現。其中包括 Appian 的付款和 2024 年 12 月實施的黃金對沖，以確保我們黃金業務的持續可持續性。

The question that a lot of people will ask is what would your financial results have looked like in the absence of these non-routine items? The short answer is that the money available for the three areas of distribution would have increased by ZAR 5.2 billion to approximately ZAR14.6 billion, and each bucket would have been allocated ZAR4.9 billion.

很多人會問，如果沒有這些非常規項目，你的財務表現會是什麼樣子？簡而言之，可用於三個分配領域的資金將增加 52 億蘭特，達到約 146 億蘭特，每個類別將分配 49 億蘭特。

However, in 2025, on a look-back basis, we did allocate more to growth. As one, the revised allocation model was not in place; and two, we were finalizing the Keliber project. Importantly, for 2026, our growth capital plan excluding DRD is ZAR3.7 billion compared to the ZAR9.4 billion that we spent in 2025. The growth capital excludes Burnstone and other projects in study phase, and as we generate more cash and earn the right to allocate more to each bucket, these will be considered.

然而，從回顧的角度來看，到 2025 年，我們確實為成長分配了更多資金。第一，修訂後的分配模型尚未到位；第二，我們正在完成 Keliber 專案。重要的是，2026 年，我們的成長資本計畫（不包括 DRD）為 37 億蘭特，而 2025 年我們花了 94 億蘭特。成長資本不包括 Burnstone 和其他處於研究階段的項目，隨著我們產生更多現金並獲得為每個資金池分配更多資金的權利，我們將考慮這些項目。

Our debt maturities remain manageable due to a well constructed maturity profile. Gross debt was ZAR39 billion and less the cash on hand of ZAR17 billion equated to net debt of ZAR22 billion. Liquidity headroom is strong at ZAR40 billion or roughly 5.5 months of OpEx plus CapEx.

由於債務到期結構合理，我們的債務到期情況仍處於可控範圍內。總債務為 390 億蘭特，減去手頭現金 170 億蘭特，淨債務為 220 億蘭特。流動性充裕，達到 400 億蘭特，約 5.5 個月的營運支出加資本支出。

The next priority on our debt profile will be the upcoming renewal and downsizing of our 2026 $675 million bond. And the target date for completion is before the end of 2026. And this will be subject to support of markets.

我們債務狀況的下一個優先事項是即將到期的 2026 年 6.75 億美元債券的續約和縮減規模。預計竣工日期在2026年底之前。而這還要取決於市場的支持。

Thank you, ladies and gentlemen. I will now pass the baton to Kleantha, then will discuss market performance. Thank you, Kleantha.

謝謝各位女士、先生。現在我將把接力棒交給克萊安莎，然後我們將討論市場表現。謝謝你，克萊安莎。

Thanks, Charl, and good morning, everyone. Markets were characterized by tariff uncertainty and geopolitical tensions throughout 2025 and into 2026. And this has driven the precious metals rally. Gold spot prices broke the $4500 mark during December, up 73% since the beginning of the year, and driven again by geopolitics, wars, and a weak US dollar. Gold ETFs were up 25% year on year to 4,000 tons, and central bank buying continued.

謝謝查爾，大家早安。2025 年全年以及 2026 年，市場都面臨關稅不確定性和地緣政治緊張局勢。而這推動了貴金屬價格的上漲。12 月份，黃金現貨價格突破 4,500 美元大關，較年初上漲 73%，這再次受到地緣政治、戰爭和美元疲軟的推動。黃金ETF年增25%至4000噸，各國央行繼續購入黃金。

The platinum price rally has been driven largely by tariff uncertainty and was exacerbated by primary supply disruptions during the first half of the year. 3E recycling volumes were up 9% year on year. However, this is still below the pre-COVID levels, despite better prices attracting hoarded stock.

鉑金價格上漲主要是由於關稅的不確定性，並且由於上半年主要供應中斷​​而加劇。3E回收量較去年同期成長9%。然而，儘管價格上漲吸引了囤貨者，但目前的水平仍低於新冠疫情前的水平。

The tariff uncertainty has resulted in significant platinum flows into both the US and China. Over 600,000 ounces of platinum was imported into the US in July, compared with normal levels of around 200,000 ounces. Between July and October, 1 million ounces of above normal levels moved into the US, and overall platinum imports were up over 50% year on year.

關稅的不確定性導致大量鉑金流入美國和中國。7 月美國進口了超過 60 萬盎司的鉑金，而正常水平約為 20 萬盎司。7 月至 10 月期間，超過正常 100 萬盎司的鉑金流入美國，鉑金進口總量較去年同期成長超過 50%。

NYMEX stocks quickly reached a peak of about 630,000 ounces in April and then dropped back to 280,000 ounces in July. These as reciprocal tariffs were delayed, and then PGMs were on the list of goods not subject to tariffs. Stocks then jumped back to around 700,000 ounces in October. The outcome of the section 232 investigation was delayed due to the government shutdown. Since then, the outcome has been announced as negotiations, not tariffs, so uncertainty still lingers.

紐約商品交易所（NYMEX）黃金庫存4月迅速達到約63萬盎司的峰值，然後在7月回落至28萬盎司。這些互惠關稅被推遲，之後鉑族金屬被列入免關稅的商品清單。10月份庫存回升至約70萬盎司。由於政府停擺，第 232 條調查的結果被推遲了。此後，官方宣布的結果是透過談判達成，而不是徵收關稅，因此不確定性仍然存在。

Imports of platinum into China also increased steadily during the first half of the year and then fell back in the second half as prices became too high. Investors and jewelry manufacturers switched into platinum as gold just became too expensive.

今年上半年，中國鉑金進口量穩定成長，但下半年因價格過高，進口量回落。由於黃金價格過於昂貴，投資者和珠寶製造商紛紛轉向鉑金。

Overall, platinum imports into China were up 7% year on year to 4.5 million ounces, supported by the launch of the platinum futures trading on the Guangzhou Futures Exchange in November. Large daily trading volumes north of 6 million ounces per day in December resulted in the [GFEX] having to implement restrictions on trading.

整體而言，受廣州期貨交易所11月推出鉑金期貨交易的推動，中國鉑金進口量較去年同期成長7%，達到450萬盎司。12 月每日交易量超過 600 萬盎司，導致 [GFEX] 不得不對交易實施限制。

Platinum demand and along with it palladium during 2025 was largely driven by investment and speculation rather than by fundamental industrial requirements. Over the near term, we continue to forecast deficits for both platinum and palladium, while the rhodium market balance will remain close to balance. The recent rally in prices has set us a new higher base, and the heightened focus on securing critical minerals will continue to drive regional supply chains and with it price differentiation.

2025 年鉑金和鈀金的需求主要由投資和投機驅動，而不是受基本的工業需求驅動。短期內，我們繼續預測鉑金和鈀金將出現供應短缺，而銠金市場將保持接近平衡的狀態。近期價格上漲為我們設定了一個新的更高基準，而對保障關鍵礦產資源的日益重視將繼續推動區域供應鏈的發展，並隨之帶來價格差異化。

And now, moving on to lithium, the appreciation in lithium prices during quarter four was driven by China's anti-evolution drive and the clampdown on primary supply in that country, as well as from better than anticipated demand from battery energy storage systems. China changed the feed-in tariff model for renewable energy mid-2025, unlocking demand for energy storage systems.

現在，我們來看看鋰。第四季鋰價上漲的原因是中國的反進化運動和對該國一次供應的打壓，以及電池儲能係統需求比預期好。中國在2025年中期改變了再生能源上網電價機制，釋放了對儲能係統的需求。

Prices moved from a low $7000 per ton levels up to just over $16,000 per ton currently. Inventory levels remain low as cattle's lepidolite mine has yet to start producing again and winter supply from brine production is reduced.

價格從每噸 7000 美元的低點上漲到目前的每噸 16000 美元以上。由於牛用鋰雲母礦尚未恢復生產，冬季鹽水供應減少，庫存水準仍然很低。

Looking out to 2029, battery energy storage system demand is expected to grow at a 23% CAGR while demand from battery electric vehicles will grow at a 9% CAGR. The market is expected to remain in surplus over the medium term and will start tightening from 2028 and 2029. New supply will need to be incentivized by higher prices.

展望 2029 年，電池儲能係統需求預計將以 23% 的複合年增長率成長，而電池電動車的需求將以 9% 的複合年增長率增長。預計中期內市場將保持供應過剩，並將於 2028 年和 2029 年開始趨緊。需要透過提高價格來刺激新增供應。

Looking forward to the rest of this year, we remain bullish on gold. We believe that PGM prices have reset at a higher base, but will continue to be volatile. And similarly, we believe that lithium prices will continue to be influenced by Chinese decision making. We will therefore continue to focus on what is in our control, performance and delivery at our operations.

展望今年剩餘時間，我們依然看好黃金。我們認為鉑族金屬價格已重置在更高的基數上，但仍將繼續波動。同樣地，我們認為鋰價將繼續受到中國決策的影響。因此，我們將繼續專注於我們可控的方面，即我們營運的績效和交付。

I'll now hand back to Richard to conclude.

現在我將把麥克風交還給理查德，讓他總結一下。

Thanks very much, Kleantha, and then I guess, just heading into the last section to to wrap up with, so I think just starting off with our guidance for for 2026 and the outlook, starting off with our South African PGM operations, I think a very slight decline in terms of our production guidance in line with the overall life of mine profile that many of you will be familiar with, but no significant changes across the South African PGM operations.

非常感謝 Kleantha，接下來我想進入最後一部分，總結一下。首先，我想談談我們對 2026 年的指導和展望，首先是我們在南非的鉑族金屬業務。我認為，根據你們許多人都熟悉的礦山整體生命週期情況，我們的產量指引將略有下降，但南非鉑族金屬業務不會發生重大變化。

Guidance of the South African gold operations is slightly lower than what we achieved this year or during 2025, and that is driven largely by the reduction of output at the Kloof operations as Richard touched on earlier.

南非黃金業務的預期產量略低於我們今年或 2025 年的預期產量，這主要是由於 Kloof 礦區產量減少所致，正如 Richard 之前提到的那樣。

I think in terms of the US PGMs, we do see a slight increase in terms of output at the underground operations that is coupled with the with the ongoing work towards reducing the overall unit costs down towards $1000 per ounce, and associated with that, we do see an increase in some of the capital as we start making those those investments.

我認為就美國鉑族金屬而言，我們看到地下礦場的產量略有增加，同時我們也在努力將單位總成本降低到每盎司 1000 美元左右，與此同時，隨著我們開始進行這些投資，我們也看到一些資本有所增加。

On the recycling, we have quoted our production guidance as a gold equivalent ounces, so you'll see 400,000 to 420,000 ounces there. Please note that is gold equivalent. We produce a range of metals, but I think when looking at it on this basis, it does just demonstrate the significance of this business, almost 0.5 million equivalent gold ounces that we have built over the time of a -- as we mentioned, low capital intensity, very low capital base.

關於回收利用，我們以黃金當量盎司為單位給出了生產指導，所以你會看到 40 萬到 42 萬盎司。請注意，這是黃金等值。我們生產多種金屬，但我認為從這個角度來看，這確實表明了這項業務的重要性，我們在——正如我們提到的——低資本密集度、非常低的資本基礎下，積累了近 50 萬盎司的黃金當量。

On Keliber, the guidance we are providing is we are anticipating producing spodumene concentrate as we ramp up the concentrator. At this stage, whether or not that goes into refinery, of course, will be dependent on the decision that is made on the commissioning of the refinery. And in terms of total costs, we are guiding towards a total expenditure of about EUR180 million to EUR190 million.

