REG - Sylvania Platinum - First Quarter Report to 30 September 2024
29/10/2024 07:00
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RNS Number : 0123K Sylvania Platinum Limited 29 October 2024
29 October 2024
Sylvania Platinum Limited
("Sylvania", the "Company" or the "Group")
First Quarter Report to 30 September 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 30 September 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 19,160 4E (24,549 6E) PGM
ounces in Q1 FY2025, a 12% increase quarter-on-quarter (Q4 FY2024: 17,067
4E (21,896 6E) PGM ounces);
· SDO recorded $21.9 million net revenue for the Quarter (Q4
FY2024: $20.6 million);
· Group EBITDA of $3.3 million (Q4 FY2024: $2.8 million);
· Cash balance as at 30 September 2024 of $94.7 million (30 June
2024: $97.8 million);
· No Lost-Time Injuries ("LTIs") occurred during the Period;
· Thaba Joint Venture ("Thaba JV") project is on schedule to
commence first production in HY2 FY2025 with all phases of construction of the
chrome and PGM beneficiation plants progressing well; and
· The Competent Person Report for the Volspruit Scoping Study was
finalised in August 2024 and indicates an increased pre-tax net present value
("NPV") to $69.0 million (2022: $27.3 million) for a 14-year life of mine
("LOM").
Outlook
* Cold commissioning and first PGM and chrome production from the Thaba JV are
on schedule and expected during Q3 and Q4 FY2025 respectively;
* Performance enhancement initiative commenced at Lesedi in August 2024 and will
continue into Q2 FY2025;
* Annual production target of 73,000 to 76,000 4E PGM ounces for FY2025 remains
unchanged;
* A geophysical survey proposed to cover the entire strike length of the Aurora
project to assess both the continuity of the mineralisation as well as to
gain a greater understanding of the structural setting of the area will
commence in Q2 FY2025 with results expected in Q3 FY2025;
* The Group maintains strong cash reserves enabling it to balance the
requirement of sustaining capital (new tailings storage facilities ("TSFs")
and strategic and improvement projects), expansion and process optimisation
capital (new Thaba JV project and studies aimed at optimising value of the
Group's exploration assets), as well as potential shareholder returns;
* A final dividend of one pence per Ordinary Share for FY2024 was declared,
bringing the total dividend for FY2024 to three pence per Ordinary Share;
and
* The Annual General Meeting (AGM) is to be held on 29 November 2024.
Commenting on the results, Sylvania's CEO, Jaco Prinsloo, said:
"I am pleased to report that the first Quarter of FY2025 year has yielded
strong results in line with our expectations, achieving 19,160 4E PGM ounces
by the SDO, a 12% increase from that recorded in Q4 FY2024. Although the
average 4E gross basket price decreased by 2% in USD terms and 5% in ZAR
terms, the increase in production ounces recorded during the Quarter resulted
in stronger profits compared to Q4 FY2024.
"On the cost front, Group cash unit cost improved 8% and 5% in ZAR and USD
terms respectively, assisted by higher PGM ounce production while direct costs
remained aligned with the previous quarter in ZAR terms, benefiting from
management's continued focus on disciplined operational and cost control
initiatives.
"Both the build phase and the operational readiness planning for the Thaba JV
is running according to plan. The majority of the operational team will start
with induction and training during November 2024 and cold commissioning is on
track for Q3 FY2025.
"Despite the continued macro-economic challenges, I am pleased with the
significantly improved production performance of the SDO and Group results in
general for Q1 FY2025. This is especially promising as we have been seeing a
gradual improvement in the PGM basket price in recent weeks, which bodes well
for potential increased profitability going forward. I would like to take this
opportunity to thank and congratulate the various management teams on their
outstanding efforts during the Quarter."
