DRDGOLD Limited (DRD) Earnings Call Transcript

Come and listen to the presentation of results for the year ended the 30th of June 2025. You'll see that there are 4 places for my colleagues. So the format today is a little different. So as usual, myself and Riaan will be talking to the operations strategy and finance. But today will also be the day where we will be introducing Henriette Hooijer, who's our CFO designate, and she'll do a part of the presentation as well. And then you've heard us talk about Vision 28 and where DRD is in terms of its own story, its own journey. So Ergo, which was recommissioned in 2008, had a planned life of roughly 12 years or an approximate life of 12 years. And as we went on, we added further years to that as we accumulated additional resources. And then at one point, it became apparent that Ergo wasn't going to close down. But in order for it to extend its life, certain things had to happen. And part of the Vision 28 initiative involves various projects that are designed to extend that Life of Mine. So Ergo is currently in an interim phase. And Jacobus Schoeman, our Chief Operating Officer, he will tell you more about what's being done to give effect to that ambition to extend Ergo's Life of Mine. Far West Gold, when we acquired it from Sibanye in 2018, I think we've spoken about Phase 1 and Phase 2 on a number of occasions. And what's happening at Far West Gold operations at this stage is the implementation, the work necessary to give effect to Far West Gold Phase 2. So there's a very specific part of this presentation that Jaco will talk to under the Vision 28, and he will explain to you what it is that we've been doing and what it is that we still need to do in order to give effect to the Vision 28 objective of 3 million tonnes a month and 200,000 ounces, 6 tonnes of gold per annum. The disclaimer, you've seen a number of times, it hasn't changed. So please just take cognizance of the fact that there may be some forward-looking statements in this presentation. So my involvement today is going to be limited. I'm going to take you through some of the key performance indicators for the year. And I'm really going to start off by reflecting briefly on or pointing out what's happened in terms of tonnage throughput, this one over there. You'll recall that in 2024 financial year, we spoke about some of the challenges that we faced in order to achieve volume throughput as a consequence of certain delays. And after having secured the licenses necessary to start opening up newer sites, we were finally back on track and the company is back at 25 million tonnes per annum. And this is pretty much what it will look like for the foreseeable future until the Vision 28 starts taking effect, and we'll start incrementally rolling that out. You'll also see that the average yield has been marginally down. And that is a consequence of the nature of the ore body that we're mining now or the resources that we're mining now. Towards the end of 2024, most of what we were mining, and you'll see that in the operational summary as well, most of what we were mining was either resources or reclamation sites in the late phase, in the final stages or cleanup sites. And typically, what you will find, and I'll spend a little bit more time on that, is that in the early days of reclamation, grades are typically a little bit lower than average and towards the latter phase, it's typically higher. And there, we were at a point where a lot of the old core sites were being mined out, the final cleanup for many of those sites. So the grade makeup, the head grade makeup now compared to then is actually quite a lot different. There's a lot of new sites that have been commissioned in the last year, 1.5 years. An important indicator for us, an important parameter, and that's indicative of where it is that we want to be trending over time is that Rand per tonne cost. And you'll see that, that has trended down quite nicely. And the way that you plan and design a business like ours is, remember, our resources are basically stockpiled waste. So you can get a fairly good idea of the gold content of your stockpiled waste. And by just doing a simple calculation, you can figure out that in a particular combination, either individually or in a particular combination, what you could generate in terms of revenue per tonne because you apply your extraction factor and that gives you based on whatever your assumption is in terms of gold price, that gives you an indication as to your revenue per tonne. And in designing your business going forward, this number is really important, the Rand per tonne. Rand per kilo, it's an important indicator of how profitable you are, but that's more of an efficiency measure. It's not really an indicator of what it's taking to put your business together. You need to know what the revenue-generating potential of your ore body is and then design a cost construct that comes in below that based on your assumptions. So that is a number that we always report on and that we keep a very keen eye on. And that informs how we design both the throughput model and also the blend of material going forward. Of course, what is a very important milestone for us is the fact that now for the last 18 years, we've been paying dividends, and we were in a position to pay a final dividend this year, and it's double of the -- what the interim was. So I think total dividend is at 0, if I'm not mistaken, for the year and last year, sorry, so that's where the doubling came. So the synergy of the dividend was the ZAR 0.20 dividends, and we managed to double that now. So the final dividend is ZAR 0.40, which we hope is an indication of what the Board and management believe what the status, the condition, let's call it, the blood pressure of the business is relative to our near and medium-term commitments and also what we believe we can expect in terms of cash flows based on our current assumptions. So revenue nicely up 26%, operating profit up 69%. The main actor this year, the 2 main actors this year, obviously, were the gold price, which is significantly higher, much higher than I ever thought it would be when I joined this company in 2003 and the fact that we managed to bring back a measure of predictability of stable state, albeit in this interim phase before we start hitting the profiles that we envisage for the Vision 2028 project. So we did spend a lot of CapEx, ZAR 2.5 billion, but gold price assisted us to avoid having to dip into our facility. So we finished the year cash positive. And that, of course, makes the decision with regards to paying a dividend a lot easier. You'll see also a 69% increase in cash operating profit, 69% increase in headline earnings. So from a financial performance perspective, I think we had the benefit of a business that deliberately takes full exposure to the gold price, having been set up in such a way that we could take significant advantage of this very, very significant increase in gold price over the year. Sustainable development, I'm just going to gloss over at this stage because right at the end, there's a slide that gives you an indication as to the 10-year trends over time. But I think you -- those of you that have listened to our presentations over time, you will know that this is a very important part of our business that sustainable development or ESG, which is -- what's been called recently. It's pretty much baked into the DNA of our business, and it is an important part of our value system. So moving on to the next slide, operating performance. So I alluded to what you could see in terms of, firstly, volume throughput, which picked up nicely from the previous year. But there in terms of production, you could see and yield, you could see how these mature sites at significantly lower volumes gave us higher yields. So low volume throughput, but high yield because of the fact that they were sort of in the latter stages. And that's now changed. This is a much more accurate indicator of what you can expect from Ergo over the next few years and going into the future. That number is slightly conservative because of the impact of the rains in the third quarter. So that was a tough quarter for us because many of our sites were inaccessible. So the volume profile was even lower than the throttle profile that we're maintaining now. But the numbers in the third -- in the fourth quarter, the final quarter is a good indicator of what could expect from Ergo going forward. So the Ergo 2 is not Ergo 1. Ergo 1 was our flagship, 2.1 million tonnes per month. It was accessing some really high-quality sites. Ergo 2 is going to look different. Jaco will explain to you what that volume profile is going to look like, what that grade profile is going to look like. It is not going to be running at the same margins, but it's the sort of asset which considering where it is, considering what we have in terms of human capital and infrastructure, you're just not going to leave it behind because in this sort of gold price environment and one which is quite a bit lower than what we're currently experiencing, it is definitely the sort of business that you want to hold on to and that you want to continue to take advantage of that you want to exploit. So Far West Gold, see that's pretty much a flat line. You do see here slightly lower yield and slightly lower production. And that's a function also of how its throughput profile has changed. So Far West Gold started the #3 dam a while back, which is a slightly lower grade dam compared to #5 dam, which was the initial dam. The cleanup at # 5 dam is also now starting to basically come to an end. So # 5 dam is increasingly starting to look like what that site used to look like before mine waste was being deposited onto it. That was the first site mined out, #3 dam is the next site and Vision 28 tells you the story of how that blend is going to -- what is going to look like going forward. The Far West is steady as she goes. All right. So in terms of group operating trends, you can see that we're sort of marginally below the 5 tonnes, about 180 kilos lower than where we ended up last year. And that's because the mix has basically changed. And as I said earlier, this is pretty much what you can expect for this interim phase until we go back to 3 million tonnes a month and that targeted 200,000 ounces of gold going forward into the future. I think at this stage, I'm going to hand over to Riaan, who will do the introduction for Henriette, and then she will take us through some of the financial performance numbers for the year.

