REG - Sylvania Platinum - Annual Results Announcement
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RNS Number : 4829Y Sylvania Platinum Limited 09 September 2025
_____________________________________________________________________________________________________________________________
9 September 2025
Sylvania Platinum Limited
("Sylvania", the "Company" or the "Group")
Final Results to 30 June 2025
Record annual production from SDOs
Sylvania (AIM: SLP), the platinum group metals ("PGM"), chrome producer and developer, with assets in South Africa, is pleased to announce its final results for the year ended 30 June 2025 (the "Period" or "FY2025"). Unless otherwise stated, the consolidated financial information contained in this report is presented in United States Dollars ("USD" or "$").
Operational
* Annual production exceeded original guidance, which saw a new record of 81,002
4E PGM ounces produced by the Sylvania Dump Operations ("SDO") for FY2025
(FY2024: 72,704 4E PGM ounces);
* The Thaba Joint Venture ("Thaba JV") commissioning commenced during the Period
and continues to ramp-up into FY2026;
* Improvements achieved in PGM flotation feed grades;
* Improved current arising stream and the stable performance achieved by Lesedi
has seen the withdrawal of the Section 189A ("S189A") of the Labour Relations
Act, 66 of 1995 ("LRA") consultation process;
* A two-year wage agreement was successfully reached with trade unions at
Eastern and Western Operations; and
* The Competent Person Report ("CPR") for the Volspruit Scoping Study was
finalised in August 2024 and indicates an increased pre-tax net present value
("NPV") of $69.0 million for a 14-year life of mine ("LOM").
Financial
* Net revenue generated for the Period was $104.2 million (FY2024: $81.7
million);
* Group EBITDA of $29.3 million (FY2024: $13.5 million);
* Net profit of $20.2 million (FY2024: $7.0 million);
* Average 4E Gross Basket Price for FY2025 was $1,507/ounce (FY2024:
$1,339/ounce);
* Final cash dividend of two pence per Ordinary Share declared by the Board,
resulting in a total dividend of 2.75 pence per Ordinary Share for FY2025
(FY2024: two pence per Ordinary Share annual dividend and one pence per
Ordinary Share special dividend);
* Bought back a total of 1.95 million Ordinary Shares during the year at an
average price of 42.45 pence per share, equating to $1.0 million in aggregate;
and
* Group cash balance of $60.9 million as at 30 June 2025 (FY2024: $97.8 million)
with no debt and no pipeline financing, with the decrease largely due to the
planned increase in capital spend including the 100% funding of the Thaba JV.
Environment, Social and Governance ("ESG")
* The Company achieved the best overall safety performance in its history in
FY2025, including the achievement of one full year injury-free for combined
Eastern Operations and Doornbosch reaching the milestone of 13-years Lost-Time
Injury ("LTI") free in June 2025;
* Sylvania paid over ZAR156.6 million South African Rand ("ZAR") to
community-based suppliers in FY2025;
* Enhanced water utilisation measurement achieved, enabling more reliable
tracking of water flows and losses;
* Significant progress made on more sustainable, efficient, and cost-effective
ways to rehabilitate tailings storage facilities ("TSFs"); and
* No occupational illnesses were recorded in FY2025.
Corporate
* Sylvania Chief Financial Officer ("CFO"), Lewanne Carminati, will be stepping
down from her position and from the Board of Sylvania with effect from 30
November 2025; and
* Following an external recruitment process, Executive Officer: Finance, Ronel
Bosman, will be promoted to CFO with effect from 1 December 2025 and will join
the Board in due course.
Outlook
* Steady state production is expected during Q3 FY2026 at the Thaba JV;
* Consistent improvements have been realised on the current arisings from the
host mine's new run of mine ("ROM") Plant at Lesedi, and the ramp-up is on
track with the crushing Plant now operational and expected to be at steady
state in Q2 FY2026;
* Construction of the centralised PGM filtration Plant is on budget and on
schedule for completion during Q2
FY2026;
· The Group maintains strong cash reserves enabling it to balance the
requirements of capital expenditure projects (new TSFs, expansion and process
optimisation capital, and the upgrading of the Group's exploration and
evaluation assets) with the potential to return value to shareholders;
· SDO are expected to continue their strong performance in FY2026;
and
· Annual production target of 83,000 to 86,000 4E PGM ounces and
100,000 to 130,000 tons of chromite concentrate for FY2026.
Commenting on the results, Sylvania's CEO Jaco Prinsloo said:
"In addition to the outstanding record PGM production performance from our
existing SDO Plants during the year, I am also extremely proud that we have
now completed the commissioning of the new Thaba JV Plant and are currently in
the ramp-up phase. This long-awaited milestone marks a critical step towards
our further growth and diversification strategy, where we will be adding an
attributable annual production of approximately 6,800 4E PGM ounces and
introducing 210,000 tons of chromite concentrate and chrome income to the
existing production profile and revenue stream, once at steady state.
"Post-Period end, as the team at the Thaba JV were ramping-up throughput
towards full production capacity, some stability challenges were experienced
on the old rural Eskom power supply, which forms part of the interim power
supply arrangement in combination with temporary diesel generators. This has
necessitated an adjustment to our ramp-up plan. We now expect to reach steady
state operation during Q3 FY2026. However, despite the revised ramp-up plan,
the Project investment fundamentals remain robust, and it remains on track to
become a significant revenue contributor for the Company as it reaches full
operational capacity. The new primary Eskom medium voltage substation is under
construction and will bring power supply stability without the use of diesel
generators in the future.
"The improvement in the PGM market in the latter part of the financial year,
in conjunction with the SDO recording a new record annual production of 81,002
4E PGM ounces aided the Company in achieving higher than estimated financial
performance. Nonetheless, we remain focused on efforts to keep costs low and
maximise cash generation from Operations.
"I am once again extremely proud of our safety, health and environmental
performance for the Period under review, where we had no significant
occupational health or environmental incidents and all Operations have
remained fatality free since inception in 2006. The Company achieved its best
overall safety performance in FY2025, with the fewest total injuries.
Doornbosch remains 13-years LTI-free, while the combined Eastern Operations
achieved one full year injury-free.
