Good morning, everyone, and welcome to our operational update for our Q1 results of 2024. Thank you for dialing in. In Q1 2024, we achieved group production of 855 mtV, a weighted average production cash cost of $28.40 per kilogram, and sales of 880 mtV. We had an impressive quarter to kick off the year at Vanchem, which saw a substantial increase of over 90% over that achieved in Q1 2023, with production of 498 mtV. This was underpinned by better ore quality, improved online time, and overall plant efficiencies. Our cash costs were also down 26% at $25.30 per kilogram compared to the same period last year. I'm delighted to report that production for Q1 2024 represents our best result in a single quarter since we purchased the asset in 2019, with March alone representing Vanchem's best monthly production of 200 mtV, a new record. These production records and cash cost figures were achieved despite losing 11 days of production earlier in January due to the delay in receipt of funds. These results showcase the positive effect of our turnaround efforts and are a direct result of the work that has been done to assure stability at the asset before building towards further growth. This demonstrates what is possible. Turning to Vametco, as previously communicated during the quarter, we conducted a 25-day planned kiln maintenance shutdown over January and February, which was completed around mid-February. Resulting production at Vametco was 357 mtV in Q1 2024 and cash costs were $32.80 during the period owing to the lower volumes. We continue to see significant improvement in our total injury frequency rate, which stood at zero for Q1 2024, supported by improved reporting of lead indicator analysis and the successful implementation of various safety measures across both our operations. Moving on to the sale of 50% interest in Vanchem and our 64% interest in Mokopane to SPR, we announced that approval from the South African Competition Commission initially anticipated for February 2024 is now expected to be granted at the earliest in July 2024. Following this, the sale of Vanchem and Mokopane will complete. Furthermore, we previously announced that Acacia was due to settle its subscription of $3.5 million on or before 28 February this year. The company has not received the subscription monies from Acacia. Acacia continues to be in breach of the terms of the subscription letter, which it signed with the company on 30 November 2023. We have now instructed our lawyers to commence legal proceedings against Acacia. The delay in receiving funds, coupled with lower realized vanadium prices, now 15% lower than budgeted, has meant that our working capital provision is extremely tight. With the completion of sale of 50% of Vanchem and its share of Mokopane of SPR now being delayed, the company is dependent on receipt of further funding to continue its operations, and we are proactively engaging with stakeholders to find an appropriate and optimal solution which would ensure optimal continuity. Lastly, we will provide 2024 guidance once we have clarity on the funding position. So a bittersweet Q1, sweet in that Vanchem has had an extraordinary achievement despite some of the cash flow constraints we faced in January. Thank you for listening. I'll now pause to take questions. Perfect, Craig. Thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab, which is situated on the top right-hand corner of your screen. We have received a number of pre-submitted questions ahead of today's event, and I wanted to start off the Q&A session with these questions. The first one reads as follows: What does the short to medium-term future look like for Bushveld? Thank you. Yeah, the delay in receiving funds from Acacia and SPR, coupled with a lower realized vanadium price, I said now 15% below budget, has meant that our working capital position is extremely tight. 15% is significant. It's no secret that our budgeted revenue is $150 million. You don't have to be an accountant to work out the impact of 15% on that. It's $23 million negative versus budgeted revenue if the current prices prevail. With the completion of the sale of 50% of Vanchem and its share of Mokopane to SPR being delayed, the company is dependent on receipt of further funding to continue operations, and we are proactively engaging with stakeholders all the time to find an optimal solution. I spent, together with the CFO, most of this weekend in dialogue with various key stakeholders to find that optimal solution. We'll keep the market updated accordingly of all progress made. Thank you. Perfect. Tony, the next question: Has Bushveld Energy received any orders for electrolyte yet? Can the facility be sold to help retire debt? The short answer is no, but let me give you a little bit more color. I mean, product samples have been distributed to customers for qualification. BELCO's electrolyte has been qualified by three international battery companies, but orders are slow. The company is in discussion with multiple companies on a possible supply contract, but nothing really has materialized, so no positive news on that front. But BELCO has started a process to look for additional investors. I'm not going to be putting any more cash flow into BELCO. I haven't done so this