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REG - Sylvania Platinum - Third Quarter Report to 31 March 2025

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RNS Number : 7051G  Sylvania Platinum Limited  30 April 2025

 

 

30 April 2025

 

Sylvania Platinum Limited

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

 

Third Quarter Report to 31 March 2025

 

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 March 2025 (the "Quarter" or the "Period" or "Q3 FY2025"). 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 20,490 4E (26,358 6E) PGM ounces in
Q3 FY2025, a 1% increase in 4E PGM ounces for the Quarter (Q2 FY2025: 20,238
4E (26,373 6E) PGM ounces);

 * SDO recorded $26.3 million net revenue for the Quarter, a 2% increase
quarter-on-quarter (Q2 FY2025: $25.7 million);

 * Group EBITDA of $6.5 million, a 4% decrease for the Quarter (Q2 FY2025: $6.7
million);

 * Cash balance as at 31 March 2025 of $71.2 million (31 December 2024: $77.5
million) which is in line with expectations;

 * Comprehensive employee training and induction undertaken at Thaba Joint
Venture ("Thaba JV") project in preparation for the start-up and commissioning
of the plant, which is due to commence first production of chrome in May 2025
and PGMs in June 2025;

 * Lannex achieved five years lost-time injury ("LTI")-free, Doornbosch achieved
four years without any injuries and remains 12 years LTI-free, and Lesedi
achieved two years without an LTI;

 * The external processing test work report for the Volspruit Project was
received during the Quarter and confirmed previous results and provided
further detail on the metallurgical characteristics of the ore blend for the
life of mine; and

 * Interim dividend for FY2025 of 0.75 pence per Ordinary Share declared in
February 2025 and paid in April 2025 post-Period end.

 

Outlook

 * FY2025 production guidance range has been further increased to 78,000 - 80,000
PGM ounces from 75,000 - 78,000 4E PGM ounces (upgraded at interim results,
published 18 February 2025, and was previously 73,000 - 76,000 4E PGM ounces)
on the back of solid Q3 FY2025 production;

 * Construction of the centralised PGM filtration plant at Lesedi is on budget
and on schedule for completion during Q2 FY2026;

 * Higher grade current arisings from the host mine's new run of mine ("ROM")
plant at Lesedi ramp-up to steady state is expected by June 2025, after
heavier than normal rainfall during the Quarter impacted the project;

 * The operational readiness phase of the Thaba JV is on target and will be
concluded during Q4 FY2025; and

 * The Group continues to maintain strong cash reserves enabling it to balance
the requirements of capital expenditure projects and to support growth
initiatives with the potential to return value to shareholders.

 

 

 

Commenting on the results, Sylvania's CEO, Jaco Prinsloo, said:

 

"I am pleased to report that the third quarter of FY2025 was again a positive
one with results in line with our expectations, achieving 20,490 4E PGM ounces
from the SDO, a 1% increase from that recorded in Q2 FY2025. Additionally, the
average 4E gross basket price increased by 3% in USD terms and 6% in South
African Rand ("ZAR") terms, which, alongside the increase in production
ounces, resulted in improved 4E revenue performance ( up 3% in USD terms and
7% in ZAR terms) compared to Q2 FY2025.

 

"The Company's FY2025 production guidance range has been further increased,
from 75,000 - 78,000 4E PGM ounces to 78,000 - 80,000 PGM ounces on the back
of solid Q3 FY2025 production. The Company previously upgraded guidance at
interim results from 73,000 - 76,000 4E PGM ounces.

 

"Group EBITDA for the Quarter was $6.5 million (Q2 FY2025 $6.7 million), a 4%
decrease quarter-on-quarter. The decrease is mainly due to the increase in
indirect costs, which was due to the commencement of the rehabilitation
guarantee cost associated with the Thaba JV, and a higher Mineral Royalty Tax
expense as a result of slightly increased revenue during the Quarter, which
triggered a higher applicable Mineral Royalty Tax rate.

 

"The Thaba JV project remains on track to commence first production of chrome
in May followed by the production of PGMs in June 2025. The Thaba JV will add
to the Company's production profile and further de-risk our portfolio through
the introduction of significant chrome revenue.

 

"Management commends the teams at Lannex for achieving five years LTI-free,
Doornbosch for achieving four years without any injuries, as well as their
excellent record of 12 years LTI-free record, and Lesedi for achieving two
years without an LTI, respectively. Additionally, no LTIs occurred within the
Company this Quarter."