"Sylvania's lower-cost strategy continues to ensure it is placed in the lowest
third of the industry cost curve, and that the Company remained cash
generative even when basket prices were low for the majority of the financial
year. We have been able to advance our Projects and return value to
shareholders through a combination of dividends and share buybacks, which
totalled $7.0 million paid out during the financial year. This was despite the
very difficult price environment for most of the year.
"I am pleased to report that the Board has declared a final cash dividend of
two pence per Ordinary Share for FY2025, resulting in an annual dividend of
2.75 pence for the financial year. The full year dividend reflects an amount
materially higher than the minimum payment required under our dividend policy
and shows our commitment to consistently returning capital to shareholders.
"The Company incurred material capital expenditure on expansion and new
projects this year and this will continue into the 2026 financial year. We
will continue to prioritise capital returns to our shareholders alongside our
value creation and business sustaining requirements. The combination of our
strong cash position and our lower-cost Operations gives us the flexibility to
manage these requirements.
"The Board is positive about the year ahead and believes that our Operations
will continue to deliver strong production performance, whilst striving to
further improve operational efficiencies. In line with this, the Board has set
an annual production target of 83,000 to 86,000 4E PGM ounces and 100,000 to
130,000 tons of chromite concentrate for FY2026.
"Finally, following the recent board change announcement, I want to thank
Lewanne for her dedication over her 16 years at the Company, during which she
has provided invaluable support to myself, the Board and the senior management
team. She leaves the Company in a strong position with a growth pipeline and
robust cash position. Both professionally and personally, she will be missed,
and I, along with the entire Company, wish her all the best. Additionally, I
would like to congratulate Ronel Bosman on her well-deserved promotion to CFO,
and I look forward to working closely with her in the future."
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, Pounds
Sterling ("GBP") and ZAR.
For the 12 months under review, the average ZAR:USD exchange rate was
ZAR18.16:$1 and the spot exchange rate was ZAR17.64:$1.
CONTACT DETAILS
For further information, please contact:
Jaco Prinsloo CEO +27 11 673 1171
Lewanne Carminati CFO
Nominated Adviser and Joint Broker
Panmure Liberum Limited +44 (0) 20 3100 2000
Scott Mathieson / John More / Gaya Bhatt
Joint Broker
Joh. Berenberg, Gossler & Co KG, London +44 (0) 20 3207 7800
Jennifer Lee
Communications +44 (0) 20 7138 3204
BlytheRay Sylvania@blytheray.com
Tim Blythe/ Megan Ray
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 ("PGMs")
(platinum, palladium and rhodium) and chrome with Operations located in South
Africa. The Sylvania Dump Operations ("SDO") is comprised of six chrome
beneficiation and PGM processing Plants focusing on the retreatment of
PGM-rich chrome tailings materials from mines in the Bushveld Igneous Complex
("BIC"). The SDO is the largest PGM producer from chrome tailings re-treatment
in the industry. In FY2023, the Company entered into the Thaba Joint Venture
("Thaba JV") which comprises chrome beneficiation and PGM processing Plants,
and is treating 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 BIC.
For more information visit https://www.sylvaniaplatinum.com/
(https://www.sylvaniaplatinum.com/)
Operational and Financial Summary
Production Unit FY2024 FY2025 % Change
Plant Feed T 2,483,610 2,562,231 3%
Feed Head Grade g/t 1.96 2.15 10%
PGM Plant Feed Tons T 1,367,558 1,326,798 -3%
PGM Plant Feed Grade g/t 2.96 3.49 18%
PGM Plant Recovery(1) % 55.27% 55.52% 0%
Total 4E PGMs Oz 72,704 81,002 11%
Total 6E PGMs Oz 92,426 104,233 13%
Audited USD ZAR
Unit FY2024 FY2025 % Change Unit FY2024 FY2025 % Change
Financials (2)
Average 4E Gross Basket Price(3) $/oz 1,339 1,507 13% R/oz 25,061 27,374 9%
Revenue (4E) $'000 71,749 89,135 24% R'000 1,342,419 1,618,999 21%
Revenue (by-products including base metals) $'000 12,996 14,992 15% R'000 243,153 272,305 12%
Sales adjustments $'000 -3,032 107 104% R'000 -56,715 1,944 103%
Net revenue $'000 81,713 104,234 28% R'000 1,528,857 1,893,248 24%
Direct Operating costs $'000 55,351 61,501 11% R'000 1,035,627 1,116,866 8%
Indirect Operating costs $'000 10,109 11,011 9% R'000 189,138 199,957 6%
General and Administrative costs $'000 2,838 2,611 -8% R'000 53,099 47,416 -11%
Adjusted Group EBITDA $'000 13,464 29,309 118% R'000 251,911 532,251 111%
Net Profit(4) $'000 8,194 20,167 146% R'000 153,317 366,233 139%
Capital Expenditure $'000 15,816 32,288 104% R'000 295,912 586,355 98%
Cash Balance(5) $'000 97,845 60,893 -38% R'000 1,779,801 1,074,153 -40%
Average R/$ rate R/$ 18.71 18.16 -3%
Spot R/$ rate R/$ 18.19 17.64 -3%
Unit Cost/Efficiencies
SDO Cash Cost per 4E PGM oz(6) $/oz 761 759 0% R/oz 14,244 13,788 -3%
SDO Cash Cost per 6E PGM oz(6) $/oz 599 590 -2% R/oz 11,205 10,715 -4%
Group Cash Cost Per 4E PGM oz(6) $/oz 907 912 1% R/oz 16,970 16,562 -2%
Group Cash Cost Per 6E PGM oz(6) $/oz 713 708 -1% R/oz 13,340 12,857 -4%
All-in Sustaining Cost (4E) $/oz 967 938 -3% R/oz 18,088 17,028 -6%
All-in Cost (4E) $/oz 1,168 1,328 14% R/oz 21,852 24,115 10%
1. PGM Plant recovery is calculated on the production ounces
that include the work-in-progress ounces of 1.600 oz 4E PGM in FY2025
(FY2024:0 oz).
2. Revenue (6E) for FY2025, before adjustments is $103.5
million (6E prill split is Pt 50%, Pd 18%, Rh 9%, Au 0%, Ru 18%, Ir 5%).
