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A year after becoming the first JSE-listed company to join Ghost Stories for a results podcast, STADIO returns to discuss the next chapter of its growth journey. CEO Chris Vorster and CFO Ishak Kula unpack how the group reached its 56,000-student target and, more importantly, how it plans to grow to 80,000 students by 2030 while maintaining academic quality, affordability and attractive returns on capital. The conversation explores the building blocks of the STADIO growth formula, from new campuses and blended learning to operating leverage and curriculum development. We also discuss employability, the role of industry partnerships, the Springboks sponsorship, and why management believes the group can continue expanding while investing heavily in the future. In this episode, we cover: The roadmap from 56,000 students today to 80,000 students by 2030 How STADIO balances contact, distance and blended learning The economics of operating leverage in higher education Campus expansion plans and capital allocation priorities Why management believes the Springboks partnership will help build the STADIO brand This podcast has been sponsored by STADIO, but The Finance Ghost was allowed to ask whichever questions he felt were most pertinent for an investor audience. Please always do your own research and do not treat this as an endorsement of the stock.

Changing auditors is not something most CFOs do often, but when the moment arrives, the decision can have far-reaching implications for governance, stakeholder confidence and the effectiveness of the audit process. In this episode of Ghost Stories, The Finance Ghost is joined by Yolandie Ferreira, Head of Africa for Forvis Mazars Africa, to explore what companies should consider when appointing a new auditor and why the process is about much more than compliance. From audit quality and industry expertise to AI, auditor independence and sustainability assurance, the discussion unpacks the factors that separate a routine audit from a truly valuable audit relationship. Whether you're preparing for an auditor transition or simply want a better understanding of how modern auditing creates trust and accountability, this episode offers practical insights from the front lines of the profession. In this episode, we cover: Why companies change auditors and how CFOs should approach the transition Common misconceptions about auditing, fraud detection and audit quality The role of industry expertise, geographic reach and auditor relationships How AI is changing audit processes while leaving human judgment at the centre Why sustainability assurance is becoming increasingly important for businesses and stakeholders

Modern life is a relentless stream of decisions. From school WhatsApp groups and overflowing inboxes to family logistics, work pressures and household finances, the mental load never seems to give us any relief. In this episode of Ghost Stories, The Finance Ghost is joined by Colleen Wagner, CFO of Satrix, to unpack the concept of decision fatigue and why it so often causes long-term financial goals to fall to the bottom of the priority list. The conversation also explores the disproportionate burden many women carry in managing households and caregiving responsibilities, and how this translates into retirement outcomes. Colleen shares practical strategies for breaking the cycle, including automation, goal-setting and simplifying investment decisions. The episode is ultimately a reminder that successful retirement planning doesn't require perfection or expertise. Instead, it needs consistent, manageable actions that can quietly work in the background while life carries on. In this episode, we cover: What decision fatigue is and why modern life makes it so difficult to focus on long-term financial goals. The link between mental load, caregiving responsibilities and poorer retirement outcomes for women. Why small, consistent actions can be more effective than attempting a complete financial overhaul. The role of financial advisors in reducing uncertainty and creating structure around major financial decisions. How ETFs and automated investing can help simplify wealth creation and reduce investment-related stress. This podcast was first published here Disclaimer: Satrix Managers (RF) (Pty) Ltd is a registered and approved Manager in Collective Investment Schemes in Securities. Collective investment schemes are generally medium- to long-term investments. With Unit Trusts, Exchange Traded Funds (ETFs) and Actively Managed ETFs (AMETFs), the investor essentially owns a “proportionate share” (in proportion to the participatory interest held in the fund) of the underlying investments held by the fund. With Unit Trusts, the investor holds participatory units issued by the fund while in the case of ETFs and AMETFs, the participatory interest, while issued by the fund, comprises a listed security traded on the stock exchange. ETFs and AMETFs are registered as a Collective Investment and can be traded by any stockbroker on the stock exchange, LISP platforms and / or via online trading platforms. ETFs and AMETFs may incur additional costs due to being listed on the JSE. Past performance is not necessarily a guide to future performance, and the value of investments / units may go up or down. A schedule of fees and charges, and maximum commissions is available on the Minimum Disclosure Document or upon request from the Manager. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. Should the respective portfolio engage in scrip lending, the utility percentage and related counterparties can be viewed on the ETF and AMETF Minimum Disclosure Document. AMETFs are ETFs are actively traded by a Portfolio Manager to adjust the AMETF holdings and asset allocation with the aim to outperform the benchmark. AMETFs differ from ETFs which only track indices. The Manager does not provide any guarantee, either with respect to the capital or the return of a portfolio. The index, the applicable tracking error and the portfolio performance relative to the index can be viewed on the ETF and AMETF Minimum Disclosure Document and/or on https://satrix.co.za/products.

