Good morning, everyone. Before we officially start our results presentation, I'd just and briefly note that couple of rules for this webinar, everyone will be in listen-only mode for the remainder of the presentation. Everyone will remain muted and just to note that these hand-outs stack with all the hand-outs that you can download and access and please on the question stack feel free to type your questions at any time during the presentation and we'll and answer as many of those questions at the end of the presentation. Yeah so please signal in as you know where the coffee is, your own emergency exit, then obviously washroom [ph] facilities if required, but on that note, I am going to hand it to you and ask to take us through start of the presentation. Thanks.

Thanks Dan. Good morning, everybody. Thank you for joining us, I m Hugh Julius [ph]. I'll be presenting with my colleagues, Riaan Davel, our CFO and Jaco Schoeman and at the end also be taking any questions that you may have. Thank you for joining us for the release of our results for 2021 financial year, a remarkable year it's been. Before we start, just wanted to share with you again our disclaimer. This is -- presentation will be containing a number for forward-looking statements. So just reach for the necessary caution and you might remember that last year we went with people, planet [ph] and profit. This year we go with mine and unsustain. So I think nicely into the ESG theme that has become very prominent. All right. So just some of our key features for the year. It's been an exceptional year mostly as a consequence of particularly the first six months of the financial year through to December at the time coal price was still really high I think north of, and in the region of about a R1 million million Rand a kilo, which called mining the universe is just, it's the sort of thing that you never dreamt you would actually witness. But we were very well positioned to take full advantage. Our first production was really good and we had our costs under control, managed to keep our staff safe. They've made their contribution in terms of keeping themselves safe in terms of COVID protocols et cetera, et cetera. So what all this translated and what we have on this slide for you in terms of the highlights for the revenue up 26% to north of R5.2 billion. Operating profit was up nicely 39% to about R2.1 billion, production, just shy of 5.75…

Yeah, it's as always is my privilege to take you through our results for the year ended 30 June, 2021, and you're over 126 year old company. As Neil said differently, one of the, of the best periods that we've seen in a, in a very long, in a very long while. And it's usually also personally rewarding and I think these are really wonderful, wonderful results as Neil has done just starting with the ergo financial results and sort of broken up into off years and that the theme that Neil mentioned around the two halves very much true also for the for the financial results for example, ergo off year on off yet down 26% on RayBan, you're obviously impacted by the red bull price that was 14% lower in the second six months versus the first six months of the 2021 financial year. However, overall, as Neil mentioned, the gold price increased 19% year on year, just under 918,000 grams per kilogram. Still up revenue 29% year on year for Ergo, obviously the volumes impacted for COVID in the last quarter of the previous financial year. But we're very proud of and continue to manage very carefully. It's the bit under our control. We see eight grade isn't yield. We, obviously like to and we do manage to keep the plot stable, but it's really the cost of rent with time. And you can see that cost for ergo up 17% year on year, but also the volume is up 30%. So really managed to maintain our ramp, which will continue, continue to be a huge focus for our business. And then the operating profit year on year up a massive 57% increase. And again, Ergo again, shows its resilience wonderful volumes that it has. And almost…

Thank you. Yes. We decided to include the performance of the share price chart for a slightly longer period. I think the last two years in particular are relevant. See how the share price responded to various dynamics. Obviously there was the uncertainty last year associated with the COVID and some a lot of investors going back to gold as a safe Haven investment that the rest of the global economy becoming unstable and uncertain. I think we also saw a very significant supportive liquidity when, when one of the large index funds came back into the stock and the strong students to lie that might be provided some additional impetus. And then with the world sort of settling into a new rhythm and having taken stock and developing a different perspective on where the global economy is going to go and where investment money should be going, you could type it off quite a bit and follow the industry down to, to current levels. I have to admit that when the share price north of 20 read that you were wondering, how do we sustain this? So maybe just maybe the levels to which it's a return to or more relational in terms of production and an Arctic and potential performance they'll seem to also find itself slightly in in an indecisive period at the moment competitive indecision. What is comforting though is the fact that support as rebased, I think is the term that's used supports seems to have come in at a slightly higher level than what we saw in the past. There was the dumping of it was costly, $4 billion worth of coal a few weeks ago called the price down by a hundred dollars more in a single day, and then it bounced off…