Thank you very much, Niel. Good day, everyone. As it has been for the previous 10 presentations, it is again my privilege today to take you through the DRDGOLD year-end numbers. Personally, it has always been more about the story behind the numbers and that fascinates and still -- fascinated and still fascinates me, the idea of social and environmental impact delivered at the same time as financial impact. Firstly, as I always do, I'd like to thank every person working at and with DRDGOLD, relentlessly pursuing our purpose of rolling back the environmental legacy of mining, adding to quality of life; resiliently through rain and sunshine, winter and summer, 24 hours a day, 365 days a year. I honor you, and I thank you. And then please allow me to specifically mention the broader finance team that I work with. Well, what a privilege and what an amazing team and definitely one of the highlights of my life. To all of you, thank you very much. It is very special reflecting on our 130-year history and to announce record results, as Niel has mentioned a couple, even more so. But before I get to the slightly shorter presentation today for me of the details of the results, I would please like to introduce Henriette Hooijer, our Chief Financial Officer designate. I've known and worked with Henriette for almost 20 years. So from personal experience, I can assure you DRD is in very good hands. I love the idea of someone with unique personality, unique skill set but at the same time, with a deep knowledge of DRD, bringing fresh energy and her own perspective to the CFO role. You'll recall that after spending time in the corporate reporting space at DRD from 2016, Henriette was instrumental with Kevin Kruger to get Far West Gold Recoveries going for us in 2018 and what a successful operation that has been for DRD and still is. Further, Henriette has deep operational knowledge across both Far West and Ergo and is also very close to our projects, which, as you know, is very, very important for us over the short to medium term. I know Henriette will continue to play a significant role at DRDGOLD also as the Chief Financial Officer. So I will now kindly ask Henriette, as Niel alluded to, to please present the operational finance slides that follow. And then she'll obviously join us for questions afterwards as well. Please, Henri. Thank you.

Good morning, everybody. Thank you, Riaan, for that kind words. Yes, I've got the privilege today to take you through the financial performance of Ergo and Far West. As Niel already mentioned, Ergo had a tough quarter, a tough third quarter, and they did exceptionally well actually to pull back in that fourth quarter. So if you look at the revenue trend, obviously, the star performer is the gold price with a 31% increase in the gold price from about ZAR 1,250,000 per kilogram last year to ZAR 1,630,000 per kilogram in the current financial year. Ending Ergo's -- no, in the last 6 months of just under ZAR 3 billion. Cash operating costs on the Ergo side did exceptionally well. So we only had a 4% increase in cash operating costs year-on-year. And that is solely with regards to this Ergo 2.0. So going into less sites, less expensive sites, cleanup sites and then also showing the solar performance in that last 6 months. So maybe something to mention, Ergo specifically had a 14% decrease year-on-year on the Rand per tonne figure. So from ZAR 222 per tonne last year to ZAR 190 a tonne in the current financial year. Then on the operating profit, also a very nice trend upwards and last year, ending up just approximately ZAR 1 billion operating profit this year, approximately ZAR 2 billion profit. Okay. On the Far West side, as Niel mentioned, stable operation, slightly in a different phase. So Far West is in this growth phase, setting up for the Phase 2 operation. So cost profile also slightly different. Only 2 reclamation sites, so -- and the one in a cleanup phase, so Driefontein 5 in a cleanup phase. Revenue, nice trend upwards, also star performance, the gold price, obviously. And you can see that last 6 months not having the significant jump because of that Driefontein 3 [indiscernible] grade that actually declined quite significantly in the last 6 months. Cash operating costs, stable performance, although they had 8% year-on-year increase, again, just because of where Far West is in the operating up in labor resources, getting ready for this growth phase. Maybe something too specifically note on the Far West side, though, Rand per kilogram still under ZAR 500,000 per kilogram, which is quite an achievement. Operating profit, also nice upwards curve last year at about ZAR 1.1 billion and ending at ZAR 1.5 billion for the current financial year. Thank you. Riaan will now take us through the group financial trends.

