REG - Sylvania Platinum - Interim Financial Results
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RNS Number : 1600U Sylvania Platinum Limited 24 February 2026
_____________________________________________________________________________________________________________________________
24 February 2026
Sylvania Platinum Limited
("Sylvania", the "Company" or the "Group")
Interim financial results for the six months ended 31 December 2025
Strong Production Momentum Maintained
Sylvania (AIM: SLP), the platinum group metals ("PGM") and emerging Chrome producer and developer with assets in South Africa, is pleased to announce its results for the six months ended 31 December 2025 ("HY1 FY2026" or "the Period"). Unless otherwise stated, the consolidated financial information contained in this report is presented in United States Dollars ("USD" or "$").
Financial
· Net revenue generated for the Period totalled $99.8 million (HY1
FY2025: $47.6 million), a 110% increase due to 25% higher 4E PGM ounce
production during the Period and an increase in the average basket price of
55% in USD terms;
· Adjusted group EBITDA of $51.0 million (HY1 FY2025: $9.9 million), a
414% increase compared to the corresponding prior period;
· Net profit of $23.2 million (HY1 FY2025: $7.2 million);
· Earnings per share of 8.93 US cents for the Period (HY1 FY2025 2.73
US cents);
· Cash balance at 31 December 2025 of $54.0 million (HY1 FY2025: $77.5
million; FY2025: $60.9 million);
· The Company has recognised a non-cash impairment loss of $12.3
million on the Hacra exploration asset that does not form part of its
development plan, as no further additional capital is committed to this
project;
· In line with the Company's capital allocation commitment,
approximately $2.5 million has been set aside for potential share buybacks,
including possible on-market purchases and repurchases of vested Ordinary
Shares from employees, granted under the Sylvania Platinum Limited Bonus Share
Award Plan; and
· Interim dividend for HY1 FY2026 of 2.00 pence per Ordinary Share
declared.
Operational
· Record production by Sylvania Dump Operations ("SDO"): delivered
49,164 4E PGM ounces (HY1 FY2025: 39,398 4E PGM ounces), the increase
primarily due to a 9% increase in PGM feed tons and a 10% increase in PGM feed
grades;
· Construction of the centralised PGM Filtration Plant has been
completed and is fully operational; the successful commissioning marks a major
operational milestone that ensures consistent delivery of improved quality
concentrate;
· Doornbosch and Mooinooi Tailings Storage Facilities ("TSFs") have
been commissioned; and
· First Chrome and PGM concentrate products from the Thaba Joint
Venture ("Thaba JV") were dispatched during the Period.
ESG
· All operations remain fatality free since inception in 2007;
· No lost-time injury ("LTI") during the Period, achieving the best
LTI-free performance in Sylvania's history;
· A solar power system was installed at the Modderspruit community
clinic to provide a reliable power solution; and
· Environmental, Social and Governance ("ESG") Report for FY2025 was
released and is available on the Company website: www.sylvaniaplatinum.com
(http://www.sylvaniaplatinum.com) .
Outlook
· As announced on 27 January 2026 in the Q2 FY2026, FY2026 production
update, the production range for FY2026 was increased to, and is maintained at
90,000 - 93,000 4E PGM, while Chrome concentrate target of 60,000 - 90,000
tons remains unchanged;
· Construction of the Lannex and Tweefontein TSFs will commence during
HY2 FY2026, with completion towards mid-FY2027; and
· The Group remains debt free and continues to fund capital expansion
projects and process optimisation projects from cash reserves and aims to
support growth initiatives in order to unlock value for shareholders.
Commenting on the Period, Sylvania's CEO Jaco Prinsloo said:
"We are proud of our operational teams and management for remaining fatality
free since we commissioned our first operation in 2007, and we remain
committed to attaining the highest levels of health and safety at all our
Operations. The SDO and Thaba JV were LTI-free during the Period and Mooinooi
also achieved the milestone of being one-year total injury free.
"I am delighted with our record half year production of 49,164 ounces of 4E
PGM, which is also the second consecutive year of beating our half yearly
forecast. This performance is primarily due to a 9% increase in PGM feed tons
and 10% increase in PGM feed grades compared to the corresponding Period in
HY1 FY2025. The 25% increased production coupled with the 55% increase in the
4E PGM basket price in USD terms saw a 110% increase in net revenue to $99.8
million as well as a 414% increase in adjusted Group EBITDA to $51.0
million.