The award-winning Investec Structured Products team brings you the latest iteration of International Titans Basket Ltd. This product offers 100% capital protection and geared upside (with a cap), referencing a basket of underlying global equity indices. Bringing decades of experience and passion to this discussion, Japie Lubbe walks us through exactly how the structure works. In this podcast: 00:00 Intro 01:32 60-40 portfolios vs. structured products 04:04 Track record of Investec Structured Products 05:00 Overview of latest product: International Titans Basket Limited 09:30 Index exposure and valuations 11:21 Stats around trying to “time” the market 13:41 100% capital protection 19:00 Backtesting the upside cap and gearing 21:02 The underlying mechanics of the structure 23:50 Credit risk 27:41 Fees and access to product You can find all the information you need on the Investec website at this link. Disclaimer Chapters (00:00:00) - Intro(00:01:32) - 60-40 portfolios vs. structured products(00:04:04) - Track record of Investec Structured Products(00:05:00) - Overview of latest product: International Titans Basket Limited(00:09:30) - Index exposure and valuations(00:11:21) - Stats around trying to “time” the market(00:13:41) - 100% capital protection(00:19:00) - Backtesting the upside cap and gearing(00:21:02) - The underlying mechanics of the structure(00:23:50) - Credit risk(00:27:41) - Fees and access to product

How do you know whether your investment performance is actually good? In this episode of Ghost Stories, The Finance Ghost is joined by Siyabulela Nomoyi from Satrix to unpack one of the most important, yet often misunderstood, concepts in investing: benchmarks. From retail portfolios to institutional mandates, they explore why returns only tell half the story and why every investment outcome needs a meaningful point of comparison. The discussion goes well beyond the basics, covering how benchmarks are selected, the role they play in risk management, the differences between indices and other benchmark types, and why ETFs offer investors an accessible way to measure performance against the market. Siya also shares practical insights into index construction, concentration risk, tracking error and the common mistakes investors make when choosing benchmarks, reminding us that outperforming a benchmark isn't always as impressive as it sounds. In this episode: Why benchmarks are essential for evaluating investment performance How investment mandates, time horizons and risk tolerance influence benchmark selection The difference between indices, benchmarks and hedge fund hurdle rates Why ETFs are a practical way to access investable benchmarks How index construction and weighting methodologies affect risk and returns The importance of tracking error, fees and liquidity when assessing ETFs Why beating a benchmark can sometimes be misleading Common mistakes investors make when choosing and using benchmarks This podcast was first published here Disclaimer: Satrix Managers (RF) (Pty) Ltd is a registered and approved Manager in Collective Investment Schemes in Securities. Collective investment schemes are generally medium- to long-term investments. With Unit Trusts, Exchange Traded Funds (ETFs) and Actively Managed ETFs (AMETFs), the investor essentially owns a “proportionate share” (in proportion to the participatory interest held in the fund) of the underlying investments held by the fund. With Unit Trusts, the investor holds participatory units issued by the fund while in the case of ETFs and AMETFs, the participatory interest, while issued by the fund, comprises a listed security traded on the stock exchange. ETFs and AMETFs are registered as a Collective Investment and can be traded by any stockbroker on the stock exchange, LISP platforms and / or via online trading platforms. ETFs and AMETFs may incur additional costs due to being listed on the JSE. Past performance is not necessarily a guide to future performance, and the value of investments / units may go up or down. A schedule of fees and charges, and maximum commissions is available on the Minimum Disclosure Document or upon request from the Manager. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. Should the respective portfolio engage in scrip lending, the utility percentage and related counterparties can be viewed on the ETF and AMETF Minimum Disclosure Document. AMETFs are ETFs are actively traded by a Portfolio Manager to adjust the AMETF holdings and asset allocation with the aim to outperform the benchmark. AMETFs differ from ETFs which only track indices. The Manager does not provide any guarantee, either with respect to the capital or the return of a portfolio. The index, the applicable tracking error and the portfolio performance relative to the index can be viewed on the ETF and AMETF Minimum Disclosure Document and/or on https://satrix.co.za/products.

