Goldplat PLC ($GDP)

Good afternoon, ladies and gentlemen, and welcome to the Goldplat PLC Interim Results Investor Presentation. [Operator Instructions] Before we begin, we would like to submit the following poll. And if you could give that your kind attention, I'm sure the company would be most grateful. And I'd now like to hand you over to CEO, Werner Klingenberg. Werner, good afternoon, sir.

Good afternoon, Jake. Thank you again, and I think it's a good evening from my side. Welcome to all the shareholders and the listeners today. It's always a privilege to get a moment to share a little bit more about Goldplat and the current operations and actions. And I hope you enjoy the presentation. I know we only have an hour, so I'm going to try and keep it as short as possible because I always prefer rather to answer the questions afterwards and then necessarily repeating what some of you might already know about the business. If we then look at the presentation, as you're aware, Goldplat as a group is focused on recovering value from previously mined resources. And when we say previously mined, we're obviously referring to whatever current operations are also generating as well as historical mining. Before we talk about the overview and some key data, I want to just quickly stop and just explain for those listeners that doesn't know Goldplat, what we exactly do. If we look at the company, we've got operations in South Africa as well as in Ghana, and we're starting to set up a small plant in Brazil as well. And the focus of these plants is really to recover gold and precious metals. I'll touch on the PGM side a bit later. But for now, I'm going to talk about gold to recover gold from any material that ends up being contaminated during the primary process, whether it's from current mining or whether it's from historical mining, and I'm not going to explain the whole gold recovery process. But primarily, you'll have fine carbons coming from current plants, mill liners, wood chips that relates to the pillar support underground that comes up that's contaminated with gold, the grease being used in the machinery, specifically the mills that ends up being contaminated with gold. Any type of plant cleanups, we take building ruble that contains gold surface sources, we have runoff over years and years, specifically in South Africa, where the mining industry has probably been active for the last 150 years. You still have areas that's been contaminated by historical mining that we clean up and any other concentrate. So that's the material we get. We primarily get it from blue-chip gold clients. that is currently operating in South Africa, Ghana, South America. And we'll talk a little bit more about sourcing activities later. We're also getting some platinum material from primary producers that also end up being contaminated during their process as well as some refiners. So that's the material and the clients. The processes we put it through is quite conventional processes, but has been adjusted to fit our requirement and need in terms of volumes and in terms of how we operate them. And this includes milling circuits, digging circuits, gravy concentration circuits, and specifically incineration circuits. So if you look at the liners, we also have shot blasting, and I'm not going to go through all of these circuits now. The fact of the matter is most of those you'll find in any gold or platinum operations, maybe not all of them, but definitely some of them. And then we utilize them, but we, over the years, have found ways of maximizing recoveries from this material that the primary miners can't process through their circuits. And in the end, we end up with doré bars that we sent to refiners, mainly a refinery in South Africa. We've got gravity concentrates that we generate and then any other types of concentrates that we then send to smelters, either in South Africa or then in Europe. So that gives you a sense of what the business do. If we go and look in terms of where we currently are as an operation, we are cash-generative business. We'll talk about the last 6 months a little bit later. But we have been generating cash for a very long time. And we've started to return that -- I mean, it's probably one of the highlights for me. We started to return some value through dividends during the last 6 months. We also have a significant geographic reach that I've already spoken about, and we're building that out in South America. We're also looking at diversifying more and more into PGMs, specifically in South Africa. And in the end, I've described now, I mean, we've got a niche recovery business. Although some of the plant and operations is quite conventional, we actually have found -- I mean, we've designed the plant in ways to optimize recoveries from the material that we get. I'm sure a lot of you that's listening wants to talk about the TSF. I'm going to deal with that later. But for those that's not familiar with Goldplat, we've got a tailings facility that we have sort of built up through our own process in South Africa over the last many years. It contains a significant JORC resource of roughly 82,000 ounces, and that's on 1.6 million tonnes. And that was done in 2016. We have since added roughly another 800,000 tonnes