"The Thaba JV was commissioned during the Period, with first Chrome and PGM
concentrate products from the Thaba JV successfully dispatched during HY1
FY2026, marking an important milestone in the transition from commissioning
towards commercial production. While initial production is adversely impacted
by the lower ROM feed quality from the current pit, linked to early
development of open-pit mine and higher than planned waste dilution, a formal
review of the current mining operations and resources by specialist mining
consultants that are currently underway, will assist to direct resource and
mine planning to ensure improved ROM grades over the life of project. The
Project remains on track to become an attractive revenue contributor for the
Company when it reaches full operational name plate capacity.
"Looking ahead to the second half of the financial year, we continue to build
on the momentum of the past six months. As announced on 27 January 2026, we
increased the full year production guidance to a range of 90,000 - 93,000 4E
PGM ounces from initial guidance of 83,000 - 86,000 4E PGM ounces and the
Chrome production outlook was revised to 60,000 - 90,000 tons for FY2026. We
are also progressing with continuous operational performance improvements
across our portfolio including the optimisation of feed sources, throughput,
recoveries, and cost-saving initiatives.
"Enabled by the cash-generative nature of the Group's Operations, disciplined
control of operating costs and capital expenditure, and supported by record 4E
PGM production together with elevated metal prices during the Period, the
Company maintains a robust cash position. This provides the financial
flexibility to continue funding capital and optimisation projects, while
advancing growth-focused initiatives, all aimed at delivering and returning
sustainable long-term value to shareholders, partners and stakeholders.
"In line with our dividend policy, I am therefore pleased to announce an
interim dividend of 2.00 pence per Ordinary Share. In addition, and consistent
with our capital allocation framework, the Board has set aside approximately
$2.5 million to provide flexibility for potential share buybacks, which may
include purchases from employees in accordance with the Sylvania Platinum
Limited Bonus Share Award Plan, as well as on-market acquisitions where
appropriate. The potential share buybacks would not be immediate and would
only commence during the course of Q3 FY2026. An RNS announcing the
commencement of any share buyback programme would be issued accordingly.
"Any such buy-back of shares would be undertaken subject to prevailing market
conditions, regulatory requirements and the Company's ongoing capital needs.
The final dividend calculation for the year will be determined during the
year-end reporting Period and remains dependent on the Company's capital
requirements and available free cash flow at the time, taking into account
actual metal prices and the production profile achieved up to year end."
The Sylvania cash generating subsidiaries are incorporated in South Africa
with the functional currency of these operations being the South African Rand
("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, Pounds Sterling ("GBP") and ZAR.
For the six months under review the average ZAR:USD exchange rate was
ZAR17.38:$1 and the closing exchange rate at 31 December 2025 was ZAR16.58:$1.
CONTACT DETAILS
For further information, please contact:
Jaco Prinsloo CEO +27 11 673 1171
Ronel Bosman CFO
Nominated Adviser and Joint Broker
Panmure Liberum Limited +44 (0) 20 3100 2000
Scott Mathieson / John More / Gaya Bhatt
Joint Broker
Joh. Berenberg, Gossler & Co KG, London +44 (0) 20 3207 7800
Jennifer Lee / Ivan Briechle
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) and Chrome 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 is treating a combination of run of mine ("ROM") and historical Chrome
tailings from the JV partner, adding a full margin Chrome 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 HY1 FY2025 HY1 FY2026 % Change
Plant Feed T 1,266,024 1,249,229 -1%
Feed Head Grade g/t 2.11 2.38 13%
PGM Plant Feed Tons T 652,989 708,909 9%
PGM Plant Feed Grade g/t 3.37 3.70 10%
PGM Plant Recovery(1) % 55.77% 58.32% 3%
Total 4E PGMs Oz 39,398 49,164 25%
Total 6E PGMs Oz 50,921 62,614 23%
Unaudited USD ZAR
Unit HY1 FY2025 HY1 FY2026 % Change Unit HY1 FY2025 HY1 FY2026 % Change
Financials
Average 4E Gross Basket Price(2) $/oz 1,396 2,162 55% R/oz 25,052 37,573 50%
Revenue (4E)(3) $'000 40,035 83,845 109% R'000 718,233 1,456,808 103%
Revenue (by-products including base metals) $'000 7,408 10,635 44% R'000 132,901 184,793 39%