No, just, I think you've summarized it well, maybe answering this last question also from, from Arnold [ph]. I think we, we responsibly sitting side around makes us dance sustainability around building the best possible for, for the future to mine, as long as we can look at regional consolidation. And, and when we take it that step by step. So I think that that is the message. And we're fortunate to have cash on the balance sheet to do that because we don't hate or exposed if, if the gold price comes down or our profits are impacted as everyone saw in the second half of the year, it is it's a, it's a or market. So I think we, we, we set up very positively to take the next steps and we are, and we are doing that, so very exciting next steps that, that exactly. But that's it from my side. Thank you.

There is a hand from Nick. Nick. I'm not sure if you will give me permission to unmute him ahead, Nick. You've been un-muted.

Okay. Can you hear me?

Yes, we can.

So sorry, I had my hand raised there. So I think that the better way of asking questions was on that on that key list. Only two things talking about costs on ergo side, your, your, you talked about your unit cost on a per ton basis. So working roughly, they turned out, they went up 4%, but at the same time, 15%, which in a, in a philosophical sort of way that your customer issues were arising in the order of 17%. So I add the one to the other, and I get that sort of number. Now, I know you're talking about like just 15%, but that only kicked in for off the year and your electricity costs only account for 20% of the total. So those cost pressures to me look quite high and maybe some pet them. And then I'll have a further question?

Yeah. Well, you're talking about total cost or the cost per 10?

Cost per 10 ergo on the rest of ton.

Yeah. The total costs went up because we increased volume throughput by quite a bit, but the cost per term, I think that that line is there's a lot more, a couple of main fees. So your cost per pillar will be higher because you yield potential more tense produce doesn't produce the same kind of rent, but the cost per tenant is actually quite well managed. So it's not, it's not up by 17%.

So no. So let me just rephrase that question. It went up by 4%, but it went by 4 cent, despite the tonnage is increasing by 11%. So one would have expected some benefit of that expansion of Telogis on your rants, but some costs that's the point of the source. So what you're saying is that because there was an increase in turns you ought to have had a more of a dilution on your per unit cost?

I wish we could give you a breakdown of, you know, of, of, of everyone and exactly what sort of contribution makes. But I suppose, what, what makes that sort of breakdown [indiscernible], we'll give some more color on this, is that, you know, not every site is a is a site where we do reclamation by way of hydraulic. I appreciate that water guns. so some of the sites we actually use trucks, and those fans are quite a bit higher on a per ton basis. Then, then [indiscernible], we've got between at any given point where they, between 15 and 18 sites where there's, where there's actual activity taking place. And, and on one of those sites for, for the better part of the last year, there's only been stockpiling that hasn't come in to the circuit, then it will start coming to now in the new year. So if it was only one site and on that side B we had an 11% increase in throughput, but only a 4% increase in in cost. One would have expected that dilution to be better, but it's not just one site. It's, it's a heck of a more complex than, than that your answers are correct. I see my screen is imitating some of the unregulated responses. So, but your answer was a 100% reminding a number of sites. And some of these sites specifically the smaller ones you going into final cleanup and as also indicated slides in this presentation, the cost of surgery cleanup, and then comes at a cost because you're tracking this material. So as we're cleaning up these sites and getting them into it we obviously moving to bigger slum sites and Hinshaw production costs overall also start decreasing.

