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developer Explorer. Thanks very much. Good morning. Thank you for coming. Right. Let's talk about the Caledonia mining, her Zimbabwean focused gold miner for some reason, this doesn't work. Ok. Ok. Again, no, it's a great picture, but I don't want to look at it much longer. Give us one second. Yes. Here we go. Right. Our disclaimers at the front, not the back again. I'm not going to read it. All right. By way of overview, we are a an established Zimbabwean gold producer, the main mine we're currently operating blanket mines started producing in the, in the early 19th century in the early 20th century, 1907. So we've got an operating life of over nearly 120 years. Now, the main asset at the moment is the blanket mine where as you'll hear in a moment, we've increased production very substantially. And that's now running at about 75 to 80,000 ounces a year. Over the last few years, we've added some new assets to create a development and exploration pipeline which really lays the foundation for us to become a mid tier. Zimbabwe focused gold producer with very significant upside potential. We're a committed dividend payer. We've paid a quarterly dividend now for over 12 years. I think we've paid 52 quarterly dividends and we have increased that. Initially. It was about 70 us cents a quarter. We're now paying 14 cents a quarter, so 50 odd cents for the year. And that's an important part of our strategy to return money to shareholders. And if we have time to talk about it right. At the end of this presentation, we are a major contributor to the Zimbabwean economy and we think we've got impeccable, social and ESG credentials in country. So our portfolio, as I've mentioned from a production perspective is blanket mine. Where, as you see in a moment, we've increased production through what's called the central shaft project. This year, we're looking at between anything between 74 and 78,000 ounces with an online cost of something like 870 to $970 an ounce over the past few years. It's fair to say that we've focused on achieving the big stuff, the shaft expansion project we have, I think we've let some inefficiencies creep in, particularly in labor and electricity. So I'm confident that as we go forward over the next few years, we can bring online cost down quite significantly. And we've restarted exploration at Blanket and recently we announced a very significant increase in the resources. We've more than doubled them. So now we've got a 10 year life based on reserves and a life out to 2041 based on our internal life of mine plants. So that's blanket mine. The development asset is Bilbo's, which we purchased in January 2023 for $65 million. It's got just under 2 million ounces of mni at a grade of 2.3 g a ton which for a potential open pit mine is a good grade and about a half a million, just over half a million of inferred, we published a p early on in the year which shows a a life a production of 1 million ounces over 10 years. And I'll talk about that in a little bit more detail in a moment. Then we've got a pre development asset called Marley Green, which we bought in 2021 initially that had about a million ounces of inferred, we've done a bit of work to upgrade about half of that to M and the other half stays in inferred. But frankly, Marley Green is now going to probably take, it will take a back seat has been overtaken in the order of development and priorities by Matapa, which we purchased in 2022. And as you'll see is immediately adjacent to Bil Bs and that's where we're just finishing off our first run at an exploration project exploring on that project. And we think in due course, Matar and Bilbo could form a very very substantial gold mining package. So that's the portfolio. Let's just see how we've developed over the course of the last eight years or so. We bought the asset actually from Kinross in 2006. I think we bought it for $4 million at the moment. It's producing about $2 million a week. So it was really a very good, very good acquisition for us. 2015, we have one producing asset blanket. My sort of 4043 1000 ounces, we had an m base of about a million ounces. And we just started the central shaft project by 2021 we'd commissioned the central shaft project. We'd increase production to 67,000 ounces. We'd acquired Marley Green and we increased our resource base from a million ounces to 1.5 million ounces. 2022. We agreed the terms for the Bilbo acquisition. We acquired Matar and we had record gold production in that year of just short of 81,000 ounces. And also in that year, we commissioned a 12 megawatt solar plant which I think I'll talk about a bit later. Last year, we completed the acquisition of Bilbo as we restarted exploration at blanket mine, which from the results that we published over the course of last year. And the resource update earlier on this year has given a very substantial increase in our resource space. And now we have attributable mism and I resources of of just about 4 million ounces. So a very significant development trajectory over the course of the last eight years or so. So let's focus on the blanket mine, which is the existing producing asset. The main activity we've embarked, we've been engaged there over the last seven years or so is what's called the central shaft project. And effectively, as you'll see in a moment, we've built a new mine, a brand new mine underneath the existing mining operations. So central shaft is a 6 m diameter for compartment shaft going in a single drop from surface to 12,000 