CONTACT DETAILS
For further information, please contact:
Jaco Prinsloo CEO +27 11 673 1171
Lewanne Carminati CFO
Nominated Adviser and Broker
Panmure Liberum Limited +44 (0) 20 3100 2000
Scott Mathieson / Kieron Hodgson / John More / Joshua Borlant
Communications
BlytheRay +44 (0) 20 7138 3204
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 ("PGMs")
(platinum, palladium and rhodium) 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 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
BIC.
For more information visit https://www.sylvaniaplatinum.com/
(https://www.sylvaniaplatinum.com/)
Operational and Financial Summary
Production Unit Q4 FY2024 Q1 FY2025 % Change
Plant Feed T 600,058 625,881 4%
Feed Head Grade g/t 1.98 2.03 2%
PGM Plant Feed Tons T 336,029 327,812 -2%
PGM Plant Feed Grade g/t 3.03 3.24 7%
PGM Plant Recovery(1) % 52.10% 56.34% 8%
Total 4E PGMs Oz 17,067 19,160 12%
Total 6E PGMs Oz 21,896 24,549 12%
Unaudited USD ZAR
Unit Q4 FY2024 Q1 FY2025 % Change Unit Q4 FY2024 Q1 FY2025 % Change
Financials (3)
Average 4E Gross Basket Price(2) $/oz 1,383 1,356 -2% R/oz 25,683 24,348 -5%
Revenue (4E) $'000 16,967 18,527 9% R'000 314,903 332,552 6%
Revenue (by-products including base metals) $'000 2,827 3,280 16% R'000 52,472 58,885 12%
Sales adjustments $'000 833 108 -87% R'000 15,457 1,944 -87%
Net revenue $'000 20,627 21,915 6% R'000 382,832 393,381 3%
Direct Operating costs $'000 14,931 15,484 4% R'000 277,112 277,943 0%
Indirect Operating costs $'000 2,220 2,784 25% R'000 41,197 49,979 21%
General and Administrative costs $'000 721 629 -13% R'000 13,382 11,291 -16%
Group EBITDA $'000 2,845 3,299 16% R'000 52,803 59,217 12%
Net Profit $'000 2,752 3,008 9% R'000 51,077 53,994 6%
Capital Expenditure $'000 5,292 7,774 47% R'000 98,221 139,547 42%
Cash Balance(4) $'000 97,845 94,651 -3% R'000 1,779,801 1,641,248 -8%
Ave R/$ rate R/$ 18.56 17.95 -3%
Spot R/$ rate R/$ 18.19 17.34 -5%
Unit Cost/Efficiencies
SDO Cash Cost per 4E PGM oz(5) $/oz 875 808 -8% R/oz 16,237 14,506 -11%
SDO Cash Cost per 6E PGM oz(5) $/oz 682 631 -7% R/oz 12,656 11,322 -11%
Group Cash Cost Per 4E PGM oz(5) $/oz 1,027 976 -5% R/oz 19,061 17,519 -8%
Group Cash Cost Per 6E PGM oz(5) $/oz 801 762 -5% R/oz 14,867 13,678 -8%
All-in Sustaining Cost (4E) $/oz 1,077 995 -8% R/oz 19,986 17,867 -11%
All-in Cost (4E)(6) $/oz 1,161 1,401 21% R/oz 21,555 25,150 17%
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 September 2024 gross 4E basket
used for revenue recognition of ounces delivered in Q1 FY2025, before
penalties/smelting costs and applying the contractual payability.
3 Revenue (6E) for Q1 FY2025, before adjustments is $19.7 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 $1.3 million
(Q4 FY2024 $1.2 million).
5 The cash costs include operating costs and exclude indirect costs for
example mineral royalty tax and Employee Dividend Entitlement Plan ("EDEP")
payments.
6 The all-in cost increase is due to the increased spend on the Thaba JV and
capital projects (strategic and growth capital). The Thaba JV spend for Q1
FY2025 is $4.8 million (attributable).
A. OPERATIONAL OVERVIEW
Safety, health and environment ("SHE")
The SHE performance for this Period has again been excellent owing to
employees' and contractors' vigilance, discipline, and adherence to safety
protocols.
