Valterra Platinum Limited ($VAL)

Good morning, ladies and gentlemen, and welcome to the 2026 Annual General Meeting of Valterra Platinum Limited, our first AGM as an independent company. My name is Fiona Edmonton, and I am the Company Secretary for Valterra Platinum. We are pleased that you are able to join us today, whether you're in person or online. Those online can fully participate in the meeting, including voting and asking questions via the Computershare platform. We trust that this hybrid format will continue to enhance shareholder engagement for those unable to attend in person. For those in the room, no emergency drill is planned for the duration of this meeting. Should an alarm sound, please evacuate the building as quickly and calmly as possible by the clearly marked exits to my left and right on the ground floor and at the top of the stairs, where you came in. The safety representative will be on hand to assist people to the designated assembly point. Before we begin, please now ask that devices are set to silent mode. And it is now my great pleasure to welcome our Chairman, Mr. Norman Mbazima to the podium.

Good morning, ladies and gentlemen, and thank you for joining us for this important and historic AGM. As Fiona has mentioned, our first as Valterra Platinum. I'd especially like to acknowledge and welcome new shareholders of Valterra Platinum, where we become shareholders as a result of the demajor from [ Anglo ] American, I've become shareholders since the last AGM, we value this opportunity to engage with you. Notice of this mid-teen was published to shareholders on 27 March 2026. And I can confirm that the quorum is present. I therefore declare this meeting duly constituted. May I have the permission to take the notice of meeting as read and formally propose the resolution set out very -- I'm hoping a shareholder will give you the permission. Thank you. Thank you very much. I appreciate that. Before reflecting on the year-end review, I would like to introduce the rest of our Board, all of whom are present as well as several of the executive leadership. Starting on the left of me, [ Suresh Kana ], Lead Independent Director and Chairperson of the Audit and Risk Committee. Sayurie Naidoo, Chief Financial Officer; and Craig Miller, our Chief Executive Officer. My right, just behind me here is the -- Jefferson of People and Remuneration Committee. [ Luarzi Bam ], Chairperson of Social Ethics and Governance Committee and [ Dorian Image], Chairperson of the Sustainability Committee. As announced on 24 April 2026, Larzi has stepped down from the Board with effect from the eighth of May i.e. today to take up an executive role. He is attending today's AGM in his capacity as Director and Chairperson of the Social Ethics and Governance Committee for the period under review. Seated in the front row are the remaining independent nonexecutive directors. Steve Terri, Roja Dixon, [indiscernible]. Debra and Taco, who joined the Board on 17th July 2025, are the newest members of the Board, and I welcome them both to their first AGM. Director biographies are included in the notice of the AGM, and I trust that you agree with me in noting the high-caliber and diverse experience of our Board members. Later, I will be asked to vote on the election of Debra and Taco for the first time as independent nonexecutive directors. And the usual annual reelection by rotation of certain of other directors as well as the election of [ Ambac's ] statutory committees. Also sitting the front row are members of the Executive Committee, [ Martin Bojanini and Virginia Tobeca ]. I won't follow and Hilton Ingram have joined us virtually. [ Villian and Ajit ] unfortunately cannot be with us today. We're trying to get the production going as we go on. In 2025, we tragically lost 2 colleagues in work-related injuries. Mr. Felix Kore at Unki on 20th April and Mr. William Kenki, at among the both [ Deshaw ] mine on 22 July. Our thoughts and prayers remain with the families, friends and colleagues of Mr. Kore and Mr. Kenki. We also acknowledge with deep sadness the tragic passing of Mr. Michael Ramontique at Mototolo on 27 March 2026, following a work-related injury. These tragic losses deeply sell across the organization, particularly given that it occurred following a 13-year fatality free period at Mototolo mine. Our source with the family, colleagues and friends. I'd like to ask all of us to observe a moment of silence to pay our respects to these colleagues. Now moving on to my reflections of 2025 and the company's performance during the year-end review. 2025 marked the defining moment of our Valterra platform. with the successful demerger and establishment of the company as an independent JSC and LSE listed leading platinum group metals for use. This transaction was excited to with a clear focus on continuity, on stability and the production of shareholder value. As an independent business, Valterra Platinum now operates with enhanced strategic focus, greater accountability and governance totals aligned to its high-performance teams, quality asset base and operating context. The Board is confident that the demerger has positioned the company to execute this strategy with increased agility and display while retaining the strength of its legacy. At last year's AGM, shareholders approved our new NIM for Valterra Platinum to recap and for the benefit of new shareholders, Valterra Platinum means, A, val comes from the word value and represents the value we create, not just in what we mine, but in the way we work, the opportunities we create and our impact on society. B, terra, meaning as in lighting speaks to our foundation of PGMs from the Earth, our duty and our commitment to sustainability and progress. C, platinum. Platinum was retained, demonstrating the forecast of the organization and driving clear brand distinction and differentiation as one of the world's largest platinum producers. Since then, we launched our purpose of unessing value. I repeat, unessing value, to better our world. This type of embed the processes to create and preserve value, feeds into the company's business model and guys thinking and decision-making. Central to this purpose, is the steady progress in embedding sustainability at the core of our strategy and ways of working, acknowledging the urgency of addressing our impact on our natural environment and communities. We've also introduced and embedded our new values of pit itself or needs and some together. These values were corporated by employees across Valterra Platinum and are more than words the daily commitment to leading the company's purpose. They underpin every strategic priority from safety to sustainability and define how we engage with each other and with all our stakeholders. 