Revenue excludes profit/loss on foreign exchange.
3. The gross basket price in the table is the June 2025 gross
4E basket used for revenue recognition of ounces delivered in FY2025, before
penalties/smelting costs and applying the contractual payability.
4. In the prior year, the Group EBITDA and Net Profit excluded
$1.2 million accrued interest written off in relation to the Grasvally Chrome
Mine (Pty) Ltd transaction, which was concluded at the end of Q3 FY2024.
5. The cash balance excludes restricted cash held as
guarantees (FY2025: $3.3 million; FY2024: $1.2 million).
6. The cash costs include operating costs and exclude indirect
costs such as mineral royalty tax and Employee Dividend Entitlement Plan
("EDEP") payments.
A. OPERATIONAL OVERVIEW
Health, safety and environment ("SHE")
All Operations have remained fatality-free since inception in 2006, as the
Company continues to view SHE as a top priority and remains committed to
achieving the goal of Zero Harm at all its Operations. Doornbosch remains
13-years LTI-free, as well as achieving four years total injury-free. Lesedi
achieved two years without an LTI during the Period, while Lannex achieved one
full year total injury-free during the Period. Additionally, the combined
Eastern Operations achieved one full year injury-free. This has contributed
towards closing off FY2025 as the best annual safety performance to date with
regards to total injuries for the Company.
During FY2025, Mooinooi experienced one LTI during the Period, where a
contracted boilermaker sustained an injury to his hand during a maintenance
task, and one LTI was also recorded at the Thaba JV Project, where an
electrical contractor came into contact with live electricity while working in
a substation during construction. In both instances, the employees made a full
recovery and were able to return to work.
Management's proactive stance towards safety measures, which include routine
risk assessments, has played a pivotal role in fostering a workplace ethos
that places a high priority on the well-being of employees and contractors.
The Company's environmental endeavours have propelled responsible resource
management, significantly reducing Sylvania's ecological footprint.
Additionally, the successful "Silly Season" campaign, spanning from November
2024 through January 2025, effectively emphasised the significance of a
hazard-free and injury-free environment. Through a range of creative
initiatives, employees embraced a culture of mindfulness, remaining vigilant,
and adhering to safety protocols, resulting in an outstanding achievement of
zero injuries throughout the festive season.
Sylvania's annual anti-gender-based violence ("GBV") campaign further
solidified a workplace culture grounded in respect and equality. Informative
sessions and open dialogues provided employees with a profound understanding
of the repercussions of GBV, empowering them to become advocates for positive
change. This reiterates the Company's dedication to nurturing a workplace that
champions inclusivity, ultimately contributing to a more harmonious and
supportive professional community.
Management's commitment to safety is not just a policy, but a fundamental
value that seeks to ensure everyone working at Sylvania's operations can
remain healthy and unharmed.
Operational performance
The SDO delivered an annual production of 81,002 4E PGM ounces, which is 11%
higher than the prior financial year and original guidance target for FY2025,
and a new record annual production for the Company. This improvement was
largely due to the 18% improvement on the PGM feed grade compared to FY2024,
while the PGM Plant recovery remained stable during the Period.
The higher PGM flotation feed grades were primarily due to higher grade feed
sources received from the host mines at Tweefontein and Mooinooi and the
introduction of a new higher grade current arisings feed source at Lesedi, as
well as the higher-grade third-party material purchased and treated at the
Eastern Operations.
PGM Recovery efficiencies remained largely unchanged at 55.5% compared to
55.3% in FY2024 and is in line with expectations for the specific blend of
feed sources treated at the respective Operations during the Period.
The 3% lower PGM feed tons were mostly due to planned lower tons treated at
Lesedi during Q1 FY2025 as part of the S189A intervention during the Period,
as well as lower dump treatment tons at the Western Operations impacted by
heavy rains in December 2024 and January 2025.
SDO direct cash cost per 4E PGM ounce decreased by 3% in ZAR (the functional
currency) from ZAR14,244/ounce to ZAR13,788/ounce, aided by higher PGM ounce
production, while the USD cash cost was flat at $759/ounce against $761/ounce
in the prior year due to the Rand strengthening against the US Dollar compared
to FY2024.
Operational focus areas
Operational efforts during the Period were focused on enhancing stability and
maximising Plant run time through improved utilisation and the implementation
of preventative maintenance strategies, thereby ensuring high levels of Plant
availability and stability. Both the Eastern and Western Operations performed
well during the Period, resulting in the total SDO production exceeding
business plan ounces.
The column flotation cell at Millsell is in its optimisation phase, but has
already demonstrated improved stability within the flotation circuit. Some
additional configurations are being trialled to enhance the quality and
payability of the PGM concentrate produced.
The construction of the centralised PGM filtration Plant is progressing well,
with civils work, steel and installation of filter presses complete.
Additionally, construction for piping and electrical disciplines is well
underway, and the project is on track to be completed during Q2 FY2026. This
Plant is required to enable dried PGM concentrate filter cake deliveries to
the off-take smelter instead of slurry material. It will also enable improved
concentrate blending that could potentially assist with improved payability.
The host mine's Lesedi ROM Plant was commissioned in October 2024, with a
steady state ramp-up originally targeted for completion by the end of Q3
FY2025. However, the ramp-up was delayed due to adverse weather conditions
impacting the installation of critical equipment. The revised plan targeted a
ramp-up during Q4 FY2025, which has resulted in an increased throughput of the
current arisings feed to the Lesedi Operation. As a result of the improved
current arising stream and the stable performance achieved by Lesedi, a
decision was taken during Q4 FY2025 to withdraw the S189A of the LRA
consultation process, which was first initiated in July 2024, and Operations
at Lesedi will now continue as normal.
At Lannex, the test phase to optimise the milling and fines classification
circuit was completed during Q4 FY2025. The recommendations from the tests are
currently being reviewed to determine what additional steps need to be
implemented to improve both chrome beneficiation and PGM recovery
efficiencies.
The Company is also prioritising initiatives to reduce mass pull across its
Operations. Alternative technologies are currently being assessed and will be
tested on small-scale pilot trials to determine if this could be implemented
at the SDO to reduce mass pull without compromising current recovery levels.
