REG - Sylvania Platinum - Third Quarter Report to 31 March 2024
30/04/2024 07:00
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RNS Number : 4958M Sylvania Platinum Limited 30 April 2024
30 April 2024
Sylvania Platinum Limited
("Sylvania", the "Company" or the "Group")
Third Quarter Report to 31 March 2024
Sylvania (AIM: SLP), the platinum group metals ("PGM") producer and developer with assets in South Africa, announces its results for the three months ended 31 March 2024 (the "Quarter" or the "Period"). Unless otherwise stated, the consolidated financial information contained in this report is presented in United States Dollars ("USD" or "$").
Highlights
· Sylvania Dump Operations ("SDO") produced 17,232 4E (21,857 6E) PGM
ounces in Q3 FY2024 (Q2 FY2024: 18,232 4E (23,105 6E) PGM ounces);
· SDO recorded $20.3 million net revenue for the Quarter (Q2
FY2024: $20.9 million);
· Group EBITDA of $3.2 million (Q2 FY2024: $4.4 million);
· Cash balance as at 31 March 2024 of $101.3 million;
· Thaba Joint Venture ("Thaba JV") project is on schedule with all
elements of the project progressing well;
· A share Buyback from the market commenced on 4 March 2024 and a
total of 1,713,000 Ordinary Shares at an average price of 57.06 pence per
share, equating to $1.2 million in aggregate, were repurchased;
· Doornbosch operation achieved three years total injury-free
during the Quarter;
· Lannex secondary milling and fine grinding circuit has been
completed, with optimisation continuing; and
· Publication of updated Mineral Resource Estimates ("MREs") for
the Volspruit project.
Post Period - Special Dividend Declared
· Following the Period end, an interim cash dividend for HY1 FY2024 of
1 pence per Ordinary Share, amounting to $3.3 million, was paid in April 2024;
and
· The Company received early settlement of the loan and sale price
relating to the sale of Grasvally Chrome Mine (Pty) Ltd amounting to an
equivalent of $6.2 million.
The Board is very pleased to declare that a portion of the proceeds received
will be distributed to shareholders as a special dividend in the amount of 1p
per Ordinary Share, amounting to approximately $3.3 million, payable on 7 June
2024. Payment will be made to shareholders on the register at the close of
business on 10 May 2024 and the ex-dividend date is 9 May 2024.
Outlook
· Guidance for the full year of 74,000 to 75,000 4E PGM ounces for
FY2024 is maintained;
· Optimisation efforts continue to address lower PGM recoveries
associated with the blend of feed sources;
· Progress on the design, bulk power supply, environmental approvals,
procurement and construction elements of the Thaba JV project to continue;
· SRK Consulting has been appointed to undertake the completion of the
combined (North and South ore bodies) Preliminary Economic Assessment ("PEA")
for the Volspruit project. Upon completion of the PEA, if warranted, a
Preliminary Feasibility Study ("PFS") will commence thereafter; and
· The Group maintains strong cash reserves enabling funding of
expansion and joint venture ("JV") initiatives, process optimisation capital
and upgrading of the Group's exploration and evaluation assets.
Commenting on the results, Sylvania's CEO, Jaco Prinsloo, said:
"Doornbosch continues to be an industry leader on the safety front, achieving
three years total injury-free during the Quarter and maintaining its eleven
years Lost-Time Injury ("LTI") free status, which is a remarkable health and
safety milestone for the operation.
"Despite a wage strike by members of the National Union of Mineworkers South
Africa ("NUMSA") during February 2024 at our Western operations that impacted
production at the Mooinooi and Millsell operations in particular, I am pleased
that we were able to produce 17,232 4E PGM ounces for the Quarter and that we
are able to maintain our full-year guidance of 74,000 - 75,000 4E PGM
ounces. The treatment of higher grade external third-party feed sources to
supplement feed grades assisted to mitigate losses due to the strike action,
and whilst profitable, contributed towards higher SDO cash costs per 4E ounce,
which increased 15% in dollar and 16% in rand terms, respectively during the
Period, and were also negatively affected by the lower ounces produced
compared with Q2 FY2024.