to that facility, and we're looking to reprocess it. The grade is still high, around 1.5 grams a tonne. And we -- although, I mean, as I described, the material we process is quite unique. It's not always that easy to recover value. So if you look at that material, reprocessing it, obviously, it will be a challenge to recover as much as possible gold from it. And we've been doing extensive test work over the last probably getting to 8 years now on and off and looking at different ways of maximizing the value from this facility. And if we -- and obviously, the nature of what we can do also change based on how the gold price reacts. And with the increase in gold price, there might be additional ways of us looking at this facility. And we'll chat about that a little bit later. One thing that we're quite proud of is in the end, the fact that we see ourselves as a green gold producer, almost like a fourth leg to the circular economy, whereby we extract value from material that has already been mined. It's already been taken out of the ground, but it's not being recovered through primary processes. And through our processes, we can then maximize the value from the initial environmental cost that was incurred to actually extract it. So just going to a bit of key data. You can see that the share price has increased or basically doubled over the last 6 months. And that was driven by, obviously, what we've seen in terms of the gold price and also Goldplat, I believe, starting to return some value to shareholders. If we look at our Board, we've got quite experienced Board that's been with the company for quite some time. Gerard Kisbey-Green has been with the business either from an executive or nonexecutive basis for more than 10 years now. I've been with the business for 10 years. Martin always been a shareholder of the company and is currently a major shareholder, owning 28.5% has owned those shares also for, I guess, it's getting close to 15 years now with John Cross that has joined us in the last couple of years, also bringing quite extensive business experience. And then our Chief Financial Officer has resigned in the last 3 months, and we're looking -- well, actually last month, and we're in the process of looking at replacing him, and we've actually progressed that process quite extensively. So if we then maybe just jump to this slide, and I'm not going to go through the numbers here. I think this slide is just a summary to indicate to the market something that's quite fundamental to me is that in the end, the nature of our business is that we get different type of material from different clients at different times. And although that might create some flexibility in our business, from this model, it is clear that we have been able to produce profitably on a continuous basis at lower and higher gold prices over the last 4 to 5 years. So if we then look at the gold recovery business, as you say, production with a difference, we have 2 main production plants operating at the moment in South Africa as well as in Ghana. And we're currently setting up operations in Brazil, and I'll share a little bit more about that later. We had another very profitable quarter in -- or actually half year, but quarter as well in South Africa with operating profits of GBP 3.45 million, which is quite higher than the previous year. That was driven by increase in volumes, specifically out of South America as well as locally, we've increased our market share over the last period. And then obviously, also being driven by the gold price and some other variables that worked in our favor. So if we look then at gold recovery Ghana, they are going steady. They also had a good first half, producing [ GBP 1.26 million ] for the period. That could have been higher. We had 1 or 2 batches at the end of last year where our margins was a bit lower than expected due to some normal business that is materializing, and we're getting a little bit less than what we expected out of those batches. But all in all, I think it's a good start to 2026, supported by the gold price. But I think the more exciting part is really what we've managed to achieve in the 2 entities. South Africa, obviously, the focus has been on maximizing sourcing, and we've been quite successful in that. In Ghana, the focus has been on being able to improve on our local beneficiation solutions in country. And we have gone and made some strides, and we're probably going to need to invest a bit more money, and we'll talk about that later in terms of increasing that over the next 6 months to a year. So all in all, it has been a steady period supported by the gold price. And while talking about that, I think for me or -- I mean, for the business as a whole, our focus is to make the operation as stable and more stable as possible. From a sourcing perspective, from a production perspective, from systems, processes, health and safety, that has and remains the focus throughout. If we look a little bit closer at South Africa, I've already spoken about the fact that we are -- we've managed to secure and material, and we're looking to sustain that into the future. We are busy with a few unique projects on PGMs that we hope will be successful over the next 6 months to a year. And the other focus