REG - Sylvania Platinum - Second Quarter Report to 31 December 2023
31/01/2024 07:00
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RNS Number : 5022B Sylvania Platinum Limited 31 January 2024
31 January 2024
Sylvania Platinum Limited
("Sylvania", the "Company" or the "Group")
Second Quarter Report to 31 December 2023
Sylvania (AIM: SLP), the platinum group metals ("PGM") producer and developer with assets in South Africa, announces its results for the three months ended 31 December 2023 (the "Quarter"). Unless otherwise stated, the consolidated financial information contained in this report is presented in United States Dollars ("USD" or "$").
Highlights
* No Lost-Time Injuries ("LTIs") were recorded during the Quarter;
* Sylvania Dump Operations ("SDO") produced 18,232 4E (23,105 6E) PGM ounces
in Q2 FY2024 (Q1 FY2024: 20,173 4E (25,533 6E) PGM ounces), in line with
guidance for the Quarter;
* SDO recorded $20.9 million net revenue for the Quarter (Q1 FY2024: $19.7
million);
* Group EBITDA of $4.4 million (Q1 FY2024: $2.8 million);
* Final cash dividend for FY2023 of 5 pence per Ordinary Share, amounting to
$16.7 million, was paid in December 2023;
* Lannex MF2 flotation circuit commissioned with optimisation well advanced;
* Improved recoveries are expected following commissioning of the Lannex fine
grinding circuit; and
* Progress of the Thaba Joint Venture ("Thaba JV") project is on schedule and
construction of the earthworks and civil works package commenced during
December 2023.
Outlook
* Commissioning of the Lannex fine grinding circuit in progress with
optimisation to follow in Q3 FY2024;
* · Continuous operational performance improvements relating to the
optimisation of feed sources, throughput, recoveries, and cost saving
initiatives implemented;
* · An updated Mineral Resource Estimate ("MRE") statement for the
combined Volspruit North and South ore bodies is largely complete and final
documents are expected to be signed off during Q3 FY2024;
* · Preliminary Economic Assessment ("PEA") for the Volspruit project
is on-going with SRK Consulting having been appointed to undertake the work.
Upon the completion of the combined (North and South ore bodies) PEA, it is
expected that a Preliminary Feasibility Study ("PFS") will commence; and
* · The Group maintains strong cash reserves enabling funding of
expansion and joint venture ("JV") initiatives, process optimisation capital
and upgrading of the Group's exploration and evaluation assets.
Commenting on the results, Sylvania's CEO, Jaco Prinsloo, said:
"We have again achieved an excellent safety, health and environmental
performance for the Quarter. Our sustained focus on employee well-being and
sustainable practices, has ensured that all operations achieved an all-injury
free Quarter and the SDO remains LTI-free for the Quarter and year to date.
"Production for the Quarter of 18,232 4E PGM ounces was in line with the
production target for the period. The 10% lower production was primarily
attributed to lower current arising feed tonnages and feed grades from some of
the host mines due to the festive season closure. However, the second-quarter
production was supported by higher recovery efficiencies over the period.
Despite these challenges, we remain on course to meet the full-year production
guidance.
"Net revenue was up 6% due to a smaller sales adjustment during Q2 FY2024, and
consequently, Group EBITDA increased by an impressive 57%. Despite the ongoing
pressure on the PGM 4E basket price, which experienced a further 3% reduction
during the period, these positive financial indicators reflect the resilience
and strategic adaptability of our operations. Net profit was 13% lower than in
Q1 FY2024 due to the impact of inter-company dividend withholding taxes.
Nonetheless, the Company maintained a strong cash position.
"On the cost front, SDO cash costs per 4E ounce increased 13% in dollar and
rand terms, respectively, and were primarily affected by the lower ounces
produced compared with Q1 FY2024.
"During the period, the Company paid the FY2023 final dividend of 5 pence per
Ordinary Share, as well as provisional income and mineral royalty taxes. At 31
December 2023, the Group remains in a strong cash position allowing it to
continue funding of its existing capital projects and growth opportunities and
to return value to shareholders.
"I am very pleased that the Thaba JV is progressing well with the design,
procurement and construction elements of the project all on schedule.