The Group is proud to report that there were no significant SHE-related
incidents reported during the Quarter. Unfortunately, a transport related
accident involving a contractor's driver took place at the entrance to the
Company's Mooinooi operation post Quarter-end resulting in the driver being
hospitalised. He is currently in hospital recovering from the injuries
sustained. While this was not deemed a Sylvania LTI by the Department of
Mineral Resources and Energy ("DMRE"), the Company is undertaking the
necessary steps to aid in the investigation of the incident and support the
injured and the relevant authorities. The Company continues to target Zero
Harm to employees and every injury that is recorded is fully investigated and
corrective measures are implemented to prevent any future reoccurrences.
Sylvania continuously strives to maintain high safety standards and a safe
working environment at all operating sites, with each plant continuing to
operate in accordance with legislated safety and occupational regulations
pertaining to the industry through the collaborative efforts of management and
employees.
Historically, a high number of accidents occur in the last quarter of the
calendar year. This period is often challenging from a health and safety
perspective and is commonly known as 'Silly Season/Critical Season.' Sylvania
is therefore again initiating its yearly campaign, known as the "Silly Season
Campaign" aimed at proactively preventing safety incidents by focusing on
supporting safe behaviour, avoiding complacency, combatting year-end fatigue,
and reinforcing vigilance and adherence to safety measures in high-risk areas.
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 produced 19,160 4E PGM ounces during the Quarter. This equates to an
increase of 12% compared to Q4 FY2024 which is due to a slight improvement in
flotation feed grades and a quarter-on-quarter increase of 8% in recoveries at
primarily the Group's Mooinooi, Tweefontein, and Lannex operations as the
quality of feed material from host mines improved. Focus remains on monitoring
the incoming grades of feed sources, especially the run of mine ("ROM") grades
from the host mine, to ensure that the benefits of feed source blending is
optimised. Improved grades from outside sources on the Eastern operations has
continued to contribute positively to performance and the achieving of
targets, albeit at slightly higher operating costs as experienced since H2
FY2024.
SDO operating cash costs per 4E PGM ounce decreased 11% in rand terms to
ZAR14,506/ounce and 8% in dollar terms, to $808/ounce (Q4 FY2024:
ZAR16,237/ounce and $875/ounce respectively), assisted by improved PGM ounce
production while direct operating costs in ZAR terms remained stable and USD
terms increased slightly as ZAR/USD exchange rate strengthened.
The Group incurred capital expenditure of ZAR139.5 million ($7.8 million) (Q4
FY2024: ZAR98.2 million ($5.3 million)), in line with the Group's capital
project programme, this includes $4.8 million attributable capital on the
Thaba JV, $2.8 million on sustaining and expansion capital as well as $0.2
million on exploration capital. All capital projects are fully funded from
current cash reserves.
Operational opportunities and outlook
Progress and construction of a column flotation cell at Millsell to improve
PGM concentrate quality and payability is progressing well with expected
commissioning during Q2 FY2025.
The construction of the centralised PGM filtration plant at Lesedi has
commenced and is expected to be completed during Q2 FY2026. This centralised
plant will accommodate the current slurry concentrate from all SDO operations
and aims to improve PGM concentrate blending, concrete transport cost and
meeting the contractual requirement to start delivery of filter cake to the
off-take partner.
No Eskom load curtailment has been experienced at any of the operations during
the Quarter and the Country has now been load shedding free for more than two
hundred consecutive days. The installation and commissioning of the Millsell
standby generator has been completed successfully. Additionally, Eskom, has
applied to the National Energy Regulator of South Africa to approve an above
inflation electricity price hike from April 2025.