Thank you very much, Henriette. Love talking to these trends, as you can imagine. But again, all the hard work now done by Niel and Henriette, so operating margin, clearly up significantly with the increase in gold price plus containment of costs. So last year, as a whole, we're looking at 33.4%, now up to 44.7%, so a wonderful operating margin. Then all-in sustaining costs, as you know, that's not a huge focus for us at the moment. It's all around the growth CapEx, that is up 24.3% last year, up to almost 39%, very, very healthy. On free cash flow, as you know, that's always an important measure for us. I've mentioned to a couple of people, I can assure you, August last year when we did our budgets and forecast for the year, we didn't imagine that position, but it's a very, very healthy position. So free cash flow generated more than ZAR 1.2 billion. And obviously, we'll elaborate on that in the cash flow statement. Headline earnings per share, Niel alluded to that, up 69% period-on-period, which is significant, and we're very proud of that achievement. Then going through the 3 primary statements that I want to talk to. Firstly, the statement of profit and loss. As Niel mentioned, revenue up 26%, so gold price up 31%, gold sold slightly down 3% period-on-period. So just under ZAR 8 billion of revenue, which is a record for us. Cost of sales, stable as we talked about, which we're really proud of because that's the number that we manage from a Rand per tonne basis for both operations, only up 7% period-on-period. And then that effect, as you know, if you can increase revenue and keep costs stable, that has a 73% increase in gross profit from operating activities at ZAR 3.1 billion. Administration expenses and other costs, up 7%, not unhappy about that at all as well. Finance income, again, yes, lower than last year as predicted, but we didn't forecast again that number. We still had some cash balances during the year. We actually forecasted some finance costs, cash finance costs. So still a healthy number. And then finance expense, as you've gotten used to the majority of that, the unwinding of our rehabilitation liability period-on-period. So mostly noncash, as you would see in the cash flow statement. And then profit before tax, well over ZAR 3 billion, again, a record for us, which we're very, very proud of. Then everyone's favorite topic or maybe not is income tax or in this case, more deferred tax for us. And again, I'll point out to the -- in the cash flow statement, so all of that move, and it's quite a large number relates to deferred tax. So -- and as you know, our tax setup has to do with we can accelerate capital allowances against any mining income that we generate. And then as you know, obviously, we've planned the solar project over many years. But what government has done is provide an additional incentive that we can claim 125% of our CapEx spend. And again, those are the kind of initiatives that I hope government for the mining industry and wider keep on doing because that was not the reason we invested but clearly, that's the final cherry on the cake for us to also get a tax benefit. And you'll see on the balance sheet, deferred tax now is our largest single liability, and I'll just briefly talk to that for those that follow that number. And then profit for the period at ZAR 2.2 billion. And statement of financial position. So property, plant and equipment, which we hopefully continue to see that trend up 25% year-on-year as we continue to invest in line with Vision 2028. Noncurrent investments and other assets, to mention specifically they re rehab funds now for the first time over ZAR 1 billion that we manage, and that's an amazing position to be in. Other investments there, Rand Refinery and others, making up just under ZAR 1.4 billion. Small deferred tax asset. Cash and cash equivalents, the ZAR 1.3 billion, which we'll analyze on my favorite still primary financial statement, the cash flow statement in a while. Other current assets stable. Equity, as you know, is simplistically profits, less dividends plus other smaller changes directly through equity. So I want to pause on provision for environmental rehabilitation. So Jaco will touch on this later in slightly more detail. Remember, a big theme of our results this year is our change in reserves, change in Life of Mine, responding to where Daggafontein previously was classified as a reserve and in our life, so for us to reclaim that site, now is considered the Tailings Deposition Facility. What was really exciting about that is through further work and drilling done on the Crown Tailings Complex, we were able to classify that as a mineral reserve. So as you know, that is a very exciting prospect for us from a tonnage point of view, but also just of where it is. You know in our booklet, and I always encourage you to go and read that, we prepare that with great care. As you know, the City of Joburg refers to that as the corridor freedom, sort of the artificial barrier between Soweto and the rest of Joburg. So just the prospect for us to now plan to mine that in the future is very exciting. We own that land. So mentioned to this morning, obviously, if you're long-term strategist on property, that is something in the future that will excite I know any property development. So it's an exciting change. While I mentioned in rehab liability, you can imagine that our Life of Mine obviously influences how we estimate our rehab liability. So previously, we said we couldn't remine Crown economically. And we spent millions of Rands over more than a decade to actually grasp that facility, and you would have seen it in our dust numbers over the years decreasing. But now we're saying because our intention is to remine it in the Life of Mine in our reserves, our estimate changes, so we're not going to vegetate any, we're going to remine it and then it's final red soil cleanup. So our change in estimate then needs a provision for environmental rehabilitation as well. So you'll see a number in the income statement, just under ZAR 100 million. So there was a decrease in that liability. And then the accounting says, yes, take it to a related asset, which is Crown, but Crown in our books is at 0. So we have to take that credit to the income statement. But just to note that move. I mentioned our biggest single liability, just under ZAR 1.8 billion is deferred tax. So as I mentioned, for those keen followers of that number, what it essentially means is as we use up our accelerated capital allowances, at some point in the future, our asset will still be there, but our tax base will be 0. So we can't claim further deductions and that may be replaced with current tax. And again, a classic model, which I hope government does more and more of. So it incentivizes investment, makes the financing of that slightly cheaper. But then the tax is coming if things work out as we've planned. So that's what that liability says. There's some future liability in the form of tax as we continue to be profitable based on our forecasts. Current liabilities also stable in comparison to last year. And then yes, current ratio, slightly up because of our increase in the cash balance year-on-year. Okay. The statement of cash flows. A number that I want to point out is what I believe is the essential financial health of most businesses is cash generated from operations. And that number is really beautiful to look at. So almost doubled from last year. So it's a very, very healthy number. As Niel alluded to it, yes, influenced, helped by the gold price, but still we have to produce the gold. We have to run the operations efficiently to be able to generate that cash. Finance income, slightly more than we planned with cash balances still on hand. Dividends received from Rand Refinery Finance expenses, very small cash-wise, mostly for us to keep that facility going, which from Nedbank, the overall ZAR 2 billion facility, which we have still for 4 years, which again matches our key or core capital time frame as we allude to Vision 2028. Income tax, actually quite the opposite. Niel alluded to that. So some refund from SARS from a previous position. So no current tax paid out of the business. Henriette alluded to that number Niel as well, ZAR 2.2 billion, slightly lower that we would have liked and where we guided previously to the market for various reasons, and we'll elaborate a lot on that through what Jaco will present on the projects. Maybe the ZAR 3.5 billion that we mentioned in the guidance was slightly ambitious with other projects that weren't banked yet for us that we were hoping to get to, still a very healthy number of CapEx that we spent. And environmental regulation payments, we always allude to that, I believe that is different from most other mining companies that we continue to clad our Brakpan facility and also Driefontein 4, which reduces our decommissioning liability. It's a number that Niel mentioned in the dividend. So it's the ZAR 0.20 final dividend last year and the ZAR 0.30 interim dividend that we paid that comes off the cash flow. But then still a healthy net increase of ZAR 784 million and a very healthy cash balance at the end of June of ZAR 1.3 billion. Okay. So that's it from the financial side. I'm going to hand over to Jaco Schoeman now, our Chief Operating Officer, to take us through some projects.