in South Africa, I think I've touched on most on the current business is obviously the tailings facility. And if we look at the tailings facility, the changes in the last 6 months has basically been whereby we've taken control of the pipeline application where in the past -- so before I talk about that, for those that's not familiar with Gold at TSF, what we are aiming to do is we've got the tailings facility. We want to move this to a plant in our facility, let's say, 14 kilometers away. We want to do that through pumping it through a pipeline, utilizing a facility at that premises, processing that material and then depositing it on that specific third party tailings facility. Now for us to be able to do that, the first thing is we need to get the material there. To get the material there, we need a pipeline for a pipeline, we need a water use license. So we have been in process together with a third party with DRD Gold to look at getting approval for a pipeline. And we've realized in the last 6 months that it's going to be best if we put in our own application, which we have done. And we are engaging through our consultants right now with the Department of Water Affairs, and we are definitely seeing progress and process on that. They understand what we're trying to do. And as -- and that assist us in terms of probably getting a quicker resolution on that pipeline in the near future. If I say quicker resolution, in the end, the area we want to put a pipeline, there's already other applications to put pipelines there because there is other facilities in the area that also needs to be processed. So from that point of view, we can piggyback on those third parties to get a resolution hopefully sooner rather than later. So once we've got that in place, we have had in detailed discussions with DRD before. We can then look at completing the commercial terms with them and getting approval for the processing and the position of that material. So why do we go through that complex process? That's a question I do get a lot of times. The reason for it is that to recover the maximum value, we need to process the material at volume. To process that volume, you need to have a big enough plant and a big enough facility to deposit that material on. So you can technically still build the bigger plant, but getting a bigger tailings facility in the area, which is already quite built up where our facility is, is not that easy. And therefore, we still see this as probably one of the best routes in the future to process the facility. We are looking at other plans and options in terms of how we can process the facility. And I might maybe allude to that later in the discussion. So if we then go to gold recovery Ghana, I've indicated the focus remains on finding the best ways of beneficiating the material we get locally, and we are engaging with authorities of Ghana and providing solutions in terms of doing so. We are planning to spend roughly another [ GBP 700,000 ] over the next 6 months to a year to -- on the one side, improve recoveries, but mainly on the other side, also to make sure that the processes we've got in place from an environmental perspective. If we look at international sourcing, the landscape in Ghana has changed over the last 2 years, probably 2, 3 years with changes in West Africa. I'm sure some of you are aware about the political changes in Mali and Burkina Faso. And that has driven those countries also to focus a lot more internal and locally, and they don't want to see their concentrates or any byproducts being exported. Therefore, most of our material in Ghana still comes from Ghana itself. We are still -- we continue to source and look for material elsewhere in West Africa, and we're still getting material from South America. However, the focus is to maximize our margins and service delivery to clients in Ghana because due to the local beneficiation requirements in Ghana, we've effectively created a little bit of a catch-up market because there's not really anybody else doing what we're currently doing in Ghana. So the focus is to really develop the processes systems and commercials to an extent where we have a business that has proper visibility in terms of providing cash flow year-on-year going forward. Yes, I think further in terms of challenges of growth, as I said, we are pleased with the strides we have made in West Africa and South America. And we are continue to looking at increasing what we've done in Ghana in South America. So jumping then to gold recovery Brazil. In South America, the target remains on volume growth through sourcing. And then secondly, also to becoming a processor in Brazil. So the team is focused and has been successful in terms of increasing the client base in South America. And I believe that if we start processing some material local, which will not be a lot, specifically lower-grade material where the current clients doesn't have a solution for, that will enable us to strengthen our ability to provide solutions and also increase our ability to source high-grade material out of South America. So most of the profits from that material, you probably will see in South Africa books where most of the material is being processed and handled. I think the important thing in South