REG - Sylvania Platinum - Result of AGM

Sylvania PlatinumAnnouncement

02/12/2024 07:00

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RNS Number : 3726O  Sylvania Platinum Limited  02 December 2024

 

 

2 December 2024

 

 

Sylvania Platinum Limited

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

 

Result of Annual General Meeting

 

Sylvania (AIM: SLP), the platinum group metals ("PGM") producer and developer
with assets in South Africa, today confirms that at the Company's Annual
General Meeting ("AGM") held on Friday 29 November 2024, the final annual
dividend in the amount of 1.0 pence per Ordinary Share of $0.01 was declared
payable on 6 December 2024 to Members of record as at 1 November 2024.  In
addition, PriceWaterhouseCoopers Inc will continue to be appointed as auditors
for the Group, for a term expiring at the 2025 AGM of the Company.

 

The Directors of Sylvania advise that the following special resolutions, as set out in the Notice of Meeting and placed before shareholders at the AGM of the Company held in Bermuda on 29 November 2024, were voted on a poll as follows:

 

 No.               Resolution                                                  For + Discretion  Against   Votes Withheld

                                                                               (votes)           (votes)
 1.                   Waiver of laying of standalone Financial Statements      53,534,242        218,946   79,401
 2.                Waiver of Appointment of Auditor of the standalone Company  53,558,444        218,946   55,199

 

Pursuant to Section 88 of the Companies Act 1981 and Bye-laws 71 and 76 of the
Company's Bye-laws which require that the resolutions be passed unanimously,
at the conclusion of such poll, the resolutions were accordingly not passed.

 

For the avoidance of doubt, the special resolutions above relate only to the
Group's Bermudan entity and have no impact on the production and publication
of the Group's consolidated financial statements for FY2025.

 

 

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 / John More / Joshua Borlant

 Kieron Hodgson

 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/)

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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