Capital Projects
Capital expenditure for the year increased by 104% to ZAR586.4 million ($32.3
million) from ZAR296.0 million ($15.8 million) in the 2024 financial year, in
line with the Group's capital project programme. Capital expenditure for the
year included $18.0 million attributable capital on the Thaba JV, $0.4 million
on the Level 9 collision avoidance system, $3.3 million on the centralised
filtration Plant, $6.7 million on TSFs (Mooinooi $3.2 million, Doornbosch $3.3
million and Millsell $0.2 million) and $0.6 million on exploration projects.
All capital projects are fully funded from current cash reserves.
A central filtration Plant project is underway to facilitate the conversion to
dry filtered concentrate, instead of the current slurry, in accordance with
the requirements of the SDO concentrate take-off agreement.
A prefeasibility study is in progress for a potential new treatment facility
for chrome tailings and ROM at the Eastern Operations. This Project aims to
expand the operating footprint and increase diversification of the Company's
revenue stream by adding further chrome revenue.
Additionally, in order to sustain current Operations and to secure deposition
capacity for the next 10 years, the Company is currently undertaking a build
programme for new TSFs at all of its current Operations. The TSFs have been
designed according to the latest regulatory standards and with safety and the
environment as key considerations. While significant capital was spent in
FY2025 for the construction of the Doornbosch and Mooinooi TSFs, which are
currently in progress, additional capital will be spent during FY2026 for the
construction of three additional new TSFs at other Operations, as communicated
earlier.
Thaba JV
The Thaba JV, an unincorporated joint venture ("JV") with Limberg Mining
Company (Pty) Ltd ("LMC"), a subsidiary of ChromTech Mining Company (Pty) Ltd
("ChromTech"), processes PGM and chrome ores from historical tailings dumps
and current arisings from the Limberg Chrome Mine, located on the northern
part of the Western Limb of the Bushveld Igneous Complex ("BIC"), South
Africa.
The progress made at the Thaba JV during the year has been positive, and
despite some delays due to the impact of heavy rains and a safety-related
interruption, Management were delighted to commence commissioning during Q4
FY2025, which is now complete. Post-Period end, the Thaba JV started
ramping-up throughput, and it is anticipated that steady state production will
be achieved during Q3 FY2026. While construction of the Operation's new
primary Eskom and consumer substations are still underway, the temporary Plant
power supply comprises the combination of 3 Mega volt-amperes ("MVA") from
the pre-existing 22 kilovolt ("kV") rural Eskom power network with 2.5 MVA
diesel generating capacity. The rural supply is unstable, resulting in
numerous power interruptions with a significant negative impact on production
stability and run time.
As a result of this unforeseen challenge, the Thaba JV is experiencing a
slower than anticipated ramp-up profile, and therefore, Management has
adjusted its target for achieving steady state production accordingly. To
mitigate the impact of the power supply instability, the Company has sourced
and established additional diesel generators to ensure the entire Operation
can be run without the temporary Eskom supply, until the new permanent Eskom
supply is commissioned during Q2 FY2026. Despite the revised ramp-up outlook
and plan, the Project investment fundamentals remain robust, and it remains on
track to become a significant revenue contributor for the Company as it
reaches full operational capacity.
Most of the Operation's personnel were deployed to site at the beginning of
the calendar year and underwent comprehensive training and induction
programmes to ensure that all staff were fully prepared for operations to
commence. This has enabled us to efficiently reach the commencement stage and
should result in a good transition during the ramp-up phase.
The delayed production ramp-up takes into account the above-mentioned power
supply constraints, learnings from the recently completed commissioning phase
and gives consideration to the latest mining ramp-up schedule and ore
properties from the current mining area. Both our operational and technical
teams will continue to focus on optimisation efforts post commissioning and
for the remainder of the financial year.
The Thaba JV combines the complementary strengths of Sylvania Metals and LMC
to produce PGMs and chromite concentrate, leveraging Sylvania's expertise in
PGM recovery and LMC's proficiency in fine chromite beneficiation. This
partnership aims to maximise the value of resources while enhancing Sylvania
Metals' commodity portfolio. With an expected internal rate of return
exceeding 20% and a cash payback period of less than three years
post-commissioning, the JV promises significant financial benefits.
Strategically, it aligns with our growth ambitions by expanding resource
access, boosting production, and strengthening distribution; ultimately
enhancing shareholder value.
Outlook
The progress in the operational enhancement initiatives and continued ramp-up
of the Thaba JV will see additional PGM ounces produced and the introduction
of chrome revenue. This is an exciting additional benefit for the Company as
it is providing a diversification to the Company's revenue stream.
The roll-out of the new planned maintenance system is on schedule, with
implementation completed at four of the six SDO Plants as well as at the Thaba
JV Plant. Implementation of the system at the final two SDO Plants will be
carried out during FY2026. This system, together with the implementation of
automated production reporting and process optimisation capabilities, will
assist in improving Plant availabilities and runtime, resulting in better
process stability and increased efficiencies.
Sylvania's Management believes the Operations will continue to deliver a
strong production performance in FY2026 and, in line with this, will target an
annual production of between 83,000 to 86,000 4E PGM ounces and 100,000 -
130,000 tons of chromite concentrate for the coming financial year.
B. FINANCIAL OVERVIEW
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
2025 2024
Note(s) $ $
Revenue 1 104 234 170 81 712 471
Cost of sales (78 595 216) (69 037 113)
Royalties tax 2 (736 757) (1 388 295)
Gross profit 24 902 197 11 287 063
Other income 436 611 292 385
Other expenses 3 (2 694 641) (4 162 849)
Operating profit before net finance costs and income tax expense 22 644 167 7 416 599
Finance income 5 585 208 6 550 795
Finance costs (484 925) (498 058)
Profit before income tax expense 27 744 450 13 469 336
Income tax expense 4 (7 577 135) (6 485 517)
Net profit for the Period 20 167 315 6 983 819
Items that are or may be subsequently reclassified to profit and loss:
Foreign operations - foreign currency translation differences 4 451 096 4 011 726
Total other comprehensive loss (net of tax) 4 451 096 4 011 726
Total comprehensive income for the year 24 618 411 10 995 545
Cents Cents
Earnings per share attributable to the ordinary equity holders of the Company:
Basic earnings per share 7.73 2.66
Diluted earnings per share 7.73 2.65
1. Revenue is generated from the sale of PGM ounces produced at the
six retreatment Plants, net of pipeline sales adjustments, penalties, and
smelting charges. Revenue excludes profit/loss on foreign exchange.