Sales adjustments $'000 109 4,724 4,234% R'000 1,944 82,084 4,122%
Chrome revenue $'000 - 639 100% R'000 - 11,103 100%
Net revenue $'000 47,552 99,843 110% R'000 853,078 1,734,788 103%
Direct Operating costs $'000 31,640 36,063 14% R'000 567,614 626,778 10%
Indirect Operating costs $'000 5,124 11,108 117% R'000 91,929 193,050 110%
General and Administrative costs $'000 1,191 1,577 32% R'000 21,367 27,408 28%
Adjusted Group EBITDA(4) $'000 9,924 51,045 414% R'000 178,037 887,162 398%
Adjusted Net Profit(4) $'000 7,156 35,495 396% R'000 128,379 616,899 381%
Capital Expenditure(5) $'000 17,707 15,808 -11% R'000 317,648 274,750 -14%
Cash Balance(6) $'000 77,522 53,956 -30% R'000 1,464,391 894,590 -39%
Ave R/$ rate R/$ 17.94 17.38 -3%
Spot R/$ rate R/$ 18.89 16.58 -12%
Unit Cost/Efficiencies(4)
SDO Cash Cost per 4E PGM oz(7) $/oz 803 726 -10% R/oz 14,407 12,617 -12%
SDO Cash Cost per 6E PGM oz(7) $/oz 621 570 -8% R/oz 11,147 9,907 -11%
Group Cash Cost Per 4E PGM oz(7) $/oz 952 904 -5% R/oz 17,079 15,712 -8%
Group Cash Cost Per 6E PGM oz(7) $/oz 737 710 -4% R/oz 13,222 12,340 -7%
All-in Sustaining Cost (4E) $/oz 981 1,209 23% R/oz 17,597 21,006 19%
All-in Cost (4E) $/oz 1,416 1,557 10% R/oz 25,397 27,055 7%
Thaba Cash Cost per Chrome ton(7) $/t - 133 100% R/t - 2,320 100%
( )
( )
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 1,429
4E PGM ounces work-in-progress for HY1 FY2026.
2 The gross basket price in the table is the December 2025 gross 4E basket
used for revenue recognition of ounces delivered in HY1 FY2026, before
penalties/smelting costs and applying the contractual payability.
3 Revenue (6E) for HY1 FY2026, before adjustments is $93.9 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 Excluded from Adjusted Group EBITDA and Adjusted Net Profit is $12.3 million
impairment loss relating to the Hacra Exploration and Evaluation asset.
5 The capital expenditure includes 50% attributable capital cost incurred for
the Thaba JV as well as stripping cost of $3.7 million but excludes
pre-production ramp-up costs to $1.1 million.
6 HY1 FY2026 cash balance excludes restricted cash held as guarantees of $1.1
million and a cession of $2.4 million.
7 The cash costs include operating costs and exclude indirect costs for
example Mineral Royalty Tax and Employee Dividend Entitlement Plan ("EDEP")
payments.
A. OPERATIONAL OVERVIEW
Health, safety and environment
Health, safety and environment remain core values at all of Sylvania's
Operations. Doornbosch remains 13-years LTI-free, Doornbosch and Lannex have
been total injury-free for over four years and three years, respectively,
while Mooinooi also achieved one-year total injury free during the Period. No
LTIs were experienced across all operations during the Period.
The Company's 'Silly Season/Critical Season' campaign, conducted from November
2025 to January 2026, underscored the importance of maintaining a hazard-free
and injury-free environment.
Through various creative initiatives, employees embraced a culture of
mindfulness and vigilance regarding safety protocols, resulting in the
achievement of zero injuries throughout the festive season.
Sylvania also successfully conducted an anti-gender-based violence ("GBV")
campaign, promoting a workplace culture of respect and equality. Informative
sessions and open dialogues enabled employees to gain a deeper understanding
of the impact of GBV and to become ambassadors for change. This commitment to
inclusivity contributes to a more harmonious and supportive professional
community.
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 delivered a record performance for the six months ended 31 December
2025, producing 49,164 4E PGM ounces for HY1 FY2026. This represents a 25%
increase compared to the 39,398 ounces delivered in the corresponding Period
of FY2025 and reflects the strongest half-year performance in the Group's
history. The result was achieved through two consecutive record quarters, with
Q2 FY2026 marginally surpassing the production record established in Q1
FY2026.
The improvement in output year-on-year was underpinned by structural
operational gains rather than short-term variability. PGM plant feed tons for
the half year increased by 9% compared to HY1 FY2025, enabled by improvement
to plant stability and utilisation, while higher grade current arisings from
host mine and continued treatment of third party tailings at the Eastern
Operations resulted in a 10% improvement in the average PGM feed grade. In
addition, PGM recovery improved by 3%. The combined effect of higher volumes,
stronger grades and improved recoveries translated into a materially higher
ounce output across the Group.