Additionally, on the exploration front, an updated MRE statement for both
Volspruit North and South orebodies is currently under review. The PEA for the
Volspruit project, along with the results from the metallurgical test-work are
expected during HY2 FY2024. The optimisation of value from the exploration
assets remains a key component of Sylvania Platinum's growth strategy and will
aid in supporting the Company's future value proposition for all stakeholders.
"After a decade of service as Non-Executive Chairman, Stuart Murray stepped
down on 31 December 2023 to focus on his other business interests and Eileen
Carr succeeded Stuart as Chair of Sylvania. With over 35 years of professional
expertise in the global resources sector, she brings a wealth of experience to
her new role. I would like to express my gratitude for Stuart's valuable
contributions during his tenure and I am looking forward to Eileen's
forward-thinking leadership and I am sure we will sustain our growth and
success under her stewardship. I would also like to congratulate Simon Scott,
Non-Executive Director, who has taken over Eileen's role as Chair of the Audit
Committee.
"Sylvania's interim financial results will be released on Thursday 22 February
2024 and I, and the Group CFO, Lewanne Carminati, will be hosting investor
webinars and shareholder meetings over the course of the week of the release.
Once again, we look forward to engaging with our valued stakeholders during
this period."
Operational and Financial Summary
Production Unit Q1 FY2024 Q2 FY2024 % Change
Plant Feed T 666,824 636,156 -5%
Feed Head Grade g/t 1.93 1.84 -5%
PGM Plant Feed Tons T 358,602 342,548 -4%
PGM Plant Feed Grade g/t 2.94 2.84 -3%
PGM Plant Recovery(1) % 56.71% 58.33% 3%
Total 4E PGMs Oz 20,173 18,232 -10%
Total 6E PGMs Oz 25,533 23,105 -10%
Unaudited USD ZAR
Unit Q1 FY2024 Q2 FY2024 % Change Unit Q1 FY2024 Q2 FY2024 % Change
Financials(3)
Average 4E Gross Basket Price(2) $/oz 1,344 1,305 -3% R/oz 25,069 24,444 -2%
Revenue (4E) $'000 19,631 17,386 -11% R'000 366,112 325,634 -11%
Revenue (by-products including base metals) $'000 3,303 3,331 1% R'000 61,607 62,393 1%
Sales adjustments $'000 (3,201) 155 105% R'000 (59,700) 2,905 105%
Net revenue $'000 19,733 20,872 6% R'000 368,019 390,932 6%
Direct Operating costs $'000 12,886 13,144 2% R'000 240,323 246,196 2%
Indirect Operating costs $'000 3,226 2,567 -20% R'000 60,159 48,082 -20%
General and Administrative costs $'000 699 667 -5% R'000 13,036 12,493 -4%
Group EBITDA $'000 2,818 4,437 57% R'000 52,556 83,105 58%
Net Interest $'000 1,596 -3% R'000 30,623 29,893 -2%
1,642
Net Profit $'000 1,802 1,559 -13% R'000 33,607 29,200 -13%
Capital Expenditure $'000 3,218 3,924 22% R'000 60,013 73,488 22%
Cash Balance $'000 126,865 107,232 -15% R'000 2,402,823 1,963,418 -18%
Ave R/$ rate R/$ 18.65 18.73 0%
Spot R/$ rate R/$ 18.94 18.31 -3%
Unit Cost/Efficiencies(4)
SDO Cash Cost per 4E PGM oz(4) $/oz 639 721 13% R/oz 11,913 13,503 13%
SDO Cash Cost per 6E PGM oz(4) $/oz 505 569 13% R/oz 9,412 10,656 13%
Group Cash Cost Per 4E PGM oz(4) $/oz 782 897 15% R/oz 14,584 16,801 15%
Group Cash Cost Per 6E PGM oz(4) $/oz 618 708 15% R/oz 11,526 13,261 15%
All-in Sustaining Cost (4E) $/oz 830 957 15% R/oz 15,476 17,931 16%
All-in Cost (4E) $/oz 959 1,096 14% R/oz 17,894 20,533 15%
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 recorded 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 December 2023 gross 4E basket
used for revenue recognition of ounces delivered in Q2 FY2024, before
penalties/smelting costs and applying the contractual payability.
(3) Revenue (6E) for Q2 FY2024, before adjustments is $20.6 million (6E pill
split is Pt 53%, Pd 17%, Rh 9%, Au 0%, Ru 16%, Ir 5%). Revenue excludes
profit/loss on foreign exchange.