As part of the optimisation strategy at Lesedi, the operation was stopped
during August 2024 for 24 days to re-assess and reposition the plant for the
treatment of alternative dump material in an attempt to improve performance
and output and ensure that the plant would be able to accommodate the new
current arisings feed source from Samancor's Lesedi ROM plant that will be
recommissioned during Q2 FY2024. Various treatment scenarios have been
explored, the most suitable circuit has been selected and is in operation with
close monitoring of performance ongoing. The Company's Section 189A ("S189A")
of the Labour Relations Act, 66 of 1995 ("LRA") consultation process is still
on going and restructuring of the operation remains a possibility if
operational improvement objectives are not met.
As part of the host mine's drive to increase chrome production, the Lesedi ROM
plant, that has been on care and maintenance since it was acquired in 2017, is
scheduled to be recommissioned during Q2 FY2025. This represents an
opportunity to treat higher-grade current arisings at Lesedi. Cold
commissioning of the Lesedi ROM plant commenced during October 2024, with the
plant expected to ramp up production during HY2 FY2024. To ensure meaningful
consultation in line with section 189A (2)(d), the Company agreed to extend
the Section 189A consultation process period in progress at Lesedi with a
further 60 days and further updates will be provided as and when results are
forthcoming
B. FINANCIAL OVERVIEW
Financial performance
Revenue (4E) for the Quarter increased by 9% to $18.5 million (Q4 FY2024:
$17.0 million) as a result of the increased production during the Period. This
was despite the average 4E gross basket price for the Quarter decreasing 2% to
$1,356/ounce against $1,383 in Q4 FY2024.
Net revenue, which includes revenue from by-products, base metals and the
quarter-on-quarter sales adjustment, was $21.9 million (Q4 FY2024: $20.6
million). Net revenue includes attributable revenue received for ounces
produced from material purchased from third parties.
Group cash costs per 4E PGM ounce decreased by 8% in rand terms from
ZAR19,061/ounce to ZAR17,519/ounce and 5% in dollar terms from $1,027/ounce to
$976/ounce mainly as a result of the 12% increase in ounce production
quarter-on-quarter.
General and administrative costs decreased to $0.63 million from $0.72 million
in Q4 FY2024. These costs are incurred in USD, Pounds Sterling ("GBP") and
ZAR.
Group EBITDA for the Quarter was $3.3 million (Q4 FY2024: $2.8 million), a 16%
increase quarter-on-quarter, which is mainly due to the 12% higher production
marginally off-set by the 2% lower basket price in dollar terms. Net profit
was $3.0 million (Q4 FY2024: $2.8 million), a 9% increase from Q4 FY2024.
The Group cash balance decreased by 3% quarter-on-quarter to $94.7 million (Q4
FY2024 97.8 million).
A tax refund of $1.8 million was received during the Quarter from the South
African Revenue Services relating to the FY2024 tax period. Surplus cash
invested in both ZAR and USD earned interest income amounting to $1.7 million.
The capital spent for the Group increased by 47% to $7.8 million (Q4 FY2024
$5.3 million), comprising $4.8 million on the attributable capital on the
Thaba JV, $2.8 million on stay in business and improvement capital and a
further $0.2 million on exploration projects.
At a corporate level, a total of 242,542 shares were bought back from
employees and for tax purposes on vested shares respectively, amounting to
$0.2 million.
Cash generated from operations before working capital movements was $3.4
million, with net changes in working capital of $1.7 million mainly due to the
movement in trade payables of $1.6 million.
The impact of exchange rate fluctuations amounted to $0.9 million profit due
to the net appreciation of the ZAR to the USD during and at the end of Q1
FY2025.
C. THABA JV
The unincorporated joint venture 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 of approximately 18-24 months, which
commenced in August 2023, is progressing as planned and the project is on
schedule for the first production to commence in HY2 FY2025.
Procurement for the project phase is now mostly complete, while procurement
for the operational readiness phase is ramping up according to plan. Many of
the plant employees will commence with training in November 2024, as the team
prepares for cold commissioning of most areas of the plant in Q3 FY2025.
Steel and plate fabrication along with mechanical installation is visibly
approaching completion on site while electrical control and instrumentation
("EC&I") as well as piping installation commenced in October 2024.