year. I've told our partner with the IDC, "I'm not putting any more money in," and we're in discussion with IDC to keep funding the plant, but it's not coming from Bushveld Minerals. IDC have got to come to the party. Thank you. Thank you very much, Craig. The next question here: What is the status of Enerox/CellCube arrangement, and is there any buyer interest? So our management and the advisory team have been engaging with potential investors. We've signed some NDAs with some interested parties, and our advisors are following up on the process to find the best outcome for Bushveld. We'll update the market accordingly of any significant progress made. Thank you. Perfect. Thanks very much. What has happened with the coal asset, Lemur Holdings? Have there been any offers? Yeah, we've made some progress there. We've signed a sale of share agreement with a consortium who are interested in continuing the development of this project. But before the transaction can close, the Development Bank of South Africa needs to provide consent to Bushveld to cede our obligations to the consortium. That is the new purchaser. We're continuously engaging with the Development Bank of South Africa to progress this transaction as quickly as possible. The latest update this morning is that the investment committee of the Development Bank are meeting towards the end of next week, hoping for a favorable outcome there and that we are in a position to cede the obligations we have with the bank to the new consortium. Then the deal will be done and dusted. Thank you. Tony, the next question: A large chunk of the funding raised last year was for CapEx projects, notably the Barren Dam. Has all of that been put on hold, and if so, what is the expected timing? Yeah, owing to the delays in funding, we have had to delay some of the projects. Some projects can't be delayed, like the buttressing of the slimes dam. Safety is of paramount and is the most important activity we have here. I can report on the Barren Dam. We've found a nice temporary solution. We've got these industrial fan evaporators we've got on the dam, which is helping accelerate the level of which the liquid is diminishing. It's not a permanent solution, but we have debottlenecked the Barren Dam, certainly for now, and waiting for the feasibility study in terms of how long we can defer that commencement of the construction of the Barren Dam without putting ourselves at risk in terms of bottlenecks. So yeah, a lot of projects have to be delayed. Some we can't. Some we've deferred. But as soon as we have resolved this funding issue, we can reprioritize what CapEx spend needs to happen this year and what can be deferred into next year. Thank you. Perfect. The next question here reads as follows: You said that there was a review of personnel happening, and given previous comments and expectation of job losses, what's the status of personnel cost control measures, and how much more is there to go? Well, we completed the head office construction majority last year and the rest in the first few months of this year, which resulted in around 40% of the head office roles being reduced. The cut will result in at least annualized $1.5 million saving per annum. The company's looking at various measures to ensure the long-term competitiveness and financial stability of the group, as well as right-sizing the operations. I think I might have alluded to the fact that the next stop is Vametco. So we've now got the project charter, the project plan together, and we're looking at opportunities for labor reduction at Vametco, and that's the immediate next step in terms of labor reduction. Thank you. As Vanchem now has a sub-$20 production cost, is it an option to close Vametco operations until the vanadium prices increase and just concentrate on Vanchem? Yeah, I might just emphasize that ZAR 20 was the month of March where we had a good month. Vametco's higher costs were due to lower production volumes. They had nearly a month shutdown, and the challenges with certain suppliers at Vametco, impacting the supply of material, impacted the production. So if we address the near-term funding needs, our focus will remain on effectively managing the creditors and suppliers. Once we can do that, we can then focus on improving the operational efficiency at Vametco. So no, currently, there are no plans to shut down Vametco or consider any care and maintenance. Thank you. Perfect. The next question here: Can SPR make a full payment for the sale of Mokopane and Vanchem to see us through until completion? I mean, that's a consideration. We're in conversations with SPR to explore all possible solutions, and we'll keep the market updated as soon as we land on an acceptably optimal solution. Thank you. Perfect. Tony, the next question here: Will you be claiming compensation of SPR for late payment of $12.5 million and late application for the sale of Mokopane and Vanchem, as it's their fault we are in this situation? Look, we're not planning to take any legal actions against SPR. We're working closely with them. We're collaborating with them in every way we can so that we can find a win-win situation together. We believe this is the most appropriate and beneficial course of action. That'll allow us to focus on what