"Net profit increased 62% from Q2 FY2024 due to a reduction in net tax as no
dividend withholding tax was paid on inter-company dividends in Q3 FY2024. Net
revenue was down mainly due to lower PGM ounce production during the Quarter,
while Group EBITDA decreased owing to the decline in revenue and increased
direct costs during the Quarter. Nonetheless, the SDO remained cash
generative.
"Elsewhere across the portfolio, the Thaba JV continues to make excellent
progress with the design, procurement and construction elements of the project
all on schedule. Additionally, on the exploration front, an updated MRE
statement for both Volspruit North and South orebodies was released. The PEA
for the Volspruit project, along with the results from the metallurgical
test-work are now expected during Q4 FY2024.
"Following the Period end, the Company paid the HY1 FY2024 interim dividend of
1 pence per Ordinary Share in April 2024. In the face of current market
headwinds, the Group remains in a strong cash position allowing it to continue
funding its existing capital projects and growth opportunities, and to return
value to shareholders. In addition to the interim dividend, the Company
negotiated early settlement of the Grasvally loan and sale price of ZAR115.0
million ($6.2 million at date of payment) and has taken the decision to
declare a special dividend in the amount of 1p per Ordinary Share; the balance
of the proceeds will assist to fund the current project pipeline and
technological developments."
Operational and Financial Summary
Production Unit Q2 FY2024 Q3 FY2024 % Change
Plant Feed T 636,156 580,572 -9%
Feed Head Grade g/t 1.84 2.07 13%
PGM Plant Feed Tons T 342,548 330,379 -4%
PGM Plant Feed Grade g/t 2.84 3.06 8%
PGM Plant Recovery(1) % 58.33% 53.03% -9%
Total 4E PGMs Oz 18,232 17,232 -5%
Total 6E PGMs Oz 23,105 21,857 -5%
Unaudited USD ZAR
Unit Q2 FY2024 Q3 FY2024 % Change Unit Q2 FY2024 Q3 FY2024 % Change
Financials (3)
Average 4E Gross Basket Price(2) $/oz 1,305 1,303 0% R/oz 24,444 24,624 1%
Revenue (4E) $'000 17,386 16,086 -7% R'000 325,634 304,017 -7%
Revenue (by-products including base metals) $'000 3,331 3,121 -6% R'000 62,393 58,992 -5%
Sales adjustments $'000 155 1,115 619% R'000 2,905 21,081 626%
Net revenue $'000 20,872 20,322 -3% R'000 390,932 384,090 -2%
Direct Operating costs $'000 13,144 14,233 8% R'000 246,196 269,011 9%
Indirect Operating costs $'000 2,567 2,354 -8% R'000 48,082 44,484 -7%
General and Administrative costs $'000 667 653 -2% R'000 12,493 12,342 -1%
Group EBITDA $'000 4,437 3,164 -29% R'000 83,105 59,800 -28%
Net Profit $'000 1,559 2,530 62% R'000 29,200 47,817 64%
Capital Expenditure $'000 3,924 3,514 -10% R'000 73,488 66,410 -10%
Cash Balance(4) $'000 107,232 101,342 -5% R'000 1,963,418 1,916,377 -2%
Ave R/$ rate R/$ 18.73 18.90 1%
Spot R/$ rate R/$ 18.31 18.91 3%
Unit Cost/Efficiencies
SDO Cash Cost per 4E PGM oz(5) $/oz 721 826 15% R/oz 13,503 15,611 16%
SDO Cash Cost per 6E PGM oz(5) $/oz 569 651 14% R/oz 10,656 12,308 16%
Group Cash Cost Per 4E PGM oz(5) $/oz 897 980 9% R/oz 16,801 18,522 10%
Group Cash Cost Per 6E PGM oz(5) $/oz 708 772 9% R/oz 13,261 14,591 10%
All-in Sustaining Cost (4E) $/oz 957 1,008 5% R/oz 17,931 19,046 6%
All-in Cost (4E) $/oz 1,096 1,145 4% R/oz 20,533 21,643 5%
( )
( )
The Sylvania cash generating subsidiaries are incorporated in South Africa
with the functional currency of these operations being ZAR. Revenues from
the sale of PGMs are received in USD and then converted into ZAR. The
Group's reporting currency is USD as the parent company is incorporated in
Bermuda. Corporate and general and administration costs are incurred in USD,
GBP and ZAR.