2025 was shipped by a volatile global trade conditions and shifting demand dynamics across platinum group metals. With an even economic growth elevated geopolitical uncertainty and ongoing structural shifts in key end-use markets, which weighed on confidence. Notwithstanding this contest, PGM prices were strong in 2025. The realized basket price was USD 1,852 per ounce, 26% had in 2024 and marking its highest annual average since 2022. The realized run on PGM basket price was 22% higher at 52,611 runs the PGM ounce. Notably, the second half of 2025 was the next natural period for price performance. The full basket price ended the year up 86% compared to the start of 2025. all metals contributed to this increase with statin, palladium and rhodium being the primary contributors. These dynamics reinforce the importance of operational stability cost competitiveness, disciplined execution and market responsiveness. The company outperformed on operational delivery, predominantly due to improved performance in the second half of 2025 when operations demonstrated far greater stability and efficiency. Despite the loss in production at Amanda build as a result of flooding caused by extreme rainfall and the breach of an upstream Unesco dam, we exceeded our production as well as our cost and capital efficiency savings guidance. Safety remains the Board's foremost priority while acknowledging the strategic losses of our colleagues, whom I mentioned earlier, we recorded strong safety performance across many of our operations. with several operations marking many as fatality 3 and our total recordable injury frequency rate decreasing by 11%, which places us in the leading quartile of the ICMM benchmark. Key safety initiatives focused on embedding critical safety measures across our operations. These include strengthening safety leadership practices, enhancing stop look, assess and manage teams, what we call a slump and prioritizing leading indicators. The Board continues to work closely with management to ensure that investigations into 30 incidents are Sara. Accountability is reinforced and learnings are embedded across operations. Advancing a culture of 0 harm, both physical and psychological supported by robust tenants, leadership visibility and workforce engagement continues to be a central focus of Board oversight. Achieving our strategic priorities remain central to the Board's stewardship of Valterra Platinum and to the creation and delivery of sustainable long-term value. Our strategy is intentionally focused on those areas of which the company has influenced and controlled. Operational excellence, disciplined capital allocation and market development with industry-leading sustainability practices incorporated across all these objectives. Together, these elements ensure that strategic priorities are not treated as aspirational statement. But as tactical drive-out of performance, resilience through the cycle and long-term value creation for shareholders and stakeholders alike. During the progress against these priorities was achieved through clear accountability, strengthened governance framework and continued focus on execution discipline. Our operational excellence drivers delivered a significant cost base reset, which includes a ZAR 12 billion reduction in operating costs and the -- of ZAR 5 billion optimization in capital expenditure over the last 2 years, exceeding our targeted cost saving in 2024 and 2025. M&C production and refined production were both marginally above guidance of 3.2 million and 3.4 million PGM ounces, respectively. This reflects our commitment to operational delivery despite challenges like the Amanda built flood. There is some underground project, and we went to visit it just earlier this week. As advanced feasibility stage, and is on track to deliver an investment decision [indiscernible] of the project development progressed well through 2025, with all development and successfully intersecting the risk having effectively navigated the weathered zones. And the gems on sale are now fully commissioned with promising early results from the lower muscle strategy at our processing assets. I'm pleased to say that despite the geopolitical tensions and certain tariff policies and shift in demand dynamics. The company delivered a strong financial performance in 2025, supported by improved operational execution and disciplined cost management. Cash generation balance sheet strength and capital allocation remain areas of focus, ensuring resilience and flexibility through market cycles. In 2025, the company delivered EBITDA of ZAR 53 billion, up 68% from 2024 and operating free cash flow of ZAR 20 billion, up 22% year-on-year. A further ZAR [ 5 ] billion in operational and overhead reduction was achieved in 2025, exceeding the ZAR 4 billion target and more than offsetting inflationary pressures. Overall, we've achieved an 18% reduction in the controllable cost base since 2023. These savings, together with lower corporate costs and ongoing efficiency gains enabled us to deliver an all-in sustaining cost of USD 987, 3E ounces within the guidance of USD 970 to USD 1,000 per 3E ounces and flat year-on-year. The company closed the 2025 year with ZAR 43 billion of liquidity headroom made up of cash and undrawn committed facilities. And in December 2025, S&P Global Ratings assigned Valterra Platinum with its inaugural credit rating of BBB-. This investment-grade rating further reflects the company's strong balance sheet and compelling cash flow generation underpinned by quality of these assets and the disciplined capital allocation. The board carefully considers the balance between reinvestment in the business maintaining financial strength and delivering returns to shareholders. And we are pleased to approve the final dividend of ZAR 11.5 billion or ZAR 43 per share. bring the total 2025 dividend to ZAR 12 billion or ZAR 45 per share. This equates to a 71% payout ratio which is well above our dividend policy of 40% of headline earnings. Market development remains an important component of Valterra Platinum strategy. through its integrated value chain and global marketing capability, the company continues to engage with customers and industry stakeholders to support the development and the resilience of PGM markets. Over the past year, we've maintained our focus on enhancing PGM usage in mobility, in industrial research, in jewelry and in investment. Some of the PGM price support we have experienced over the past year is actually attributable to the consistent investment the industry has made into market development. The Board recognizes the importance of sustained demand creation and diversification in a transitioning