 

 

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 / Joshua Borlant

 Joint Broker
 Joh. Berenberg, Gossler & Co KG, London       +44 (0) 20 3207 7800
 Jennifer Lee / Natasha Ninkov

 Communications                                +44 (0) 20 7138 3204

 BlytheRay

 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) 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  Q2 FY2025  Q3 FY2025  % Change
 Plant Feed                              T     640,143    622,298    -3%
 Feed Head Grade                         g/t   2.19       2.17       -1%
 PGM Plant Feed Tons                     T     325,177    329,368    1%
 PGM Plant Feed Grade                    g/t   3.50       3.50       0%
 PGM Plant Recovery(1)                   %     55.26%     55.34%     0%
 Total 4E PGMs                           Oz    20,238     20,490     1%
 Total 6E PGMs                           Oz    26,373     26,358     0%

 

 Unaudited                                           USD                                      ZAR
                                              Unit   Q2 FY2025  Q3 FY2025  % Change  Unit     Q2 FY2025  Q3 FY2025  % Change
 Financials (3)
 Average 4E Gross Basket Price(2)             $/oz   1,387      1,428      3%          R/oz   24,855     26,441     6%
 Revenue (4E)                                 $'000  19,861     20,552     3%        R'000    355,901    380,410    7%
 Revenue (by-products including base metals)  $'000  3,723      3,445      -7%       R'000    66,716     63,776     -4%
 Sales adjustments                            $'000  2,069      2,273      10%       R'000    37,079     42,073     13%
 Net revenue                                  $'000  25,653     26,270     2%        R'000    459,696    486,259    6%

 Direct Operating costs                       $'000  16,152     15,594     -3%       R'000    289,441    288,641    0%
 Indirect Operating costs                     $'000  2,237      3,414      53%       R'000    40,082     63,198     58%
 General and Administrative costs             $'000  565        488        -14%      R'000    10,136     9,034      -11%
 Group EBITDA                                 $'000  6,741      6,501      -4%       R'000    120,934    120,344    0%
 Net Profit                                   $'000  6,311      5,436      -14%      R'000    113,219    100,629    -11%

 Capital Expenditure(4)                       $'000  9,927      6,143      -38%      R'000    178,090    113,717    -36%

 Cash Balance(5)                              $'000  77,522     71,223     -8%       R'000    1,464,391  1,310,503  -11%

 Ave R/$ rate                                                                        R/$      17.94      18.51      3%
 Spot R/$ rate                                                                       R/$      18.89      18.40      -3%

 Unit Cost/Efficiencies
 SDO Cash Cost per 4E PGM oz(6)               $/oz   798        761        -5%       R/oz     14,302     14,087     -2%
 SDO Cash Cost per 6E PGM oz(6)               $/oz   612        592        -3%       R/oz     10,975     10,951     0%
 Group Cash Cost Per 4E PGM oz(6)             $/oz   946        921        -3%       R/oz     16,971     17,049     0%
 Group Cash Cost Per 6E PGM oz(6)             $/oz   726        716        -1%       R/oz     13,024     13,254     2%
 All-in Sustaining Cost (4E)                  $/oz   971        959        -1%       R/oz     17,399     17,754     2%
 All-in Cost (4E)(7)                          $/oz   1,432      1,273      -11%      R/oz     25,669     23,290     -9%

( )

 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 March 2025 gross 4E basket used
for revenue recognition of ounces delivered in Q3 FY2025, before
penalties/smelting costs and applying the contractual payability.

3  Revenue (6E) for Q3 FY2025, before adjustments is $23.9 million (6E prill
split is Pt 50%, Pd 18%, Rh 9%, Au 0%, Ru 18%, Ir 5%). Revenue excludes
profit/loss on foreign exchange.

4  The capital expenditure includes 50% attributable capital for the Thaba
JV.

5  The cash balance excludes restricted cash held as guarantees $3.3 million
(Q2 FY2025 $1.1 million).

6  The cash costs include operating costs and exclude indirect costs for
example mineral royalty tax and Employee Dividend Entitlement Plan ("EDEP")
payments.

7  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
Q3FY2025 is $3.4 million (attributable).

A.  OPERATIONAL OVERVIEW

 

Safety, health and environment ("SHE")

SHE remains a top priority at all the Company's operations. During the
Quarter, Lannex achieved five years LTI-free, Doornbosch achieved four years
without any injuries in addition to their excellent LTI free record of 12
years, and Lesedi achieved two years without an LTI. No LTIs occurred within
the Company this Quarter.

 

The Company remains committed to maintaining a safe, healthy, and
environmentally conscious workplace. The Company's goal is for every employee
to return home safely after each shift, every single day. Beyond the
workforce, the Company is equally committed to ensuring that its operations do
not cause harm to any stakeholders, including contractors, communities, and
the environment. SHE are not just priorities; they are values that guide every
decision the Company takes.