The high voltage ("HV") Yard construction has been delayed owing to slow
progress of the approval process by the State-owned power utility, Eskom.
Fortunately, this delay was foreseen and preparations were made to accommodate
a temporary power supply, which combines the available 3 MVA Eskom supply with
diesel power generation. This allows for commissioning of the plant and for
production ramp-up at the planned rate. Construction of the HV Yard is now in
full swing and additional effort is being spent to bring the permanent power
supply online as soon as possible.
The critical path of the project is well understood, risks have been
adequately mitigated, and there is no reason to anticipate a delay to the
original planned completion date of 30 April 2025.
D. MINERAL ASSET DEVELOPMENT
The Group holds approved mining rights for three PGM-base metal projects on
the Northern Limb of the Bushveld Igneous Complex ("BIC") in South Africa.
The Company continues to develop these projects through additional technical
studies and re-interpretation of historical information. The Scoping Study for
Volspruit was published during the Quarter and exploration work is set to
commence at the Aurora project during Q2 FY2025. All additional information
will be utilised in determining how best to develop these assets.
Volspruit Project
SRK Consulting completed the Competent Person Report 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 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.
A summary of the Scoping Study outcomes is provided below, and further details
are provided in the announcement dated 20 August 2024.
Investment Returns of the Volspruit Project (SRK, July 2024)
Investment Return Total / Average
Pre-tax NPV ZAR1.2 billion / $69.0 million
Pre-tax Internal Rate of Return (real) 17%
Discount rate (real) 12%
Payback period 6 years
Peak funding requirement ZAR4.3 billion / $238.3 million
Life of mine 14 years
Reporting continues on the processing test work alongside assessing new
technologies that may assist in upgrading the feed grade for Volspruit. The
outcomes of these assessments will assist in determining how best to derive
value from the project.
On the Regulator front, steady progress is being made in the permitting
process necessary for the existing mining right. Local Economic Development
projects are gaining traction and Sylvania recently co-sponsored a successful
two-day soccer tournament in the community.
Specialist studies required by the Regulators are being completed to allow for
completion and upcoming submission of the Water Use Licence application
("WULA"). The final Environmental Impact Assessment ("EIA") Report and
associated Environmental Management Programme for the amendment of the EIA was
submitted at the end of Q1 FY2025. A decision from the competent authority is
expected during Q3 FY2025.
Far Northern Limb Projects
An exploration programme for Aurora has been compiled based on the
reinterpretation of historic drilling. A geophysical survey proposed to cover
the entire strike length of the project to assess both the continuity of the
mineralisation as well as to gain a greater understanding of the structural
setting of the area will commence during Q2 FY2025 with results expected in Q3
FY2025.
Processing test work on samples from the most recent drilling campaign at
Aurora aimed at gaining an understanding of the metallurgical characteristics
of the mineralised zone will be undertaken in Q2 FY2025.
If required and justified future borehole drilling programmes will be designed
based on the outcomes of the geophysical and metallurgical test work.
An Exploration Target was declared for Hacra in August 2024 allowing the
Company to start evaluating potential disposal options. Further details about
Hacra's Exploration Target can be found in the announcement dated 20 August
2024. Sylvania is focussing its exploration activities on the shallower
mineralisation at its Volspruit and Aurora projects.
E. CORPORATE ACTIVITIES
Notification of Transactions by Persons Displaying Managerial Responsibility
("PDMRs")
Eileen Carr, Non-Executive Director and Chair, purchased 70,000 ordinary
shares of $0.01 each in the Company ("Ordinary Shares") at 44.85 pence per
Ordinary Share on 12 September 2024. 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 at
47.39 pence per Ordinary Share on 16 September 2024. Following this
transaction, 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 at 46.80
pence per Ordinary Share on 18 September 2024. Following this transaction, his
shareholding in the Company totals 30,000 Ordinary Shares, representing 0.01%
of the total number of Ordinary Shares with voting rights.