energy and technology landscape and continues to oversee management's efforts to grow unprotected market for the metals, the company producers. The Board views sustainability, not as an avec performance but as integral to value creation and risk management. This is reflected in the elevation of sustainability reporting, enhanced governance oversight and the integration of sustainability considerations into strategic and operational decision-making. As I've already mentioned, sustainability is embedded in Valterra Platinum's strategy and governance framework. During 2025, the company's strength is focused on environmental stewardship, climate resilience, responsible mining practices and the creation of shared value in host communities. The recognition of [ Mogalakwena ] by the initiative for responsible mining assurance with a accreditation means that all our mining operations are now accredited. This is a rare global fit that sets us apart in the mining industry and reaffirms our commitment to embed sustainability into everything that we do. Our sustainability commitments are embedded in our capital allocation processes. This ensures we meet our 2050 targets of reducing Scope 1 and 2 carbon emissions by 30% ahead of reaching carbon neutrality by 2040. While reducing our obstruction of water from scarce resources. Now turning to Board and committee changes since our last AGM. The Board and these committees continue to evolve in 2025 to support both the company's transition into a stand-alone dual-listed entity and its strategic priorities. Changes to Board and committee composition were managed in accordance with governance best practice, ensuring an appropriate balance of skills, experience and independent. As previously noted, the [ Braga and Tacoma cost ] in Tempe, were appointed as additional independent an executive directors in July. These appointments strengthened the Board's collective expertise, experience and diversity, enhancing its capacity to fulfill its governance duties with greater objectivity and effectiveness, including oversight related to the company's secondary listing on the London Stock Exchange. With these appointments, the Board recruitment process concluded resulting in a structure of 2 executive directors and 11 independent nonexecutive directors. Obviously, with the resignation of Royalty Bam, we will comment further recruitment process to ensure that the Board and these committees remain appropriately constituted ensuring that we have the right mix of skills, experience and diversity at Board level that reflects the breadth of our business is critical to effective governments. To that end, our point plans are sequenced to reflect the areas of expertise that we feel we need. As we look ahead at the trajectory of the business, and the environment in which we operate. Without this resignation, we will take a moment to reflect on that trajectory as well as the emerging needs of and risk to the business to ensure that the appointee has any additional skills and experience to enhance the existing skill and experience of the Board. I'd like to take a moment to thank Wazi for his commitment to the Valterra Platinum Board for his valued inputs, especially in relation to our major and strategy, a stand-alone company. and his leadership of the social ethics and governance committee. As detailed in our 2025 governance report, the Board committees were restructured to align with the needs of an independent Valterra Platinum. This included refining key composition and mandates to ensure effective oversight and governance capability for a stand-alone integrated PGM business. The changes were designed to strengthen independence, enhance oversight of key areas and ensure the Board's collective skills and experience much the company's strategic priorities and risk profiles. The Board remains confident that is composition and committee structures are well aligned to provide effective oversight of strategy is performance and sustainability as veteran progresses into its next phase as an independent company. Right before I move on to the business of the Annual General Meeting, I invite all shareholders to read our annual financial statements and our integrated report as well as the following reports all of which are available on the Valterra Platinum website, sustainability or reserves and mineral resources, governance. And for the first time as a stand-alone company, tax transparency. I will now move on to the business of this Annual General Meeting. Presentation of annual financial statements. As mentioned previously, the audited company annual financial statements, including the independent auditors report the Audit and Risk Committee report and the director's report for the year ended 31 December 2025 are available on our website. Furthermore, the companies act requires a member of the Social Ethics and Governance Committee to report or matters we been its mandate at the Annual General Meeting. A detailed report summarizing the matters of the social ethics and governance decided during the year in this review is included in the governance report. As introduced earlier, the Chairperson of the Board committees all here and they are present to answer any questions you might have. I like that because means I don't have to answer anything. Voting will be done electronically, the result of which we will be automatically tallied and reflected on the screen after all voting has been completed. Registered shareholders would have received the requisite online shareholders user guide and web link from Computershare to access the voting platform. Voting on all resolutions set out in the notice of the AGM and which I proposed at the beginning of the meeting, will take less on a poll. Voting is open now and will remain open until I declare for voting closed. We will hold the question and answer session of all resolutions but in -- but tried to closing of. I will start with questions from the room followed by questions on the Computershare platform. Kodali asked that when asking your questions out of practice to your fellow shareholders, please try to keep it as brief as possible so that we can allow as many shareholders as possible to ask a question in the time that we have available. There may be questions of a very detailed or specific measure or indeed lengthy segments that will, of course, here. In these instances, I may provide a fairly high-level response and suggest instead that the meeting be arranged to discuss such detail and share perspectives in the interest of reaching greater understanding. In other instances, we may suggest to treat the issue being raised as an official ingredients and progress it through our green mechanism. Furthermore, interest to other state products, shareholders present. If you have any specific questions relating to your particular shareholding, please speak to our company's Secretary of team in the refreshment area after the meeting. Our contact were directly if you are joining us virtually. This will enable us to concentrate on questions regarding the company's performance in the last financial year. And concentrate on the business of this AGM. I will now put -- to the meeting. all the resolutions to be moved upon at this meeting. I'm doing some of that. Ordinary resolution #1 deals with the reelection of directors retiring by rotation. [ Suresh Kana, Roja Dixon and Steven Terry ] by rotation and are eligible and willing to stand for reelection. Each director will be voted on separately as proposed. 