2. Royalty tax was paid at a rate of 1.17% on attributable ounces and
decreased from the prior reporting period, mainly due to the higher qualifying
capital expenditure.
3. Other expenses relate to corporate activities and include
insurance, consulting fees, computer expenses, share based payments, public
relations expenses, and other administrative costs.
4. Income tax expense includes current tax and deferred tax for
FY2025. The FY2024 income tax expense also includes dividend withholding tax.
The average gross basket price for PGMs in the financial year was $1,507/ounce
- a 13% increase on the previous year's basket price of $1,339/ounce. The
increase in the overall PGM basket price was primarily due to a circa 27%
increase in rhodium, 29% increase in palladium and 44.6% increase in platinum
prices.
Revenue on 4E PGM ounces delivered increased by 24% in USD terms to $89.1
million year-on-year (FY2024: $71.7 million), with revenue from base metals
and by-products contributing $15.0 million to the total revenue (FY2024: $13.0
million). Net revenue, after adjustments for ounces delivered in the prior
year but invoiced in FY2025, increased 28% on the previous year's $81.7
million to $104.2 million. The increase in revenue is a result of the 13%
increase in the 4E basket price and an 11% increase in 4E ounce production.
The operational cost of sales is incurred in ZAR and represents the direct and
indirect costs of producing the PGM concentrate and amounted to ZAR1.3 billion
for the reporting Period compared to ZAR1.2 billion for the period ended 30
June 2024. The main cost contributors are employee costs of ZAR393.9 million
(FY2024: ZAR373.7 million), power costs of ZAR193.1 million (FY2024: ZAR175.8
million), reagents and milling costs of ZAR144.1 million (FY2024: ZAR132.7
million), and purchase and treatment of material from outside sources of
ZAR160.3 million (FY2024: ZAR83.6 million). The Company paid mineral royalty
tax of ZAR13.4 million (FY2024: ZAR26.0 million). The decrease in mineral
royalty tax is directly related to the increase in the capital allowance used
to calculate the percentage payable, resulting in a lower amount payable for
the current financial year.
Group cash costs increased by 1% year-on-year from $907/ounce
(ZAR16,970/ounce) to $912/ounce (ZAR16,562/ounce). Direct operating costs
increased 8% in ZAR (the functional currency) from ZAR1.0 billion to ZAR1.1
billion, and indirect operating costs increased 6% from ZAR189.1 million to
ZAR200.0 million.
All-in sustaining costs ("AISC") of 4E PGMs decreased by 3% to $938/ounce
(ZAR17,028/ounce) from $967/ounce (ZAR18,088/ounce) due to the 11% increase in
4E production. All-in costs ("AIC") of 4E PGMs increased by 14% to
$1,328/ounce (ZAR24,115/ounce) from $1,168/ounce (ZAR21,852/ounce) recorded in
the previous period as a result of the increase in capital spend mainly due to
the attributable Thaba JV spend during the Period.
General and administrative costs, included in the Group cash costs, are
incurred in USD, GBP and ZAR and are impacted by exchange rate fluctuations
over the reporting Period, and reflected a minimal decrease of $0.1 million.
Group EBITDA increased 118% year-on-year to $29.3 million (FY2024: $13.5
million). The increase is mainly attributable to higher ounce production and
higher metal prices during the reporting Period of FY2025 compared to FY2024.
The Group net profit for the year increased by 146% to $20.2 million (FY2024:
$8.2 million).
Interest is earned on surplus cash invested in South Africa and Mauritius at
an average interest rate of 4.49% per annum across the portfolio. Interest
expenses comprise interest on various leases that are in place across the
Group.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2025
2025 2024
Note(s) $ $
Net cash inflow from operating activities 5 19 898 573 14 704 097
Net cash outflow from investing activities 6 (49 569 064) (15 688 040)
Net cash outflow from financing activities 7 (7 414 558) (25 988 270)
Net decrease in cash and cash equivalents (37 085 049) (26 972 213)
Effect of exchange fluctuations on cash held 133 769 656 931
Cash and cash equivalents at the beginning of the reporting Period 97 844 572 124 159 854
Cash and cash equivalents at the end of the reporting Period 60 893 292 97 844 572
5. Net cash inflow from operating activities includes net cash inflow
from Operations of $18,418,170, finance income of $3,804,249 and net taxation
paid of $2,312,975.
6. Net cash outflow from investing activities includes payments for
property, plant, and equipment of $30,371,987, exploration and evaluation
assets of $605,718 and advances paid to the joint Operations of $16,587,651 as
well as the outflow of $2,000,487 from cash and cash equivalents to other
financial assets relating to the cession over the purchase price of the
property on the Eastern Limb.
7. Net cash outflow from financing activities includes dividend
payments $5,846,032, payment for share transactions $1,023,722 and the
repayment of leases $544,804.
The cash balance decreased by 38% year-on-year to $60.9 million (FY2024: $97.8
million), largely due to the planned increase in capital spend, including the
100% funding of the Thaba JV.
Income tax of $3.9 million was paid to the South African Revenue Services,
offset by a refund of $1.6 million relating to the FY2024 period, with a net
outflow of $2.3 million. Total dividends to shareholders of $5.8 million was
paid and a further $0.2 was paid to qualifying participants of the Employee
Dividend Entitlement Plan ("EDEP"). Surplus cash invested earned interest
income amounting to $3.8 million.
The cash outflow on capital projects was $31.0 million (FY2024: $15.8
million), comprising of $16.6 million attributable capital on the Thaba JV,
$13.8 million on stay in business and expansion capital and $0.6 million on
exploration projects. Loan advances to the Thaba JV amounting to $16.6
million, lease payments for the rental of various equipment amounting to $0.5
million was made during the Period. The net cash outflow relating to Eskom
guarantees and a cession entered into over the purchase price of a property on
the Eastern Limb, amounted to $2.0 million.