America is that we will spend capital as we believe is required for the material that's already basically available on site. We don't have a plan to build it and it will come. We're not going to build a big facility and hope material will arrive just because of the quality of the facility. It will really be just to build what we require at the point in time and increase the facility as the need for it arises in the future. So if we look at the performance over the last 6 months, I'm sure you all have seen the interim reports, you'll see that, obviously, we had quite a higher gold price on average versus the previous financial period. Revenue has increased significantly if you compare half year to full year last year. And you can see that, that is not just because of the average gold price going up. It's also because we've received a lot of high-grade batches, specifically in South Africa from clients that we've processed in the period. And that in itself has also driven some of the changes that we've seen on working capital on the balance sheet that we will discuss a little bit later. As a result, because we had these significant high-grade material and volumes coming through. Our gross profit margin didn't necessarily increase that much, even though the gold price has gone up. And I think just to explain to the people not familiar to Goldplat, we process different type of material. Lower grade material, you probably will find that our margins of the gold that we retain is higher. However, the cost of recovering that is then normally higher as well. If we look at very high-grade material, our margins is really small. And what you also find is that on those material, you will -- on most of our contracts on the higher-grade material, we will return the value of the gold that or the percentage of the value of the gold back to the client, meaning that if the gold price increase, the cost of that kilogram of gold that we returned to them or 2 kilograms of gold also goes up. So you won't see the significant gross margin increases that you might find in primary producers if you look at our balance sheet. Obviously, the advantage -- income statement. Obviously, the advantage for us is the fact that we are also protected to the downside to an extent. We still have pricing risk. We have methods of managing it. However, it's -- we do obviously benefit from increasing gold price, specifically on the margin we keep, but also due to the exposure of all our production as a whole. Okay. If we then look at our profit for the year, for the 6 months, we achieved GBP 3.5 million for the half year in comparison to the previous financial year. Obviously, that looks extremely encouraging. But I think we need to also go and look at the net finance income cost that has the foreign exchange movements included in that. If we exclude that, I guess we'll see that half year-to-year, we probably performed quite similar, slightly higher. But what for me is even more encouraging is the fact that we've managed to return about 10% of that profit in cash as dividends over the last 6 months, and we've returned another GBP 250,000 over in the third quarter. So if we then look at basic earnings per share for the half year is at 1.95p. If you want to, I know you can't, double that up for full year, you're probably going to get to 4p, which compares well to the current share price of -- I see it's fluctuating between [ 12.5 and 13.5 ] at the moment. If we then go to the balance sheet, I think for those that doesn't know Goldplat, I mean, you can quickly see that -- we are quite working capital intensive with our current assets at the end of December exceeding our noncurrent assets almost 4x. And here, you can clearly see the increase in current assets over the last 6 months. And that's been driven by increase in volumes and revenue, as explained. I also believe that we had some inventory that was on route to smelters, specific bullion bars, where we only managed to turn it around just after year-end, and there was a few million dollars included in that, that also resulted in the current assets rising more than what you will see on the current liabilities at the bottom. So if you excuse me, maybe I want to just explain to you how some of these accounting works. If we receive a batch of material, let's say, it's 20 tonnes of material containing 10 kilograms of gold. In the end, we will put that through initial processes to be able to determine the value. At that point in time, that material will be brought into inventory and the value that we need to pay for that will then be taken to payables as an accrued liability because that is something that needs to be paid to the client at some point in time. So you'll normally see that if you see an increase on your current assets, you'll also see an increase in your current liabilities. That is clear from what is -- what the balances was at 30 June versus 31 December. And if you have one specific large batch being opened over a quarter or half year end, you will see probably significant fluctuations in your working capital balance. I think the encouraging thing is that we do carry a 16.5% net current asset positive. So it means that we still have sufficient liquidity in terms of covering our trade and