1.1 To reelect Roger Dixon as a Director and 1.3 to reelect Steven Terry as the director. Ordinary resolution #2 deals with directors who have been appointed since the previous AGM. Each director will be voted on separately as proposed. 2.1 to reelect let [ Deborah Gajen ] as the Director of the company. 2.2 to reelect [ Topo Kinembe ] as a Director of the company. Ordinary resolution #3, the election of the Audit and Risk Committee members whp will also be done by way of separate resolutions. Further to our announcement of 24th April regarding loyalty bars resignation. Resolution 3.2 is withdrawn and will not be put to the meeting. The following resolutions are proposed. 3.1 election of [ Riz Kana ] as a member of the committee. 3.3 reelection of [ Teven Crew ] as a member of the committee. 3.4 election of Deborah Guardian as a member of the committee and 3.5 election of [ Mid Peterson Koup ] as a member of the committee. Ordinary resolution #4, the election of the Social Ethics and Governance Committee members will also be done by way of separate resolutions. Further to our announcement of 24 April regarding Royalty Bounce Resignation. Resolution 4.1 is withdrawn and will not be put to the meeting. The following resolutions are proposed. 4.2 election of Roger Dixon as a member of the committee, 4.3, election of Dorian Emet as a member of the committee. 4.4 election of Deborah Guardian as a member of the committee. 4.5, election of Suresh Kana as a member of the committee. 4.6, election of Toko Mokozomontende as a member of the committee and 4.7 election of Steven Perry as a member of the committee, the large committee. Ordinary resolution #5. Ordinary Resolution 5 deals with the reappointment of the independent external auditors. It is proposed that price hotels -- be appointed as the independent registered external auditors of the company for the ensuing year until the next Annual General Meeting. It is further proposed that [ Mr. Oshold ] on for us is appointed as a designated auditor. Ordinary resolution #6. In relation to ordinary resolution #6 is related to a general authority to allot and issue authorized but unissued ordinary shares I move that the unissued ordinary shares limited to 3% of the Asian share capital of the company be placed under the control of the directors until the next AGM to allot and issue at their discretion. I would like to note that the director has no current plans to make use of this authority, but wish to ensure that by having the facility in place they will have the flexibility to allow the company to take advantage of business opportunities that may arise. Should this be an appropriate mechanism to fund the execution of our strategy. Ordinary resolution #7 deals with the general authority to repurchase shares. I move that the company or a subsidiary BMC-authorized by way of a general authority to acquire ordinary shares issued by the company. I would like to note that the authority is limited to 5% of the issued share capital and the further requirements of the JSE listings requirements, in addition, directors currently have no specific intention to repurchase shares other than for the purposes of incentive schemes. But the Board will ever continually review the company's position having in regards to prevailing circumstances and market conditions and considering whether we face provisions of this resolution. Ordinary resolution #8 is an authority to the directors of the company to implement a special and ordinary resolutions tastes. I propose that authority to implement the resolutions of this meeting be granted to any director of the company -- nonbinding advisory vote relating to the endorsement of the remuneration policy and implementation report. What is nonbinding, the Board do take cognizance of the outcome of the Board when considering the company's remuneration policy, the implementation report and the remuneration of executive directors -- the purpose of the Advisory Board set out in 9.1 and 9.2 of the AGM notice is to elicit the view of shareholders on our remuneration policy and our implementation of the policy. Advisory Board 9.1 is the endorsement of the company's remuneration policy and Advisory Board is the endorsement of the company's remuneration implementation report. And now the special items of business. Special resolution #1 deals with the proposed remuneration of nonexecutive directors. I move that the company B and this year by authorized to remunerate is the test for their services as directors in accordance with the fee structure as detailed in the AGM notice. The authority shall be valid until the next AGM. The second item of special business is a special resolution to grant a general authority permitting the company to provide financial assistance in the circumstances contemplated in Section 44 and 45 of the Companies Act. The purpose of this resolution is to allow the company to provide financial assistant to second of its subsidiaries, associates and joint ventures as and when required. All right. I understand that we may have skipped out a very important director in our ordinary resolution #1. So I will reread that. And what I'm going to read now is what we are going to vote on, okay? Ordinary resolution #1 deals with the reelection of directors retiring by rotation. And there are 3 of them, not 2, yes. Suresh Kana, Roja Dixon and Steve Perry retired by rotation and eligible and willing to stand for reelection. Each director will be voted on separately are proposed to reelect Suresh Kana as a director. 1.2 to reelect Roja Dixon as a director and 1.3 to reelect Steven Perry. Comprehensive? Okay. Thank you very much. I would now like to pause to see if there are any questions on the proposed resolutions or any other questions. Please ask that when asking the question, give your name clearly and indicate whether you are a shareholder, proxy holder or corporate representative. Are there any questions in the room.