At a corporate level, a total of 1,947,542 Ordinary Shares amounting to $1.0
million were bought back, $0.9 million relating to the Share Buyback programme
and a further $0.1 million from employees and persons displaying management
responsibilities ("PDMRs") in terms of the rules of the Bonus Shares Awards
Scheme.
Cash generated from Operations before working capital movements was $30.0
million, with net changes in working capital of $11.5 million, mainly due to
the movement in trade receivables of $10.8 million. The increase in trade
receivables is due to the higher basket price in the fourth quarter, of which
the benefit will be realised during the first quarter of FY2026 due to the
contractual quotational period between delivery and invoicing, provided that
the basket price remains at the same level.
The impact of exchange rate differences for the Period amounted to a profit of
$0.1 million as a result of the net appreciation of the ZAR to the USD during
and at the end of FY2025.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 30 JUNE 2025
2025 2024
Note(s) $ $
ASSETS
Non-current assets
Exploration and evaluation expenditure 48 621 982 47 679 159
Property, plant and equipment 8 89 791 250 61 850 367
Other financial assets 9 28 648 207 7 382 817
Other assets 433 981 409 530
Deferred tax asset 6 770 11 184
Total non-current assets 167 502 190 117 333 057
Current assets
Cash and cash equivalents 10 60 893 292 97 844 572
Trade and other receivables 11 44 916 974 34 713 796
Inventories 12 6 902 082 5 667 761
Current tax asset - 2 009 151
Total current assets 112 712 348 140 235 280
Total assets 280 214 538 257 568 337
EQUITY AND LIABILITIES
Shareholders' equity
Issued capital 13 2 733 667 2 733 667
Reserves 14 24 155 885 20 023 343
Retained profit 217 053 783 202 732 500
Total equity 243 943 335 225 489 510
Non-current liabilities
Leases 15 381 437 457 003
Provisions 16 4 899 975 4 231 248
Deferred tax liability 15 889 311 13 282 261
Total non-current liabilities 21 170 723 17 970 512
Current liabilities
Trade and other payables 13 796 863 13 637 076
Leases 15 89 851 471 239
Current tax liability 1 213 766 -
Total current liabilities 15 100 480 14 108 315
Total liabilities 36 271 203 32 078 827
Total liabilities and shareholder's equity 280 214 538 257 568 337
8. Property, Plant and Equipment include $17,988,929
attributable capital on the Thaba JV.
9. Other financial assets consist of:
a. Contribution paid to the host mine for rehabilitation
purposes;
b. A loan receivable granted to Tizer from Sylvania South Africa
(Pty) Ltd;
c. A loan receivable granted to the Limberg Mining Company (Pty)
Ltd from Sylvania Metals (Pty) Ltd;
d. Restricted cash relating to guarantees to the Department for
Mineral and Petroleum Resources ("DMPR"), Eskom Growthpoint and a cession over
a property purchase price.
10. The majority of cash and cash equivalents are held in ZAR and USD.
11. Trade and other receivables consist mainly of amounts receivable
for the sale of PGMs.
12. Inventories held includes spares and consumables for the SDO as
well is work-in-progress ounces held at year end.
13. The total number of issued ordinary shares at 30 June 2025 is
273,366,725 Ordinary Shares of US$0.01 (including 13,257,395 Ordinary Shares
held in Treasury).
14. Reserves include the share premium, foreign currency translation
reserve, which is used to record exchange differences arising from the
translation of financial statements of foreign controlled entities,
share-based payments reserve, Treasury share reserve, the common control
reserve, and the equity reserve. The increase relates mainly to the movements
in the foreign currency translation of $4,451,096 due to the strengthening of
the ZAR against the USD.
15. Leases consists of right-of-use lease liabilities.
16. Provision is made for the present value of closure, restoration,
and environmental rehabilitation costs in the financial period when the
related environmental disturbance occurs.
C. MINERAL ASSET DEVELOPMENT
The Group continues to improve its technical understanding of the three
approved PGM-base metal mining rights it holds on the Northern Limb of the BIC
in South Africa. The information obtained through both historic and ongoing
technical studies continues to assist in determining how best to turn these
assets to account.
Volspruit Project
While research and development continues on potential opportunities to upgrade
the ROM feedstock for planned Volspruit material, the Project focus has
largely shifted to obtaining regulatory permits and authorisations. Currently,
the Company is working alongside the DMPR and the Department of Water and
Sanitation in order to advance feedback on the Environmental Impact Assessment
amendment and progress with processing of its Water Use License application,
respectively.
SRK Consulting completed the CPR for the Volspruit Scoping Study in August
2024. The study was undertaken to assess the economic viability of the Project
based on the updated Mineral Resource Statement that was published during
February 2024. Contributions from rhodium and the additional resources from
the South ore body are now included as well as updated input costs.
The pre-tax NPV included in the 2024 study is $69.0 million, a significant
increase from the 2022 Scoping Study's outcome of $27.3 million, while the
life of mine has increased from 8.7 to 14 years. This highlights the value
created from the additional South body as well as the rhodium upside.
Steady progress is being made in the permitting process necessary for the
existing mining right. Local Economic Development projects are gaining
traction with discussions underway with the relevant local municipalities.
Far Northern Limb Projects
Exploration activities for the year focused on gaining a greater understanding
of the geology across the extent of the project area. In HY1 FY2025, a ground
gravity geophysical survey was completed, providing insight into the
underlying geology and structure.
An orientation geochemical soil sampling campaign was completed over a portion
of the project area during HY2 FY2025. The results of this survey are expected
in HY1 FY2026 and will provide additional information on the poorly exposed
geology within the project area. Combined with the geophysical information,
the geochemical data will assist with the planning of a wider geochemical
survey and further drilling should the results warrant.
The Company continues to explore potential disposal options for the Hacra
asset as a result of Sylvania focusing its exploration activities on the
shallower mineralisation at its Volspruit and Aurora Projects.
D. CORPORATE ACTIVITIES
Dividend Approval and Payment
In line with the Company's dividend policy to distribute a minimum of 40% of
the annual adjusted free cash flow, divided into one-third interim dividend
and two-thirds final dividend, the Board declared an interim dividend of 0.75
pence per Ordinary Share which was paid on 4 April 2025. The free cash flow
forecast was adjusted for the capital spend on the Thaba JV as this was funded
from previously generated cash held for growth and expansion opportunities.