(4) The cash costs include operating costs and exclude indirect cost for
example royalty tax and EDEP payments and accruals.
A. OPERATIONAL OVERVIEW
Safety, health and environment
In the first half of the year, Sylvania has achieved an excellent safety,
health and environmental performance. With a focus on employee well-being
and sustainable practices, we are proud to report no LTIs for the period.
Our proactive approach to safety measures, including regular risk assessments,
has contributed to a workplace culture that prioritises the health and safety
of employees and contractors. Simultaneously, our environmental initiatives
have driven responsible resource management and minimised our ecological
footprint.
The successful "Silly Season" campaign held throughout November and December
2023, and which ran into January 2024, emphasised the importance of a
hazard-free and injury-free environment. Through various creative initiatives,
employees embraced a culture of mindfulness and remaining vigilant about
safety protocols. The result was a remarkable achievement of zero injuries
throughout the Quarter and the festive season.
Sylvania held another successful anti gender-based violence ("GBV") campaign,
fostering a workplace culture of respect and equality. Through various
informative sessions and open dialogue, employees gained a deeper
understanding of the impact of GBV and learned how to be ambassadors for
change. This underscores our commitment to cultivating a workplace that
champions inclusivity, ultimately contributing to a more harmonious and
supportive professional community.
We remain steadfast in our commitment to maintaining a safe, healthy, and
environmentally conscious workplace. This positive momentum sets the stage for
even greater accomplishments in the months ahead.
Operational performance
The SDO delivered 18,232 4E PGM ounces for the Quarter. While this equates to
a decrease of 10% on Q1 FY2024, it is in line with expectations for this
period where our host mines break for the festive period, which results in
lower current arisings feed material and grade reporting to some operations.
Also, the PGM ounces declared in Q1 FY2024 included 995 4E PGM ounces held in
work-in-progress at 30 June 2023.
Optimisation of the Lannex MF2 flotation circuit that was commissioned during
Q1 FY2024, continued during Q2 FY2024 with performance meeting initial design
expectations. The complementary fine grinding circuit was completed during Q2
FY2024, with commissioning commencing during December 2023. Recovery
improvements have been achieved following the commissioning of the MF2 with
further improvements expected as commissioning and optimisation of the fine
grinding circuit is completed during Q3 FY2024.
Both tons and feed grades decreased for the combined SDO by 4% and 3%,
respectively for the Quarter owing to lower tonnages received from the host
mine over the festive season closure period. Recoveries increased by 3% due to
improved operational control and the resultant optimisation of the Lannex MF2
and associated ore mix at the Eastern Operations.
SDO operating cash costs per 4E PGM ounce increased 13% in rand and dollar
terms to ZAR13,503/ounce and $721/ounce respectively (Q1 FY2024:
ZAR11,913/ounce and $639/ounce) primarily as a result of the lower ounces. The
average ZAR:USD exchange rate remained largely unchanged during the Quarter at
ZAR/$18.73 (Q1 FY2024: ZAR/$18.65).
The Group incurred capital expenditure of ZAR73.5 million ($3.9 million), in
line with planned capital project schedules.
Operational opportunities
Focus on the optimisation of ore mix and blending is expected to assist with
the optimisation of recoveries. This is expected to be enhanced by improved
operating recipes. Management is continuously identifying potential high grade
external sources that if financially beneficial, are acquired and treated in
the current SDO plants. PGM concentrate quality remains a focus area as both
concentrate grade and metal recoveries contribute positively towards the
revenue stream of the Group. A central filtration plant is being evaluated to
facilitate the conversion to dry filtered concentrate, instead of the current
slurry. This would assist in reducing concentrate transport costs and
remediate handling challenges at off-take smelters.
No load curtailment has been experienced at Lesedi during the Quarter, and the
installation of the back-up generator has been completed and is now available
as a back-up power source.
Following the completion of the pilot-scale work on the Company's Pelletiser
project, which utilises proprietary 'binding technology', discussions are
still ongoing with potential industry partners to perform commercial scale
testing as the next step to assess the commercial viability of the technology.