I'm Gene Wellman, shareholder. The sustainability report states that Valterra Platinum will enhance Grebenc mechanisms and integrate human rights more fully into transformation and risk management processes. And by the way, your sustainability report is very nice to read. Looks good. Again, my question and I have 2 related to grievance mechanisms. So the first question is, what KPIs does the board use to assess whether grievance mechanisms are actually effective at site level. For example, resolution times, complain and satisfaction, recurrence rates or independent oversight. And when will these metrics be publicly disclosed? And the second question related to grievance mechanisms. The report says Valterra continuous oversight of grievance mechanisms at non-managed operations. Then the Board confirms specifically what oversight was exercised at Modikwa, platinum mine in 2025. I have a third question, if that's possible, has to do with human rights defenders and nonretaliation. The sustainability report notes that the company's the company recognizes and supports the role of human rights defenders and intends to establish protocols for non-retailer hatter engagement. Can the board explain how can the Board -- sorry, so to the court, sorry. Can the Board explain how it monitors and enforces nonretaliation protections for community activists and complainants who raised concerns regarding mining impacts on resettlement.

Dr. Warma, is that right? Okay. Let me start with the joint venture one, and more this question specifically. It is a joint venture. We own 50% of it and African Rainbow Minerals or on the other 50%. It is independently managed. In other words, it is not managed either by Valterra Platinum, known by directly, but we have put in place a set of management that deal with the DFS of multiple. That set of management has to report to us. And when I say us, I mean the 2 shareholders periodically and very as other committees found by those shareholders, whether it's operational or -- and so on and so forth to look at the issues that are happening there. That is the way that we exercise oversight and the way that would bring our influence because obviously, we have our ways of doing things, our policies, our standard operating procedures, et cetera, and so does up. So -- it's true these committees that we then bring to bear our various influence on -- oh, yes, our works very well because this is how it works all like here. And therefore, we will really and say, why don't you use our policy in this particular instance and pay up in another instance, a practice of has been working a little better than ours, and then we bring that to the fore and ensure that it is in. And similarly, if there are grievances, et cetera, et cetera, we'll go through that process to make sure that the management actions. I hope that explains the process that I'm talking about.