is so needed, operational efficiency, and that's our plan of action. Thank you. Perfect. Another question here on SPR, and I'll ask if you have confidence SPR will conclude all the transactions. We're working closely with SPR to complete all transactions. We believe that this is the most appropriate and beneficial course of action. It allows us to focus on running the business. I think that's about as much as I can say. Thank you. Perfect. Another question here: There seems to be a clause in the Orion contract that you can defer the $7.1 million we owe at the end of June. We defer the payment. Yeah, well spotted. Yes, we are in conversations with Orion. It is an option. And with all my dealings with Orion, they've been very reasonable and pragmatic about things. They want to see us succeed. So of course, it's an option, and they've got IC committees. We all have various stakeholders that need to be brought along, but it's something that we're staying very close to Orion with. Watch the space. Perfect, Craig. I think that actually concludes the pre-submitted questions. At this point, Craig, if I could just hand over to you to read out the live questions, that'd be great, and then I'll pick up from you at the end. Certainly. There's only one live question at the moment on my screen. It says, "Is there any way that Bushveld Minerals can borrow against the $12.5 million receipt from SPR or otherwise benefit from it in the short term?" Well, so the $12.5 million and I think the $12.5 million that has been referred to is the investment that SPR were supposed to put into Topco in the listed entity. We've already received $12.5 million as an interest-free loan against that eventual equity injection. So there's no further opportunity to borrow against that. I presume that's what's been referred to when they talk about, "Can they borrow against the $12.5 million?" If I haven't understood or interpreted the question correctly, can the author just rephrase it? But we've already received an interest-free loan of $12.5 million against the pending equity injection. Thank you. How can Bushveld last if vanadium price doesn't tick up this year? Yeah, that's a million-dollar question. We're down 15%, and we're hurting. I was reflecting the other day when I signed my contract in May last year. We're down a third on price since May last year. We took a view when we did the budget. It was the mean of the October-November price, I think it was. It was an intelligent view based on a whole host of intel. I got that one wrong. If price doesn't come back, we'll need further funding. So when I look historically about the price so let's give an opinion about the future first, then we can focus on facts. There is a very strong sentiment amongst all the clever folk and the key investors and stakeholders in Bushveld that the price will turn. It can't continue like this. It won't continue like this. It's a matter of when rather than if. So if it does stay flat like it is right now and only turns in the new year, it's a scenario. We will need further funding. It's as simple as that. And the shareholders have a vested interest. If they believe the vanadium price will turn next year, they have a vested interest to provide further funding. So that's just an opinion. We never get it right. But if we get close enough to it and we believe it'll only turn next year, then it's the right thing to do for the shareholders to provide funds. One thing's for certain, somebody's going to make a lot of money from these assets. There's no doubt. If you look at the sensitivity at $40 a kilogram, we're printing money. Somebody's going to make a lot of money from these assets. It's the question of when rather than if. What I can tell you is if you look at the average dollar per kilogram price in the last seven years, it was $41 a kilogram, and that's the European price. In the U.S., it's probably been 5%-10% higher than that on average. We sell 2/3 of our product into the U.S. market. So, the average price in the last seven years, factually, has been $41 a kilogram. And when it gets back to that, somebody's going to be reaping the benefits. I hope that answers your question. Thank you. Just bear with me as I scroll down here. So the question is: W hat use are these manufacturing milestones? I presume we're referring to the new production achievements at Vanchem. So what use are these manufacturing milestones if Bushveld is going into administration and someone else gets to buy cheap and the shareholders lose out? Well, that would be a sad day, huh, when we achieve record production, turn this business around to now double what it was achieving in the first six months, and some of the shareholders buy it on the cheap. Then all that effort would have really been to little avail. So it would be a sad day. As I said, somebody's going to print a lot of money and make a lot of money from these assets. It would be really sad that everybody who played a part and stood by this company to watch this business, Vanchem, double up production and not see the fruits of all those efforts. It would be very sad. One can only believe that rational thinking will prevail and that the shareholders that have got the most to lose, or the most to win, and the most to gain will