B. FINANCIAL OVERVIEW
Financial performance
Revenue (4E) for the Quarter decreased by 11% to $17.4 million (Q1 FY2024:
$19.6 million) impacted by the 3% decrease in the basket price recorded during
the period as well as lower PGM ounce production. The average 4E gross basket
price for the Quarter was $1,305/ounce against $1,344/ounce in Q1 FY2024,
impacted mainly by the drop in palladium prices.
Net revenue, which includes base metals and by-products and the
quarter-on-quarter sales adjustment, was $20.9 million (Q1 FY2024: $19.7
million). Net revenue includes attributable revenue received for ounces
produced from material purchased from third parties.
Group cash costs per 4E PGM ounce increased by 15% in rand terms from
ZAR14,584/ounce to ZAR16,801/ounce and 15% in dollar terms from $782/ounce to
$897/ounce mainly as a result of the 10% decrease in ounce production
quarter-on-quarter.
General and administrative costs decreased to $0.67 million from $0.70 million
in Q1 FY2024. These costs are incurred in USD, GBP and ZAR and were minimally
impacted by the exchange rate as the USD/ZAR exchange quarter-on-quarter
remained aligned.
Group EBITDA for the Quarter was $4.4 million (Q1 FY2024: $2.8 million) and
net profit was $1.6 million (Q1 FY2024: $1.8 million). The decrease in net
profit was primarily a result of inter-company dividend withholding tax paid
during the period.
The Group cash balance decreased from $126.9 million to $107.2 million during
the Quarter. Cash generated from operations before working capital movements
was $4.7 million with net changes in working capital amounting to $0.2
million, which is mainly due to movements in trade debtors and trade
creditors. The 3% decrease in the basket price as well as the 10% decrease in
production, resulted in the decrease in the trade debtors balance
quarter-on-quarter. Trade debtors arise from the concentrate delivered in the
Quarter but only paid for in the following quarter as per the concentrate
off-take agreements.
Provisional payments for both mineral royalty tax and income tax were made at
the end of December 2023, amounting to $2.8 million and dividend withholding
tax of $1.6 million was paid on the inter-company dividends declared and paid
during the Quarter. A final cash dividend for FY2023 of 5 pence per Ordinary
Share, amounting to $16.7 million, was paid in December 2023 to shareholders
on the register at the close of business on 27 October 2023.
The Group spent $3.9 million (ZAR73.5 million) on capital projects for the
Quarter. The majority of the capital spend was on tailings dams $0.8 million
(ZAR14.2 million), generators to supplement electricity supply $0.6 million
(ZAR10.5 million), Landsky screens $0.4 million (ZAR7.9 million), relocation
of tailings deposition infrastructure $0.4 million (ZAR7.8 million) and
further studies on the exploration projects $0.3 million (ZAR4.7 million).
The impact of exchange rate fluctuations on cash held at year end was $1.1
million profit due to the ZAR appreciating against the USD by 3%.
B. MINERAL ASSET DEVELOPMENT AND JOINT VENTURES
The Group holds approved mining rights for three PGM-base metal projects on
the Northern Limb of the Bushveld Igneous Complex in South Africa. Following
on from the Exploration Results and Resource Statement that was released in
FY2023, the Company continues to develop the projects through additional
technical studies and re-interpretation of historical information. A PEA is
ongoing for Volspruit and further drilling is being planned for the Aurora
project. This additional information will assist the Company in ascertaining
how best to develop these projects.
Volspruit Project
The PEA update commenced in Q2 FY2024 with SRK Consulting being appointed to
undertake the work. The new assessment will include contributions from rhodium
and ruthenium, as well as assess the additional resources from the Volspruit
South ore body. The updated MRE statements for both the North and South ore
bodies are largely complete with final edits being made to the MRE statements.
The final documents are expected to be signed off during Q3 FY2024.
Upon the completion of a positive PEA, it is expected that a PFS will
commence. Metallurgical test work for the PFS is currently underway at Mintek
South Africa on samples obtained during a FY2023 drilling campaign.
Steady progress is being made in the permitting process necessary for the
existing mining right. Local Economic Development projects are gaining
traction with discussions already underway with the relevant local
municipalities. The Water Use License application for mining and on-site
processing operations and the updated Environmental Impact Assessment
submissions are expected to be made in the first quarter of FY2025, which
although later than anticipated, does allow for a more comprehensive public
engagement process to be completed.