In this episode of the Ghost Stories podcast, The Finance Ghost sits down with Reza Fakie, portfolio co-manager of the Old Mutual Investment Group Global Managed Alpha Fund. The fund has delivered consistent outperformance against its benchmark since inception, but the real story is how it does it. Reza takes us inside the world of quantitative investing, explaining how academic research, factor investing and disciplined portfolio construction come together in a systematic process designed to remove emotion from investment decisions. From identifying overlooked opportunities around the world to navigating the AI boom and managing risk in a concentrated global market, this is a fascinating look at how a modern quantitative fund is built and managed. In this episode, we cover: How multi-factor investing works in practice The factors that drive stock selection and portfolio construction Managing risk while seeking consistent alpha Why the fund looks beyond the biggest global tech names Finding overlooked opportunities in emerging markets How quantitative investing helps remove emotion from decision-making The growing role of AI in investment research and portfolio management Old Mutual Investment Group (Pty) Ltd is an authorised financial services provider, FSP 604. The contents of this podcast and, to the extent applicable, the comments by presenters do not constitute advice as defined in FAIS. Although due care has been taken in recording this podcast, Old Mutual Investment Group does not warrant the accuracy of the information contained herein and therefore does not accept any liability in respect of any loss you may suffer as a result of your reliance thereon. Past performance is not necessarily a guide to future investment performance. For more information, visit www.oldmutualinvest.com/institutional

Due diligence is often described as "doing your own research" before an acquisition, but the reality is far more complex. In this episode of Ghost Stories, The Finance Ghost is joined by Althea Soobyah, Bongiwe Mbunge and Johan Marais from Forvis Mazars to unpack what a modern due diligence process really looks like. From financial and tax diligence through to ESG and HR considerations, the discussion explores how buyers identify hidden risks, validate value and avoid expensive mistakes. The conversation also dives into deal structuring, cross-border complexities, tax exposures, cultural risks and the growing importance of non-financial factors in corporate transactions. Whether you're a CFO, investor, business owner or dealmaker, this episode offers valuable insights into what happens after the letter of intent is signed and the real work begins. After all, the due diligence can make or break a transaction! In this episode: Financial DD fundamentals: How buyers assess earnings quality, working capital and the key value drivers of a business. Tax traps and opportunities: Why tax diligence goes beyond compliance and can materially impact deal structure and valuation. The rise of ESG due diligence: Understanding culture, governance, workforce risks and sustainability factors that influence long-term value. Cross-border transaction challenges: Navigating tax, regulatory and operational risks across multiple jurisdictions. One deal, many workstreams: How coordinating financial, tax and ESG due diligence can improve efficiency and support better decision-making. Connect with the Forvis Mazars team: Althea Soobyah - website and LinkedIn Bongiwe Mbunge - website and LinkedIn Johan Marais - website and LinkedIn This podcast is brought to you by Forvis Mazars in South Africa.

