REG - Sylvania Platinum - Appointment of New Chair

Sylvania PlatinumAnnouncement

09/11/2023 07:00

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RNS Number : 9234S  Sylvania Platinum Limited  09 November 2023

 

 

 

 

 
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The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse regulation
(EU) no.596/2014 as amended by the Market Abuse (Amendment) (EU Exit)
Regulations 2019.

 

9 November 2023

 

Sylvania Platinum Limited

 ("Sylvania", the "Company" or the "Group")

 

Appointment of New Chair

 

Sylvania (AIM: SLP) the platinum group metals ("PGM") producer and developer
with assets in South Africa, today announces that Stuart Murray will step down
as Chairman of Sylvania with effect from 31 December 2023. After a decade of
service as Non-Executive Chairman, Stuart has decided to step down from his
position to focus more time on his other business interests.

 

During Stuart's tenure as Chairman, the Company has achieved several
significant milestones, the most important being Project Echo which has
delivered a doubling of production and extended the operational life of the
PGM operations by many years. In addition, the balance sheet has not only been
significantly strengthened but the share register has been tightened with a
reduction of shares and options in issue from 310 million in 2013 to the
current level of 263 million. This was delivered through several share
buybacks and a concerted effort to tidy the register following the ASX
de-listing. A further highlight has been the payment of total dividends of 28
pence per share since the maiden dividend declared in 2018. The establishment
of the recently announced joint venture ("JV") between Sylvania Metals (Pty)
Limited and Limberg Mining Company Limited, known as the Thaba JV, caps this
tenure.

 

The Board has voted unanimously to appoint Eileen Carr, currently
Non-Executive Director and Chair of the Audit Committee, as the Chair of the
Board when Stuart steps down. Eileen brings a wealth of experience to her new
role, with over 35 years of professional expertise within the global resources
sector. She has a track record of leadership in executive roles having served
as CFO at both Cluff Resources and Monterrico Metals PLC. Eileen has
previously been a Non-Executive Director at Banro Corp and Bacanora Lithium
PLC, and is currently Non-Executive Chair of Oriole Resources PLC.

 

Following the above changes, the Board will comprise the Chair (Independent
Non-Executive), the Group CEO and CFO, and two Independent Non-Executive
Directors.

 

Stuart Murray, the outgoing Chairman, commented,

"While there is never an opportune moment to relinquish the position of
Chairman, I do so with the confidence that the Company is in good health and
well positioned within the current PGM market environment. It's an
understatement to say that this is an exceedingly exciting phase for the
Company; we have an exceptional team in place, poised to deliver on the Thaba
JV and other initiatives. Looking back over more than 10 years, I'd like to
take this opportunity to express my deep appreciation to those I have worked
alongside, in particular the talented and dedicated Sylvania team. I extend my
warmest wishes to Eileen and the entire team, and I eagerly anticipate
following their progress in the coming years."

 

Eileen Carr, the incoming Chair and current Non-Executive Director of
Sylvania, added,

"First and foremost, I want to extend my heartfelt gratitude to Stuart for his
invaluable contributions during his tenure at Sylvania. He leaves the Company
in an exceptionally sound financial and operational position, at a stage that
holds the potential for a transformative leap as we embark on our maiden
chrome production venture. I am truly delighted to take on the role of Chair
of Sylvania and look forward to building on the remarkable legacy that Stuart
leaves behind. I'm excited to collaborate closely with the team as we set our
sights on the future."

( )

Jaco Prinsloo, Chief Executive Officer of Sylvania, added,

"I want to express my sincere appreciation for Stuart's leadership,
dedication, and significant contributions to Sylvania over the years. He
guided the Company through some difficult times and we're truly grateful for
the lasting legacy he leaves behind and wish him well in his future
endeavours. Rest assured, we remain resolute in our commitment to our mission
and the prosperity of the Company. We have a well-defined path forward and a
formidable team in place to navigate this transition. I have complete
confidence in our collective ability to build upon our past successes.

 

"On behalf of the Board, I extend our warmest congratulations to Eileen on her
appointment as Chair and eagerly anticipate working under her guidance. She is
a well experienced Board member that has intimate knowledge of the Company and
management team, and her forward-thinking leadership, expertise, and steadfast
commitment align perfectly with the Company's values and objectives. Under
Eileen's stewardship, I am confident that we will not only continue to
innovate but also experience sustained growth and success."

 

 

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 / Kane Collings

 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,
treating a combination of 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/)

 

For the purposes of MAR and Article 2 of Commission Implementing Regulation
(EU) 2016/1055, this announcement is being made on behalf of the Company by
Jaco Prinsloo.

 

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