Far Northern Limb Projects
Relogging continues across the Aurora project area with more than 85% of the
historical core having been relogged. Compilation of the data is on-going and
once a geological model has been compiled a decision will be taken on whether
to implement a drilling programme to assess gaps in the current database. This
is likely to occur during the fourth quarter of FY2024 and will allow for an
updated MRE and PEA to be commissioned for Aurora if results warrant.
As reported in the Statement of Exploration Results, Mineral Resources and
Scoping Study released in FY2023, some significant results were returned from
the Hacra North underground target. A review of the work undertaken to date
has been finalised and results from the study will be released in the third
quarter of FY2024.
D. THABA JV
As previously reported the unincorporated JV Agreement between the Company's
wholly owned South African subsidiary, Sylvania Metals (Pty) Ltd ("Sylvania
Metals") and Limberg Mining Company (Pty) Ltd ("LMC"), a subsidiary of
ChromTech Mining Company (Pty) Ltd ("ChromTech"), the Thaba JV is advancing.
The project execution phase will be 18-24 months with first production
expected in HY2 FY2025.
Design
Detailed design of the Thaba JV project is progressing as planned, expediting
completion of civil and structural design and drawings for all areas. Process
design is complete for all plant areas and progress with electrical design is
sufficient to enable procurement of long lead items.
Procurement
Procurement of all mechanical long lead item packages is complete, and the
team is now busy with the procurement of lower priority mechanical packages.
During Q3 FY2024, the structural steel and platework fabrication and
construction packages will be awarded and procurement of electrical long lead
items will be completed.
Construction
The main civils contractor commenced work in November 2023 and the demolition
and removal of old works on site was completed in December 2023. The civils
contractor is busy with earthworks for the chrome plant, thickeners, and
flotation plant and the first concrete pour commenced towards the end of
January 2024. The structural steel and platework site contractors will
establish from March 2024. The planned construction start of the High Voltage
Distribution Yard is March 2024. The overall schedule is still on track for
commissioning in Q3 FY2025.
E. CORPORATE ACTIVITIES
Appointment of New Chair
As announced on 9 November 2023, Stuart Murray stepped down as Chairman of
Sylvania with effect from 31 December 2023. After a decade of service as
Non-Executive Chairman, Stuart has decided to focus more time on his other
business interests. The Board voted unanimously to appoint Eileen Carr, who
has been serving as Non-Executive Director and Chair of the Audit Committee,
as the Chair of the Board with effect from 1 January 2024. Simon Scott,
Non-Executive Director, has taken over Eileen's role as Chair of the Audit
Committee. 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 Finance
Director at both Cluff Resources and Monterrico Metals and as a Non-Executive
Director at Banro Corp and Bacanora Lithium and is currently Non-Executive
Chair of Oriole Resources.
Notification of Transaction by PDMR
Adrian Reynolds, Non-Executive Director, purchased 10,000 ordinary shares of
$0.01 each in the Company ("Ordinary Shares") at 66.07 pence per Ordinary
Share on 10 November 2023. Following this transaction, his shareholding in the
Company totals 50,000 Ordinary Shares, representing 0.02% 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 1,235,000 Ordinary
Shares in the capital of the Company had been exercised by employees and
Persons Displaying Management Responsibilities ("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 1,235,000 shares
that were exercised, 425,000 related to PDMRs.
The Company agreed to repurchase 448,150 Ordinary Shares at the vesting price
of 70.0 pence in order to satisfy the tax liabilities of the employees and
PDMRs and a further 236,600 Ordinary Shares were repurchased at the 30-day
VWAP of 76.5 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 275,375,725 Ordinary Shares of which a total of 11,765,211
Ordinary Shares are held in Treasury. Therefore, the total number of Ordinary
Shares with voting rights in Sylvania amounts to 263,610,514 Ordinary Shares.
Interim financial results announcement
The Company will announce its interim results for the six months ended 31
December 2023 on Thursday, 22 February 2024.
Analyst presentation
The Company will be hosting a webinar for analysts on the day of release of
its interim results. To register your interest, please email
sylvania@BlytheRay.com.
Online investor presentation
The Company is committed to ensuring that there are appropriate communication
channels for all elements of its shareholder base so that its strategy,
business model and performance are clearly understood.
Sylvania's CEO, Jaco Prinsloo, and CFO, Lewanne Carminati, will host a live
investor presentation, via the Investor Meet Company platform, on Thursday, 22
February 2024 at 15:00 GMT.