see the benefit of putting in further funding. B ecause when the price turns, there's going to be huge upside for those that are still invested. I hope that answers your question. Thank you. The next question is, what's happening in terms of the working credit facility with SPR? Can that funding be accessed soon? So we have already tapped into the $12 million interest-free loan. Can we get a further loan? Is that possible? I'd like to believe so, interest-free loan, but I can't comment or commit to anything until we've actually had thorough engagements with SPR and found a solution. So obviously, that can happen, but I'm not here to speak on behalf of SPR. But I can tell you, we're liaising daily with SPR and others to find out what is the odds of the possible to make sure we keep this business afloat so that the existing stakeholders can reap the benefits of very, very lucrative cash flow positions when the price turns. I'm just scrolling down here. Why, after the operational update has been published, though directors are no longer in a closed period, have none of them purchased shares in the company? Well, actually, we are still in a closed period. Actually, the group company secretary sent an email out this morning. We will be in a closed period now, sadly, until the financials are presented, planned towards the end of May because there's a whole host of information that is sensitive that we are busy working on around potential funding solutions with various stakeholders. As a matter of fact, we're having a session this afternoon with the board. So we're very much in a closed period right now, and sadly, for those directors that want to purchase more shares, can't do so. I was expecting this question. I was hoping it wasn't going to come, but I wasn't: Craig, how confident are you about securing a financial solution? It's very difficult for me to commit to that. When I was asked in December last year, the middle of December, how confident are we we're going to get this $12.5 million SPR injection? And I said, "100% confident." I got that one wrong, didn't I? I mean, we had a binding bloody agreement, and I was absolutely 100% confident it would come. And then I was asked, "How confident are you going to get the money then in January?" And I said, "100% confident." I got that one wrong again. So the best way I look at it is if I was in the shoes of these key stakeholders and I say stakeholders because they are shareholders and they are lenders, and I believe that the price was going to turn by Q2 2025, would I let this business go into administration? Absolutely not. I've just put in so much resources, financial, and effort and time, and I've already seen the business production turn, albeit against a very, very negative price. I wouldn't let this happen to the business. I would put something in that made sure that I reap the fruits of all my efforts. But I can't speak on behalf of the likes of SPR, Orion, et al. I can only give you my view if I was in their position. While you are making every effort to raise funding, what is the risk of ceasing to be a going concern if funding remains an issue? I think there's a very real risk. If funding isn't resolved imminently, it is a real, real risk because if you think of the funding per the agreement in terms of the requirement to have the Competition Commission approval, which is now earliest July sometime, that's too late. We need to get funding. Now, you can't get an advance on that funding because that'll be in contravention of the Competition Commission approval. So we've got to think of other ways to address that issue. The other answer is yes, you're spot on. There's a very real risk associated with the going concern if we don't get the funding issues resolved imminently. How much is the offer for the coal asset? The short answer is upfront $1 or $100. And then there is a period of Robbie, the CFO's on the line, i f I get this wrong, please jump in. For five years of positive EBITDA, I think it's 20%. I mean, I'll sign the agreement sometime out, but it's a certain percentage of EBITDA that we get in terms of and it's not five consecutive years. It's any five years of positive EBITDA. When it gets into production, we get 20% of that. But very importantly, we currently have a loan with the Development Bank of South Africa, well, the Lemur Holdings, which Bushveld are guarantors for. So we're in for $2.5 million as a liability, but the contract is such that the new owner takes over that $2.5 million liability, comes off our books. Our cash flow goes away. And that's the liability I referred to in terms of getting the investment committee of the Development Bank to cede to the new owner. So you could sell it like $2.5 million we're benefiting from in terms of the sale plus this percentage, which I stand to be corrected, but I think it could be 20% of EBITDA for five years of profitability post the startup of that new asset. Hope that gives you clarity in terms of what you are looking for. What is SPR's view on the current share price given they have invested $12.5 million at 3p? Yeah. Firstly, very disappointed, but they are absolutely committed to this business. That's why they paid a premium at 3p. There's no indication from them to me that they're