關於 Keliber，我們提供的指導意見是，隨著選礦廠產能的提升，我們預計會生產鋰輝石精礦。現階段，這些原料是否能進入煉油廠，當然取決於煉油廠投產的決定。就總成本而言，我們預計總支出約為 1.8 億歐元至 1.9 億歐元。

Just to unpack that briefly, approximately half of that, about EUR90 million is the remaining project capital that was due to get spent predominantly in the first quarter and a little bit in quarter two, so that is in line with the original project capital of EUR780 million that we've shared with the market, and the balance is really the cost of the -- as we ramp up the overall operation. At Century Zinc, this is likely to be the last full year of production out of Century Zinc, and again, largely in line with what was achieved during 2025.

簡單解釋一下，其中大約一半，約 9000 萬歐元，是剩餘的項目資金，主要計劃在第一季度支出，少量計劃在第二季度支出，這與我們之前向市場公佈的 7.8 億歐元的原始項目資金一致。其餘部分實際上是隨著我們擴大整體營運規模而產生的成本。對於 Century Zinc 而言，這很可能是 Century Zinc 最後一個完整的生產年，產量也基本上與 2025 年的產量持平。

So just moving on to the strategy, I think as we outlined in my earlier slides, I think we've set a very solid base, moving forward into 2026. The four key pillars that we have with regards to our strategy being simplification, simplification of our operating model and our portfolio; performance excellence, which I think you heard us touching on today and unpacking around safe production, operational excellence, optimizing our resources to maximize value and embedding sustainability in the way that we operate; growth, which is initially focused on the value creation we believe we can drive from our existing resources and therefore unlocking organic value; and finally, a discipline capital allocation model. By bringing these four pillars together with the base that we've set in 2025, we are certainly confident that we can unlock significant value as we move forward into 2026, irrespective of the environment that we find ourselves operating in.

接下來談談策略，我認為正如我在前面的幻燈片中概述的那樣，我們已經為邁向 2026 年奠定了非常堅實的基礎。我們的策略有四大支柱：簡化，簡化我們的營運模式和產品組合；卓越績效，我想你們今天也聽到了我們圍繞安全生產、卓越運營、優化資源以最大化價值以及將可持續性融入我們的運營方式等方面的闡述；增長，最初側重於我們認為可以利用現有資源創造價值，從而釋放內生價值；最後，是嚴格的資本配置模式。透過將這四大支柱與我們在 2025 年設定的基礎結合起來，我們完全有信心，無論我們身處何種環境，都能在邁向 2026 年的過程中釋放巨大的價值。

I think just wrapping up with the overall strategy that we shared with the market at the end of January, towards creating a future-focused metals business, in the short-term, our strategy is very much focused on strengthening our business fundamentals, and this will be achieved through increasing our operating margins, through our operational excellence, simplifying our operating model, and ultimately simplifying our portfolio towards highest return assets and cash-generative assets. I think if we're successful in this regard, we will be generating free cash through a disciplined capital allocation framework that looks at returning capital to shareholders, reducing our total gross debt, and investing in the growth and sustainability of the business, particularly unlocking our inherent resource value. We certainly see that as ultimately continuing to build our business, building our production profile, and continuing to build on our resource stewardship model across primary mining, secondary mining, and recycling.

我認為，總結我們在1月底與市場分享的整體策略，即打造面向未來的金屬業務，短期內，我們的策略重點是加強業務基本面，這將透過提高營運利潤率、提升營運效率、簡化營運模式以及最終簡化投資組合，使其轉向高回報資產和現金流資產來實現。我認為，如果我們在這方面取得成功，我們將透過一個嚴謹的資本配置框架來產生自由現金流，該框架著眼於向股東返還資本、減少我們的總債務以及投資於業務的增長和可持續性，特別是釋放我們固有的資源價值。我們當然認為這最終將有助於我們繼續發展業務、提升生產水平，並繼續完善我們在初級採礦、二級採礦和回收方面的資源管理模式。

So, ladies and gentlemen, I think in conclusion, once again, thank you for joining us today. To try and sum up in three quick points I think where we are sitting today as a business, I think we've had a solid operational output in 2025, and I think we're well positioned moving into 2026, to unlock the significant value that we have within our portfolio.

女士們、先生們，最後，再次感謝各位今天蒞臨我們的節目。簡單總結三點，我認為就我們目前的業務狀況而言，我們在 2025 年取得了穩健的營運成果，並且我認為我們已經做好充分準備，邁入 2026 年，釋放我們投資組合中蘊藏的巨大價值。

I think we have seen a noisy set of financials, but looking through that, there is some real financial stability in the company. We've reduced our gearing significantly and certainly at the current commodity prices that we are experiencing and the operational output that we are achieving, we look forward to some significant cash flow as we move forward.

我認為我們看到了一組波動較大的財務數據，但透過這些數據，我們可以看出該公司確實具有一定的財務穩定性。我們已經大幅降低了槓桿率，就我們目前所經歷的大宗商品價格和我們所取得的營運產出而言，我們期待著隨著我們不斷前進，能夠獲得可觀的現金流。

And then, I think we finally have a resilience and a discipline strategy. This is a strategy that is independent of the external environment, and positions us for long-term themes, which we see underpinning growth within the commodities market.

然後，我認為我們終於有了韌性和紀律策略。這是一項獨立於外部環境的策略，使我們能夠掌握長期主題，我們認為這些主題支撐著大宗商品市場的成長。

Just in terms of way forward, as we did share with you at the end of January, we launched our strategy on the January 29. Today we have shared our results, but as we move forward at the end of April, we will be looking to have a two-day Capital Markets Day focused specifically on our international operations. That will be a webcast as well as an in-person visit in Finland to at our Keliber operations, but will also cover both US recycling and Australian operations; and then towards the end of June, another two-day Capital Markets Day in South Africa, specifically focused on our goal and PGM operations. So we look forward to engaging with you and getting those invitations out, and thank you once again for joining us today. And of course, we're happy to take any questions you may have.

至於未來的發展方向，正如我們在 1 月底與大家分享的那樣，我們在 1 月 29 日啟動了我們的策略。今天我們分享了我們的業績，但隨著四月底的臨近，我們將舉辦為期兩天的資本市場日活動，重點關注我們的國際業務。屆時將進行網路直播，並親自前往芬蘭參觀我們的 Keliber 工廠，同時也將介紹美國回收業務和澳洲業務；然後在 6 月底，我們將在南非舉辦為期兩天的資本市場日活動，重點介紹我們的目標和鉑族金屬業務。因此，我們期待與您互動並發出邀請，再次感謝您今天加入我們。當然，我們也樂意回答您可能提出的任何問題。

Thank you very much and over to you, James.

非常感謝，接下來就交給你了，詹姆斯。

Thanks, Richard. Thanks, gentlemen. Got a couple of questions here. I think we'll start with the Kloof questions -- sorry, Keliber questions, sorry. I'm messing my Ks up here. At Keliber, you note that initial value realization depends on producing and selling spodumene concentrate at the specified grade during the concentrator startup.

謝謝你，理查。謝謝各位先生。我這裡有幾個問題。我想我們先從克魯夫的問題開始——抱歉，是凱利伯的問題，抱歉。我把我的K值搞砸了。在 Keliber，您注意到初始價值的實現取決於選礦廠啟動期間按指定等級生產和銷售鋰輝石精礦。

How do you assess the risk of achieving specification grade in the early stages of ramp up? Can you give us some comfort around achieving these initial targets? That's from Arnold van Graan.

如何評估在生產初期達到規範等級的風險？您能否給我們一些關於實現這些初步目標的信心？這是阿諾德·範·格拉恩說的。

Thanks very much, Arnold, good to hear from you. I'll ask Ralph to come in and join me on some of the details, but just on a high level, let me just unpack the sort of what we've spoken about the stage ramp up and why it mitigates risk. I think a lot of the work initially the feasibility study for Keliber was of course based on mining all the way through to a final battery product. A lot of the work that we did in the second half of last year was around looking at these independent steps, so both the costs associated with them, the commercial viability associated with them, and almost if you were to optimize for example just up to a spot, do you mean concentrate? Now, what would that mean?

非常感謝，阿諾德，很高興收到你的來信。我會請拉爾夫進來和我一起討論一些細節，但首先，讓我概括一下我們討論過的舞台搭建以及它如何降低風險。我認為，Keliber 最初的可行性研究工作很大程度上是基於從採礦到最終電池產品的整個過程。去年下半年我們所做的許多工作都是圍繞著研究這些獨立的步驟，包括與它們相關的成本、與它們相關的商業可行性，以及，如果你要優化例如某個點，你是說濃縮嗎？那麼，這意味著什麼呢？

What's come out of that work is essentially we are confident that we can look at this in different stages, that we can have an initial stage that in its own right is commercially viable. And of course, that gives us the option to to remain at that point, but we are also aware of of a lot of the work that's currently going on in the EU as well as Western economies generally, things like Project [Bolt], but also EU looking at self-sustainability and supply of critical minerals.

這項工作的成果基本上是，我們有信心分階段看待這個問題，我們可以有一個本身就具有商業可行性的初始階段。當然，這給了我們繼續保持現狀的選擇，但我們也意​​識到歐盟以及整個西方經濟體目前正在進行很多工作，例如[Bolt]項目，以及歐盟正在研究的自給自足和關鍵礦產的供應。

And we think that this will have an impact on what the ultimate sort of pricing layout looks like in time to come and that of course is a key aspect of of how we look at the refinery, and when and how we turn that on. So I'll let Ralph answer some of your more detailed questions, but I think just on a high level to note that that was a lot of the work we have done and out of that, very confident that we can look at the project in different stages, each being commercially viable in their own right.

我們認為這將對未來最終的定價結構產生影響，這當然是我們如何看待煉油廠，以及何時以及如何啟動煉油廠的關鍵方面。所以我會讓拉爾夫來回答你們一些更詳細的問題，但我想從宏觀層面來說，需要指出的是，我們已經做了很多工作，因此我們非常有信心，我們可以分階段看待這個項目，每個階段本身都具有商業可行性。

But, Ralph, please feel free to add anything there.

不過，拉爾夫，請隨意補充任何內容。

Yeah, thanks, Richard. So Ralph Lombard, Head of Projects as well as the Water. So just to give you confidence, we always tested the spodumene grade, even during the feasibility, and we're quite confident we can push the grade in the high limits of more than 5% based on those test work. Also, the concentrator is very traditional technologies, so obviously we test the recovery versus spodumene grade.

謝謝你，理查。所以，拉爾夫·隆巴德，專案負責人，也是水務負責人。為了讓您放心，我們始終對鋰輝石的品位進行測試，即使在可行性研究階段也是如此，而且根據這些測試工作，我們相當有信心可以將品位推至 5% 以上的高限。此外，該選礦廠採用的是非常傳統的技術，因此我們顯然要測試其回收率與鋰輝石品位的關係。

So we're quite confident and we're also confident in Syväjärvi, which is our first pit. It's quite a high grade with the lithium oxide percentage of close to 1.1%, and even more at certain stages, which will also assist us in getting that higher grade. So from a Keliber perspective, we don't see any new risk because we are pushing a higher spodumene grade initially.