other payables in the near term. But because of the nature of our business, that's quite working capital intensive, we need to be careful to ensure we keep good cash balances to manage requirements on a short term. And that's why you'll see that our cash at hand, although it remains at high levels, we prefer to be able to have that available to be able to do the necessary trading that we do. If we look at the cash flow, you can see the GBP 350,000 dividend that we paid over the last quarter, as I said, 10% of the profits. We also still have GBP 4.8 million cash on hand. The cash came down over the last 6 months. That was merely because we had some big suppliers at the end of June that we only paid in the first week of July and also then some of that inventory that was on route to the smelters where we only got the cash in January. We will keep on managing and reviewing our cash position on a quarterly basis and based on that, decide how and when we return value to shareholders. Due to the nature of the business, we believe it's important that where we have cash available that those -- that we share some of that with the shareholders as well. So maybe before we talk about strategic focus, maybe just quickly on the acquisition of PPE. If we look at our amortization, depreciation balance on a yearly basis, I think it's around GBP 800,000 to GBP 900,000 at this point in time is that our focus is to try and limit our our maintenance capital basically to our depreciation is to make sure that there isn't really a big cash impact from a profit to a cash flow perspective. However, we have had and we continue to have unique scenarios where we need to spend extra capital, whether it was to protect us against electricity shortages or cages in South Africa or whether it is to change our business model in Ghana that we needed to do last year. Those things, I don't see a maintenance capital. It's, I guess, more stay in business requirements that is not always foreseen. And then any other capital we spend on top of that needs to be capital that adds value, and that gives us a proper return on invested capital. So that is just in terms of a nutshell in terms of how we look at it, and we will continue to try and manage it to ensure that there's sufficient cash flow for shareholders as well. So if we look at where the focus is, as indicated, we want to maintain our market share in South Africa. We also want to make sure that we then develop the land that we've acquired in Brazil that I've already discussed. We need to solidify our position as a local beneficiator in Ghana from raw materials. And I believe there's a lot of value we can take from that in the future being a primary recover of value in Ghana as it still remains -- well, it is currently probably the biggest producer of gold on the continent. And we can, I believe, extract a lot of additional value in the future from opportunities that might come. If we then look at the TSF, I've spoken about potential plan Bs. I mean we've looked at various options. And with the increase in gold price, there might be ability to look at extracting some value on our site. It will obviously be at a lot lower production levels. And those are the type of things that we're currently investigating. We've indicated in the announcement we want to look at stuff where we've got more control. It doesn't mean we've got full control, but the more control we've got, the easier we can get to a point where we can start recovering value. These additional options might not be as lucrative as the primary options we are targeting at the moment, but it might have value in terms of the starting point, getting some value out of the TSF as a start whilst we're getting the primary processing methods in place. And it will start showing us and showing the shareholders in terms of what is possible from a recovery point of view, from a revenue and profit-generating point of view and also already require us to engage with third parties and entering into agreements that might be useful when we go and complete the primary solution. So yes, and I think the main point is I can at least say continue to return surplus cash flows to shareholders. I think a year ago, we were still getting ourselves in a position where we can return value. So yes, I'm glad to say that we've now returned value to shareholders 3 quarters in a row. And hopefully, we can continue on that trajectory, which is definitely the intention. Okay. Jake, I think that was a bit longer than I initially intended. But as I started when I looked at the presentation, I thought there's a couple of things I would like to deal with the listeners. And hopefully, we've got sufficient time still for taking some questions.

Absolutely Werner, thank you very much indeed for takes you a recording of this presentation along with a copy of the slides and the published Q&A can be accessed via your investor dashboard. Werner, as you can see that we have received a number of questions throughout your presentation. Thank you to all of those on the call for taking the time to submit their questions. But Werner at this stage, so if I may just hand over to you to address those where appropriate to do so. And if I pick up from you at the end, that would be great. Thank you.