Could you -- please talk about the KPIs that the Board uses to...

No, I'll come to 3 items. I only don't -- one so far.

I thought you were just jumping, my apologies.

No, no, no. I wrote them down. I don't know. This is an issue that I personal feel very strongly about. We have to have excellent relationships with our communities, with our stakeholders and with our shareholders, if we're going to be a sustainable company going forward over whatever decades. And taking a retaliatory approach with that to say the communities themselves or NGOs or royals or people of that nature just does not help us to achieve that at all. And over the decades, I'm fortunate to be here over decades. We have had some really aggressive people advocating on behalf of various people over there. And I cannot think of a single instance where we took every retaliate towards those people. Because in inventory, when we do that, ,we do not win. We have to continuously get back to what is the issue and how can we resolve it. And if somebody is aggressive, et cetera, we will only engage them. I tell them that -- this month of dealing with this issue is not going to ensure that we deal with this thing expeditiously. The more deserved now gets in the way of dealing with the underlying issue. So it's a tenant that we have that the people that we deal with, choose whom they want to represent them. And we will deal with whomever they choose, and we'll deal with them the same way. It is a tenant of ours that will not be taking retaliation against anyone who genuinely represents a stakeholder and concentrates on what the issue is that we need to respond to and resolve Okay. There are lots of -- coming back to your first question. There are lots of grievances that have taken long to disposal. But the significantly more grievances that have been resolved more expeditiously. Again, it depends on the nature of the drivers and what will happen. And we do have mechanisms for ensuring that this is happening at the management level. Invariably, when these grievances are not being dealt with, they tend to get escalated. I start to receive emails. Craig starts to receive e-mail say, go beyond what's happening at the operations or what's happening at some management committee, et cetera. And I must equip and do just before the AGM, then get a few things that have collected. But generally speaking, I'm not seeing many escalations indicating that our grievance procedure is at least being managed well. I don't know if you want to add to that.

I think you certainly covered the point in terms of the process that we follow. There's a set procedure in terms of that. And in terms of reporting back and those are actively managed and monitored. And secondly, if there's an area for improvement, we're really happy as a company to sort of engage upon that going forward.

Thank you, Dr. Hong, and good to see you again. Any more questions from the room?