所以我們相當有信心，對我們的第一個礦坑 Syväjärvi 也充滿信心。它的品級相當高，氧化鋰含量接近 1.1%，在某些階段甚至更高，這也有助於我們獲得更高的品級。因此，從 Keliber 的角度來看，我們沒有看到任何新的風險，因為我們最初追求的是更高品位的鋰輝石。

Thanks. I hope that answers your question.

謝謝。希望我的回答能解答你的疑問。

Thanks, Ralph. Second question is on impairment due to the longer-term lithium price forecast, stage startup to preserve flexibility. Question is, what long-term lithium price assumption underpins the revised recoverable amounts at Keliber, and at what price level does the project fail to meet our hurdle rate?

謝謝你，拉爾夫。第二個問題是由於長期鋰價預測而導致的減值，以及為維持彈性而採取的階段性啟動措施。問題是，Keliber 修訂後的可回收量是基於怎樣的長期鋰價假設，以及在什麼價格水平下，該項目無法達到我們的最低迴收率？

Let me maybe pick up on the hurdle rate question, and Charles, if I could ask you then to pick up just on the prices that we used for our impairments. So I think in terms of hurdle rates, well, let's put it this way, I think what you see in terms of the total project, as we've shared with you, we currently have an all-in sustaining cost of about $12,000 per ton. That is, if we go all the way through to a battery grade. So we've always said we would obviously like to see prices, I guess, well, in excess of that in order to meet our internal hurdle rates.

讓我談談門檻收益率的問題，查爾斯，如果可以的話，請你談談我們用於減損損失的價格。所以，就門檻收益率而言，這麼說吧，正如我們之前與你們分享的，就整個專案而言，我們目前的綜合維持成本約為每噸 12,000 美元。也就是說，如果我們一直追溯到電池等級的話。所以，我們一直都說，我們當然希望看到價格，我想，嗯，高於這個水平，以達到我們內部的最低收益率目標。

So looking at a region of 14,000 to 15,000 is where we'd want to see it sustainably, at least going forward, on that basis. I think importantly, of course, what we are assessing as part of this is also the opportunity on the earlier stage concentrate. And of course, that then is driven by spodumene concentrate prices. I think, critically, the long-term opportunity of this project is about supplying battery-grade into the European ecosystems. We never built this really just to sell spodumene concentrate into more broader Chinese supply chains. So I think that's the opportunity that we've really got for this particular project. Thanks. But, Charles, would you like to pick up on the long-term price for the impairment model?

因此，我們希望至少在未來，以14000到15000人為一個永續發展的目標。當然，我認為很重要的一點是，我們評估的重點也包括早期階段精礦的機會。當然，這又取決於鋰輝石精礦的價格。我認為，從長遠來看，這個計畫的關鍵機會在於向歐洲生態系統供應電池級材料。我們建造這個設施的初衷並非僅僅是為了向更廣泛的中國供應鏈銷售鋰輝石濃縮物。所以我認為這就是我們在這個特定專案中真正擁有的機會。謝謝。但是，查爾斯，你想談談減損模型的長期價格嗎？

Yeah. Thank you, Richard. So the average price that we've used over the life of the mine, but obviously appreciate that the price builds up over the duration of the life of mine. The average price was just under $17,500 per ton, and that equates roughly to a long-term price of about $20,000 per ton. Thanks.

是的。謝謝你，理查。因此，我們採用的是礦山生命週期內的平均價格，但顯然我們也意識到，價格會在礦山生命週期內不斷上漲。平均價格略低於每噸 17,500 美元，這大致相當於每噸約 20,000 美元的長期價格。謝謝。

A further question on what the remaining book value for Keliber is?

關於Keliber的剩餘帳面價值，還有一個問題：

Yes. So the remaining book value is ZAR9 billion, or just under EUR460 million. James?

是的。因此，剩餘帳面價值為90億蘭特，略低於4.6億歐元。詹姆斯？

Richard, for you, what are the next steps in the battery metal strategy?

理查德，對你而言，電池金屬策略的下一步是什麼？

Thanks very much. I think as we shared at our strategy day, I think our long-term strategy as a company still remains to be able to supply metals that ultimately will support decarbonization and an energy transition. So that remains the long-term strategy. I think it's broader than perhaps just battery metals, but in the short term, our strategy is very much around optimizing the current portfolio.

非常感謝。我認為，正如我們在策略日上分享的那樣，我們公司的長期策略仍然是供應最終將支持脫碳和能源轉型的金屬。所以這仍然是我們的長期策略。我認為它的範圍可能比電池金屬更廣，但在短期內，我們的策略主要是優化目前的投資組合。

So as it stands today, we have our core operations of our South African gold, our South African PGMs, our US PGMs, recycling and Keliber, and that is where our focus will be, and certainly our investment into our organic projects there.

所以就目前而言，我們的核心業務包括南非黃金、南非鉑族金屬、美國鉑族金屬、回收和凱利伯礦，這將是我們關注的重點，當然也是我們對當地有機計畫的投資。

I think we will continue to assess the various projects, and that is where I did share with the market the growth framework that we've developed, which talks about the different metals we'll look at and the jurisdictions we'll consider. That will ultimately drive how we think about it. But as I say, our sort of immediate focus, our short-term strategy, is very much on delivering from our core operations.

我認為我們將繼續評估各個項目，我也正是在這一點上與市場分享了我們制定的成長框架，其中談到了我們將關注的不同金屬以及我們將考慮的司法管轄區。這將最終影響我們對它的看法。但正如我所說，我們眼下的重點，我們的短期策略，很大程度上是專注於核心業務的交付。

Thank you, Richard. Thank you for this wonderful presentation. Well done, IR team. Thank you. Can one expect this level of financial performance going forward, should the commodity prices hold? Richard, are you gonna take that, or Charles?

謝謝你，理查。感謝您精彩的演講。IR團隊做得好！謝謝。如果大宗商品價格維持穩定，未來能否預期這種水準的財務表現？理查德，你打算拿走那個，還是查爾斯？

Yeah, happy to sort of take that more generally. I mean, I think, as we mentioned on a high level, of course, I think the benefit of the prices that we saw coming through, gold, of course, we saw coming through throughout most of the year, but the really big -- all of these prices ramped up towards the end of the year. PGMs really only started recovering in H2, with a significant ramp-up in December. So of course, I think the type of financials that you've seen were based more on a back-ended portion of the year that delivered most of the value. But I think what we would look forward to, prices remaining exactly the same.

是的，我很樂意更廣泛地理解這一點。我的意思是，我認為，正如我們之前在較高層面上提到的，當然，我認為我們看到的價格上漲帶來的好處，黃金價格，當然，我們在今年大部分時間裡都看到了價格上漲，但真正大的——所有這些價格都在年底大幅上漲。鉑族金屬價格直到下半年才真正開始復甦，12 月更是大幅上漲。所以，我認為你看到的這類財務數據更多是基於一年中後半段的業績，而這部分業績才是創造大部分價值的。但我認為我們最期待的是價格保持不變。

I think, as I mentioned, we've had a noisy set of numbers and quite a few once-offs that we've had to deal with. So if anything, under this environment, everything else the same, I would expect to see slightly improved financials with that noise out the window. But as Kleantha mentioned, the approach that we're adopting for the year ahead, I think we've got great tailwinds with the commodity prices. I think we've seen new bases being set. I think this market's being driven by a world that's scrambling to secure critical metals, so that's likely to remain. But it will be volatile, and certainly that's the way we're positioning it and looking at our business for the year ahead.

正如我之前提到的，我們遇到了一系列吵雜的數據，以及不少需要處理的一次性事件。因此，在當前環境下，其他條件不變的情況下，如果有什麼變化的話，那就是隨著這些幹擾因素消除，財務狀況應該會略有改善。但正如克萊安莎所提到的，我們為來年採取的方法，我認為大宗商品價格的上漲對我們大有裨益。我認為我們已經看到新的基礎正在奠定。我認為，當前市場是由全球爭相獲取關鍵金屬資源所驅動的，因此這種情況可能會持續下去。但它將充滿波動，當然，這也是我們定位它以及展望未來一年業務的方式。

Thank you, Richard. Given the record gold prices, to what extent are the reserve reductions at Kloof structural geotechnical constraints versus price sensitive? Would a sustained higher gold price justify re-extending the mine life?

謝謝你，理查。鑑於金價屢創新高，克魯夫金礦儲量減少在多大程度上是受地質構造限制，在多大程度上是受價格敏感因素影響？金價持續走高是否足以成為延長礦山開採壽命的理由？

Thanks, James. Let me take a first crack at that, and Rich, if you'd like to add anything. I mean, I think critically, so of course, as has been noted, I think we do have slightly conservative prices that we use for reserves. And the reason for that is we look to do our long-term mine planning and capital allocation based on what we still see as through-cycle prices, ultimately making capital decisions for really long, long, long durations. I do however think at Kloof it's important to say that I don't think gold price was not a, was not a factor at all in terms of the decisions that we made. The decision to reduce Kloof was a safety decision first and foremost.

謝謝你，詹姆斯。讓我先嘗試一下，Rich，你有什麼要補充的嗎？我的意思是，我進行批判性思考，所以當然，正如已經指出的那樣，我認為我們用於儲備的價格確實略顯保守。原因在於，我們仍然根據我們認為的周期性價格來進行長期礦山規劃和資本配置，最終做出的資本決策將著眼於非常非常非常長的時期。不過，我認為在克魯夫，必須說明的是，我認為金價在我們所做的決定中完全不是一個因素。減少克魯夫面積的決定首先是出於安全考量。

We did have some shafts that were coming to the end of their life anyway. That was part of the plan during the course of last year. Kloof 7 shaft, in particular, was planned to close. But then we lost volume due to safety. And that decision, I think when we make a decision to stop mining, it is because of safety. Price, price is not a factor that gets considered in those decisions at all. So what we are looking at with Kloof, essentially, is an operation that today is producing a lot less than it was obviously designed to. That means it's got a very high fixed cost base, and fundamentally, that means your unit cost goes up.

我們確實有一些井筒本來就快到使用壽命了。那是去年計劃的一部分。特別是 Kloof 7 號豎井，計劃關閉。但後來由於安全原因，我們的銷售量下降了。我認為，當我們決定停止採礦時，那是因為安全問題。價格，價格根本不在這些決策的考慮範圍內。所以，從本質上講，我們看到的克魯夫礦場目前的產量遠低於其最初的設計產量。這意味著它的固定成本基礎非常高，從根本上講，這意味著你的單位成本會上升。

According to our, the reserve price we use, i.e., through the cycle, we do not have long life reserves at Kloof. But we fully recognize that at these prices, Kloof remains profitable, and we can continue to mine it, as long as the prices are, remain where they are. So we have put a year-to-year plan in place.

根據我們的儲備價格，即通過週期，我們在克魯夫沒有長期儲備。但我們完全認識到，以目前的價位，克魯夫礦仍然有利可圖，只要價位保持不變，我們就可以繼續開採。因此，我們制定了年度計劃。

We will continue to assess Kloof at those prices, and I think that brings significant benefits, as Rich mentioned, not only commercial and cashflow for the company, but of course, also is a large employer. So we will keep Kloof going for as long as it is profitable and makes sense, but we won't be declaring or changing significantly the life of mine and reassessing capital, at these, at these numbers.