The Company's recently formalised capital allocation framework is centred on a
disciplined, self-funded framework designed to maximise shareholder value
whilst maintaining financial resilience. The company's primary focus is
reinvesting for returns by directing capital towards high internal rate of
return, Plant upgrades and resource extensions. A robust balance sheet is
maintained, with a net cash position preserved to manage the inherent
volatility of the PGM market and ensure strategic flexibility. Capital that is
surplus to the Company's internal growth requirements is consistently returned
to shareholders through a policy of regular dividends, supplemented by share
buybacks. This growth is currently achieved without recourse to external
financing and any potential mergers and acquisitions are pursued on an
opportunistic basis, only proceeding if the transaction is demonstrably
value-accretive and presents a clear strategic fit.
Due to the increase in production and higher than anticipated PGM basket price
for the second half of the year, the Board has now declared the payment of a
final cash dividend for FY2025 of two pence per Ordinary Share, payable on 5
December 2025. Together with the interim dividends already paid, this brings
the combined dividend for FY2025 to 2.75 pence per Ordinary Share. Payment of
the final dividend will be made to shareholders on the register at the close
of business on 31 October 2025 and the ex-dividend date is 30 October 2025. A
total of $5.8 million in dividends has been paid out to shareholders in
FY2025.
Further to the dividends paid to shareholders, in accordance with the
Company's EDEP whereby eligible employees receive an equivalent dividend paid
on shares bought back by the Company in the market and ring-fenced for the
EDEP, a total of $0.2 million was paid out during the financial year.
Transactions in Own Shares
Returning capital to shareholders remains a key element of the Company's
strategic goals and this, in line with prudent capital management, will
continue to be reviewed on a regular basis.
At the commencement of the 2025 financial year, shares in the Company were
valued at 58.8 pence. The share price has since appreciated 19% to 70.0 pence
per Ordinary Share at 30 June 2025, largely influenced by the macroeconomic
environment and stronger PGM prices. As stated previously, even though a great
many of the factors influencing the share price are outside of the Company's
control, management always pays close attention and will continue to manage
the business in the best way possible to provide maximum value for
shareholders.
During the Period, 455,358 Bonus share awards vested and were exercised by
employees and PDMRs. Of the 455,358 Ordinary Shares that were exercised,
157,277 related to PDMRs. The 455,358 shares exercised amounts to $0.7 million
of which $0.2 million relates to PDMRs and $0.5 million relates to
employees.153,168 Ordinary Shares were immediately repurchased by the Company
at the vesting price of 50.0 pence per share in order to satisfy the tax
liabilities of the PDMRs and employees, and a further 89,374 Ordinary Shares
were repurchased at the 30-day VWAP of 46.75 pence per share.
During the Period, the Company conducted an on-market Share Buyback programme
to purchase Ordinary Shares of $0.01 each of the Company's issued share
capital, up to a maximum consideration of $1.6 million. A total of 1,705,000
Ordinary Shares were bought back during the on-market Buyback programme at an
average price of 41.37 pence per share, equating to $0.9 million in aggregate.
In total during FY2025 1,947,542 Ordinary Shares were bought back by the
Company, on-market and from PDMRs and employees at an average price of 42.45
pence per share, equating $1.0 million in aggregate.
The Company's issued share capital as at 30 June 2025, is 273,366,725 Ordinary
Shares, of which a total of 13,257,395 Ordinary Shares are held in Treasury.
Therefore, the total number of Ordinary Shares with voting rights in Sylvania
is 260,109,330 Ordinary Shares.
Notification of Transactions by PDMR
Eileen Carr, Non-Executive Director and Chair, purchased 70,000 Ordinary
Shares in the Company at 44.85 pence per Ordinary Share during the Period.
Following this transaction, her shareholding in the Company totals 200,000
Ordinary Shares, representing 0.08% of the total number of Ordinary Shares
with voting rights.
Adrian Reynolds, Non-Executive Director, purchased 25,000 Ordinary Shares in
the Company at an average cost of 47.39 pence per Ordinary Share during the
Period. Consequently, his shareholding in the Company totals 75,000 Ordinary
Shares, representing 0.03% of the total number of Ordinary Shares with voting
rights.
Simon Scott, Non-Executive Director, purchased 10,000 Ordinary Shares in the
Company at an average cost of 46.80 pence per Ordinary Share during the
Period. Consequently, his shareholding in the Company totals 30,000 Ordinary
Shares, representing 0.01% of the total number of Ordinary Shares with voting
rights.
Senior Management Changes
Lewanne Carminati, Group CFO, is stepping down from her position and from the
Board of Sylvania with effect from 30 November 2025 (announced 01 September
2025). Following an external recruitment process, the Company has promoted
current Executive Officer: Finance, Ronel Bosman, to the position of CFO with
effect from 1 December 2025. Ronel has been with Sylvania since 2021 and is
a seasoned financial executive with over 20 years of experience, including
more than 15 years in finance and leadership roles across sectors such as
mining, facilities management and investment.
With the retirement of Robbie van der Schyff as Executive Officer: Operations
on 31 December 2024, Christiaan de Wet officially took over the
responsibilities of Executive Officer: Operations on 1 January 2025.
Christiaan has 16 years of experience within the PGM mining industry and has
held senior production and technical leadership positions at major mining
companies, such as Anglo American Platinum during his career.
Management thanks Lewanne and Robbie for their invaluable contribution to the
Company during their tenure and warmly congratulates Ronel on her promotion
and welcomes Christiaan to the Company.
Publication of Updated Corporate Investor Presentation
An updated corporate presentation is now available for download from the
Company's website, www.sylvaniaplatinum.com (http://www.sylvaniaplatinum.com)
.
E. ENVIRONMENT, SOCIAL AND GOVERNANCE ("ESG")
For Sylvania, integrating ESG principles goes beyond a token initiative; it
serves as the essential pillar supporting the Company's enduring success. The
Company recognises that sustainability extends beyond regulatory compliance.
It is about building trust with our communities, empowering the workforce,
minimising the environmental footprint of Sylvania and its Operations, and
creating shared value that lasts across generations.