Volatility feels like risk. The daily noise, the red screens, the uncomfortable drawdowns - these are the stress points for investors. This is what might keep you out of the market altogether. But what if the real risk was avoiding the markets over the long-term, rather than managing the bumps along the way? In this episode, Satrix CIO Kingsley Williams joins The Finance Ghost to unpack one of the most powerful (and misunderstood) truths in investing: playing it safe may be the riskiest strategy of all. "Over-saving" and "under-investing" can severely damage a long-term wealth creation journey. In this episode: Why volatility is uncomfortable, but not the risk you should fear most The concept of opportunity cost risk and how it destroys long-term returns How time in the market reduces the probability of capital loss Why equities remain the most reliable long-term hedge against inflation The critical difference between saving and investing (and why it matters) Disclaimer: Satrix Managers (RF) (Pty) Ltd is a registered and approved Manager in Collective Investment Schemes in Securities. Collective investment schemes are generally medium- to long-term investments. With Unit Trusts, Exchange Traded Funds (ETFs) and Actively Managed ETFs (AMETFs), the investor essentially owns a “proportionate share” (in proportion to the participatory interest held in the fund) of the underlying investments held by the fund. With Unit Trusts, the investor holds participatory units issued by the fund while in the case of ETFs and AMETFs, the participatory interest, while issued by the fund, comprises a listed security traded on the stock exchange. ETFs and AMETFs are registered as a Collective Investment and can be traded by any stockbroker on the stock exchange, LISP platforms and / or via online trading platforms. ETFs and AMETFs may incur additional costs due to being listed on the JSE. Past performance is not necessarily a guide to future performance, and the value of investments / units may go up or down. A schedule of fees and charges, and maximum commissions is available on the Minimum Disclosure Document or upon request from the Manager. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. Should the respective portfolio engage in scrip lending, the utility percentage and related counterparties can be viewed on the ETF and AMETF Minimum Disclosure Document. AMETFs are ETFs are actively traded by a Portfolio Manager to adjust the AMETF holdings and asset allocation with the aim to outperform the benchmark. AMETFs differ from ETFs which only track indices. The Manager does not provide any guarantee, either with respect to the capital or the return of a portfolio. The index, the applicable tracking error and the portfolio performance relative to the index can be viewed on the ETF and AMETF Minimum Disclosure Document and/or on https://satrix.co.za/products.

The Finance Ghost sits down with Tokollo Tau from Nedbank CIB to unpack how South Africa’s energy landscape is evolving beyond the dark days of load shedding. What once felt like a permanent crisis has receded into the background, but the real story now is what’s being built in its place (like power wheeling and aggregation). Against the backdrop of the Africa Energy Forum, the conversation explores the infrastructure and commercial models that are reshaping how electricity is generated, moved and sold across the country, unlocking new levels of flexibility and opportunity for businesses. With practical examples like the multi‑billion‑rand Notsi Solar Project, Tokollo explains how aggregators are bridging the gap between generators and large energy users, helping to solve coordination challenges and accelerate investment in the sector. The discussion also highlights Eskom’s evolving role as an enabler of this ecosystem, and what a truly tradable electricity market could look like in South Africa. The result is a compelling look at a market in transition and why this could mark the start of a far more competitive, efficient and investable energy future. Key topics covered: What power wheeling and energy aggregation actually mean (without the jargon) How projects like Notsi Solar demonstrate the new energy ecosystem in action Why aggregators are critical to unlocking investment and reducing project risk Eskom’s shifting role in a more open, competitive electricity market The long-term outlook: towards a tradable electricity market and greater energy choice

The Finance Ghost welcomes Altron CEO Werner Kapp fresh off a standout capital markets day that left a strong impression: this is a business whose growth story isn’t tightly tethered to South Africa’s traditional economic constraints. From FinTech and HealthTech to telematics and IT security, Altron operates a portfolio of platform businesses that quietly underpin everyday life, even if most consumers don’t realise it!  In this conversation, Werner unpacks how these platforms drive resilient, annuity-style revenues, while also leaning into powerful structural tailwinds like digitisation, mobile adoption and the evolution of the payments ecosystem. The discussion goes deeper into the mechanics of the Altron model. From competitive moats built over decades, to the strategic role of data, AI and capital allocation across a diversified platform base, there’s much to discuss. Werner also explains the thinking behind the group’s AI factory, its disciplined approach to growth vs margins, and why regulatory change in FinTech could unlock meaningful upside. This is a rare, detailed look inside a South African tech business that touches millions of lives every day. Topics in this podcast: Why Altron’s platform businesses can grow independently of SA GDP constraints The difference between platform vs IT services exposure to economic cycles Real-world examples of how Altron products are used daily (IDs, payments, healthcare, vehicle tracking) South Africa’s digital adoption curve and key structural tailwinds The impact of payments modernisation (PayShap, SARB reforms) on FinTech Building and defending a moat through data, distribution and embedded systems How Altron uses cross-platform data insights to enhance value The role and strategy behind the AI factory (and why it’s not a GPU business) Managing capital allocation across multiple platforms with a strong annuity base Growth vs margin trade-offs in a competitive tech landscape Netstar dynamics: OEM channels, Chinese vehicle growth and market shifts Fintech upside from potential direct access to payment rails Why Altron’s 91% annuity revenue model is central to its investment case This podcast has been sponsored by Altron. As always, I was allowed to ask whatever I felt is relevant to investors. Please do your own research and treat this as only one part of your research process. Please always speak to a financial advisor before making any investments.