1 PGM plant recovery is calculated on the production ounces that include the
work-in-progress ounces when applicable.
2 The gross basket price in the table is the March 2024 gross 4E basket used
for revenue recognition of ounces delivered in Q3 FY2024, before
penalties/smelting costs and applying the contractual payability.
3 Revenue (6E) for Q3 FY2024, before adjustments is $19.1 million (6E prill
split is Pt 52%, Pd 18%, Rh 9%, Au 0%, Ru 16%, Ir 5%). Revenue excludes
profit/loss on foreign exchange.
4 The cash balance excludes restricted cash held as guarantees.
5 The cash costs include operating costs and exclude indirect costs for
example mineral royalty tax and Employee Dividend Entitlement Plan ("EDEP")
payments.
A. OPERATIONAL OVERVIEW
Safety, health and environment
During the Period under review, our Eastern operations remained total
injury-free and Doornbosch in particular achieved the remarkable milestone of
being total injury-free for three years.
Unfortunately, Mooinooi experienced one LTI when an employee sustained
sprained ribs during a rigging task, after previously achieving 318
injury-free days.
Overall, a steadfast commitment to safety and security remains paramount for
the success of Sylvania and the well-being of employees and contractors.
Management's emphasis on putting in place robust safety measures, which
include routine risk assessments, has played a critical role in nurturing a
workplace ethos that places the well-being of both employees and contractors
as a top priority.
Operational performance
The SDO delivered 17,232 4E PGM ounces for the Quarter. This equates to a
decrease of 5% on Q2 FY2024, largely as a result of NUMSA embarking on a
twenty-two-day wage strike at the Company's Western Operations during February
2024.
Following the strike action, operations have returned to normal after initial
ramp-up challenges during March 2024. The treatment of higher-grade external
feed sources of third-party material has assisted in mitigating losses due to
the strike action. Optimisation efforts continue to address lower PGM
recoveries at Tweefontein in particular, associated with a blend of specific
feed sources during the Quarter.
Direct operating costs have increased by 9% in rand terms with the main
contributor being the purchase and treatment of the higher-grade external feed
material. Focus on optimisation and cost saving initiatives remains a priority
on all operations.
SDO operating cash costs per 4E PGM ounce increased 16% in rand terms to
ZAR15,611/ounce and in dollar terms, it increased 15% in dollar terms to
$826/ounce (Q2 FY2024: ZAR13,503/ounce and $721/ounce) primarily as a result
of the 5% reduction in production. The average ZAR:USD exchange rate remained
largely unchanged during the Quarter at ZAR/$18.90 (Q2 FY2024: ZAR/$18.73).
The Group incurred capital expenditure of ZAR66.4 million ($3.5 million), in
line with planned capital project schedules.
Operational opportunities
The availability of maintenance personnel during the strike action placed
strain on equipment runtimes at the Western operations, which has been
subsequently positively addressed with performance showing improvements. Ore
blending from various available resources as well as those from external
providers has continued to contribute towards higher PGM feed grades.
The focus on improving instabilities together with mass pull is expected to
show improved PGM flotation performance and concentrate grades during Q4
FY2024, with an anticipated improvement in metal recoveries. Additionally, the
commissioning of the Lannex secondary milling and fine grinding circuit has
been completed, with optimisation continuing.
No load curtailment has been experienced at any of the operations during the
Quarter. The installation of the Lesedi back-up generator has been completed
and is now available, while the installation of the Millsell standby generator
is in progress for completion during Q4 FY2024.
A feasibility study in terms of a potential new treatment facility for chrome
tailings and run-of-mine ore sources at the Eastern operations is in progress.