During Q1 FY2026, the increase in production was primarily driven by enhanced
feed grades and improved recoveries. Operational focus remained firmly on
plant stability, disciplined mass pull control and concentrate quality
optimisation. This approach delivered a 3% quarter-on-quarter improvement in
feed grade and a 6% improvement in recovery, enabling the Group to set a new
quarterly production record at that stage.
In Q2 FY2026, natural grade variability and operational constraints at certain
operations required a strategic shift in emphasis. Feed grade declined by 5%
quarter-on-quarter, largely due to the processing of open pit material and
adverse rainfall conditions at the Millsell and Mooinooi Operations, which
constrained access to higher-grade material. Recoveries decreased marginally
by 2% in line with the lower feed grades. In response, the Group increased
throughput, with PGM plant feed tons rising by 9% quarter-on-quarter. This
high-throughput strategy successfully offset the softer grades and recoveries,
allowing SDO to deliver another record quarter and ultimately secure a record
half-year result.
Thaba JV
The Thaba JV was commissioned during the Period, with production ramp-up
commencing thereafter and is currently in progress.
The first Chrome and PGM concentrate products were successfully dispatched
during HY1 FY2026, marking an important milestone in the transition from
commissioning into commercial production. Based on ramp-up progress to date
and the latest mining schedule received from the mining team, the forecast
Chrome production is unchanged from the revised guidance provided in the Q2
FY2026, and objective is to achieve name plate processing throughput capacity
by the end of Q4 FY2026.
Plant stability and run time as well as ore feed quality have improved towards
December 2025, but the initial ramp-up during Q2 FY2026 was slightly slower
than initially scheduled due to a combination of operational instability and
performance challenges during the optimisation phase and lower initial run of
mine ("ROM") ore quality from the mine, associated with early development of
the open pit mine and higher than usual ore dilution.
The lower initial ROM feed quality and variability from host-mine, managed by
our JV Partner, have an adverse impact on both Chrome and PGM near-term
production, and specialist mining consultants have been engaged to review the
current mining plan and operations and to assist with optimisation efforts.
The formal review of resources and mining plan and models initiated during the
Period, which includes a pit-optimisation exercise, is currently in progress
and final recommendations are expected during HY2 FY2026.
In the meantime, the current focus is on further improving process stability
and efficiencies and on improving the ROM ore feed quality reporting to the
plant, aimed at ensuring stable and consistent feed grades and reduced
dilution, as well as improved grade consistency within the processing circuit.
Operational focus areas
A significant operational milestone during the Period was the successful
commissioning and full integration of the centralised PGM Filtration Plant.
The facility is now fully operational and enables the transfer of dry filter
cake to the smelter. This enhances concentrate handling, strengthens
compliance with downstream quality specifications and improves the robustness
of the Group's processing interface. The filtration plant represents an
important step forward in improving operational reliability, concentrate
quality consistency and overall downstream risk management.
Importantly, both the Eastern and Western Operations consistently exceeded
their respective business plan ounce targets during the Period, demonstrating
that the operational improvements achieved over the past financial year have
been embedded across the portfolio rather than isolated to individual plants.
Plant stability remained a central focus area, with continued emphasis on
maintaining disciplined operating parameters under varying feed conditions.
While certain short-term headwinds were experienced during Q2 FY2026,
particularly related to feed quality and weather conditions, the Group
demonstrated operational flexibility and resilience in adapting its production
strategy. The ability to balance grade, recovery and throughput dynamically,
while maintaining plant stability, has been a key contributor to the strong
half-year performance. Management does not anticipate delays with the dry
season approaching, and measures are being implemented to mitigate the impact
of any potential wet conditions during HY2 FY2026.
Overall, the first half of FY2026 reflects sustained operational momentum,
improved metallurgical efficiency and disciplined execution across the SDO
portfolio. The record ounce production achieved during the Period provides a
strong foundation for the remainder of the financial year and supports
continued confidence in the Group's operational model and capacity to deliver
consistent, high-quality output under varying operating conditions.
Capital Projects
Capital expenditure for the Period decreased by 14% from ZAR317.6 million
($17.7 million) to ZAR274.8 million ($15.8 million) in the HY1 FY2025
financial year, in line with the Group's capital project programme.
The Centralised Filtration Plant was commissioned in Q2 of FY2026, and some of
the benefits realised to date include improved control over the quality of
final concentrate for improved payability, while consistently meeting moisture
targets.