我們將繼續以這些價格評估 Kloof，我認為這會帶來顯著的好處，正如 Rich 所提到的，不僅對公司的商業和現金流有益，而且當然，它也是一家大型雇主。因此，只要克魯夫礦有利​​可圖且有意義，我們就會繼續開採下去，但我們不會宣布或大幅改變礦山的壽命，也不會以這些數字重新評估資本。

Thanks, Richard. I guess a related question, but can you give us a sense of your gold operations, excluding DRDGOLD, environmental liabilities, and how much of this is funded through environmental trusts, so I guess that's rehab? I'm trying to get a sense of the longer-term cashflow impact, should there be further closures or rationalization.

謝謝你，理查。我想問一個相關的問題，您能否介紹一下貴公司的黃金業務（不包括 DRDGOLD）、環境責任，以及其中有多少是透過環境信託基金（也就是修復基金）提供資金的？我想了解一下，如果進一步關閉或調整業務，會對長期現金流產生什麼影響。

Sure. Charles, can I perhaps ask you to pick that up, or, or Rich?

當然。查爾斯，我可以請你幫忙拿那個東西嗎？或者，或者，里奇？

I'm happy to pick that up. Thanks for the question. So we do have a liability over the gold operations of ZAR5.4 billion, and of the ZAR5.4 billion, ZAR4.7 billion is funded, and the balance then is with guarantees. Should extend.

我很樂意接受。謝謝你的提問。因此，我們在黃金業務方面有 54 億蘭特的負債，其中 47 億蘭特有資金，其餘部分則有擔保。應該延長。

Thanks. Charles, anything you'd like to add to that, or?

謝謝。查爾斯，你還有什麼要補充的嗎？

No. No, Rich, all covered. Thank you.

不。不，里奇，都涵蓋了。謝謝。

Thanks.

謝謝。

Thank you. Well, now I've got a question for you, Charles, actually, so, go back on screen. How should we model the benefits of Section 45X credits in 2026 and 2027 in particular, and how this relates to cash flows? And then related to that is, when are we expecting to receive the credits from 2023 and 2024's cash, and is the higher CapEx - Oh, okay, let's -- that's a separate question. Let's just stick to Section 45X.

謝謝。好了，查爾斯，我現在有個問題想問你，所以，回到螢幕上去吧。我們應該如何模擬 2026 年和 2027 年第 45X 條款稅收抵免的收益，以及這與現金流有何關係？與此相關的是，我們預計何時收到 2023 年和 2024 年現金的抵免額，以及更高的資本支出——哦，好的，讓我們——這是一個單獨的問題。我們還是只討論第 45X 節吧。

Yeah, so in terms of 45X, the 2023 and 2024 credits, we are expecting that in 2026, and then thereafter, we expect it to flow in the year following the claim. So the 2025 claim to flow at the back end of '26, and then similarly, 2026 towards the back end of 2027, give or take a few months.

是的，就 45X 而言，2023 年和 2024 年的稅收抵免，我們預計會在 2026 年到位，之後，我們預計在申請後的第二年到位。因此，2025 年的資金需求預計將在 2026 年底到位，同樣地，2026 年的資金需求預計將在 2027 年末到位，前後可能相差幾個月。

Just on when are we expecting the 2023 and 2024?

我們預計2023年和2024年什麼時候會到來？

Yeah. So 23 and 24 gems, we expect in 2026. Due to the large amounts of this being fairly new, those amounts are subject to examination, as it's referred to in the US, or as we refer to an audit. But again, we are working closely with our tax advisors, and we are continuously following up.

是的。所以，我們預計 2026 年會有 23 顆和 24 顆寶石。由於這部分金額較大且相當新，因此這些金額需要接受審查（在美國稱為審查，在我們這裡稱為審計）。但是，我們正在與稅務顧問密切合作，並不斷跟進。

Thank you. Question on the higher CapEx at SA PGMs in 2026, due to some deferral of spend in 2025. Is it because of that, or what other factors?

謝謝。關於 2026 年 SA PGMs 資本支出較高的問題，因為 2025 年的一些支出被推遲了。是因為這個原因嗎？還是還有其他因素？

Thanks, James. So I'll ask Rich to pick that up. I don't think it's so much a deferral in 2025, but we do have an increase in SIB around some specific projects. But, Rich, perhaps I can hand over to you, please, to pick that up.

謝謝你，詹姆斯。所以我會讓里奇去拿。我不認為這是 2025 年的延期，而是圍繞著一些特定項目增加了社會影響力債券 (SIB)。但是，里奇，或許我可以把它交給你來撿起來。

Thanks, Rich. So there is a little bit of extra expenditure within our precious metal refinery, as well as some trackless mining machinery. But largely, year-on-year, it's the same, except for those extra pickups in the trackless mobile machinery and in the precious metal refinery. Thanks, James.

謝謝你，里奇。因此，我們的貴金屬精煉廠需要一些額外的支出，還需要一些無軌採礦機械。但整體而言，與往年相比，情況基本上相同，只是無軌移動機械和貴金屬精煉廠的額外產量增加。謝謝你，詹姆斯。

Thank you. So the related question to that, I'm not sure if it is relevant, but is capital spent on ore reserve development? What type of development is funded from this CapEx, and what type of development is funded from working operating costs? And in terms of the Kopanang Deeps project, will it be a similar layout and arrangement to Sipumelele mechanized section? And which vertical shaft would be used to transport men and materials?

謝謝。與此相關的問題是，我不確定這是否相關，但資金是否用於礦藏開發？這項資本支出用於資助哪些類型的開發項目，而營運成本又用於資助哪些類型的開發項目？至於 Kopanang Deeps 項目，它的佈局和佈置是否會與 Sipumelele 機械化段類似？那麼，將使用哪條豎井來運送人員和物資呢？

So I can pick those.

所以我可以挑選那些。

Thanks, James. Perhaps we'll ask Rich just to pick up on Kopanang and Charl on the capital. Thank you.

謝謝你，詹姆斯。或許我們可以請 Rich 去接 Kopanang 和 Charl 去首都。謝謝。

Thanks. Shall I go? Rich?

謝謝。我該走嗎？富有的？

Please go ahead, Charl.

請繼續，查爾。

Okay. So in terms of ore reserve development, it is effectively underground development work that's undertaken to open up access and prepare declared mineral reserves for mining in the future production periods. But I have to specify here that the amount that gets capitalized is specifically the off-Reef development to open up those ore blocks. The Reef plan or on-Reef development is expensed in the period that it's incurred. I hope that answers it.

好的。因此，就礦石儲量開發而言，實際上是指為了開闢通道並為未來生產期開採已公佈的礦產儲量做好準備而開展的地下開發工作。但我必須在此明確指出，這筆資本化的金額專門用於開發礁外礦區，以開採這些礦塊。珊瑚礁計畫或珊瑚礁上的開發案應在其發生期間計入費用。希望這能解答你的疑問。

Question on the Kopanang Deeps layout, et cetera.

關於 Kopanang Deeps 佈局等問題。

I'll take that, James. So Kopanang is the concept study at the moment. It's a very attractive down-dip extension. So the strike is over 5 kilometers, and that is then, the challenge of how to gain access, a very good question. So initially, we will gain access on one of the flanks through a down-dip extension of the Bambanani asset.

我接受，詹姆斯。所以 Kopanang 目前是概念研究計畫。這是一個非常有吸引力的下跌延伸趨勢。所以罷工範圍超過 5 公里，那麼，如何進入罷工區域就成了一個挑戰，這是一個非常好的問題。因此，最初我們將透過 Bambanani 資產的向下延伸來獲得其中一個側翼的進入權。

But then, Khomanani offers a very attractive into the ore body. However, Khomanani 2 Shaft doesn't have a rock pass, so we have to look at other down-dip extensions and then possibly even a down-dip development of a decline from Khomanani as well. So man and material, probably through Khomanani and Bambanani in the initial phases, but I think in the long term, there are other more attractive options for bigger volumes. We will be doing a pre-feasibility study in 2026 to sharpen up those carryforward options.

但是，Khomanani 提供了一個非常有吸引力的進入礦體的方法。然而，Khomanani 2 豎井沒有岩石通道，所以我們必須考慮其他向下傾斜的延伸，甚至可能需要從 Khomanani 向下傾斜開發斜坡。所以人力和物力，可能在初期階段是透過 Khomanani 和 Bambanani 提供的，但我認為從長遠來看，對於更大的產量來說，還有其他更具吸引力的選擇。我們將於 2026 年進行可行性預研究，以完善這些結轉選擇權。

Thanks, James.

謝謝你，詹姆斯。

Thank you. Question for Kleantha. How will the GFEX impact prices this year? Should there be physical delivery for May and June?

謝謝。問克萊安莎一個問題。今年的全球金融穩定交易所（GFEX）將如何影響價格？五月和六月是否需要實體交付？

Yeah. Thanks, James. And Anil, thanks for that question. I think essentially we're going to see heightened metal flows into China at least up until settlement date. So we've got a good price underpin there for platinum. And I think we're also going to see lease rates moving up a little bit as we get closer to that date.

是的。謝謝你，詹姆斯。Anil，謝謝你的提問。我認為，至少在結算日之前，我們會看到流入中國的金屬流量增加。所以鉑金的價格目前有好的支撐。而且我認為，隨著日期臨近，租賃價格也會略有上漲。

Once that settlement date is reached, essentially you're going to have a very nice, cleverly made platinum stockpile in China. And I think post that, you will get some price correction. But yeah, that is the nature of investment demand, unfortunately. So I think we will see some underpin, and then we'll see a bit of correction post that settlement date. Thanks.

一旦結算日期到來，你實際上就會在中國擁有一筆非常可觀、精心打造的鉑金儲備。我認為在那之後，價格會有一些回調。但很遺憾，這就是投資需求的本質。所以我認為我們會看到一些支撐，然後在結算日之後會看到一些回調。謝謝。

To the US now. In the US, PGM operations repositioning now for optimized for currency to -- sorry. Okay. Basically the question is, are we repositioning for current 2E PGM prices? Or is there further downside risk if prices soften?

現在前往美國。在美國，PGM業務正在重新定位，以優化貨幣兌換——抱歉。好的。問題本質上是，我們是否根據目前的 2E PGM 價格進行重新定位？如果價格走軟，是否有進一步的下行風險？

Thanks, James. I'll pick that up initially. I think, as we have shared and as Charles unpacked, our objective in the US is ultimately to get our cost base down closer to $1,000 per ounce. And again, the reason for that target is that because that's where we see through cycle, I guess, being a low point, and therefore that operation being able to wash its own face sustainably with significant optionality to the upside in terms of palladium prices.

謝謝你，詹姆斯。我先負責拿那個。我認為，正如我們分享的以及查爾斯闡述的那樣，我們在美國的目標最終是將成本基數降低到接近每盎司 1000 美元。再次強調，設定該目標的原因在於，我們認為這是周期中的低谷，因此，該業務能夠可持續地收回成本，並且在鈀金價格方面具有很大的上漲空間。

So we -- I think in terms of have we positioned it for the current palladium prices, I think right now, our objective -- we restructured that operation two or three years ago to position it for the downturn that we saw. And our focus right now is on achieving those cost levels. Once we've achieved those, then we will be able to assess the operations going forward and understand what a new base could look like.