B. FINANCIAL OVERVIEW
Financial performance
Revenue (4E) for the Quarter decreased by 7% to $16.1 million (Q2 FY2024:
$17.4 million) due to lower PGM ounce production whilst, the average 4E gross
basket price for the Quarter was steady at $1,303/ounce against $1,305/ounce
in Q2 FY2024.
Net revenue, which includes revenue from by-products, base metals and the
quarter-on-quarter sales adjustment, was $20.3 million (Q2 FY2024: $20.9
million). Net revenue includes attributable revenue received for ounces
produced from material purchased from third parties.
Group cash costs per 4E PGM ounce increased by 10% in rand terms from
ZAR16,801/ounce to ZAR18,522/ounce and 9% in dollar terms from $897/ounce to
$980/ounce mainly as a result of the 5% decrease in ounce production
quarter-on-quarter and the cost of acquiring third party material.
General and administrative costs decreased to $0.65 million from $0.67 million
in Q2 FY2024. These costs are incurred in USD, Pounds Sterling ("GBP") and ZAR
and were minimally impacted by the exchange rate as the USD/ZAR exchange
quarter-on-quarter remained aligned.
Group EBITDA for the Quarter was $3.2 million (Q2 FY2024: $4.4 million) owing
to the decline in revenue and increased direct costs during the Quarter. Net
profit was $2.5 million (Q2 FY2024: $1.6 million). The 62% increase in net
profit was primarily a result of no dividend withholding tax being paid in Q3
FY2024 as no inter-company dividend was declared.
The Group cash balance decreased 5% from $107.2 million to $101.3 during the
Quarter. Cash generated from operations before working capital movement was
$3.4 million, with net changes in working capital amounting to $2.0 million,
which is mainly due to the changes in trade debtors of $2.2 million and
includes an amount of $3.3 million pre-payment made to the share registrar in
March 2024 for dividends payable in April 2024.
The basket price was steady in Q2 FY2024 and Q3 FY2024, but a 5% decrease in
ounce production during Q3 FY2024 contributed to the lower trade debtors
balance quarter-on-quarter, as trade debtors arise from the concentrate
delivered in the Quarter but paid for in the following quarter as per the
off-take agreement.
The impact of exchange rate fluctuations on cash held at the end of Q3 FY2024
was a $2.7 million loss due to the spot ZAR to USD exchange rate at 31 March
2024 depreciating by 3%.
The Group spent $3.5 million (ZAR66.4 million) on capital projects for the
Quarter. The majority of the capital spend was on tailings dams $0.8 million
(ZAR15.8 million), generators to supplement electricity supply $0.3 million
(ZAR4.8 million), Lannex fines plant project $0.4 million (ZAR7.5 million),
Thaba capital expenditure $1.4 million (ZAR26.8 million) and further studies
on the exploration projects $0.2 million (ZAR4.0 million).
C. THABA JV
As previously reported, the unincorporated JV Agreement between the Company's
wholly owned South African subsidiary, Sylvania Metals (Pty) Ltd ("Sylvania
Metals") and Limberg Mining Company (Pty) Ltd ("LMC"), a subsidiary of
ChromTech Mining Company (Pty) Ltd ("ChromTech"), the Thaba JV, is advancing
well and as expected. The project execution phase is approximately 18-24
months with first production expected in HY2 FY2025.
Design
The overall master 3D model for the plant is complete. The general layout of
the Run of Mine ("ROM") Handling is complete and all drawings except for
stockpile wing walls were issued for construction. The structural member
sizing for the entire area of the ball mills is complete and the model has
been updated, while the civil design is ready to be issued for construction.
The chrome plant fabrication drawings have been issued for the classification
and secondary chrome recovery and the pipe routing and layout are in progress.
All drawings for the thickeners, final tailings and process water are
complete, while the plate and steel drawings were issued for fabrication. The
optimisation of pipe routes is also in progress.
The PGM float plant drawings were issued for fabrication for PGM float and
reagent plant, and the civil and structural design for reagent plant building
are in progress with the model draft having been completed.
Bulk Power Supply
The budget quote was accepted, and the initiation fee has been paid to Eskom
and the HV Sub-station EIA was approved by the Department of Forestry,
Fisheries and the Environment ("DFFE"). Construction of the new sub-station
(owner-built) will commence in May 2024.