m or 4000 ft. If you prefer, it was funded entirely from internal cash flow. Last year, our production guidance for this year is about 74 to 78,000 ounces and we're sort of in the middle to the top of that. As I said, an all in an online cost of 879 to 970. As I said earlier on, I do think over the course of the coming years. If we look closely at our labor and electricity, there is scope to bring those costs down a bit. We resumed exploration there in January 2023 having now completed central shaft, we have the ability now to to mine out the the drilling platform so that we can go deeper. And as you, as you'll see in a moment that gave rise to a very pleasing increase in our in our resource base. So this is a sort of schematic of the blanket mining area. What you see here on the screen covers an area of three kilometers from left to right. It's fair to say that on the right hand side, we have about another kilometer and on the left hand side, we have probably two kilometers. And that actually on both sides of the mine, we think there is quite exciting exploration potential, but just focusing on what we've done at central shaft bit tricky to see because you got too many greens here. But the infrastructure that was there when we bought the mine in 2006 was the number four shaft on the right hand side of the property, which gave us access down to 750 m below surface, but clearly gave us nothing below 750 m for mine that's been running since 1907. Not surprisingly, it was beginning to run out of resources. So late 2014, early 2015, we had no choice. We had to take the mine deeper. And so we embarked on this central shaft project which was to sink this new shaft from surface down to 1200 m. The shaft was commissioned in 2021 and we're now busy just finishing off some of that horizontal development on three levels to give us access on three levels in both directions. So we're just finishing that process off. So that really on the back of the exploration which I'm just going to talk about in a moment means we've got a 10 year life of mine based on reserves and based on our internal life of mine plan out to 2041 that gives us actually the flexibility now for the next five years or so. We don't really need to prove up more reserves and resources within the existing mine infrastructure that now gives us the flexibility of the breathing room over the next sort of five years or so. To consider what material may be left in the shallower areas of the mine footprint you see here and also to begin to evaluate possible extensions to the left and to the right, which we're quite excited about. So that is sort of upside potential on the blanket mine which hopefully we can we can sort of put some more structure on that in coming years. I've mentioned the exploration program several times. We drilled just over 13,000 m in 2023 targeting the blanket and the Eroica ore bodies. It's fair to say that 60 to 70 per cent of each hole came back better in terms of width and grade and that flowed through into a very substantial increase in the resource endowment which we published earlier on this year. So it may be difficult to see the details on this slide. But basically we increased our reserves by just over 100 per cent and overall m increased by 63 per cent and substantially extended our life of mine. Also, it's worth noting that in 2022 we commissioned a solar plant blanket one about the only significant operating difficulty that we face in Zimbabwe is an intermittent and fairly poor quality electricity supply. So to address that we constructed this 12 megawatt solar plant, it cost us about $14 million and currently it provides about 20 per cent of our average daily usage. It's also held in terms of our ESG credentials. It has reduced our greenhouse gas emissions. And that means that from a financial perspective, whereas we used to use nearly 800,000 L of diesel a month, we've substantially reduced that. So the solar project has been a good financial investment for us and it's also had a benefit in terms of our credentials. We're actually in the process now of selling that solar project or having built it, we just need to get the benefit of the electricity that comes out of it. We don't need to own it. So we can actually realize capital for the sale of that asset and reinvest that in our new project in our new projects. As part of the sale process, the buyer will now investigate putting an extension of second phase into this solar plant to further reduce our reliance on the grid and on diesel generators. So solar has been very good for us. Let's just focus a little bit on the development and exploration projects. Clearly the most important one. Our real focus now for the next year or so is the Bilbo's project, which as I've said, will produce about 1 million ounces over 10 years, slightly more in the first four years and slightly less in the second six year component. But on average 150,000 ounces a year over 10 years, it's 100 per cent owned and fully permitted. And that a grade of 2.3 g a ton from what will become an open pit operation is both large and high grade. So the grade is what 2.3 g a ton, we've also got an additional, just over half a million ounces of inferred with again significant exploration potential. But we can leave that for a later day. We published a p earlier on this year. Now, the reason, the reason was a pa and not a full feasibility study is that within the overall body of work, the very significant component relates to the tailings facility and the tailing facility costs about $75 million. So