Good morning, everybody. Thanks for allowing me to present this to you, our Vision 2028. Before I do, I just quickly want to thank the ops team for setting up the business very nicely for us to be able to execute and spend all of that capital. So before I go into the presentation, just what you see on the screen right now, this is the Crown Complex or one of the dams, 1 of the 4 making up the cluster on the Crown Complex, a significant resource or reserve now, about 270 million tonnes, and we'll get into the details a little bit later. Before we go there, I think a lot has been spoken about the solar and the base. So let me just give you a little bit of an update on this operation. We commissioned it in November of last year. There's -- what you can see on the screen here, that's about 1/3 of the solar plant. It's about 40,000 panels out of 133,000 panels. So it was, as I mentioned, commissioned in November. As we stand here currently, we're achieving 97% to 98% of design capacity, which was important for us, an important number for us. That's also based in the contracts for the operation and maintenance side of things. It also allows or provides the power for the entire Ergo operations in terms of reclamation, the plant and deposition capacity during the day as run from PV. But then -- the PV also then charges the batteries. So just to refresh your minds, the PV is 60 megawatts per day and the battery plant is 187-megawatt battery plant. So the batteries we use to do arbitraging, discharging during peak periods in the morning and the afternoon. And for that reason, we get about 12 hours of renewable energy consumption in the operations. It's about ZAR 108 million of cost saving up to this point in time, starting of November. Certain sections of this plant were started a lot earlier, but we formally commissioned the entire plant in November, and that's the date that we take it forward from. During this period from the 1st of November, we have also pushed approximately 42 million kilowatt hours into the grid, which has been offset and wheeled against our other accounts. Then obviously, the carbon footprint, this reduces our current carbon footprint significantly. And we have applied for the carbon credits, but that's obviously a process that you need to follow and you need to have a certain period of time completed before that will come to fruition. Having spoken about the 42 million kilowatt hours that we've pushed into the grid, we have not received all of those credits from Eskom as yet. That's a process that needs to be followed. And we're in that process, and we don't foresee any issues with that, just a process to be followed. Then heading into the major capital projects. So we talk about the 5 -- the big 5 capital projects, 2 of them at Ergo and 3 at Far West. At Ergo, we'll talk about the Daggafontein resumption of deposition capacity there as well as recommissioning of the Withok TSF. And then in conjunction with those 2, that enables us to then reclaim the Crown Complex, which, as I've mentioned, 170 million tonnes at 0.23 gram per tonne head grade. That enables us to extend the Life of Mine of Ergo in excess of 20 years. And therefore, what we also want to do with Far West between Far West and Ergo, Far West will have a much longer Life of Mine than 20 years. So at least a minimum of 20-year Life of Mine for both operations. At Far West, we'll quickly go through 3 projects: expansion on DP2, the construction of the Regional Tailings Storage Facility or RTSF, as you'll hear me refer to that as well, and then the construction of the pipelines linking the Driefontein plant with the RTSF. Just to orientate you, where are these big 5 projects situated. So if we look -- if we start at Ergo, this is the Crown Complex, which we referred to just now. Existing infrastructure is in place, but we will have to upgrade some of this infrastructure coming across from Crown to the Elsberg pump station and from there over to the Ergo plant. Once we've treated it at the Ergo plant, it then obviously goes to the deposition site, which is Brakpan deposition site, and this is Withok. So Withok is right to the south, buttressing on to the southern side of the Brakpan tailings dam. And then from there, we go to the Daggafontein tailings deposition plant, and this is the Marievale cluster. So 2 major sections being reclaimed or in future, which will be the Marievale cluster and the Crown cluster. And for that, we need the deposition capacities on both Daggafontein and Withok. Just as a matter of interest, and Henriette can correct me if I'm wrong here, but Brakpan was started in -- the Brakpan tailings dam was started in about 1984. So that tailings dam is close to 40 years -- 41 years old and it's got approximately 800 million tonnes on top of it. And hence, for us to take this project forward and extend the Life of Mine of Ergo for another 20 years, we're going to put some additional deposition capacity in place. If we move to Far West, the 3 projects I've referred to, the DP2 plant is currently operating at about 500,000 to 510,000 kilograms tonnes a month. That has a nameplate capacity of 600,000 tonnes. We'll double up on that to take this to 1.2 million tonnes. It's situated there. From there, we will pump it all the way across to the RTSF, which is situated here. And just to orientate you, it's closer to the Rockville town, the town of Rockville. All right. So DP2 upgrade pipelines and RTSF. All right. So going back to Ergo and the Daggafontein, as Riaan has mentioned, this was previously in our reserve resource statement. We've taken it out and it's now a deposition site. It's about 11 kilometers from the Ergo plant. We're constructing a dual pipeline, one being for slurry and one being for return water, envisaging to put approximately 120 million tonnes on top of this tailings dam at a deposition rate of 500,000 tonnes per month. That gives us 20-year Life of Mine on this tailings dam. What this means is when we take 500,000 tonnes and deposit it onto the Daggafontein tailings dam, we can reduce the amount that we need to put on to the Brakpan tailings dam until such stage as we've got the Withok plant up and running. So there's a dual strategy to coming off of Withok. There's the medium term to -- medium to short-term strategy, which is Daggafontein, longer-term Withok to come into operation and then we come off Brakpan. We envisage to complete the construction and start the depositing on to Daggafontein in quarter 1 of 2027 financial year. All right. And then obviously, that assists us in our long-term strategy. Just to give you an indication of the pipeline route all the way across from Ergo to Daggafontein. And then obviously, we utilize the exact same route to access the Marievale cluster with slurry lines and return water lines. All right. Going on to Withok tailings dam, now Withok, as I've mentioned to you, that is directly south of the Brakpan tailings dam. That's the Brakpan tailings dam itself. And it's designed to hold approximately 310 million tonnes of material with a deposition rate of 1.3 million tonnes per month. So once this is in operation and Daggafontein is in operation, we're back on to the 1.8 million tonne deposition capacity, and it's got more than a 20-year Life of Mine for this facility. I'm not going to take you through the technical detail, don't get worried. But essentially, it's designed and we're in the authorization process as we speak to get this dam authorized. We do anticipate that it's going to take us approximately 3 years before we get on to this tailings dam before we start commissioning the tailings dam. All right. So hence, as I've mentioned to you, short to medium-term Daggafontein, alleviating some of the pressure on to the Brakpan tailings dam and then bringing Withok online. And this -- having Withok and Daggafontein will then enable us to bring Marievale and the Crown Complex into operation. Moving across to Far West, the DP2 plant. As I've mentioned to you, the DP2 plant currently has got a nameplate capacity of 600,000 tonnes, we're doubling up on that. And that's where you can see the CIL circuit coming up online there. I'll go to the next slide, which will give you better views and comparisons just now. But what we will feed. So in total, we'll have 1.2 million tonne feed through the DP2 plant, and that will be fed by 2 tailings dams, one being Driefontein 3 and the Libanon tailings dam. And then we envisage to complete this by Q1 of 2026, 2027 financial year. All right. Now a slide that myself and Kevin particularly like. Everything