The presentation is open to all existing and potential shareholders. Questions
can be submitted pre-event via the Investor Meet Company dashboard up until
09:00 GMT the day before the meeting or at any time during the live
presentation.
Investors can sign up to Investor Meet Company for free and include Sylvania
Platinum Limited via
https://www.investormeetcompany.com/sylvania-platinum-limited/register-investor
(https://www.investormeetcompany.com/sylvania-platinum-limited/register-investor)
.
Investors who have already registered and elected to meet the Company, will be
automatically invited.
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, which
will treat a combination of run of mine (ROM) and historical chrome tailings
from the JV partner, adding a full margin chromite concentrate revenue stream.
The Group also holds mining rights for PGM projects in the Northern Limb of
the Bushveld Complex.
For more information visit https://www.sylvaniaplatinum.com/
(https://www.sylvaniaplatinum.com/)
ANNEXURE
GLOSSARY OF TERMS FY2024
The following definitions apply throughout the period:
3E PGMs 3E ounces include the precious metal elements platinum, palladium and gold
4E PGMs 4E ounces include the precious metal elements platinum, palladium, rhodium and
gold
6E PGMs 6E ounces include the 4E elements plus additional Iridium and Ruthenium
AGM Annual General Meeting
AIM Alternative Investment Market of the London Stock Exchange
All-in costs All-in sustaining cost plus non-sustaining and expansion capital expenditure
All-in sustaining cost Production costs plus all costs relating to sustaining current production
and sustaining capital expenditure
CLOs Community Liaison Officers
Current arisings Fresh chrome tails from current operating host mines processing operations
DMRE Department of Mineral Resources and Energy
EBITDA Earnings before interest, tax, depreciation and amortisation
EA Environmental Authorisation
EAP Employee Assistance Program
EEFs Employment Engagement Forums
EDEP Employee Dividend Entitlement Programme
ESG Environment, social and governance
EIA Environmental Impact Assessment
EIR Effective interest rate
EMPR Environmental Management Programme Report
ESG Environment, Social and Governance
GBP Pounds Sterling
GBV Gender based violence
GHG Greenhouse gases
GISTM Global Industry Standard on Tailings Management
GRI Global Reporting Initiative
JORC Joint Ore Reserves Committee
IASB International Accounting Standards Board
ICE Internal combustion engine
IFRIC International Financial Reporting Interpretation Committee
IFRS International Financial Reporting Standards
Lesedi Phoenix Platinum Mining Proprietary Limited, renamed Sylvania Lesedi
LSE London Stock Exchange
LTI Lost-time injury
LTIFR Lost-time injury frequency rate
MF2 Milling and flotation technology
MPRDA Mineral and Petroleum Resources Development Act
MRA Mining Right Application
MRE Mineral Resource Estimate
Mt Million Tons
NWA National Water Act 36 of 1998
PGM Platinum group metals comprising mainly platinum, palladium, rhodium and gold
PAR Pan African Resources Plc
PDMR Person displaying management responsibility
PEA Preliminary Economic Assessment
PFS Preliminary Feasibility Study
Pipeline ounces 6E ounces delivered but not invoiced
Pipeline revenue Revenue recognised for ounces delivered, but not yet invoiced based on
contractual timelines
Pipeline sales adjustment Adjustments to pipeline revenues based on the basket price for the period
between delivery and invoicing
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
SLP Social and Labour Plan
Sylvania Sylvania Platinum Limited, a company incorporated in Bermuda
Sylvania Metals Sylvania Metals (Pty) Limited
tCO2e Tons of carbon dioxide equivalent
Thaba JV Thaba Joint Venture
TRIFR Total recordable injury frequency rate
TSF Tailings storage facility
UNSDGs United Nations Sustainability Development Goals
USD United States Dollar
WULA Water Use Licence Application
UK United Kingdom of Great Britain and Northern Ireland
ZAR South African Rand
Zero Harm The South African mining industry is committed to the shared aspiration of
achieving the goal of Zero Harm, which aims to ensure that mineworkers return
home from work healthy and unharmed every day
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AnnouncementREG - Sylvania Platinum - Share Buyback Update
AnnouncementREG - Sylvania Platinum - Share Buyback
Announcement