Yes. Thank you, Jake. I see we do have a couple of questions. So I'll try and keep my answers as detailed and short as possible. I think the first one relates to the TSF. Please expand on the plans for the TSF time line and what uncertainties still exist. What actions are you currently working on? I think probably through the presentation, I tried to explain to you a little bit more in terms of what we have been working on and how the environment has changed due to the gold price and what we're trying to do. I don't think anything has involved significantly in terms of being able to share a lot of data with you, which is obviously in the final aim. But I think it's important for you to understand that we are investigating all angles. Some some is quite exciting. So let's -- yes, hopefully, we can start sharing more and more information as stuff becomes a little bit more clearer. I'm quite excited about the progress we are making on the pipeline. And hopefully, we can start getting clearer time lines around that soon. I think there's a question around given challenges with DRD Gold, why you're not opening up discussions. I think the important thing is we don't necessarily have challenges with DRD Gold. In the end, we are all commercial businesses that needs to operate and focus on our own KPIs and strategies. And DRD in terms of a partner has been extremely helpful. And we we believe that long term, that is still probably the best solution. If I say probably, actually, they -- in a lot of ways, they are I won't say the only solution because they are looking at. But in terms of the specific route we want to go, there is service tubes all the way to them in terms of pumping the material, there is availability for deposition, there is availability for processing. That's not necessarily something that's available at any other site that's close to us. So I think, hopefully, that sort of clarifies it. We definitely don't see it as a challenge. There's a question around in liquidity is a challenge. What is being done to get GDP noticed more? Surely, significant increased share buybacks, dividends would get the market attention. So I think in terms of that, as part of the presentation, I tried to explain that due to the nature of our business and the fluctuation that you saw in working capital up and down over a 6-month period, it's important for us to keep sufficient cash flow not just -- it's really not a strategy to just derisk, but actually to have the ability to take opportunities when and how they might arise. So I think we've returned, as I said, 10% of profit over the last 6 months. We've returned another 250 in the third quarter. And I believe that if that continues, you probably will see that those sums quarterly start adding up to something significant over a year. Okay. Sorry, Jake, I'm just trying to figure out how do I move -- the wording regarding the TSF has changed. I think I've explained why that is and how we're looking at it. Another question around working capital that I've discussed. There's a question around on how changes in Ghana has impacted on working capital. So I think I've explained this before, and I'm not sure if we probably have put it into the year-end explanations as well is that -- in the past, you procured material, you processed it and then you exported it. And that happened basically at the same volume you receive the same volume you export. Now you get material and you need to now process that. So it means you're sitting with -- in the past, you sat with a lot of debtors. Now you're going to sit with a lot more inventory that needs to go through the primary process to recover the gold and then to export. But once you have recovered the gold, that turns around quite quickly within a couple of weeks, if that long, and that turns into cash. So your debtors balance has reduced and gone up, but your inventory balance has gone up. There's a question about how Goldplat inventories are valued. As indicated, we have different types of inventories. In the end, all inventories are being reported at cost of production, which obviously a function of cost of purchase, cost of getting the material there and the cost of processing that material to the current state. So I think the question is referring to a situation where there's a lot of value locked up in gold because -- or in inventory because of increases in share gold price. From month-to-month, you might see some benefit where you've got fluctuations in gold price. But because we get material in turn it around, get material in turned around and it's valued at the cost of acquisition plus cost of production, that acquisition cost also changes as that new material comes in and as the gold price increases. So yes, in an increasing gold price market, you probably will carry a bit of profit on your balance sheet that will come through in the next quarter or next month. In a market where the gold price goes down, you'll need to make adjustments on that inventory if and where required from an NAV perspective. So I hope that explains it a little bit more better. Okay. just going through the questions, just give me time. So there's a question on what processes do we apply on PGMs and how does that differ from gold. Now yes, PGMs from a metallurgical point of view is different and the recovery methods is different. However, we have various plants and equipment, whether it is from incineration requirements, whether it's flotation, whether it's milling screening. So a lot of what we use in gold, we also use to recover platinum. And depending on the material we get, we will not need to spend a lot of additional capital. Where capital needs to be spent on a PGM project, that will be costed as part of that project at the end of the day. And we need to make sure we get sufficient value to justify that capital spend for the shareholders. There's a question about having an in-person AGM at a sensible time this year. I probably could have ignored that question, but I would like to answer it in the sense that, yes, it will be a pleasure for me also to meet you in person and having in-person AGM. The reasons for when and how accounts being released is obviously driven by different factors in terms of auditing availability and so forth. But yes, for me, the main aim is always to get accounts out sooner and to have the AGM, as you say, at a more