you see that's in teal color, those colors there that is existing. And that's the existing plant where we're putting about 500,000 tonnes per month through that plant. Everything else in other colors is part of the expansion of DP2 plant. And what you'll see here, obviously, CIL circuit, you've got the smelter house situated here. And then a big portion of what we're doing here is moving the chemicals out of the plant into a dedicated area. This allows us to do 2 things. Firstly, it's concentrated where you know we've got easy access and logistics. But secondly, this section of the plant is then outside of your high security area and therefore, you can separate the in and out logistics from a security perspective. And then obviously, also the second thickener being installed in operation. So from an engineering and design perspective, we're 99% complete. Our procurement packages, 94% complete. Fabrication and supplies at this point in time, 65% complete and our construction, we're sitting at about 30%. Again, the time line for this is quarter 1, 2027 for commissioning. Just some update on photographs to give you an idea of progress. So this was the thickener as well as the receiving section and the tail section where we're putting the pump station in December 2024 and this is in July. Important, this is what we require for the pumping of material all the way from the DP2 plant through the pipelines onto the RTSF. So a very important section of this plant. This has to be in operation by Q1 2027. What you see here is this is the second thickener. So in March, nothing there, essentially just earthworks. I think they had to drop down something like 5 meters to start building up that concrete. And there you can see already the construction of the civil works on the thickener. CIL area. This is now obviously the second stream. So we've got an existing 600,000 tonnes. This is the second stream of the bases of the CIL circuit, and you can already see the tanks coming up as well as some of the additional infrastructure. In the background, you can see the -- I think there's a next picture on that, that's the gold room. So at this point in time, sorry, that's something I forgot to mention. The DP2 plant doesn't have existing -- its own gold room or elution facilities. All of that is being done through the DP1 plant as well as Knights. And we're constructing as part of the expansion phase, we're constructing our own gold room and elution circuit that will be able to handle that 1.2 million tonnes per month. This is the gold room section area as well as the elusion. And then you can see at the background, the reagent area. There you can see the gold room coming up, some of the elusion circuits, the CIL circuit there and then the chemical handling area or reagents area to the right. All right. RTSF, I think this is one of the biggest projects we have definitely launched and a very interesting project. This will be the second super dump. And maybe before I go into some of the details here, the idea is that all of the resources or all of the tailings dams that's been scattered around [indiscernible] around area will be consolidated into 2 main tailings deposition facilities. The one being Withok, Brakpan and on the East for Ergo and then the RTSF on the West. As I've mentioned to you, Brakpan already has 800 million tonnes on top of it, and we intend to put another 300 million tonnes on to the Withok side of things, which is 1.1 billion tonnes of tailings on that side. This facility is designed for 800 million tonnes at a deposition rate of 2.4 million tonnes per month eventually. That's not where we're going to go right now. I'll take you through some of that now. It's got more than a 30-year Life of Mine. And there's 2 time frames to this. The first one is the most important one, which is what we're aiming to get beneficial occupation by Q1 of 2027. That means that the tailings dam will still be in construction whilst we start using it from the southern side. So the tailings dam is sloped at an angle. And obviously, we'll start using the lower section of that. All of that will be prepared to ensure that we can start depositioning on that. And I can -- maybe I want to -- I think I'll venture to say that this is possibly the largest tailings dam constructed on a liner. Definitely in South Africa, maybe even in the Southern Hemisphere, I don't know about another tailings dam that's this big. We'll give you some of the photographs just now and take you through some of the detail. So before I go there, yes. So the tailing, they start at the top -- sorry, wrong button. So the starter wall, some detail on that. This is the lowest part of the starter wall. It's 11 kilometers in circumference. It's 100 meters wide, 16 meters high at this point and it's built in 300-millimeter layers, just for those of you and compacted, we can take you through a lot of detail on that, but it's quite a significant construction that's taking place. The inside of the tailings dam, here, we refer to Grub and grab. So the entire section of -- or the entire basin of the tailings dam, you recover material from and will be lined. There you can see the starting of the liner, but you have to prepare the base of that liner prior to actually starting to line itself. And then this is the Decant system or the pool wall, part of the Decant system that's already constructed. It's not a landing strip. We have warned Mr. Pretorius not to land his airplane there, but yes -- so this is just part of the decanting system. The starter wall, as I've mentioned, we've got various drains. I'm not going to take you through the radial drains and the intermediate drains and so forth. But then all of the water from the tailings dam, you collect in return water dams. There's 4 of them, 2 at the bottom here and 2 at the top, which is off the picture and I'll give you an indication of the size. So you just have a look at the size of these tailings dams, and I think Niel made the comment the other day that Top Star tailings dam could have possibly fitted into these return water dams to give you an idea of the size of these things. So if you look at the picture now and you look at the size of this and I go to the design, that's what I'm referring to. That's the size of those tailings -- of those return water dams. Now for beneficial occupation, we require stage of the Embankment, Stage 1, 2 and 3, we require that, and we require the basin Stage 1 and 2 for beneficial occupation. To give you an update on where we are with those on the Embankment Stage 1, 87%; 2, 60% and 3, 56% complete. The basin itself, Section 1, 88% and Section 2, 45%. And then the return water dams, we are approximately 40% complete on the return water dams at the bottom. So I mentioned that these return water dams at the top -- those are the 2 return water dams at the top. And obviously, the decant barge will pump into those return water dams. The water collected from the drainage system in the bottom tailings dams, return water dams will be pumped to the top ones. And from here, we return water all the way back to reclamation sites. We have not -- as you can see, we have not started with the slurry distribution system and the drainage system is about approximately 15% complete. Then on the liner, taking into consideration Section 1 and 2, we require approximately 3 million square meters of liner for beneficial occupation. We're approximately 16% complete at this point in time. And the final design is about 8.5 million to 9 million square meters requirement and 6% complete on that. Now connecting DP2 and the RTSF will be the pipelines. The pipeline route itself is approximately 32 kilometers, but that will consist of 2 residue pipelines, a return water pipeline and a slurry pipeline, obviously, from Libanon. So in total, 135 kilometers of piping being installed. And on that, we're approximately 44% complete; we've got 60% of that already in place. Some of the major other things required is we're crossing the N12 highway underneath it. That has been done and completed. We've got 2 out of 3 provincial road crossings completed, 3 out of 3 district crossings completed and 7 out of 9 internal road crossings already completed. And those are the ones that normally in the construction of pipelines give us serious issues. So we're well advanced with road crossings for installation of this pipe. And again, obviously, for us to be utilizing the DP2 plant and beneficial occupation of RTSF, this needs to be completed by Q1 of financial year 2027. And I'm going to hand back to Mr. Pretorius.