In this episode of Ghost Stories, The Finance Ghost sits down with Investec’s Brian McMillan, fresh off collecting the “Best Issuer in Africa” award in Stockholm on behalf of the Investec Structured Products team. The team's product innovation and ability to earn a place for structured products in modern portfolios is being increasingly recognised. The latest such product example is the Investec Nasdaq 100 Geared Growth structure. With much debate around the market valuations in this tech-heavy index, this structure is designed to appeal to investors who are finding it difficult to balance the desire to get involved against the risk of being late to the party. Through a combination of 1.25x geared upside (with a cap) and partial downside protection (a drop of up to 40%), the Investec Nasdaq 100 Geared Growth structure creates a fascinating risk-return profile.  Key topics covered: The choice of the Nasdaq 100 index at this stage in the cycle The underlying themes in this index across AI and valuations, including reference to the bull and bear cases How geared upside (1.25x) with a 60% cap works The downside protection mechanism Rand-denominated exposure and removing USD currency risk The Flexible Investment Note structure and reinvestment mechanics Liquidity via the JSE listing and daily pricing An understanding of the underlying credit risk Fees and why returns are quoted net of costs Minimum investment and access via advisors, stockbrokers and EasyEquities You can find all the information you need on the Investec website at this link. Disclaimer

In this episode of Ghost Stories, we welcome Old Mutual Investment Group to the platform for the first time. The Finance Ghost sits down with Maahir Jakoet, lead manager of the Old Mutual Global Islamic Equity Fund, to look back on a decade of top quartile performance. As part of Old Mutual Investment Group’s Championing the Unseen campaign, this podcast lifts the lid on how Shari’ah-compliant investing can deliver unexpected outperformance vs. traditional funds. A constrained investment universe with tight rules can create a powerful framework for risk management and long-term returns. The result? A portfolio that has historically delivered lower drawdowns, faster recoveries and a compelling growth tilt, all while staying firmly within clearly defined guardrails. In this episode: What Shari’ah compliance really means in practice and how the rules are applied The positive impact on portfolio risk and drawdowns of excluding highly leveraged businesses How the fund performed through the GFC, COVID and rate shocks The structural tilt towards tech, healthcare and capital-light businesses – and away from banks Sources of outperformance over the past decade When the strategy is likely to underperform (and why that’s okay) How a rules-based, systematic process helps remove emotional decision-making The role of Sortino ratios, factor scoring and portfolio construction discipline What differentiates this fund from passive Shari’ah ETFs  Old Mutual Investment Group (Pty) Ltd is an authorised financial services provider, FSP 604. The contents of this podcast and, to the extent applicable, the comments by presenters do not constitute advice as defined in FAIS. Although due care has been taken in recording this podcast, Old Mutual Investment Group does not warrant the accuracy of the information contained herein and therefore does not accept any liability in respect of any loss you may suffer as a result of your reliance thereon. Past performance is not necessarily a guide to future investment performance. For more information, visit www.oldmutualinvest.com/institutional