 

Operational performance

The SDO produced 20,490 4E PGM ounces during the Quarter, representing a 1%
increase compared to Q2 FY2025. This marginal improvement was primarily driven
by higher PGM plant feed tonnage, particularly from the Eastern operations.
Although the overall feed head grade was slightly lower across several
operations, stable PGM plant recovery and PGM feed grade after the chrome
circuit helped sustain production output.

 

Total combined feed tons were 3% lower than in Q2 FY2025, largely due to the
impact of heavy rainfall, which restricted access to the tailings storage
facility ("TSF") where re-mining activities are conducted. The wet conditions
also posed logistical challenges, hindering the transport of higher-grade
third-party material due to poor road conditions.

 

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 to ensure high levels of plant
availability. Feed source management and effective blending remain strategic
priorities to support improved PGM recovery efficiencies.

 

SDO operating cash costs per 4E PGM ounce decreased 2% in ZAR terms to
ZAR14,087/ounce and 5% in dollar terms, to $761/ounce (Q2 FY2025:
ZAR14,302/ounce and $798/ounce respectively), assisted by improved PGM ounce
production.

 

Operational opportunities and outlook

The recently installed column flotation cell at Millsell remains in its
optimisation phase but has already demonstrated improved stability within the
flotation circuit. A final configuration is scheduled for testing during Q4
FY2025. This test aims to enhance the quality and payability of the PGM
concentrate produced and may also enable improved recovery performance.

 

The construction of the centralised PGM filtration plant at Lesedi is
progressing well, with earthworks and civils already well underway, and the
project is on track to be completed during Q2 FY2026.

 

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 has been delayed due to adverse weather
conditions impacting the installation of critical equipment. The revised plan
targets ramp-up in Q4 FY2025, which is expected to increase the higher-grade
current arisings feed source to the Lesedi operation. While the Company's
Section 189A ("S189A") of the Labour Relations Act, 66 of 1995 ("LRA")
consultation process, that was initiated in July 2024, is still in place and
extended to the end of June 2025, we continue to monitor and evaluate the
quality of new current arisings feed source, which we believe could improve
the profitability of the Lesedi operation based on initial plant performance
trends since commissioning. Meaningful consultation in line with section
189A(2)(d) LRA continues, and further updates will be provided as and when
results are forthcoming.

 

At Lannex, ongoing work to optimise the milling and fines classification
circuit has advanced well, with two of the three project phases completed to
date. These phases have yielded promising results, contributing to a better
understanding of circuit dynamics, and offering opportunities to improve both
chrome beneficiation and PGM recovery efficiencies.

 

The Company is also prioritising initiatives to reduce mass pull across its
operations. Preparations are underway to commence small-scale pilot trials of
alternative technologies aimed at achieving this objective. The goal is to
reduce mass pull without compromising (with the potential to enhance) current
recovery levels.

 

The Company's FY2025 production guidance range has been increased again, from
the previously guided 75,000 - 78,000 4E PGM ounces to 78,000 - 80,000 PGM
ounces on the back of solid Q3 FY2025 production. The Company previously
upgraded guidance at the interim results from the originally guided range of
73,000 - 76,000 4E PGM ounces.

 

B.  FINANCIAL OVERVIEW

Financial performance

Revenue (4E) for the Quarter increased by 3% to $20.6 million (Q2 FY2025:
$19.9 million) as a result of the increased production during the Period and
an increase in the 4E gross basket price for the Quarter of 3% to $1,428/ounce
against $1,387/ounce in Q2 FY2025.

 

Net revenue, which includes revenue from by-products, base metals, and the
quarter-on-quarter sales adjustment, increased by 2% to $26.3 million (Q2
FY2025: $25.7 million). Net revenue includes attributable revenue received for
ounces produced from material purchased from third parties.

 

Group cash costs per 4E PGM ounce remained flat in ZAR terms at
ZAR17,049/ounce compared to ZAR16,971/ounce in the previous quarter. The 3%
decrease in dollar terms to $921/ounce from $946/ounce is due to the 3%
depreciation of the ZAR against the USD during the Quarter.

 

General and administrative costs decreased by 14% to $0.49 million from $0.57
million in Q2 FY2025, mainly due to the decrease in administration fees and
overseas travel costs. These costs are incurred in USD, Pounds Sterling
("GBP") and ZAR.