Thanks, Jaco. Thank you very much, Jaco. It's a little different compared to where it was. In my first 15 years in this position, I don't think I ever spoke about a capital project in excess of ZAR 350 million. I think Ergo initially was ZAR 360 million. I think the capital at Far West Gold initially ZAR 320 million or thereabouts. And so it's a completely different scale. And I simply just do not have the technical insight to explain it the way that Jaco did and I think now you have a very good idea of where we're going, how far we've progressed, what's lying ahead of us. And I think our team is just doing an incredibly good job there. So where is this going to put us in the context of share price performance? Obviously, the gold price has been very, very good to us, and our share price has responded, not quite as steeply as some of our peers in South Africa. I think Harmony and Sabtan have done exceptionally well this year, but it also coincided with some of their expansion programs. We saw what they're experiencing in 2021, 2022 when the market started factoring in the impact of Far West Gold operations and the output there, combined at the time with a stellar performance from Ergo when it started bringing in some of the City Deep sites, the area around the City Deep plant. The story that we're telling the market, and that's why we're going into the kind of detail that we are at this point in time is that at some point or another, in future, in the not-too-distant future, as we start hitting some of these milestones, and we'll show you the pictures every time that we do a presentation like this, we do believe that the market will hopefully start taking more comfort into our ability of actually executing on this program and 150,000 ounces at $1,500 per ounce with a CapEx outflow of between $110 million and $150 million per year in terms of cash flow compared to no longer spending all of that CapEx, producing 200,000 ounces per annum and you saw what the cost per tonne would look like during that period. And you're getting a sense of what the quality of the ore body looks like, the revenue per tonne. I think the market may potentially start factoring in those numbers. When they'll start anticipating it because you don't buy a share today because of what you think it's worth today, you buy a share or you sell a share today because what you think is going to be worth at some point in the future. That's certainly how I'm planning my own investment strategy going forward. But we do believe that this could be a very significant factor in terms of how our stock is interpreted and the value that it offers going forward. I'm very pleased, I'm very glad, relieved rather, that I'm involved in managing a mine and not managing a portfolio on behalf of clients because I think it's tough to make those calls because you've got so many things that you need to consider. I'm hoping that gives you -- this gives you some sort of an idea of what it is that we're busy with and how it will change the construct of the business, both in terms of output and both in terms of earning potential or earning capacity. We're very pleased with the progress that we're seeing. We're also very pleased with how it's being recognized by -- and this is not happening on a political stage, this is happening at a different level at the -- in the official [indiscernible]. We're very pleased with how this is being interpreted by -- increasingly by some of the government officials that we are dealing with. We're seeing this with the DMPR. We're seeing this with the Department of Water Affairs. In 2024, whenever we presented, we were bleating about being late in licenses and so forth and so forth, and it was in a frustrating period of time. Now if you spoke to Kevin about where he needs to put in these pipelines, what the licenses are that he requires and where they are, then you'll see that we're actually ahead of the game in that regard as well. So the kind of communication and the collaboration that we're also experiencing with DMPR, with the Department of Water Affairs is chalk and cheese. We're talking to different people and not different people, different people, but we're just talking to -- it's a different mindset, it's a different -- completely different experience. And that's exciting because Riaan made the point of how the tax regime has facilitated it. We're standing on South Africa all the time, especially when we lose against the Aussies. We just beat ourselves down. But the fact of the matter is that there's still a lot of good things happening. If you keep the politicians out of the room, there's still a lot of good things happening, and we're experiencing some of that. And we can see how there's growing excitement and a broad spectrum about what's starting to happen here. So yes, we -- I think we're pleased that we are sort of holding our own in terms of share price performance. We did start sort of aligning with some of our peers in the industry in the recent past. I think there was doubt last year and the year before in terms of both our ability to perform and also in terms of our capacity to actually deliver on some of these projects. Hopefully, as I say, as confidence grows, we'll start offering better reward to our shareholders going forward. It's still the only stock that I own in terms of my own little sort of doubling in the market, the money that I manage from my own savings. So with regards to sustainable development performance, now you know that this has been an integral part of our thinking. We brought this into -- we call it the golden wire that informs our strategic thinking is how do we -- how do we facilitate and how do we create value, integrated value, overlapping value over 5 different capital stocks. And this is really starting to contribute significantly also to the financial bottom line. It lends a robustness, resilience to the business, especially considering where it is that we are conducting our business in built-up areas and so forth. And these were the 10-year trends that I spoke about. And these are not -- this is not by coincidence. It's not by coincidence that you see this trend in terms of electricity consumption. It's not coincidental that you see this in terms of potable water usage. We set ourselves a target. Once again, when I talk nowadays and I say a few years ago, that Henri, it's 15, 18 years ago, if I'm not mistaken, that we set ourselves a target of reducing potable water usage by 10% every year. And this is where we've ended up. And it's not just because it's the right thing to do from a nature capital perspective. But if you want to do business in South Africa and water is such an important part of your operational, of your flow, then you need access to water. And at some point or another, and Jaco and I had the conversation this morning, if you're going to open the tap, it's going to be dry because we've allowed our potable water infrastructure to lag. It's not been looked after. And we now source most of the water that we use, 95% of the processed water that we use. We source from either underground, this massive lake below Johannesburg that was opened up over the last century in a bit and also from other gray water sources. Environmental spend, that slide talks to itself. Hectares vegetated, I do not think, I've certainly not seen another active tailings facility that is vegetated to the extent that our Brakpan and Driefontein tailings facilities are vegetated. It's what we call concurrent rehabilitation. And Riaan made the point that when the revenue -- when there's no revenue, the costs are over because then you've basically built it into your cash operating cost profile so that as this thing gets higher, it gets cladded, it gets vegetated and you don't pose a dust nuisance and you're 90% towards closure, 520 hectares vegetated on TSF. I recall a number also 5, 6 years ago. And we've been dividend-paying company for that period of time, but there was a time when the amount of money that we had spent on the vegetation of Crown and on the cladding and the vegetation of Brakpan and Brakpan basically vegetates itself because it's cladded natural as well, where that exceeded the dividends that we paid out. But that was our unqualified value proposition to our shareholders at the time, yes, there is a dividend, but this dividend takes place in the context of a particular standard of environmental governance, which is important if you want to do business in Johannesburg because the communities have been getting closer and closer and closer to our tailings dams, both officially and unofficially. A different standard was required. We anticipated that, and that work was done, and it's continuing. This old lady, Brakpan, here since 1984. She is in her final phase. We're systematically reducing the volume deposition onto that tailings dam. She's played her part in cleaning up Johannesburg and the Johannesburg