In this episode of Ghost Stories, I was joined by Satrix’s Nico Katzke to unpack a global market that feels eerily calm in the face of rising risk. From Middle East tensions and the growing threat of energy disruption to the curious resilience of equity markets, the conversation explores whether investors are underpricing just how fragile the current environment really is. With oil prices climbing and inflation risks creeping back into the narrative, this episode digs into what it all means for portfolios. From the outlook for South African equities and resources to the surprising strength in US earnings, there's much to discuss. Along the way, we tackled ETFs, market complacency, and whether concepts like “bubbles” even matter in a world being rapidly reshaped by AI and shifting global power dynamics. In this episode: Why oil prices and the Strait of Hormuz matter more than ever The risk of market complacency in the face of geopolitical tension How energy shocks could drive inflation and hit consumers Why SA resources have surged - and whether it can continue The resilience (and risks) within US equity markets Stagflation risk and the long-term outlook for the dollar How ETFs can help navigate uncertain markets Why “bubbles” might actually be part of progress in innovation Disclaimer: Satrix Managers (RF) (Pty) Ltd is a registered and approved Manager in Collective Investment Schemes in Securities. Collective investment schemes are generally medium- to long-term investments. With Unit Trusts, Exchange Traded Funds (ETFs) and Actively Managed ETFs (AMETFs), the investor essentially owns a “proportionate share” (in proportion to the participatory interest held in the fund) of the underlying investments held by the fund. With Unit Trusts, the investor holds participatory units issued by the fund while in the case of ETFs and AMETFs, the participatory interest, while issued by the fund, comprises a listed security traded on the stock exchange. ETFs and AMETFs are registered as a Collective Investment and can be traded by any stockbroker on the stock exchange, LISP platforms and / or via online trading platforms. ETFs and AMETFs may incur additional costs due to being listed on the JSE. Past performance is not necessarily a guide to future performance, and the value of investments / units may go up or down. A schedule of fees and charges, and maximum commissions is available on the Minimum Disclosure Document or upon request from the Manager. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. Should the respective portfolio engage in scrip lending, the utility percentage and related counterparties can be viewed on the ETF and AMETF Minimum Disclosure Document. AMETFs are ETFs are actively traded by a Portfolio Manager to adjust the AMETF holdings and asset allocation with the aim to outperform the benchmark. AMETFs differ from ETFs which only track indices. The Manager does not provide any guarantee, either with respect to the capital or the return of a portfolio. The index, the applicable tracking error and the portfolio performance relative to the index can be viewed on the ETF and AMETF Minimum Disclosure Document and/or on https://satrix.co.za/products.

In this episode of Ghost Stories, The Finance Ghost goes beyond the headline numbers and gets under the hood of WeBuyCars with Deputy CEO Wynand Beukes and CFO Chris Rein. Instead of rehashing the latest earnings, the conversation focuses on what really matters: how the business is adapting to a rapidly shifting automotive market, from the rise of Chinese brands to increasing pressure on pricing and margins. At the heart of it all is data. From Bayesian pricing models to proprietary software and AI-driven decision-making, WeBuyCars is building a competitive edge that goes far beyond scale. This episode explores how the company uses data to manage risk, optimise inventory, and keep turning stock in a deflationary market - and why getting the buying decision right is everything. This podcast deals with topics like: What “percentile-based buying” actually means in practice The impact of Chinese vehicle entrants on pricing and margins Why the "up to R250k" segment is strategically critical and the competitive realities at higher price points How WeBuyCars uses data and machine learning to price risk The “empty bay problem” and why growth requires bold decisions Inventory risk, margin pressure and managing a deflationary market Why WeBuyCars sees itself as a technology business at heart Important disclosure: The Finance Ghost has a shareholding in WeBuyCars. WeBuyCars believes strongly in the value of Ghost Mail in the South African investment ecosystem. They have sponsored this podcast for readers, but The Finance Ghost was allowed to ask whatever he wanted to ask. Please do your own research and do not treat this podcast as an endorsement of WeBuyCars as an investment.

Sibanye-Stillwater CEO Richard Stewart has stepped into the top job at a time when the company is printing money in its gold and PGM operations. But success during the favourable times in the cycle is driven by what a mining company does through the cycle. From cost control measures through to strategic commodity investments, there are many strategies that Sibanye-Stillwater uses to create long-term shareholder value. In this excellent discussion, Richard gives us deeper insights into the operating environment and how the group positions itself over time. This podcast deals with topics like: The reality behind Sibanye’s surge in EBITDA How the gold and PGM portfolios are structured (and why it matters) Synergies from consolidation and the economics of contiguous mining assets The shift from deep-level to shallow gold operations and what it means for margins Cost management, AISC, and building resilience through the cycle Mechanisation strategy in the US and its impact on productivity and costs Section 45X credits and the geopolitics of critical minerals South Africa’s “green shoots” vs persistent structural challenges Sibanye’s lithium strategy and positioning in EV supply chains The growing importance of recycling as a stabiliser in volatile markets Oil price impacts: what matters, what doesn’t, and what to watch The one factor that keeps the CEO up at night (hint: it’s not commodity prices) Sibanye-Stillwater believes strongly in the value of Ghost Mail in the South African investment ecosystem. They have sponsored this podcast for readers, but I was allowed to ask whatever I wanted to ask. Please do your own research and do not treat this podcast as an endorsement of Sibanye-Stillwater as an investment.