所以——我認為就我們是否已根據目前的鈀金價格進行定位而言，我認為目前，我們的目標——我們在兩三年前重組了該業務，以應對我們所看到的經濟衰退。而我們目前的重點是實現這些成本水準。一旦我們實現了這些目標，我們就能評估未來的運作情況，並了解新基地可能的樣子。

As Charles mentioned, we do have the opportunity to relook at Stillwater West in time, but today, that's not currently part of the focus. The focus will be on East Boulder and Stillwater West, so largely in line with the current production levels.

正如查爾斯所提到的，我們將來有機會重新審視斯蒂爾沃特西區，但目前，這並不是我們關注的重點。重點將放在東博爾德和斯蒂爾沃特西，因此與目前的生產水平基本一致。

Thanks, Richard. Questions on streams and hedging. Could you give us an update on the streaming deals -- I guess the details of the streaming deals -- and then unpack your hedging book for us, ounces per year, and at what price?

謝謝你，理查。關於溪流和避險的問題。您能否向我們介紹一下串流媒體交易的最新進展——我想應該是串流媒體交易的細節——然後為我們詳細解讀一下您的對沖策略，例如每年的盎司數以及價格？

Thanks, James. So let me maybe take the streaming question, and Charl, if you could then follow on with some of the hedge questions.

謝謝你，詹姆斯。那麼，我先回答一下關於串流媒體的問題，Charl，你接下來能否回答一些關於對沖基金的問題？

So I think in terms of the stream, we fundamentally have two streams within the company at the moment. One is at the Stillwater operations. That stream largely considers a palladium stream of about 4.5% and most of the gold that comes out of that operation. So that's -- and that is a sort of evergreen stream. I think it does step down at some point to 2.5%, but that is -- that's still quite a bit out. So that's the one stream that we've got in place.

所以我覺得就產品線而言，我們公司目前基本上有兩個產品線。其中一處位於斯蒂爾沃特作業區。該礦流主要包括約 4.5% 的鈀礦流和該礦流生產的大部分黃金。所以，那是一條常青溪流。我認為它最終會降至 2.5%，但這——這還有相當大的差距。這就是我們目前已經落實的唯一訊息流。

The second stream that we have in place is on the South African PGM operations. That stream, again, considers all of the gold that is produced from those operations, which is about 1% of the total metal. And then if I recall, it's about 2.5% on platinum, which also steps down, and that is there for the life of the current mine. It does not include any extensions beyond that. So the platinum is limited to the current life of mine.

我們目前掌握的第二個資訊流是關於南非鉑族金屬礦產開採的。該資料流再次考慮了這些作業中生產的所有黃金，約佔金屬總量的 1%。如果我沒記錯的話，鉑金的價格大約是 2.5%，而且價格還會逐級下降，這個價格會一直維持到當前礦山開採完畢。除此之外，它不包含任何其他擴充。所以鉑金的儲量僅限於我目前的壽命。

Thanks.

謝謝。

Thanks, Rich. If we look at the gold hedges, so in December 2023, we entered into some hedging arrangements for our South African gold operations. These hedges were put in place to protect the downside, specifically around our legacy assets. They have -- all of the hedges have now been concluded at the end of December 2025, so there are no further gold hedges in place at the current moment.

謝謝你，里奇。如果我們看一下黃金避險，那麼在 2023 年 12 月，我們為南非黃金業務達成了一些避險安排。採取這些對沖措施是為了保護下行風險，特別是保護我們的傳統資產。所有對沖交易均已於 2025 年 12 月底完成，因此目前沒有進一步的黃金對沖交易。

Thank you.

謝謝。

Thanks, Charl. Charl, probably one for you again -- what are the plans with the convertible bond due 2028, given that it's now in the money -- from Lorenzo Parisi.

謝謝你，查爾。Charl，可能又有一個問題要問你——鑑於 2028 年到期的可轉換債券現在已經盈利，那麼它的計劃是什麼？ ——來自 Lorenzo Parisi。

Yeah. So we'll keep an eye on the convertible bond. It's got a 2028 maturity, but it's got a call option, so we can call it towards the end of the year. And we'll just monitor it carefully to see what we do in terms of the convertible bond.

是的。所以我們會密切注意可轉換債券。該債券將於 2028 年到期，但附帶贖回權，因此我們可以在年底前贖回。我們會密切關注事態發展，看看在可轉換債券方面我們應該採取什麼措施。

Based on current prices, it is in the conversion territory. But for now, the focus is on refinancing the 2026 $675 million bond, and we'll just carefully monitor the convertible bond going forward.

以當前價格計算，它處於轉換區間。但就目前而言，重點是為 2026 年到期的 6.75 億美元債券進行再融資，我們將密切關注可轉換債券的後續發展。

The value of that convertible bond on the balance sheet?

資產負債表上那筆可轉換債券的價值是多少？

That's $500 million.

那是5億美元。

Thank you. In terms of simplification, Richard, might we think about the Finnish and possibly the Australian assets being potentially available for sale? Thank you.

謝謝。理查德，為了簡化流程，我們是否可以考慮出售芬蘭和澳洲的資產？謝謝。

Thanks very much. I think we've been quite clear at the moment that the Keliber lithium project certainly forms part of our strategic priority assets. I think we see that as a very valuable asset, so I think the short answer to that is no. I think when we look at the Australian assets today, the new Century zinc operations have been very successful. We remain very committed to those operations until the closure of those and the completion of that particular project.

非常感謝。我認為我們目前已經非常明確地表明，凱利伯鋰礦計畫無疑是我們戰略優先資產的一部分。我認為我們視之為一項非常寶貴的資產，所以我認為對此的簡短回答是否定的。我認為，從目前澳洲的資產來看，世紀鋅礦的新營運非常成功。我們將繼續全力投入這些業務，直到這些業務結束和該特定項目完成。

In Australia, we have a couple of projects that are being assessed. We have the Mt Lyell project. I think, as we mentioned, certainly, copper is a metal that we would be interested in if we could see value accretion in those opportunities. So Mt Lyell will currently be assessed, as Charles said, and understand whether or not that meets our hurdle rates and our overall capital investment criteria.

在澳大利亞，我們有幾個項目正在接受評估。我們有萊爾山計畫。我認為，正如我們之前提到的，如果我們能夠看到銅的價值成長機會，我們當然會對銅這種金屬感興趣。正如查爾斯所說，目前將對萊爾山進行評估，以了解其是否符合我們的最低收益率和整體資本投資標準。

And then we do have opportunities as well with the Fost One project to extend the new Century or to utilize the new Century infrastructure post-mining of zinc. I think it would be a wonderful opportunity to see that infrastructure continue being used.

此外，我們還有機會透過 Fost One 項目擴展新的 Century 項目，或在鋅礦開採後利用新的 Century 基礎設施。我認為這是一個絕佳的機會，讓這些基礎設施繼續被利用。

Phosphate likely does not fit in with our sort of strategic focus going forward. So our priority would be to look at how we could maximize value, try and ensure the sustainability of that project going forward, but how we could get value from that, unlikely to be a core investment thesis on the phosphate side from our side.

磷酸鹽可能不符合我們未來的策略重點。因此，我們的首要任務是考慮如何最大限度地提高價值，並努力確保該專案的可持續發展，但如何從中獲得價值，不太可能成為我們磷酸鹽投資的核心理念。

Thanks, Richard. Just some questions on renewable energy. Can you remind us what is feeding into the operations currently, volume solar versus wind? I don't think we can give that breakdown right now, but we'll be able to get it. Oh, we got it. Okay. And what's in the pipeline and when will it start feeding in?

謝謝你，理查。關於再生能源，我有幾個問題。您能否提醒我們一下，目前營運中主要考慮的因素是什麼，是太陽能發電量還是風能發電量？我覺得我們現在還無法提供詳細的分析，但我們會盡快拿到。哦，我們明白了。好的。那麼，接下來有哪些項目正在籌備中呢？何時才能開始投入使用？

And then secondly, Stillwater -- Sibanye-Stillwater is advancing well on the clean energy front. What is the overall renewables ambition and what are the targeted deadlines?

其次，Stillwater——Sibanye-Stillwater在清潔能源領域進展順利。再生能源的總體目標是什麼？目標期限是什麼？

Thank you very much. Perhaps, Rob, if I could maybe ask you to pick up on some of those.

非常感謝。羅布，或許我可以請你幫忙處理其中的一些事情。

Yes, Richard. I can talk to the renewable energy. At the moment, we've got the Castle wind farm as well as the solar project, the Springbok solar project, providing electricity into our operations. The Castle wind farm was commissioned in March. The Springbok solar project was commissioned in September, and to date, they've generated 293 gigawatt hours.

是的，理查德。我可以和再生能源對話。目前，我們有 Castle 風電場和 Springbok 太陽能專案為我們的營運提供電力。Castle風電場於3月投入使用。Springbok太陽能專案於9月投入使用，迄今已發電293吉瓦時。

In 2026, we're going to have another two plants coming into play. They are both wind farms. It is the Umsinde wind farm and the Witberg wind farm. And then by the end of '26, we'll be receiving more than 400 megawatts on an annual basis. This will exceed 700 in '27 and '28.

2026年，我們將有另外兩家工廠投入營運。它們都是風力發電場。分別是烏姆辛德風電場和維特貝格風電場。到 2026 年底，我們每年將獲得超過 400 兆瓦的電力。2027 年和 2028 年，這一數字將超過 700。

So Lisa, I hope that answers your question on the renewable energy.

麗莎，希望這能解答你關於再生能源的問題。

Thanks, Rob. That was pretty comprehensive. Did you give the overall target? Sorry, I wasn't clear on that.

謝謝你，羅伯。內容相當全面。你給出總體目標了嗎？抱歉，我沒說清楚。

Overall target is slightly above 700 megawatts, James, by the end of '28.

詹姆斯，到 2028 年底，總目標是略高於 700 兆瓦。

So that's as big as the [Cossilia] unit. I think Melanie mentioned that. Pretty interesting.

所以它和[Cossilia]單元一樣大。我想梅蘭妮有提到這件事。挺有意思的。

Let's get on to some of the SA PGM questions. What are the key drivers of the lower SA PGM volumes and the much higher costs?

讓我們來看看一些關於SA PGM的問題。導致南非鉑族金屬產量下降和成本大幅上升的關鍵因素是什麼？

Thank you very much. Let me take that one initially. So I think the slight reduction in volume -- our underground operations are in fact largely stable year on year. So we aren't seeing significant change there. Much of that downgrade of about 100,000 ounces comes from a combination of surface, as well as some lower third-party -- assumptions on lower third-party pot core processing material. So that's a predominant driver down.

非常感謝。讓我先處理這個。所以我認為，產量略有下降——事實上，我們的地下作業每年基本上都保持穩定。所以，我們並沒有看到這方面有顯著變化。約 100,000 盎司的降級主要來自表面因素，以及一些較低的第三方因素——對較低的第三方坩堝芯加工材料的假設。所以這是導致下跌的主要原因。

I think in terms of the costs, the operating cost base, I think, is actually pretty stable. We're seeing that coming in line with or in fact below inflation. The big increase is largely around, I think as we mentioned a bit earlier, the sustaining capital in particular, which is being driven by the new projects in our refineries, specifically our OPMs or other precious metals plants in our precious metals refinery, as well as some upgrades to mechanized equipment. That's the really big driver on the costs side.