Thank you. It's actually the onset. Can I have another one, another question? So, you know, I'm aware that you have a number of projects on the conveyor belt and, and, and as you said, the regulators, aren't quite, as quick as you say to catch up with you, you would have quite a few things on your plate. So when I look at, when I look at DRD, I don't see necessarily that you have the execution ability to do all those things in a relatively short space of time. Do you think this is a challenge you're going to have to grow the company to match the project profile if they come through reasonably quickly?

Yeah. Now that we share your concern and we both scheduled a and the board raised the same issue. So we've got to sort of maintain a balance between senior colleagues starting to feel sorry for themselves because they worked so hard and making sure that we have adequate resources and the first time saying thing and cheek, but no, no, we, we having a workshop series of workshops. Now over the next few months, we will be just looking at drug clarity. You know, our team has been a very stable team now for a long period of time, seven years and you know, certain members of their team came into to put certain things in place. And they'd been in place now for a while. So maybe it's time to sort of move on to the next level and be most strategic and less sort of focused on day to day stuff. And we have, within our senior team, I can think of at the very least not counting Yoko and early-on that we've been called to their team from the outset. I can count at least three or four additional senior members of management of management that can increasingly start becoming more involved strategically and, and have some of, some of their colleagues stepping into some of the, their day-to-day chores. Ultimately what we want to do is not just it's not limited to only the quality of the work that we want done. And I think the performance of our most recent addition the quote, we spoke plant this little copper illusion plant and the effect that it's having that based system. And I think to that, to the quality standard that that our team takes to these projects, but it's not just that you know, there's, there's a very specific approach that we take to, to every site. There's a set of values that accompanies the it everything that we do and, and those, those values you don't implement. And for us, they're, non-negotiable and they're not offensive. The people that we enjoy working with actually to those values intuitively, but they start direct implementation and rolling out of those values. So clearly some of the more senior people who have technical skills and the right sort of experience that they will become a little bit more stretched observation. It's not, it's not inaccurate. It's a good observation and there's something that's getting our attention. Okay. I think we can deal with some questions.

Thanks very much. Thank you.

Thanks for your questions. Appreciate it. Okay. Anything else? Oh, it will be done. Yeah. There is one more question. There's a long

I see this, I see, thank you. So there's the saying that in 2018, we concluded was a game changer production for is '21. This, this year, there's 57, 43 of production. Do you ever envisage the possibility of ergo producing roughly 67% of production in four ways, 33 of production in terms of guidance for this year? What is the likely split between ergo and fall waste? You can venture a guess. I don't want to -- it is something it's an answer that I would want to give. It's a question that I do want to answer, but I'm looking at the numbers sort of grow the, in my mind. Sure. What that exact number is. I'm sure by looking at the budget, you can, you can sort of have a number, but while you, while you consider that, let me move on to are you good to go? Are you happy to give an answer quickly

In the next 12 months very similar split to what we've had the previous year do not foresee a massive change happening going forward as soon as far the phase two off always kicks in, obviously that will change substantially or favorably towards focus. Then we can have to wrap this up because I have another meeting that I need to attend or continue to potentially deal with Michelle in the wrong capacity position, right. You're running currently, or it's called phase two, how much can capacity increased? So I think the, the capacity is really determined by one thing, and that is their position, right? So we're mining as quickly as we can deposit. And I think, overburdening any of our physical infrastructure at this stage in that regard, you could tell me if it's roughly accurate. That is so for the next three to four years we do not anticipate any, any issues with the position capacity. And some of the projects would go towards expanding that obviously after that period of time. And then in terms of the capacity of the boss we do have some additional speed capacity. But at this point frigidly, we're not switching engineering infrastructure. We're sort of keeping pace with how quickly we can put tailings residue on our trading steps.

I'm going to have to call an end to this. I'm late for an interview with the television station. So I want to once again thank you everybody for dialing in and for participating. We really appreciate it. I see we still have 51 about attendees online. So that's really awesome. Thank you for giving us so much of your time. And as I said earlier, hopefully we won't disappoint this year. Thank you so much.