This year, Sylvania expanded its initiatives, enhanced transparency, and
tackled complex challenges in climate resilience, water stewardship, and
social wellbeing head-on. The journey is defined by transforming what was once
considered waste into valuable resources, illustrating how innovation and
responsibility advance hand in hand. By reprocessing legacy tailings,
effectively mining the past, the Company not only unlocked critical minerals
essential for the green transition but also restored the environment,
strengthening the sustainability of the mining sector.
As the mining and processing sector comes under increasing scrutiny for
potential operational hazards and environmental impacts, Sylvania acknowledges
its responsibility not only to the planet and its people but also to our
customers and shareholders. We recognise that a truly sustainable industry
player must go beyond compliance. It must actively promote diversity and
inclusivity within its workforce, minimise its environmental footprint
responsibly, and engage meaningfully with local communities. Our strategy is
closely aligned with the principles of the International Council on Mining and
Metals ("ICMM"), the United Nations Sustainable Development Goals ("UNSDGs"),
the United Nations Task Force on Climate-Related Financial Disclosures
("TCFD") and the Sustainability Accounting Standards Board ("SASB"); the SASB
standards identify the ESG issues most applicable to performance in different
industries. ensuring that our practices meet the highest standards of
sustainability.
In this year's ESG review, we delve into critical environmental aspects such
as climate action, water security, tailings management, and land
rehabilitation. Socially, we are spotlighting initiatives that include female
empowerment, workforce diversity, health and safety standards, training and
development, community relations, and the fight against gender-based violence.
On the governance front, our focus remains on ensuring process integrity,
upholding a strong code of conduct, fostering sustainable growth, engaging
stakeholders, contributing economically, and managing resources prudently.
These initiatives and their progress will be elaborated upon in our
forthcoming ESG report.
In FY2025, the Company increased total employees to 814 from 777 in FY2024
with more than half of new hires coming from host and local communities. This
focus on local recruitment supports job creation in the areas where the
company operates. Spending on community-based suppliers has increased 31% from
ZAR119.3 million in FY2024 to ZAR156.6 million in FY2025.
In FY2025, 4,893 training interventions were delivered, representing an almost
50% increase compared to FY2024. These interventions included employee
inductions, role-specific technical training, medical assessments, and
continuous development activities. The approach combines formal education with
practical learning, such as on-the-job coaching and skills shadowing.
Educational support is further provided through bursaries, with 27 bursaries
awarded during the year.
Beyond the workforce, Sylvania invests in community development through
targeted training initiatives, particularly in trades such as fitting,
turning, and electrical skills. In FY2025, 24 community members received
training, more than double the number in FY2024. These efforts reflect the
company's commitment to social responsibility by promoting employment
opportunities and supporting sustainable growth in the communities where it
operates.
Diversity is highly valued at Sylvania, as a varied workforce drives
innovation, social progress, and sustainable growth. Female representation
increased to 29% of the workforce in FY2025, continuing a steady upward trend
supported by targeted initiatives such as the Women in Mining ("WIM")
programme. Women accounted for over 34% of new recruits during the year,
reflecting the Company's focus on advancing gender diversity at all levels.
During FY2025, the Company achieved significant milestones in its commitment
to health and safety, water management, and climate action. Notably, the
Company achieved the best overall safety performance in its history in FY2025,
with the fewest total injuries. Doornbosch celebrated 13-years without an LTI
as of June 2025 and marked a remarkable four-year period entirely free of
injuries. The combined Eastern Operations achieved one full year injury-free.
These achievements underscore Sylvania's unwavering focus on safety and
well-being in its efforts to achieve the goal of Zero Harm, further evidenced
by the absence of occupational illnesses recorded during the year.
In terms of rehabilitation, the TSF slope rehabilitation trials at Tweefontein
were completed. The trials were focused on developing a method of
rehabilitating TSFs, which is low-cost, environmentally friendly and
sustainable. The results of aftercare and sustaining of growth media continue
to be favourable and indicate that this method is very suitable for
rehabilitation during the operation of the TSF. Positives from the trials
include observations of grass seed germination, Plant growth and improvements
in physical and chemical characteristics of tailings.
As part of expanding the trials, slope stabilisation at the Millsell TSF is
currently being implemented. In terms of rehabilitation (post-Operations), a
closure fund is maintained and updated to ensure that obligations
post-Operations can be met.
As South Africa is one of the most biodiverse countries in the world, Sylvania
understand our responsibility to partake and promote conservation and the
protection of wildlife for current and future generations. As such, Sylvania
has partnered with the Endangered Wildlife Trust ("EWT") to provide funding to
promote focusing on conservation and protection of threatened and endangered
wildlife species and ecosystems in Southern Africa. Key initiatives that were
launched and supported in FY2025 relate to the Endangered Wildlife Trust's
Land, Air, Water and Species ("LAWS") Unit, providing dedicated environmental
legal expertise to advance the strategic objectives of the EWT of saving
species, conserving habitats and benefiting people.
ANNEXURE
GLOSSARY OF TERMS FY2025
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
Attributable Resources, or portion of investment allocated to the Company
BIC Bushveld Igneous Complex
CLOs Community Liaison Officers
Current arisings Fresh chrome tails from current operating host mines processing operations
DFFE Department of Forestry, Fisheries and the Environment
DMPR Department of Mineral and Petroleum Resources
EBITDA Earnings before interest, tax, depreciation and amortisation
EA Environmental Authorisation
EAP Employee Assistance Program
EC&I Electrical Control and Instrumentation
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
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
kV Kilovolt
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
MVA Mega volt-amperes
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) programme 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
S189A A formal consultation process with relevant stakeholders on potential
restructuring
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
WUL Water Use Licence
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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. END FR QVLFBEKLXBBKRecent news on Sylvania Platinum
See all newsREG - Sylvania Platinum - Cancellation of Ordinary Shares
AnnouncementREG - Sylvania Platinum - Annual Results Announcement
AnnouncementREG - Sylvania Platinum - Board Changes
AnnouncementREG - Sylvania Platinum - Fourth Quarter Report to 30 June 2025
AnnouncementREG - Sylvania Platinum - TR-1 Notification of Change in Major Shareholding
Announcement