Exercise of vested bonus shares and buyback
During the Period, the Company announced that a total of 455,358 Ordinary
Shares had been exercised by employees and PDMRs of the Company, following the
vesting of deferred share awards granted under the Sylvania Platinum Limited
Bonus Share Award Plan ("the Plan"). Of the 455,358 shares that were
exercised, 157,277 related to PDMRs. The Company agreed to repurchase 153,168
Ordinary Shares at the vesting price of 50.00 pence in order to satisfy the
tax liabilities of the employees and PDMRs and a further 89,374 Ordinary
Shares were repurchased at the 30-day VWAP of 46.75 pence at the request of
certain employees and PDMRs under the terms of the Plan. Following the above
transaction, the Company's issued share capital amounts to 273,366,725
Ordinary Shares of which a total of 11,552,395 Ordinary Shares are held in
Treasury. Therefore, the total number of Ordinary Shares with voting rights in
Sylvania 261,814,330 Ordinary Shares.
AGM Announcement and Final Dividend
The Company's AGM is to be held on 29 November 2024. A predominant emphasis of
the Company is placed on cash generation, which facilitates the distribution
of capital returns to shareholders in line with the Dividend Policy introduced
in the 2023 financial year. In line with this policy update, the Board has
declared a final dividend of one pence per Ordinary $0.01 Share (Ordinary
Share), to be paid on 6 December 2024. This follows the interim dividend of
one pence per Ordinary Share paid in April 2024 and a special dividend of one
pence per Ordinary Share paid in June 2024, bringing the total annual dividend
to three pence per Ordinary Share. Total dividends of $23.3 million were paid
during FY2024.
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 PGM 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 cost 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 belonging to the Company
BCM Bank cubic metres
CLOs Community Liaison Officers
Company The purely equity holding entity registered in Bermuda, Sylvania Platinum
Limited, with its entire share capital admitted on AIM.
DMRE Department of Mineral Resources and Energy
EBITDA Earnings before interest, tax, depreciation and amortisation
EA Environmental Authorisation
EAP Employee Assistance Program
EDEP Employee Dividend Entitlement Programme
EEFs Employment Engagement Forums
EIA Environmental Impact Assessment
EIR Effective interest rate
EMPR Environmental Management Programme Report
ESG Environment, Social and Governance
GBP Pounds Sterling
GHG Greenhouse gases
GISTM Global Industry Standard on Tailings Management
GRI Global Reporting Initiative
Group The Company and its controlled entities.
IASB International Accounting Standards Board
ICE Internal combustion engine
ICMM International Council on Mining and Metals
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
NUMSA National Union of Metals Workers of South Africa
NWA National Water Act 36 of 1998
PGM Platinum group metals comprising mainly platinum, palladium, rhodium and gold
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
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
Revenue (by products) Revenue earned on Ruthenium, Iridium, Nickel and Copper
ROM Run of mine
SDO Sylvania dump operations
SHE Safety, health and environmental
Silly Season The 'Silly Season' campaign is historically where a high number of accidents
at mines are reported during the last quarter of the calendar year. This
period is often challenging from a health and safety perspective and is
commonly known as 'Silly Season/ Critical Season'
SLP Social and Labour Plan
Sylvania Sylvania Platinum Limited, a company incorporated in Bermuda
Sylvania Metals Sylvania Metals (Pty) Limited
TCFD Task Force on Climate-Related Financial Disclosures
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
VAT Value Added Tax
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 QRFPPGCWUUPCUABRecent news on Sylvania Platinum
See all newsREG - Sylvania Platinum - Third Quarter Report to 31 March 2025
AnnouncementREG - Sylvania Platinum - TR-1 Notification of Change in Major Shareholding
AnnouncementREG - Sylvania Platinum - Appointment of Joint Broker and Financial Adviser
AnnouncementREG - Sylvania Platinum - Interim Financial Results Announcement
AnnouncementREG - Sylvania Platinum - Second Quarter Report to 31 December 2024
Announcement