Environmental Approvals
EIA Reports, required for tailings deposition and new water storage dams, were
delivered to the Department of Mineral Resources and Energy ("DMRE") on 8
March 2024. The legislated timeframe for the DMRE to issue a decision is 107
calendar days, being 23 June 2024.
Procurement
All procurement packages have been issued for tender and 99% of the project
value has been received back as market tenders. There have been 38 of 99
procurement packages issued as procurement orders and all long lead items have
been ordered.
Construction
The reinforcement steel and shutters for the base of Primary Milling are 70%
complete. Building is complete and installation of reinforcement steel for the
Secondary Milling has commenced. Concrete pour for floors and sumps of the
Spiral Plants are complete.
In terms of the Thickeners and Process Water the surveying and setting out is
in progress. The concrete pour for floors and bunds of the Float Plants have
been completed and a small number of plinths are in progress.
The box cut and rock fill for the rock of the concentrate access and load area
are complete. However, rain delayed construction of the layers during March.
D. MINERAL ASSET DEVELOPMENT AND JOINT VENTURES
The Group holds approved mining rights for three PGM-base metal projects on
the Northern Limb of the Bushveld Igneous Complex in South Africa. Following
on from the Exploration Results and Resource Statement that was released in
FY2023, the Company continues to develop the projects through additional
technical studies and re-interpretation of historical information. A PEA is
ongoing for Volspruit and possible further drilling is being planned for the
Aurora project. This additional information will assist the Company in
ascertaining how best to develop these projects.
Volspruit Project
Updated MREs for the Volspruit Project were published on 16 February 2024. The
results include revised MREs for the Volspruit North and Volspruit South ore
bodies, including for rhodium ("Rh") and ruthenium ("Ru"), both of which had
previously not been assayed. The MRE is in line with the JORC (2012) Standard
as a whole. The key highlights of the updated MRE statement are as follows:
· Volspruit North JORC MRE (Indicated):
o 16.42 million tons ("Mt") at a 4E (4E includes platinum ("Pt"), palladium
("Pd"), Rh and gold ("Au")) grade of 2.52 grams per ton ("g/t");
o 1.33 million 4E ounces at a grade of 2.52 g/t;
o 21.94 million pounds ("lb") of copper ("Cu") at a grade of 0.07%;
o 61.50 million lb of nickel ("Ni") at a grade of 0.18%;
o The MRE represents a 10% increase in the indicated tonnage from the
previously reported MRE (October 2022) resulting from a more defined
geological modelling exercise that has also resulted in the 4E grade improving
by 4%; and
o The addition of Rh estimates has improved the overall grade by
approximately 7%.
· Volspruit South JORC MRE (Inferred):
o 10.60 Mt at 4E grade of 2.11 g/t;
o 14.83 million lb of Cu at a grade of 0.06%;
o 46.96 million lb of Ni at a grade of 0.20%;
o This MRE is the first one completed since the mineralised zones have been
redefined and, as expected, it reports approximately a third of the tonnages
at almost double the grades previously reported by Integrated Geological
Solutions (Pty) Ltd ("IGS") in 2012.
SRK Consulting continues its work on the PEA Study to include contributions
from rhodium and the additional resources from the South ore bodies. Results
are expected in Q4 FY2024, and if warranted, a PFS will commence thereafter.
Metallurgical test work for the PFS is currently underway at Mintek South
Africa on samples obtained during an FY2023 drilling campaign.
Steady progress is being made in the permitting process necessary for the
existing mining right. Local Economic Development projects are gaining
traction and the Water Use License application for mining and on-site
processing operations, as well as the updated Environmental Impact Assessment
("EIA") submissions, are expected to be made in the first Quarter of FY2025,
allowing for a more comprehensive public engagement process to be completed.
Far Northern Limb Projects
Relogging has been completed for the entire Aurora project area with core from
Kransplaats having been recently relogged. Compilation and interpretation of
the data is on-going and once completed a decision will be taken on whether to
implement a drilling programme to assess gaps in the current database. If
warranted, drilling would likely commence during the fourth quarter of FY2024
and would allow for an updated MRE and PEA to be commissioned for Aurora if
positive results were obtained.