我認為就成本而言，營運成本基礎實際上相當穩定。我們看到，這個數字與通貨膨脹率持平，甚至低於通貨膨脹率。我認為，正如我們之前提到的，此次大幅增長主要集中在維持性資本方面，特別是由我們煉廠的新項目推動，特別是我們貴金屬煉廠的 OPM 或其他貴金屬工廠，以及一些機械化設備的升級。這是成本方面真正的主要驅動因素。

Thank you. A question from Nkateko about production guidance being lower and then also reduction. Is it the reduction related to third-party volume of own metal? I think Richard's just answered there's quite a big decline in surface, and then we have got lower third-party metal. So I think that's pretty much been covered.

謝謝。Nkateko 提出了一個關於產量預期降低以及減產的問題。這是與第三方自有金屬量減少有關的嗎？我認為理查德剛才已經回答了，地表金屬含量大幅下降，而且第三方金屬含量也較低。所以我覺得這方面的內容基本上已經涵蓋到了。

A question on the Appian settlement, how it's been accounted for in the cash flow statement. Charl?

關於Appian的結算，想問一下它在現金流量表中是如何入帳的。查爾？

Yes, thank you. So the Appian settlement is in the cash flow from operating activities. So the number has been effectively paid or deducted in that number. So if you want to normalize cash flow from operating activities, excluding Appian, you have to add that back for the year 2025.

是的，謝謝。因此，Appian 的結算款項計入了經營活動產生的現金流量。所以，這筆款項實際上已經從該筆款項中支付或扣除了。因此，如果您想要對經營活動產生的現金流量進行正常化處理（不包括 Appian），則必須將 2025 年的 Appian 加回。

The cash flow table that we've got in the book, that would be under corporate, would it?

我們在書中看到的現金流量表，應該是在公司財務部分，對吧？

Correct.

正確的。

Okay, thank you. A question on uranium assets, when will there be a value unlock? Richard?

好的，謝謝。關於鈾礦資產，何時才能釋放其價值？理查德？

Yeah, thanks very much. So I think we've got the two uranium assets at the moment. The one is the old Beatrix 4 Shaft, or Beisa as it's known. That is an asset where we are still in the process of a transaction with a junior company, Neo Metals, who is looking to develop that asset, and we retain an equity exposure to it. That transaction is still in process. Unfortunately, still tied up with regulatory conditions and licensing that we're looking at there. But once that is closed, I think then we'll start seeing the opportunity to develop and get exposure to that project.

是的，非常感謝。所以我覺得我們目前擁有兩處鈾礦資產。其中一台是老式的 Beatrix 4 軸，或是也叫 Beisa。我們正在與一家名為 Neo Metals 的小型公司進行交易，該公司希望開發該資產，而我們保留了對該資產的股權。該交易仍在處理中。遺憾的是，目前仍受制於我們正在研究的監管條件和許可證問題。但一旦這個計畫關閉，我認為我們就會開始看到發展和推廣該計畫的機會。

The second big one is the Cooke Tailings project. That is the Cooke Tailings dam that is both a co-product gold and uranium opportunity. We have recently, or in the process now of completing the feasibility study on that, it's going through assurance that will also be reviewed in the second quarter of this year towards a financial decision or looking at various ways that could potentially be taken forward. So that would be the second one, and again, during the next quarter, we would come up with a decision on how to move forward on that. Those are our two current exposures to uranium.

第二個大計畫是庫克尾礦計畫。那是庫克尾礦壩，它既是黃金的副產品，也是鈾的開採機會。我們最近已經完成了（或正在完成）這方面的可行性研究，目前正在進行審核，審核結果也將在今年第二季進行審查，以便做出財務決定，或探討各種可能推進的方式。所以這將是第二個問題，同樣，在下一個季度，我們將決定如何推進這個問題。這是我們目前接觸鈾的兩種途徑。

Thank you. I guess sticking on the growth theme, what accretive investment opportunities do we see in South Africa amid the strong gold and platinum group metal price environment and with the Burnstone update? And then some questions on collaboration or other with DRDGOLD.

謝謝。我想，如果繼續圍繞成長主題，在黃金和鉑族金屬價格強勁的環境下，以及伯恩斯通公司最新進展的背景下，我們在南非看到了哪些增值投資機會？然後是一些關於與DRDGOLD合作或其他方面的問題。

Thanks very much. I think, as mentioned, right now our focus in terms of opportunities on our current resources, that's where we see best returns. I think any M&A in the gold space at this point in time is probably, I would suggest, high risk, depending on how you're looking at doing that, but given where the commodity cycle is, so that's not one we're looking at immediately.

非常感謝。我認為，如同前面提到的，目前我們關注的重點是利用現有資源創造機會，因為我們認為這能帶來最佳回報。我認為，目前黃金領域的任何併購都可能風險很高，這取決於你如何看待併購，但考慮到大宗商品週期的現狀，所以我們目前不會考慮這方面。

And again, on the PGM side, I think we've said we're very happy with our portfolio. As we look forward onto the commodity markets of PGMs, now we see that playing out. And we think we've got some of the best brownfields opportunities to develop, so that's where we see our best value coming through.

再說一遍，關於鉑族金屬方面，我想我們已經說過，我們對我們的投資組合非常滿意。展望鉑族金屬商品市場，我們現在看到這種情況正在發生。我們認為我們擁有一些最好的棕地開發機會，因此我們認為我們最大的價值就體現在這裡。

In terms of further collaboration with DRDGOLD, we've been quite open in that regard. I think it's been an excellent collaboration. I think we've seen real value created for both companies. And certainly, as we look forward to the future, we are building -- continue to build a significant secondary mining business. We are doing a lot of surface mining and projects on our PGM side. We still have some gold opportunities in South Africa, and we'd like to see that business growing. So moving forward, I think we'd certainly be keen on more collaboration with DRDGOLD and see that as a long-term partnership and future with the company.

關於與 DRDGOLD 的進一步合作，我們一直持非常開放的態度。我認為這是一次非常棒的合作。我認為我們已經看到兩家公司都創造了真正的價值。當然，展望未來，我們正在建立—並將繼續建立一個重要的二級採礦業務。我們在鉑族金屬領域進行了大量的露天採礦和專案。我們在南非仍然有一些黃金開採機會，我們希望看到這項業務發展壯大。因此，展望未來，我認為我們當然非常希望與 DRDGOLD 進行更多合作，並將此視為與該公司建立長期合作夥伴關係並共創未來。

Yeah. Just another angle on the DRDGOLD side, I guess from a gold bull or a gold bear perspective, it's obviously worth about $25 billion now, up 50%. Are we looking to dispose of the stake in time and what would trigger a sale? Or are we looking to buy -- increase our position in DRDGOLD? Choose.

是的。從黃金多頭或空頭的角度來看，DRDGOLD 目前的價值顯然約為 250 億美元，上漲了 50%。我們是否計劃在某個時候出售這些股份？什麼情況下會觸發出售？或者我們打算買入——增持 DRDGOLD 的股份？選擇。

We're definitely not looking for a sale, as I mentioned. I think that we see a long-term opportunity to continue to grow with DRD and add a lot more value between our resources, their skills, and the ability to grow together. So no, we're not looking to sell.

正如我之前提到的，我們絕對沒有出售的打算。我認為我們看到了一個長期的機會，可以繼續與 DRD 共同發展，並在我們雙方的資源、技能以及共同成長的能力之間創造更多價值。所以，不，我們不打算出售。

I think in the long term, we would love to increase our stake in DRDGOLD, but again, clearly now is not the time for that. I think we have different opportunities to invest capital now. But down the road, if that opportunity is right and we can do it in a value-accretive manner, certainly something we would consider.

我認為從長遠來看，我們很樂意增加在 DRDGOLD 的股份，但顯然現在還不是時候。我認為我們現在有不同的投資機會。但將來如果機會合適，而且我們能以增值的方式去做，這當然是我們會考慮的事情。

Thank you. And then I guess, another growth question, on copper for Sibanye. More copper exposure or not?

謝謝。然後，我想再問一個成長方面的問題，關於 Sibanye 的銅礦。增加銅暴露量還是不增加？

Yeah. I think as we shared in our framework that we'll use to assess external growth opportunities, copper was definitely a metal that I think we would like exposure to. But I think the critical question is less around what we want exposure to or not. The real question when we look at any form of growth is going to be, is it value-accretive.

是的。我認為，正如我們在評估外部成長機會的框架中所分享的那樣，銅絕對是我們希望投資的金屬。但我認為關鍵問題不在於我們想接觸什麼或不想接觸什麼。當我們審視任何形式的成長時，真正的問題是：它是否能增值。

So yes, copper is a metal we would look at. But if we're going to do it, it would have to be done in a value-accretive manner. And I dare say, where do we see our strengths and opportunities? I think there are some niche opportunities where we could really create value from copper and we will continue to look at those. But that will be the underlying driver, is it value-accretive and where do we think we can unlock value.

所以，是的，銅是我們需要考慮的金屬之一。但如果我們要這樣做，就必須以增值的方式進行。我鬥膽問一句，我們的優勢和機會在哪裡？我認為銅在某些特定領域蘊藏著巨大的價值，我們可以從中創造真正的價值，我們將繼續關注這些領域。但這將是根本驅動力，它是否能增值，以及我們認為在哪裡可以釋放價值。

Thanks, Richard. And then a question on our chrome strategy, I guess, production and revenues. Does chrome now play a negligible role, given the rise in PGM prices? Not. And I guess maybe just a touch on the deal with Glencore.

謝謝你，理查。然後還有一個關於我們鉻戰略的問題，我想是關於生產和收入的。鑑於鉑族金屬價格上漲，鉻的作用是否已經微乎其微？不是。我想，或許還可以稍微談談與嘉能可的交易。

Yeah. Thanks very much. No, chrome is definitely not negligible to us. I think it's clearly a by-product in that regard, but it's a very important by-product for us, one we've given a lot of attention to over the last five years and continue to look at going forward.

是的。非常感謝。不，Chrome瀏覽器對我們來說絕對不可忽視。我認為這顯然是這方面的副產品，但對我們來說，這是一個非常重要的副產品，我們在過去五年中對此給予了很多關注，並且我們將繼續關注未來。

So of course, in different commodity cycles, the relative impact of chrome is important. I think we've seen over the years how chrome has gone from being about 2% of our revenue basket, almost as high as 15% during down times. At the moment, it's probably sitting around 10% to 12%. So it's still a very material number. And of course, even though that's relative to PGMs, that number in our earnings and bottom line is material. So we will continue to focus on all value opportunities and chrome is certainly a very important one.

因此，在不同的商品週期中，鉻的相對影響當然很重要。我認為這些年來我們已經看到，Chrome 瀏覽器在我們收入中所佔的比例從大約 2% 增長到淡季時幾乎高達 15%。目前，這個比例大概在 10% 到 12% 之間。所以這仍然是一個非常重要的數字。當然，儘管這是相對於鉑族金屬而言的，但這個數字對我們的收益和最終利潤來說意義重大。因此，我們將繼續關注所有價值創造機會，而 Chrome 無疑是其中非常重要的一個。

I think critically, the transaction that we did with Glencore, what that really looked around I guess was three big opportunities. The first one was at our Marikana operations. Historically, that chrome was sold to Glencore under, I guess, onerous terms for us. And that prohibited the potential expansion of some of those resources and I think in recognition with Glencore by opening up those resources we can all benefit. And that was the first opportunity from that transaction. So that really unlocked some of the value from the new projects that we have announced as part of our strategy.