landscape, but she is extensively vegetate and she's not going to become the problem that is posed by all of the other dams that we are reclaiming and reprocessing and depositing onto that tailings dam. She will be part of the environmental solution as opposed to the environmental problem. And ultimately, it will -- boils down to quality of life and societal capital. So just in terms of our social performance, I'm not going to be spending too much time on this. It's really ultimately a case of numbers. The amount of money that you spend on these things, I think, is indicative on just the sort of commitment that you have. The one thing that I do want to say, though, is if you read through our sustainable -- our integrated report further and our finance team with the assistance of the rest of the team make sure that what you read is actually what's happening, it's an applied document. If you read through that, you'll see that most of our social development programs, our social capital, so to speak. Very few of those are in the form of some sort of a large capital project. Those are -- I mean, we have those from time to time, and then Wayne and Adelaide can elaborate on those in terms of -- I know that there's a clinic in the pipeline and there's some additions to school facilities and so forth. But our philosophy here, once again, is sustainable sustainability, if you'll allow the term. And that basically means that you do not create a culture of dependency. So it's knowledge and a nudge. This is information that you can use. This is knowledge that you can use to get yourself out of abject poverty. And if you do demonstrate the sort of initiative that's required, then there might be a bit of a nudge in terms of the availability of capital. And these programs have been really, really good. And we go to there where the actual need is and then the amount of pride that we see coming out of those it's nice to see. And of course, you have your green shoots as well. Some of these broad-based livelihood agricultural participants now supply big chain stores like Pick n Pay and so forth. So now in terms of looking ahead, we do have our guidance here. I made mention of the fact that our operations are now in a construction -- interim construction phase, so you'll see slightly more modest throughput, slightly lower grades until such time as we get those throughput numbers back up again when Kevin have the infrastructure in place, and they can hand it over to Henri, and he can really have a full on go in terms of volume throughput. At the moment, we're throttling it. But there you see what it is that we're guiding in terms of output for the year. And sort of 150 is what the design facilitates, 140 is if it rains for 6 months. So it's really ultimately sort of dependence on do we get the tonnes through the plant. Plants are running well. They're being really well managed. I think we understand the metallurgy of our product is when you don't get that blend 100% right that you start seeing volatility in terms of those numbers. Daggafontein is an important milestone for us to resume deposition on to Daggafontein. So to get that 500,000 tonne a month capacity and to bring down the amount of material that we deposit on to the Brakpan tailings facility. And then in terms of Far West Gold Recoveries, as you could see, Jaco has put that pin in the calendar, first quarter financial 2027. We'll ask him to come back and talk to you again and tell you where he is in that regard. These are complex projects, but they are fascinating projects. They are being exceptionally well managed, and it's nice to see the progress every time you go there, then something else has been done, something else is happening. So at the threshold of the next phase of this old lady, I said earlier this year, that the function when we celebrated 130 years of existence, hopefully, we'll get to 150 years. And as you could see, the structure here is one that will facilitate something that will get us close to that milestone. And then, of course, what's really wonderful is the tone and the content of these presentations now changing. In the past, what we spoke about really was the active risk management and how we sort of reorganized the business and how we moved away from underground and into tailings, et cetera, et cetera. Now you're seeing something completely different. In the past, it was how we refurbished old infrastructure. Now you're seeing how we're taking on really large projects to build something new. And that's really a new business that's being built. And it's part of our commitment to this whole notion, the idea of optimizing our ore body, optimizing our resources. And this is really the slide that summarizes it all sustainably gold. That tells you the story of how sustainable development has found its way into the thinking of this team and how it's being executed at all of these different levels. And I think there's good overlap. The one delivers into the other, and it's contributing towards the resilience and the robustness of this business. And where else do you see this? That's wonderful old tailings dam and in the background, there's Johannesburg. And hopefully, Johannesburg will also start a process of cleaning itself out -- up and cleaning itself because there's so much to fight for. So ladies and gents, that's our story for today. We're going to take some questions. I know that there have been a few questions. I'll allocate the questions to my colleagues if you'll join us here at the table, please. Thank you, gents.

And then I can just go to the first one. So the first question, I'll take the first question, if you don't mind, it's from [Lisa Stain]. The draft mining bill proposes bringing historical tailings under the mining rights regime. What is DRDGOLD's view on this proposal and how it might impact the company? So most of our resources, most of the dumps that we're mining, we hold under mining rights. Some of those are environmental authorizations. That notwithstanding, we are pointing out to the department in the submission that we made in response to the publication of the draft bill that there may be some unintended consequences with regards to infrastructure. For example, if you look at Daggafontein, Daggafontein fits the description of an historic mine dump. So if we don't bring an application for Daggafontein within 2 years after the enactment, does that now mean that somebody can bring an application for a mining right over Daggafontein. That's an absurdty. And I don't think the legislature had that kind of absurdty in mind. So that's something that we've pointed out and then I think the officials that we've spoken to and certainly the Minerals Council has spoken to, they seem to have crossed that point that there are some unintended consequences if you were to remove ownership of dumps, if you want to take that component away and bringing it in a dispensation that essentially is designed for virgin minerals. It looks as though they're leaning towards the system rather of classification or certification rather of mining them so that you notify the department that you have these dumps on your footprint and so forth. We think that ultimately, there will be a pragmatic solution for that. There certainly seems to be a willingness to have -- to consult on the matter. Then the -- there's another question with regards to capital expenditure. You had originally forecast to spend ZAR 3.5 billion in financial '25, yet you only spent ZAR 2.25 billion. Does this say something about your ability to forecast or your ability to spend? This delta does not seem to affect your beneficial occupation timetables. So what is your 2026 forecast, CapEx forecast? I think what we've decided to do, Riaan, is to rather have a medium-term forecast. And I think in that ZAR 3.5 billion, there was also about ZAR 0.5 billion for projects not related to Vision 28 that we decided not to do. But if you maybe wanted to either yourself or to our other esteemed colleagues to maybe comment on the ability to forecast or the ability to spend.

Maybe I comment and then can add. We're really trying to spend as fast as we can. So yes, and I think maybe the RTSF that we -- as Jaco mentioned, and we know the rain in the third quarter, that made us difficult -- made it difficult for us to go on to that site and maybe spend as quickly as we would have liked to. But I know there's plans in place to catch that up. And still what we're forecasting for next year, although we don't want to do that as a distinct forecast and rather focus on the Vision 2028 capital -- is a significant amount of capital, and we're really trying to spend that as quickly as we can. You're right, Niel. So in that ZAR 3.5 billion was about ZAR 500 million of things that we wanted to do outside of Vision 2028 -- that maybe didn't realize, if a slightly behind RTSF. Henri, I don't know if you want to expand on that in detail.