reasonable time. So yes, I mean, the first point now is to make sure we replace the CFO, and we've definitely seen some good and capable candidates. So hopefully, we can make progress and they can fulfill your wishes in -- at the end of this year. There's a question about with the capacity constraints in Ghana material has been moved to South Africa. And obviously, we're getting benefit in South Africa, but it's coming at a higher tax and minority interest cost. So I think in the market, in the end, what we need to do is always what is in the best of the group and the shareholders. And in doing so, there's a lot of other things we need to consider. We need to consider risks and business risks and opportunities to maximize recoveries. As indicated, I mean, there is -- the focus in Ghana is to recover material locally. If we can get to an extent where we believe that the value we can create in Ghana is more than what we can create in South Africa. We'll definitely look at that. I think the opportunity there might actually rather be to see if that material can't be processed in South America rather in the near term. And we will then be in a position to provide better services to clients, which is important to retain them longer term. And for me, that remains the main aim, even if it means we might pay a little bit higher taxes in Brazil. I think the important thing will be to make sure we retain clients in the long term for cash flow generation. Sorry, I'm just going through the questions. Some of them are duplicate. So I just want to make sure I answer them appropriately because we've only got so much time left. There's a question around -- on current forecast that's in the market from around forecasting of earnings per share for the full year. I mean, in the end, obviously, we keep on managing and looking at the forecast that is being put out in the market, and we'll inform the market about in terms of our expectation. So a question on the batches I've spoken about in Ghana. I think in the end, -- the company do carry some -- I mean, we do carry recovery risk. We do carry asset risks. I believe the issues that we incurred in Ghana has been fully addressed, and we don't believe the same thing should impact us in the remainder of the year. I hope that answers the question. Okay. There's a question around other opportunities in Ghana, specifically around artisanal miners. I think the important thing for us is to make sure that we provide the value in Ghana to the primary producers. Artisanal miners obviously do create tails and material of value, and it's stuff that we have been involved in 15 years ago. But in the end, gold remains a regulated commodity. And specifically in Africa, there is a lot of regulations around how to go about this. So I can't say it's something that we will never look at, but we're going to need to make sure that we have covered all the necessary loops to make sure we protect ourselves and the shareholders against any investment if it needs to be made in the future. There's a question on Brazil appears to have been a great success, and it has added a lot of benefit to your operations. Have you considered other similar setups in other countries, either in Africa or elsewhere? I think what we need to realize is that -- I mean, if we look at Brazil, I mean, Brazil is not just focusing on Brazil, it's focusing on South America. We're getting value out of Argentina. We're getting value out of Brazil. We're trying to extract value out of Peru. And in the end, every country has got its own regulations and its own requirements. So our focus is on ensuring we keep the circuits and the plants that we've got -- we keep our overheads and invested capital and fixed capital as low as possible. And I don't think it will make sense just to increase and add plants all over the world. It will be more -- I mean, based on the value of gold, shipping the material around the world is probably going to be easier than setting up a lot of plants. So I'm not sure if that answers your question. Will we look at providing or setting stuff up in other countries? We'll always be interested if it makes economical sense, and we feel we can cover the initial costs. I mean if we look at South America, for example, I mean, we haven't put in a lot of money there. So the focus will remain in terms of doing the same. limiting capital outlay and still maximizing benefit. I mean we're getting value from other countries in Africa coming through to Ghana coming through to South Africa. It doesn't mean we need to go and put a plant in that country necessarily. Okay. I think I've -- there's been some duplications in questions. I'm sure some of my answers didn't address necessarily all of the questions. I will go through these questions again and just see if there are specific items that I noticed where there is maybe sort of either confusion or misunderstanding or uncertainties from the shareholders' perspective, and we'll try and answer that appropriately for you and submit that as part of this presentation. I think as a closing remark, Jake, before we end, I think, I mean, firstly, thank you very much for everybody that has been part of this session. I must say a lot of the questions has been extremely thoughtful and thought provoking. And yes, I always appreciate the shareholders' questions because it helps us understand where there is potential uncertainties we need to address in future RNSs or releases. And yes, it's obviously exciting to engage with everybody. I think the main focus for us, I mean, I've indicated probably in all the RNSs. It's about creating stability. It's about extracting the value out of our tailings facility. And I think on the back of that, there's a lot of value we can share and add to shareholders in the future, and that will remain the focus.

Perfect Werner, if I may just jump back in there. And of course, we'll publish all those responses to the questions where it's appropriate to do so on the platform for everyone to access. But Werner, thank you very much indeed for updating investors this evening. Could I please ask investors not to close this session as you'll now be automatically redirected to provide your feedback. On behalf of the management team of Goldplat PLC, we would like to thank you for attending today's presentation. That now concludes today's session. So good evening to you all.