我認為至關重要的是，我們與嘉能可達成的交易，實際上讓我們看到了三個重大機會。第一起事件發生在我們位於馬里卡納的營運點。從歷史上看，這些鉻礦是按照對我們來說非常苛刻的條款賣給嘉能可的。這阻礙了其中一些資源的潛在擴張，我認為透過嘉能可開放這些資源，我們所有人都能從中受益。而這正是那筆交易帶來的第一個機會。因此，這真正釋放了我們作為戰略一部分而宣布的新項目的一些價值。

I think the second benefit was by looking at our chrome operations across the board at Rustenburg and Marikana. We think there's some real synergies that can be derived there. And then we have substantial chrome in surface tailings which, again I think with our combined skills, we've got an opportunity to unlock that.

我認為第二個好處是全面審視了我們在魯斯滕堡和馬里卡納的鉻礦生產運作。我們認為這其中蘊含著一些真正的協同效應。此外，地表尾礦中還含有大量的鉻，我認為憑藉我們雙方的綜合技能，我們有機會將其開採出來。

So no, not at all. I think we are already, I think if I'm not mistaken, the third biggest chrome producer. And I think with this going forward, we'll be a substantial chrome producer. So it's absolutely part of the strategy going forward.

所以，不，完全不是。我認為我們已經是，如果我沒記錯的話，是世界第三大鉻生產商了。我認為，隨著這項技術的進步，我們將成為一個重要的鉻生產商。所以這絕對是未來策略的一部分。

Thanks. And just first estimate for gold from Burnstone?

謝謝。伯恩斯通金礦的初步估價是多少？

I think perhaps before then, I need to say our first step is really to get an investment decision from our Board. So that we would be going to in quarter two or towards the end of the first half. So let me just make that clear. We do still need to go through that process.

我認為在那之前，我需要說明的是，我們的第一步實際上是要從董事會那裡獲得一項投資決定。所以，我們大概會在第二節或上半場快結束的時候看到這一幕。所以，讓我把話說清楚。我們仍然需要走完那個流程。

I think first gold from Burnstone would come relatively quickly. But I think the thing with Burnstone is it is a long ramp-up period. So while you access the ore body quite quickly and can get first gold quite quickly, it's about a four- to five-year period before you reach steady state of about 120,000 to 130,000 ounces. So that's sort of what that profile looks like. But again, we'll unpack that in more detail at our Capital Markets Day sharing those profiles with you.

我認為伯恩斯通礦的第一桶金應該很快就能開採出來。但我認為 Burnstone 的問題在於它的啟動期很長。因此，雖然您可以很快開採到礦體並很快獲得第一批黃金，但要達到大約 12 萬至 13 萬盎司的穩定產量，大約需要四到五年的時間。這就是該個人資料的大致內容。不過，我們會在資本市場日活動上更詳細地向您介紹這些資料。

Thanks Richard. There are a couple here that I'll just answer myself, I think, before we go to the call. Any further payments due for the Appian settlement? No. They're done.

謝謝你，理查。這裡有幾個問題，我想在開會之前先自己回答。Appian和解協議還有其他款項需要支付嗎？不。他們完成了。

A question on surface sources and projected life for Rustenburg PGM surface tailings. Again, that's been subject to study and we'll come to the market with all of the detail later this year when we have our Capital Markets Day. So if you can hold on for that, we'll be able to give you all that sort of detail.

關於魯斯滕堡鉑族金屬地表尾礦的地表來源和預期壽命的問題。這方面我們已經進行了研究，我們將在今年稍後的資本市場日上公佈所有細節。所以，如果您能耐心等待，我們就能為您提供所有細節。

And then a question from Steve Sheppard about development. Assay results are no longer included in the disclosure. One wonders how analysts are able to forecast future head grades and yields without this crucial information. Yeah, we'll speak about that offline, Steve. I have my opinions.

然後是史蒂夫·謝潑德關於發展方面的問題。檢測結果不再包含在揭露文件中。人們不禁要問，如果沒有這些關鍵訊息，分析師是如何預測未來的礦石品位和產量的？好的，我們私下再談這件事，史蒂夫。我也有自己的看法。

Can we go to the call, please?

我們可以去參加電話會議嗎？

Chris Nicholson, RMB Morgan Stanley.

Chris Nicholson，RMB Morgan Stanley。

Hi. Morning, everyone. Thank you for the call. I've got a number of different questions, believe it or not, after all the ones you've been to the webcast. I'll just limit it to a couple. Just the first one, just on Burnstone, are you in a position where you could guide on what the CapEx for that project should be? Looks like your group CapEx this year is $17 billion roughly. So I'm just kind of adding what we should add on top of that to get the 120,000 ounces. Otherwise, we can't really credit you with those yet.

你好。大家早安。謝謝你的來電。信不信由你，在你們參加了網路直播之後，我還有很多不同的問題。我就只選幾個吧。就第一個項目，關於 Burnstone 項目，您能否就該項目的資本支出（CapEx）提供一些指導？看來你們集團今年的資本支出大約是170億美元。所以我只是在補充我們應該在此基礎上添加的內容，以達到 120,000 盎司。否則，我們還不能真正把這些成就歸功於你。

Second question is just on costs. I think you've done a good -- I think I understand what's happening in the gold and SA PGMs. But just in US PGMS, I see CapEx is up, but even if you strip that out, it does look like the underlying unit cost is up. Is this just a case of a bit of catch-up and poor development? What's driving that? Clearly, you still want to move down towards a $1,000 long-term target, but it's going up in the short term.

第二個問題只是關於成本的。我認為你做得很好——我認為我了解了黃金和南非鉑族金屬市場正在發生的事情。但就美國PGMS而言，我看到資本支出上升了，但即使剔除這一因素，看起來單位成本也確實上升了。這只是追趕進度和發展落後造成的嗎？是什麼原因導致這種情況？顯然，你仍然希望價格能朝著 1000 美元的長期目標下跌，但短期內價格會上漲。

And then final one. I think you glossed over it a bit, but just on Keliber, that extra EUR100 million over and above the project CapEx this year, that just seems strange given the project is now finished. What actually is that? Is this a working capital build, or is there a working capital build in addition to that? And if it is, can you actually capitalize all those stockpiles? Thank you.

然後是最後一個。我覺得你有點輕描淡寫了，但就 Keliber 項目而言，今年在項目資本支出之外額外增加的 1 億歐元，考慮到該項目現在已經完成，這似乎很奇怪。那到底是什麼？這是營運資金的增加，還是除此之外還有其他營運資金的增加？如果真是這樣，你真的能把所有這些庫存都變現嗎？謝謝。

Chris, good morning, and thanks very much. Good to hear from you. I'll take the Burnstone and the Keliber question, and then ask Charles if he can pick up on the US cost in particular.

克里斯，早上好，非常感謝。很高興收到你的來信。我會回答伯恩斯通和凱利伯的問題，然後問查爾斯他是否能特別指出美國的成本問題。

So Chris, just on Burnstone, we haven't actually released a full capital number. So as soon as we've got that feasibility done, we'll do that. But what I can share with you is that the large project capital at Burnstone has already been spent. So when we turn that project off, the underground infrastructure is developed, most of the surface infrastructure is developed, the plant is largely done.

所以克里斯，關於伯恩斯通，我們實際上還沒有公佈完整的資本數字。所以一旦可行性研究完成，我們就會去做。但我可以告訴大家的是，伯恩斯通計畫的巨額資金已經用完了。所以當我們關閉那個專案時，地下基礎設施已經建成，大部分地面基礎設施也已經建成，工廠基本上已經完工了。

So the capital that will really be required on Burnstone is essentially opening up that ore body. So it's development capital predominantly. So what we're really looking at is the cost from going from start up to steady state. For those who are familiar, it's a Kimberley ore body, which means there's a lot of development required if you really want to set that mine up for the long term. And that's our intention.

因此，伯恩斯通礦真正需要的資金本質上就是開採該礦體。所以主要是發展資金。所以我們真正關注的是從啟動到穩定狀態的成本。對於熟悉情況的人來說，這是一個金伯利礦體，這意味著如果你真的想長期開採這個礦，就需要進行大量的開發工作。這就是我們的意圖。

So it's not a big slug of capital that will come through. It's essentially opening up in development capital. So if you were going to think of a mine ramping up, it's O or D style capital that will be capitalized pre-production. So it's not big project CapEx, Chris, but we'll certainly look to give you the profiles on that as those studies are completed and made public.

所以不會有大量資金湧入。這本質上是在開放發展資本。所以，如果你要考慮一個礦山的增產，那麼在生產之前需要投入 O 型或 D 型資本。所以這不是什麼大型資本支出項目，克里斯，但我們一定會等到相關研究完成並公佈後，再向你提供相關概況。

I think on Keliber, so let me just unpack that so we can be absolutely clear on those numbers, so we always said, well, the project CapEx for Keliber was EUR763 million. That number has not changed. The last portion of that number, i.e., the EUR90 million that I quoted, gets spent in 2026. And that gets spent during the first quarter and a little bit into the second quarter. So the total project capital remains at EUR763 million. It hasn't changed. And the last EUR90 million is being spent of Q1 and Q2 of this year.

我想談談 Keliber 項目，所以讓我來詳細解釋一下，以便我們可以完全清楚這些數字。我們一直說，Keliber 項目的資本支出為 7.63 億歐元。這個數字沒有改變。該數字的最後一部分，即我提到的 9000 萬歐元，將在 2026 年支出。這些資金在第一季和第二季的一小部分時間就消耗掉了。因此，項目總資本仍為7.63億歐元。情況沒有改變。最後9000萬歐元將在今年第一季和第二季支出。

The balance, to get us to the EUR180 million, so the balance, let's call it, of EUR90 million, that is effectively pre-production costs as we start up. A large amount of that will likely be capitalized as pre-production, but it's pre-production and sustaining capital-type costs, Chris. So the project capital remains as is. We're just spending the last EUR90 million now. But it is part of that original EUR763 million and then the other EUR90 million pre-production. I hope that's clarified it for you, Chris.

為了達到 1.8 億歐元的目標，我們還需要 9,000 萬歐元，這實際上是我們啟動時的生產前成本。克里斯，其中很大一部分可能會被資本化為前期製作費用，但這是前期製作和維持性資本成本。因此，專案資金保持不變。我們現在只是在花掉最後的9000萬歐元。但這筆錢是最初7.63億歐元的一部分，另外還有9000萬歐元的預生產費用。克里斯，希望這能讓你明白。

Charles, do you want to pick up on the US?

查爾斯，你想接手美國市場嗎？

It does, yeah. It does.

是的，確實如此。確實如此。

Super. Thanks, Chris.

極好的。謝謝你，克里斯。

Thanks, Rich. US, yes, Chris, on development, we do have quite an expanded development set of activities, particularly at East Boulder. We also have some incremental capital, so we're replacing the bridge at Stillwater East that runs between the East Mine and the concentrator and mill. And that was capital we deferred in the last couple of years. We're now getting into it. And then, we do have some mechanized boulters starting to come in, so there is that capital. And then, we also have the initial spend on rock dump and tailings expansion at East Boulder as well.