Yes. I think we were a bit optimistic maybe on the DP2 side as well from a forecasting point of view, but there's nothing to worry about from a time line. So yes, I do think this distinct period for projects that run over 3 years is actually a dangerous thing, and that's why we have decided to do a bit of a longer-term forecast with regards to Vision 2028.

Yes. And I think the point being that we're not pushing out the beneficial occupation dates, et cetera, et cetera. We haven't adjusted the target timetable for this. It's turning out to be harder to spend money than one would think. But because the lead in lag times, you got to put in these orders, et cetera, et cetera. We bought most of the pipelines that we require and so forth. But you can spend as quickly as you can execute. The next question involves the solar farm and the ZAR 108 million saving that we recognized for this year. There's a question about the depreciation charge. If there is an answer to that, is there a depreciation charge this year? And, then how much is that? There's also -- while you consider that, there's also a question with regards to what is the issue with regards to Eskom and why is this process taking so long. So I think what we realized with Eskom was there was initially an assumption with regards to what could be offset and what could be wheeled. There was a distinction drawn and also an assumption with regards to some of the tariffs that would be recognized in that regard. That turned out to be a far more complex process than I think that we had anticipated. And at some stage, we were getting a little nervous when is this going to be recognized? Why is it that we're making these submissions? And then the only response that we're getting is silence. There was a high-level meeting not long ago, about 3 weeks ago, where an official that has the authority to actually commit Eskom contractually, a very, very senior official had given a very specific undertaking with regards to the date from which wheeling charges would be recognized. Also gave very, very clear directives in terms of the signing of the supply agreements. And I think at the time, 3 had already been signed and there's 7 -- there are 5, okay. So there are 5, of which 3 have been signed and also the tariffs that we'd be entitled to claim. So we were pleased when we got that undertaking because it means that we don't have to -- the conversation going forward is not whether DRD has a claim to be reimbursed for the 40-odd gig of electricity that had gone into the grid. It's not whether we're entitled to have an offset, but rather -- and from when, so what the initial date is, it's a matter of what is the tariff that is going to be recognized. And I think that conversation is ongoing as well. We've taken a view on it, which has been brought into the provision, which I think was a responsible view because Riaan and Henriette and the team were instrumental in deciding that. But yes, I think we're at the tail end of the Eskom issue and 95% of the uncertainty that existed finally been dealt with. It is a complex issue. And I think Eskom also has -- only has so many resources, so one also needs to be sensitive to that. Riaan, if you want to talk to the depreciation.

Sure. Thanks, Niel. Yes, as you know, in IAS 16 [indiscernible] equipment, that's the standard we deal with to come up with depreciation, so lots of judgment required. What we've come up with for the solar panels essentially is a 25-year life and for the battery around 20 years. Again, judgment required. So it's quite difficult to say how long something would last. Jaco can elaborate on that. We've only been using the battery for a short period of time. So yes, the depreciation charge, that charge kicked in from November last year when we started using the plant. So you can do that some. If you take a full year, roughly up to ZAR 120 million to ZAR 150 million of depreciation. And then what I really like about the standard, it tells you to reassess and reestimate every year. And this is a classic example, depending on how you use the battery. If you use it more, clearly, its life essentially will be shorter. We've done a straight line at the moment. In theory, maybe a usage is better, but we're still learning a lot around how to use the battery. Like I say, experts tell us we need 12 to 18 months of information to really optimize. So we're working in that process. But we're very proud of that benefit of ZAR 108 million, which we've already seen. And we've done a lot of work to understand the position, and it will be ongoing. But the beauty is the infrastructure is there. It's been built. Jaco said it's working. And we're confident that also the actual credits and arrangements with Eskom will formally kick in and be optimized going forward. So that's a high-level summary of the depreciation.

And look, whilst the whole question about depreciation is a very important question, and I'd be surprised if we don't get asked questions about that. Keep in mind that if you look at the risk register of most mining companies in South Africa, those who pay attention to their reality to their environment, you will see electricity availability, security of electricity, and electricity supply, very high up on those risk registers. DRDGOLD had that at its #2 highest risk a few years ago when the decision was taken to implement this project and to build the solar farm. And it's a question of availability of electricity. It's a question of cost of electricity and a question of quality of electricity. And what I can say to you is that I don't think that we would have been able to get our investment committee and the Board across the line or at least have the support that we have from them. For the Ergo extension for Ergo 2, I spoke to you earlier about how you've got to do that calculation on revenue per tonne and cost per tonne. If we didn't introduce or bring about the certainty in supply, the certainty in cost and the certainty in quality around electricity, we wouldn't have been able to get that across the line if we hadn't been able to do that. And the only way to do that was the solar. And remember, when we decided that we're going to go the route of further extending Ergo and not closing it down, we didn't first build the plant and then build the tailings dam and then the pipelines and only then the solar. We started with solar first because if there's one part of this business that you could sell and that you could run independently of mining, it's a solar farm. This thing has own value, it has embedded or intrinsic value. It doesn't need the mine. The mine needs solar farm, solar farm doesn't need the mine. Jaco?

If I can just add on to that, I'm not going to get into the calculation debate because that I can't do in terms of depreciation but the basis of that, they must remember that there's a degradation curve on both the solar, the batteries and the PV that is backed up in the agreements. So that's the basis of that specific degradation.

Then the next question that we have is, can you talk a little bit about some of the latest mineral resource, sorry, the development bill, I think I've spoken about. And maybe just to sort of in broad terms, the mining industry, both ourselves and through the Minerals Council, there are certain principles and certain aspects of that, that the mining industry is very firm about. And Paul Dunham in the meeting, AGM of Minerals Council made it very clear to the minister that there are certain points that we're very firm about. But as an industry, we've decided to constructively engage and consult with government to point out what the effects are of some of the clauses that they proposed to introduce. Government has agreed to engage with us at the same time. So the submissions have been made. In fact, there's another call later this afternoon that I'll be participating in where the implications are being discussed. So we're giving engagement and consultation a go, and we're hoping for a good outcome. And if that doesn't work, then obviously, the benefit of living in a constitutional democracy is that you have recourse, you have legal recourse. Then I'm going to go to the next one. There's a question as to when do we propose to start reclaiming the Crown Complex dumps and over what period of time? What is the due date for that roughly at this stage, if we have fixed a specific date?