A Technical Report on the Hacra North Underground Target was received from the
independent consultants, Earthlab Technical Division, during the Quarter. The
results will be presented to the Board in early Q4 FY2024, after which an
announcement to the market will be prepared and released to the public.
Grasvally
Following the Period end, the Company agreed early settlement, in the amount
of ZAR115.0 million ($6.2 million on date of payment), of the loan and sale
price related to the sale of Grasvally Chrome Mine (Pty) Ltd to Forward Africa
Mining (Pty) Ltd. The terms of the initial sale and loan agreements provided
for payments in 15 quarterly instalments commencing at the end of the quarter
following the first anniversary of the agreements becoming unconditional.
During the Quarter, the parties negotiated an early settlement date for
payment of the capital amount at 31 March 2024, with the Company agreeing to
forego the interest. The full ZAR115.0 million ($6.2 million on date of
payment) was received in April 2024. The Board has declared a portion of the
proceeds received be distributed to shareholders as a special dividend in the
amount of 1p per Ordinary Share, amounting to aproximately $3.3 million,
payable on 7 June 2024. Payment will be made to shareholders on the register
at the close of business on 10 May 2024 and the ex-dividend date is 9 May
2024.
E. CORPORATE ACTIVITIES
Notification of Transaction by PDMR
Eileen Carr, Non-Executive Director and Chair, purchased 60,000 ordinary
shares of $0.01 each in the Company ("Ordinary Shares") at 49.74 pence per
Ordinary Share on 23 February 2024. Following this transaction, her
shareholding in the Company totals 130,000 Ordinary Shares, representing 0.05%
of the total number of Ordinary Shares with voting rights.
Share Buyback
During the Period, the Company commenced a Share Buyback from the market and,
as at 26 April 2024, has bought back a total of 1,843,000 Ordinary Shares at
an average price of 57.21 pence per share, equating to $1.3 million in
aggregate. The purpose of the Share Buyback is to reduce the share capital of
the Company.
Additionally, during the Period, the Company acquired 166,000 Ordinary Shares
from employees. The Ordinary Shares were purchased at the 30-day VWAP price of
54.95 pence per Ordinary Share and placed into Treasury.
For the purposes of the Financial Conduct Authority's Disclosure and
Transparency Rules, the Company's issued share capital is 275,375,725 Ordinary
Shares. Following the above purchases, a total of 13,774,211 Ordinary Shares,
including 2,009,000 pending cancellation, are held in Treasury. Therefore, the
total number of Ordinary Shares with voting rights in Sylvania was 261,601,514
Ordinary Shares.
CONTACT DETAILS
For further information, please contact:
Jaco Prinsloo CEO +27 11 673 1171
Lewanne Carminati CFO
Nominated Adviser and Broker
Liberum Capital Limited +44 (0) 20 3100 2000
Richard Crawley / Scott Mathieson / Joshua Borlant
Communications
BlytheRay +44 (0) 20 7138 3205
Tim Blythe / Megan Ray sylvania@BlytheRay.com (mailto:sylvania@BlytheRay.com)
CORPORATE INFORMATION
Registered and postal address: Sylvania Platinum Limited
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
SA Operations postal address: PO Box 976
Florida Hills, 1716
South Africa
Sylvania Website: www.sylvaniaplatinum.com (http://www.sylvaniaplatinum.com)
About Sylvania Platinum Limited
Sylvania Platinum is a lower-cost producer of platinum group metals (PGM)
(platinum, palladium and rhodium) with operations located in South Africa. The
Sylvania Dump Operations (SDO) comprises six chrome beneficiation and PGM
processing plants focusing on the retreatment of PGM-rich chrome tailings
materials from mines in the Bushveld Igneous Complex. The SDO is the largest
PGM producer from chrome tailings re-treatment in the industry. Additionally,
the Thaba JV comprises chrome beneficiation and PGM processing plants, which
will treat a combination of run of mine (ROM) and historical chrome tailings
from the JV partner, adding a full margin chromite concentrate revenue stream.