謝謝你，里奇。是的，克里斯，就發展而言，我們確實有相當廣泛的發展活動，尤其是在東博爾德。我們還有一些新增資金，所以我們正在更換斯蒂爾沃特東部連接東礦和選礦廠的橋樑。而這筆資金是我們過去幾年一直延期支付的。我們現在開始進入正題。而且，我們也開始引進一些機械化投擲器，所以資金方面是有的。此外，我們還有東博爾德岩石堆場和尾礦擴建的初始支出。

So all in, you do have a sustaining cost number that is higher than you're probably expecting. But I think the underlying run rates that you're getting from the operators is what you can see going forward. And as I outlined in the presentation, you do have a mixed year of activity here. We've got steady-state performance, and then we've got a big shift into the transformative work, where you really start to see the benefits on a cost basis and a productivity basis, probably at the tail end of the year and into next year. So those will start to be daylighted at Stillwater East late in the year, but they will only get into East Boulder next year.

所以總的來說，你的維持成本數字可能比你預期的還要高。但我認為，從營運商那裡得到的潛在運作率才是未來發展的方向。正如我在演講中概述的那樣，今年的活動情況喜憂參半。我們已經實現了穩定的業績，然後我們將迎來轉型工作的重大轉變，屆時您將真正開始在成本和生產力方面看到效益，這可能要到今年年底和明年才會實現。所以這些球將於今年稍晚在斯蒂爾沃特東高中開始亮相，但要到明年才能進入東博爾德高中。

Thanks.

謝謝。

Thank you. And is there another question along the line?

謝謝。還有其他問題嗎？

Sorry. Can I just ask, is $130 million a good standard business CapEx level then for 300,000 ounces at Stillwater? Is that what we should assume going forward?

對不起。請問，對於斯蒂爾沃特礦30萬盎司的產量來說，1.3億美元是一個合理的標準商業資本支出水準嗎？我們今後應該這樣假設嗎？

Chris, is that -- you're talking on the US operations?

克里斯，你是說──你指的是美國方面的行動嗎？

On the US operations, yeah.

關於美國方面的行動，是的。

Yeah, that's correct. Chris brought in line with the guidance that we've put out. That's right, yeah.

是的，沒錯。克里斯的做法符合我們發布的指導方針。沒錯，是的。

Thank you. Operator, is there another -- sorry, Chris, another question? We like you. We'll give you another go. Operator?

謝謝。接線員，還有其他問題嗎？ ——抱歉，克里斯，還有一個問題？我們喜歡你。我們再給你一次機會。操作員？

No, I'm good. Thank you very much.

不，我很好。非常感謝。

Operator, is there another question?

操作員，還有其他問題嗎？

Adrian Hammond, SBG Securities.

阿德里安·哈蒙德，SBG 證券公司。

Good morning, (inaudible) Richard. Just a question on your recycling guidance. I know you've now consolidated the ops, but if on my calculations, then Columbus volumes have materially decreased. Could you just unpick that for me?

早上好，（聽不清楚）理查德。關於你們的回收指南，我有個問題。我知道你們現在已經整合了營運部門，但如果按照我的計算，哥倫布的業務量已經大幅下降。你能幫我把那玩意兒拆開嗎？

And then another one on Kloof, for Charl perhaps, just the closure liabilities, do they cover the pumping costs that you foresee there? I'm just thinking about the aquifers that Kloof sits on. I know you incur about ZAR1 billion a year for Cooke pumping. Does the liability you've mentioned cover the pumping that's envisaged for Kloof? Thanks.

還有關於克魯夫的另一個問題，可能是查爾的問題，只是關閉負債，這些負債是否足以支付您預計的抽水成本？我只是在想克魯夫所在的含水層。我知道你們每年因庫克油井抽水而損失約 10 億蘭特。您提到的責任是否涵蓋克魯夫地區計畫進行的抽水作業？謝謝。

Adrian, good morning. Good to hear from you. I'm going to ask Grant -- I think he is on the line -- just to pick up your question on the recycling breakdown. I don't believe there's been a significant drop off at the Columbus facility, but let me ask Grant just to unpack that.

阿德里安，早安。很高興收到你的來信。我打算問格蘭特——我想他應該在線——讓他回答你關於回收細分的問題。我不認為哥倫布工廠的產量出現了大幅下降，但讓我請格蘭特詳細解釋一下。

Just in terms of Kloof, I'll ask Charl if he does want to come in with any numbers, but just high level, Adrian, I think where Kloof is very different to the Cooke operations, so that's the ZAR1 billion you've just quoted now, which is the pumping across Cooke 1 to 4. That's very interconnected with other operations. So on the northern side, we have the Harmony Shaft, and on the southern side, we've obviously got South Deep. And that is why a lot of that pumping has had to remain, while we develop stable systems to be able to ensure it's sealed from the surrounding operations, as part of a connected basin.

就克魯夫油田而言，我會問查爾是否願意提供一些具體數字，但就總體而言，阿德里安，我認為克魯夫油田與庫克油田的運營情況非常不同，所以你剛才提到的10億蘭特指的是庫克1號至4號油田的抽油量。這與其他業務密切相關。所以北邊有和諧豎井，南邊顯然有南深井。因此，許多抽水作業不得不繼續進行，同時我們也在發展穩定的系統，以確保它與周圍的作業隔離，成為連通盆地的一部分。

Both Kloof and Beatrix are standalone operations in that regard. So when Kloof ultimately comes to closure, it's not interconnected to any other operating mines. So essentially, that can be flooded, in line with our environmental permits. So the pumping issues and liabilities that we have previously experienced at the Cooke Shaft are not applicable to either Kloof or Beatrix.

在這方面，Kloof 和 Beatrix 都是獨立運作的。因此，當克魯夫礦場最終關閉時，它與其他任何正在運作的礦場都沒有關聯。所以基本上，這區域可以被淹沒，這符合我們的環境許可規定。因此，我們先前在庫克豎井遇到的抽水問題和責任並不適用於克魯夫或比阿特麗克斯。

It would, in time, become applicable to Driefontein, and I think that's where there's obviously an important conversation around extending life of mines around Driefontein and what that future liability may look like. So that is one where that's got to be looked at down the line in the future. Driefontein's still got 10 years ahead of it. But for Kloof and Beatrix, that's not a problem on the liability.

隨著時間的推移，它也可能適用於德里方丹，我認為很明顯，關於延長德里方丹週邊礦山壽命以及未來可能面臨的責任，存在著一個重要的討論。所以這個問題需要在未來加以考慮。德里方丹還有10年的發展空間。但對克魯夫和比阿特麗克斯來說，責任方面不存在問題。

Charl, I don't know if you want to just add any numbers to that, and then we can --

查爾，我不知道你是否想隨便加一些數字，然後我們就可以…--

No. So Rich, I mean -- yeah, we would not provide for pumping or any liabilities, because as you've explained, we have the ability to flood and it's not similar to the Cooke scenario. So no, well covered. Thank you.

不。所以 Rich，我的意思是——是的，我們不會提供抽水或承擔任何責任，因為正如你解釋的那樣，我們有能力進行洪水氾濫，這與庫克的情況不同。所以，沒有，涵蓋得很全面。謝謝。

Perfect. And then Grant, if you are online, do you just want to pick up on the recycling question of Adrian's?

完美的。格蘭特，如果你在線上的話，你想不想接下艾德里安提出的關於回收的問題？

Yeah. Sure, Rich, I am online. Adrian, good to chat. Yeah, there hasn't actually been much of a decline on the ounces profile delivered by Columbus. If you look on '24 and '25, it was a 2%, I think, decline.

是的。當然，里奇，我在線。艾德里安，很高興和你聊天。是的，哥倫佈公司提供的盎司咖啡豆產量實際上並沒有太大下降。如果看 2024 年和 2025 年的數據，我認為下降了 2%。

I think there is significant shift, though, in the market, so there is going to be a lot of different industry play coming out and strategic moves and shifts that will have to take place. And I guess we'll unpack that for you during the April 20 discussion where we outline some of our broader recycling strategy. Thanks.

我認為市場正在發生重大轉變，因此將會出現許多不同的行業動態，並且必須進行策略性舉措和轉變。我想我們會在 4 月 20 日的討論會上詳細闡述這一點，屆時我們將概述我們更廣泛的回收策略。謝謝。

Thank you. Operator, are there any calls on the line still? Thanks. Okay, well -- it seems to have a delay.

謝謝。接線生，現在還有電話在通話嗎？謝謝。好的，看來是有延遲的。

Thanks a lot. I think that's it, really. Oh, only one more question. There's always one from Arnold Van Graan about share buybacks next. Richard, what do you feel about that?

多謝。我想大概就是這樣了吧。哦，還有一個問題。接下來總會有阿諾德·範·格拉恩（Arnold Van Graan）關於股票回購的文章。理查德，你對此有何感想？

Arnold, that's a great way to end this, and thank you very much. Good to hear from you this morning.

阿諾德，這真是個完美的結尾，非常感謝。很高興今天早上收到你的消息。

No, I think as we shared in our Strategy Day, the capital allocation model we're looking at at the moment is very focused on the three pillars. So we've got our dividend policy that largely talks to about a third of distributable free cash flow going to shareholders, a third going to paying down our gross debt, which I dare say should reflect in our overall share price as we get that down. And therefore, hopefully, we would see shareholders benefiting from that capital uplift and then towards growth.

不，我認為正如我們在策略日上分享的那樣，我們目前正在研究的資本配置模型非常注重三大支柱。因此，我們的股利政策大致是將可分配自由現金流的三分之一分配給股東，三分之一用於償還我們的總債務，我敢說，隨著債務的減少，這應該會反映在我們的整體股價上。因此，我們希望看到股東們能夠從資本增加中受益，進而實現成長。

I think until such time as we've got our debt in line, for now, we will be sticking to that dividend policy. And we wouldn't be considering any extra. Of course, if commodity prices stay where they are, and we've achieved those objectives on the gross debt side, then we'd have to look at where that policy or the capital allocation strategy lies. But for now, we'll be sticking to our dividend policy, Arnold.

我認為，在我們解決債務問題之前，我們暫時會堅持目前的分紅政策。我們不會考慮任何額外費用。當然，如果大宗商品價格維持現狀，並且我們在總債務方面實現了這些目標，那麼我們就必須考慮該政策或資本配置策略的重點在哪裡。但就目前而言，我們仍將堅持我們的分紅政策，阿諾德。

Thank you very much. I guess -- is that the last question? If that's the last question, then perhaps just from my side. Thank you very much, everybody, for joining us again.

非常感謝。我想──這是最後一個問題嗎？如果這是最後一個問題，那麼或許只有我一個人會回答。非常感謝各位再次光臨。

As mentioned, this is just one in a series of engagements we're looking to have with the market. I think we can tell that there are still a lot of questions and a lot of details we need to share around some of the projects in particular that we've got. And we certainly look forward to unpacking that with you during April and June of this year.

如同前面所提到的，這只是我們希望與市場進行的一系列互動之一。我認為我們可以看出，對於我們正在進行的一些項目，仍然有很多問題和細節需要分享。我們非常期待在今年四月和六月與您一起深入探討這些問題。

So thank you very much for joining us again. Please have a good and a safe day. Thank you.

非常感謝您再次光臨。祝您有美好安全的一天。謝謝。