it's a big component of the overall package. Having looked at the experience that we've got of building a new tailing facility, a blanket. We took the decision to build the new tailing facility for the Bilbo project on a modular basis to reduce the upfront funding. Now because that required a completely new set of designs. That meant that the work we did specifically on the tailings facility was to the level of a pa all the other work was to a higher level. But it meant that the overall package of work that we published earlier on this year was at a level we're working now and we expect to publish a full feasibility study in the first quarter of 2025. So we're very close to doing that. It's got using a trailing average three year, trailing average gold price of 1884. It has, it has the payback period of about 1.9 years. The peak funding requirement is about $310 million. And our internal work before we bought this asset was that we believed a high proportion of that funding could be met with project finance and that's been validated, that's been validated and vindicated by specialist debt advisers. And so what we're going to do now between now and the end of the year is we're now going to road test our preferred financing structure with potential debt providers and royalty providers with a view to minimizing equity dilution clearly with a view to optimizing and maximizing the NPV per Caledonia share. Ok. We are not chasing ounces at the risk of unnecessary dilution. So we believe the project is a high grade project using clearly a fairly modest gold price and a high, relatively high discount rate of what is 10 per cent. We've got an, we've got an N PV for the project of 303 100 just over $300 million clearly at a higher gold price discount rate that increases quite quickly towards a billion dollars. So this is a very, very substantial project for us but eminently fundable, given the fact that it's got such strong economics. So we're very excited about this and this is our main focus now over the course of the next two years, I mentioned Matapa earlier on, we were delighted to get our hands on. Matapa. Matapa is immediately adjacent to the Bilbo's property. And many, many years ago, back in the eighties, Matapa and Bilbo's were actually held as part of the same package by Anglo American in Zimbabwe. And when Anglo withdrew from Zimbabwe, unfortunately, the asset was split. So we were delighted that we could put it together again, is massive. It's about over 2000 hectares or just over nine square miles. And we believe that Matapa could be every bit as attractive as Bilbo's. So we started exploration earlier on this year, we just about finished the drilling and we're getting the assay results coming in relatively slowly. I'm afraid from the lab in Zimbabwe and we expect to be able to publish the results of that drilling drilling exercise towards the end of this year. But we're very, very excited about how Matapa could in due course, contribute to the Bilbo's project and to our overall overall growth. Then, as I mentioned, Marley Green is an asset we bought slightly earlier now been overtaken in our affection. Nothing wrong with it, but it is relatively small and relatively remote for us. So it's got a decent resource of just over 400,000 of m and we'll come back to that later on. But that is no longer the next priority. The priorities are getting, improving, optimizing blanket, getting Bilbo's over the line and then, and then getting exploration going at Matapa with a view to proving up a substantial resource there, Zimbabwe is actually much easier environment to operate in. Many people understand labor's highly, highly productive. The bureaucracy that you've got to work through is quite complex. It's not a difficult country to work in, but it is economically challenged. And so it's important that we have good ESG credentials and therefore a strong social license to operate. So given that we're CC registered, we operate to very high governance and ethical standards. Our employee is 100 per cent local. We've got a CS R program where we invested just over one per cent of our revenue last year, which I think is the sort of criteria that most people use. We've got very low employee turnover. And the blanket mine itself is 10 per cent owned by the community and 10 per cent owned by the workers which cut straight through a lot of those difficulties that many mining companies who operate in challenged economic jurisdictions face. So we cut straight through that and the government owns 16 per cent and May in due course, flip that 16 per cent up to the top company, those shareholdings were not facilitated, were not carried. They were facilitated. We lent them the money to buy the shares and those loans are being repaid, but they're by no means sort of a free carry. So we're very proud of our ESG credentials. So in terms of outlook, we're focused on optimizing blanket maintaining production at 75,000 ounces or so, I think as I said earlier on, we have some scope to get those costs down a bit as we improve efficiency, complete the feasibility study and get the funding in place and then progress to construction and then also get the exploration going in more context at Matapa with a view to becoming a multi asset. Mid-tier Zimbabwe focused gold producer. So I think with that, I'll finish, which gives us a couple of minutes for questions if anybody has any, as Mark said, if there's any questions, no, no, no questions. Good. Should we leave it there? Ok. Thank you very much, everybody. Thank you. OK.