The Group also holds mining rights for PGM projects in the Northern Limb of
the Bushveld Complex.
For more information visit https://www.sylvaniaplatinum.com/
(https://www.sylvaniaplatinum.com/)
ANNEXURE
GLOSSARY OF TERMS FY2024
The following definitions apply throughout the period:
3E PGMs 3E ounces include the precious metal elements platinum, palladium and gold
4E PGMs 4E ounces include the precious metal elements platinum, palladium, rhodium and
gold
6E PGMs 6E ounces include the 4E elements plus additional Iridium and Ruthenium
AGM Annual General Meeting
AIM Alternative Investment Market of the London Stock Exchange
All-in costs All-in sustaining cost plus non-sustaining and expansion capital expenditure
All-in sustaining cost Production costs plus all costs relating to sustaining current production
and sustaining capital expenditure
CLOs Community Liaison Officers
Current arisings Fresh chrome tails from current operating host mines processing operations
DFFE Department of Forestry, Fisheries and the Environment
DMRE Department of Mineral Resources and Energy
EBITDA Earnings before interest, tax, depreciation and amortisation
EA Environmental Authorisation
EAP Employee Assistance Program
EEFs Employment Engagement Forums
EDEP Employee Dividend Entitlement Programme
ESG Environment, social and governance
EIA Environmental Impact Assessment
EIR Effective interest rate
EMPR Environmental Management Programme Report
ESG Environment, Social and Governance
GBP Pounds Sterling
GBV Gender based violence
GHG Greenhouse gases
GISTM Global Industry Standard on Tailings Management
GRI Global Reporting Initiative
HWS Harriets Wish Succession
JORC Joint Ore Reserves Committee
IASB International Accounting Standards Board
ICE Internal combustion engine
IFRIC International Financial Reporting Interpretation Committee
IFRS International Financial Reporting Standards
Lesedi Phoenix Platinum Mining Proprietary Limited, renamed Sylvania Lesedi
LSE London Stock Exchange
LTI Lost-time injury
LTIFR Lost-time injury frequency rate
MF2 Milling and flotation technology
MPRDA Mineral and Petroleum Resources Development Act
MRA Mining Right Application
MRE Mineral Resource Estimate
Mt Million Tons
NWA National Water Act 36 of 1998
PGM Platinum group metals comprising mainly platinum, palladium, rhodium and gold
PAR Pan African Resources Plc
PDMR Person displaying management responsibility
PEA Preliminary Economic Assessment
PFS Preliminary Feasibility Study
Pipeline ounces 6E ounces delivered but not invoiced
Pipeline revenue Revenue recognised for ounces delivered, but not yet invoiced based on
contractual timelines
Pipeline sales adjustment Adjustments to pipeline revenues based on the basket price for the period
between delivery and invoicing
PTM Platinum Group Metal's Joint Venture
Project Echo Secondary PGM Milling and Flotation (MF2) program announced in FY2017 to
design and install additional new fine grinding mills and flotation circuits
at Millsell, Doornbosch, Tweefontein, Mooinooi and Lesedi
RPEEE Reasonable Prospects for Eventual Economic Extraction
Revenue (by products) Revenue earned on Ruthenium, Iridium, Nickel and Copper
ROM Run of mine
SDO Sylvania dump operations
SHE Safety, health and environmental
SLP Social and Labour Plan
Sylvania Sylvania Platinum Limited, a company incorporated in Bermuda
Sylvania Metals Sylvania Metals (Pty) Limited
tCO2e Tons of carbon dioxide equivalent
Thaba JV Thaba Joint Venture
TRIFR Total recordable injury frequency rate
TSF Tailings storage facility
UNSDGs United Nations Sustainability Development Goals
USD United States Dollar
WULA Water Use Licence Application
UK United Kingdom of Great Britain and Northern Ireland
ZAR South African Rand
Zero Harm The South African mining industry is committed to the shared aspiration of
achieving the goal of Zero Harm, which aims to ensure that mineworkers return
home from work healthy and unharmed every day
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