 

Group EBITDA for the Quarter was $6.5 million (Q2 FY2025 $6.7 million), a 4%
decrease quarter-on-quarter. The decrease is mainly due to the increase in
indirect costs, which was due to the commencement of the rehabilitation
guarantee cost associated with the Thaba JV, and a higher Mineral Royalty Tax
expense as a result of slightly increased revenue during the Quarter, which
triggered a higher applicable Mineral Royalty Tax rate. Similarly, the net
profit decreased to $5.4 million in Q3 FY2025 from $6.3 million in Q2 FY2025,
which was additionally impacted by the lower finance income as a result of
lower interest rates on cash invested across the Group.

 

The Group cash balance decreased by 8% quarter-on-quarter to $71.2 million (Q
FY2025 $77.5 million) in line with expectations.

Interest was earned on surplus cash invested in both USD and ZAR, amounting to
$0.7 million (ZAR13.7 million).

The Group's capital spend decreased by 38% to $6.1 million (Q2 FY2025 $9.9
million), comprising $3.5 million (Q2 FY2025: $5.6 million) on the
attributable capital on the Thaba JV, $2.5 million (Q2 FY2025: $4.1 million)
on stay in business and improvement capital and $0.1 million (Q2 FY2025: $0.2
million) on exploration projects. A further $2.9 million was contributed to
the Thaba JV project through the capital loan to the JV partner. Lease
payments for the rental of various equipment amounting to $0.1 million were
made during the Quarter. A further $2.2 million in cash was ring-fenced for
future capital expansion projects and accounted for as restricted cash.

Cash generated from operations before working capital movements was $6.6
million, with net changes in working capital of $2.4 million, mainly due to
the movement in trade receivables of $2.2 million.

The impact of the exchange rate fluctuations amounted to a $0.7 million profit
due to a 3% appreciation of the ZAR to the USD at the end of Q3 FY2025.

 

C. JOINT VENTURES AND MINERAL ASSET DEVELOPMENT OF OPENCAST MINING PROJECTS

 

Thaba JV

The Thaba JV is on schedule for the first production of chrome to commence in
May with PGM production following in June 2025, and the project is planned to
be fully commissioned by the end of June 2025.

 

Following the recruitment and onboarding of operational employees in HY1
FY2025, with most of the personnel deployed to the site from January 2025,
employees underwent comprehensive training and induction programmes to ensure
they are fully prepared for the start-up and commissioning phases. These
efforts are aimed at supporting a successful and productive ramp-up once the
plant becomes operational.

 

During the Quarter, intense storms caused flooding of nearby roads and river
crossings, temporarily restricting access to the site for several days. This,
unfortunately, resulted in a slight schedule delay, however, the overall
commissioning schedule remains on track. Additionally, cold commissioning of
mechanical equipment and processes commenced, as planned, during March 2025.

 

Although not affecting the commissioning, design changes requested by the
electricity supplier, requiring modifications to the previously approved
design and signed-off sub-station platform, will delay the Eskom power supply.
As a result of these factors, the completion of the power infrastructure is
now expected to extend beyond the initial Q4 FY2025 target and to be completed
during HY1 FY2026. Alternate power supply will continue to be utilised until
the sub-station is complete.

 

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
Bushveld Igneous Complex ("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

The external processing test work report was received during the Quarter and
confirmed previous results and provided further detail on the metallurgical
characteristics of the ore blend for the life of mine. Research and
development continues on exploring opportunities for upgrading the ROM
feedstock while the project concentrates on

 obtaining all necessary permitting. The outcomes of these assessments will
assist in determining how best to derive further value from the Project.

 

Progress is being made on the submission of the Water Use Licence Application
(WULA) with all available information and studies being submitted during the
Quarter. The final Environmental Impact Assessment ("EIA") Report and
associated Environmental Management Programme Report (EMPR) for the amendment
of the EIA was submitted at the end of Q1 FY2025. A decision from the
competent authority was expected during Q3 FY2025 and the Group continues to
work with the Department for Mineral and Petroleum Resources to ensure the
relevant information is provided to additional authorities as requested.

 

Far Northern Limb Projects

An exploration programme for Aurora has been compiled based on the
reinterpretation of historic drilling. Following on from a successful
geophysical survey completed in Q2 FY2025, a geochemical soil sampling
programme is being scoped. The aim is to gain a better understanding of the
full geological potential of the entire project area and assist with defining
future exploration campaigns.

 

The processing test work on Aurora borehole samples has been rescoped to
ensure the campaign realises meaningful results. This has resulted in a delay
in the project with results now expected in the first half of FY2026. If
required and justified, future borehole drilling programmes will be designed
based on the outcomes of the geochemical and metallurgical test work.

 

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.

 

 

 

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'
 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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