Thanks very much. My name is -- a shareholder. And I think my comment is around the principle then of the King price, which I think I would comment Volterra in terms of the perspective from the reporting is clearly clear that is overseen by the Board, and it's also led by the [ ExCo ]. But for me, it's mainly 2 questions. One, is just to check in terms of the KPIs that the Board uses to govern these into meters especially in relation to the resilience and operational methods and also the sustainability and ensuring that there's a good overall governance of the metals. And the second one, I think it's more directed to the audit committee to say what are the assurance evidences do you receive to ensure that there is alignment to assurance framework. I think it's mentioned in Page 99 and Page 101 to ensure that you aligned in terms of the Asian framework and to confirm that those KPIs are reliable. Thank you.

Thank you. I'm going to ask the Chair of the Audit Committee to talk about the loan from work. But let's talk about King 4 and King 5 generally speaking. We are kind of in transition at the moment from -- and I must say there is nothing we always worry about when the new one comes out, how different is it from the first one? And is it -- there's nothing in King 5 that I said, oh, we've got a problem with is or we must do whatever to -- so find it easy to adopt. We have to say in our documents, whether we are gearing to those governance process or not. And I think you find that we do. And again, Suresh speaks a little bit to this as to what we do in the committees to make sure that we do adhere. Suresh?

Thank you very much for that question. Yes. So just this assurance framework we use particularly for the sustainability that as we get independent assurance in terms of either 3,000 and 3,002. That's the framework we use, but we also have the broader framework that we use in terms of of the broader sustainability areas. And so we have our internal auditors or looking at it as well as our external auditors that are independent. It's not PwC, that does that work. It's a specialist consultancy firm that provides us with that assurance. And they give us a detailed report of the -- or the KPIs that we looked at that we weren't issued, and they would give us an independent report on it.

Any other questions in the room? Okay. Are there any questions on the Computershare platform, Fiona?

None on the platform at this point?

I'm surprised. Are there any further questions before...

You might not have an answer for this one, but I'm intrigued to know the land court judgment that came out earlier this year about -- I think it's 11 families that need to be moved. I can't remember exactly where Rustenburg area. I understand that you're going to appeal that judgment, and I'm just -- I would like to have more information, that's possible. If you have because you might not be prepared for that now.

No, we will certainly provide you with more information outside of this meeting process fairly integrated and so on and so forth. But last year, the issue of this litigation was brought up. And I emphasize then and I want space now that litigating against our quality is not something we want to do. I said earlier on, we want to have a relationship where we can go through deviants procedures and the top reach as and engage with each other with or without advocates helping them and manage things to a conclusion where we both can walk away from that issue with our heads held high. That's what we want to do, and I want to emphasize that. I said last year, and I said that again this year, that these 11 families from -- we have been engaging for almost 20 years. And that gives you the sense of the kind of frustration of feeling that we have of what else can we do to bring this matter to a conclusion. And therefore, litigation was the last result. The matter is under review given the judgment that was very recently issued, and we will make a full decision as to exactly how we're going to proceed given what they say. But by the way, the decision was not -- that family should not move. It was an efficient, but at the process that needed to take place first before any addition is brought to the fore. So it wasn't adjustment that dealt with the matter finish, in other ways to say do this end of story, we can now all go home. They have spent the processes to be done, if you need to follow that judgment directly. But we are happy to give you the judgment itself and all sorts of other. Thank you. Is that it? Or did I mis any other there? No. Thank you. I'm hoping that voting is proceeding. There have been no further questions, I'd like to give shareholders just a few minutes to finalize. Somebody saying you put your finger on the button and then you press it, and then we will have -- okay. As usual, Fiona tell me when we can do the necessary, Fiona is my boss. Good. As we have a completed the voting, the administrator, I will now close off the boating, and I formally declare voting closed. The results will now appear on the screen and also be announced to the JV and LSE later today. So I'm waiting for them to appear on the screen. Looking good. I'm very pleased to say that all evolutions have been passed. And that concludes the formal business of this meeting. On behalf of the Board, I would like to take this opportunity to thank shareholders for their engagement and continued support. I'd also like to acknowledge the contribution and leadership of our Chief Executive Officer, also known as Craig Miller and the dedication of the executive team as well as the commitment and resilience of our employees during a year of very significant change. Finally, I thank my fellow directors for their commitment for their constructive engagement and for their valued input throughout the year. The Board remains confident that Valterra Platinum is well positioned for long-term value creation, supported by strong governance foundation, a clear strategy and distinct approach to execution. I now declare this meeting closed. Thank you very much.