going anywhere fast. So I think they all realize that the price is suppressed for various reasons, not only vanadium price, but the lack of cash flow coming in. But they haven't given me any indication that they're still not in it for the long haul. Let me keep on going down here. How do you see the next 12 months both in terms of operations and financially? Well, they are interdependent, those two variables, operation and financially. So, I've said we've got to get additional finance in given where we find ourselves. Without that, you can't get to operational efficiency. It really is tough. Let me share an example with you. So we've got these regular planned intervals for critical assets. I'll use the kiln at Vametco as an example. We surpassed the 15-month scheduled interval for the kiln towards the end of the year. We thought we'd keep on going. We were supposed to get all the money in the end of January sorry, end of December. The money doesn't flow. Guess what? We get a hot spot in the kiln. We get a hot spot in the kiln, and we close it down. We get drip-feed a bit of money coming in the end of January sometime. You all know the story, how we got the tranches towards the end of January up until March. So here we are in a position trying to fix up the operations. We haven't got the money we expected to commit and budget to. We've got to fix the kiln. The preferred OEM for those OEMs the mining speak for, the original equipment manufacturer. So our critical preferred supplier for the OEM will not touch us, and they will not refabricate the kiln with these heated kind of at best as bricks and concrete because we can't settle the outstanding debt. So we go to an alternative supplier where we don't owe any money comes in, does the refabrication with generic parts. Guess what? Six weeks later, it breaks down, and we've got operational inefficiencies again. Yes, they come and fix it up again at their own cost and things like that, but it just loses time and becomes operationally inefficient. So the two go hand in hand. And if we get the financial input that we had budgeted and committed, then we'll be able to address the operational issues, the very much needed planned maintenance at Vametco that I've been harping on for a long, long time. So I'm not answering your question the way you'd wanted, giving you a commitment how it's going to pan out. But what I can say is we need the funds to flow as budgeted to get the planned maintenance fixed up at Vametco in order to get the increased throughput that I put in my budget at Vametco. I've always said to you that we've got to plan to do six months' worth of focused, improved planned maintenance with the OEM preferred supplier, I should have added, to get us to a position where we can get the increased reliability on the assets we're looking for, to get the increased operational performance at Vametco, and particularly for the second half of the year. So I hope you can deduce from that yourself the likelihood of that materializing. What's driving the low vanadium price? Yeah. So this is what the intel I get is the expectation was always China, of course. The expectation was that China were going to provide a stimulus package to the construction industry and particularly the sort of residential housing part of the construction industry. That hasn't materialized. They've actually channeled that stimulus package into the tech business. The understanding is that it's going to happen. It's a matter of when, rather than if, but it's been significantly delayed. So a large part of that drop in the vanadium market is driven by the lack of steel demand in China, which in turn is impacted by the government's delay in providing the stimulus package for construction and particularly the sort of the residential housing. But there are various opinions out there. That's the most intelligent opinion that I've read. Sure, that was quite exhaustive. I know more questions in front of my screen, but I'll just pause for a few more seconds to see if there are any last-minute questions coming through. All right. If not, then let me conclude this bittersweet quarter. There are a lot of positives that are showing in the production level, but I take the question one of the individuals asks, "What's the purpose if we're not going to be around?" I look forward to continuing to updating our shareholders and stakeholders over the year ahead, including our forthcoming annual report. While it's frustrating to have setbacks and funding delays, we believe that with a swift and effective resolution to these difficulties, we will continue to progress with our turnaround strategy and demonstrate more of the record production we saw at Vanchem in the Q1 of 2024. Thanks to all of you for dialing in. Bye now. Perfect, Craig. Thank you for updating investors today. Could I please ask investors not to close the session as you'll now be automatically redirected to provide your feedback in order for the management team to better understand your views and expectations? This will only take a few minutes to complete, but some shall be greatly valued by the company. On behalf of the management team of Bushveld Minerals, we'd like to thank you for attending today's presentation, and good morning to you all.