A prefeasibility study is in progress for a potential new treatment facility
for Chrome tailings and ROM at the Eastern Operations. This Project could
potentially expand the operating footprint and increase diversification of the
Company's revenue stream by adding further Chrome revenue. The prefeasibility
study will be completed during Q3 of FY2026, allowing the Company to determine
economic viability prior to proceeding with the next phase of either
feasibility or detailed design for the selected option. Permitting
applications are underway.
Additionally, in order to sustain current Operations and to secure deposition
capacity for the next 10 years, the Company is currently undertaking a build
programme for new TSFs across various of its current Operations. Doornbosch
and Mooinooi TSFs have been commissioned and are operated in accordance with
the latest regulatory standards and with safety and the environment as key
considerations.
Construction of the Lannex and Tweefontein TSFs will commence during HY2
FY2026, with completion towards mid-FY2027, and both these facilities will
include infrastructure to deliver thickened tailings to the new TSFs, which is
an improvement on historic facilities, with benefits including improved water
stewardship, improved dam stability, consistency of deposition density and
potential to increase the safe annual rate of rise for a longer life.
Outlook
The Company had a strong performance across operational and financial aspects
during the first half of the financial year and is well positioned for that
performance to continue during HY2 FY2026. As a result, production guidance
for the full year was revised up to 90,000 - 93,000 4E PGM ounces during Q2
FY2026 operational results release, from the initial guidance of 83,000 -
86,000 4E PGM ounces, with Chrome concentrate target of 60,000 - 90,000 tons
adjusted lower in line with the slower than envisaged Thaba JV ramp-up
progress.
While initial production for the Thaba JV operation, which is processing PGM
and Chrome ores from historic tailings dumps and ROM ore from the Limberg
Chrome Mine, is impacted by lower ROM feed quality from the current pit, the
project remains on track to become an attractive revenue and EBITDA
contributor for the Company as it ultimately reaches full operational name
plate capacity. On average, it is expected to add attributable production of
approximately 6,800 4E PGM ounces and introduce 210,000 tons of Chrome
concentrate to Sylvania's existing annual production profile over the life of
the project.
The recent strengthening of the PGM basket price supports the Board's
optimistic view regarding the overall medium to long term PGM price outlook,
based on the respective supply and demand trends for platinum, palladium, and
rhodium. The SDO, with its stable, cash generating production base and low
operating costs, remains well positioned within the industry. Additionally,
the Thaba JV has integrated Chrome beneficiation with PGM processing into the
Group's Operations despite minor operational challenges. Moreover, with the
introduction of a fresh Chrome revenue channel, and strengthened by the
strategic partnership with Limberg Mining Company (Pty) Ltd ("LMC") in the
Thaba JV, the Company has diversified revenue streams effectively, thereby
bringing value to shareholders and capitalising on the increasing demand for
Chrome in the foreseeable future.
As always, management will continue to focus on the parameters that it is able
to control, with a specific focus on maintaining a safe, stable and efficient
production environment, improving direct operating costs, and ensuring
disciplined capital allocation and control.
Sylvania remains committed to its Environmental, Social and Governance ("ESG")
initiatives and will continue to publish an ESG Report annually and provide
interim updates.
B. FINANCIAL OVERVIEW
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive
Income
for the half year ended 31 December 2025
31 December 2025 31 December 2024
$ $
Note(s) Reviewed Reviewed
Revenue 1 99 843 490 47 553 549
Cost of sales (48 319 387) (39 723 000)
Royalties tax (3 919 930) (218 172)
Gross profit 47 604 173 7 612 377
Impairment of exploration and evaluation asset 2 (12 263 788) -
Other income 602 188 441 466
Other expenses 3 (1 713 878) (1 234 072)
Operating profit before net finance costs and income tax expense 34 228 695 6 819 771
Finance income 2 737 340 3 167 540
Finance costs (230 024) (247 631)
Profit before income tax expense from continuing operations 36 736 011 9 739 680
Income tax expense (13 504 678) (2 583 897)
Net profit for the period 23 231 333 7 155 783
Other comprehensive profit/(loss)
Items that are or may be subsequently reclassified to profit and loss:
Foreign operations - foreign currency translation differences 11 421 444 (4 420 322)
Total other comprehensive profit/(loss) net of tax 11 421 444 (4 420 322)
Total comprehensive income for the period 34 652 777 2 735 461
Cents Cents
Earnings per share attributable to the ordinary equity holders of the Company:
Basic earnings per share 8.93 2.73
Diluted earnings per share 8.93 2.73
1. Revenue is generated from the sale of PGM ounces produced at the
six retreatment plants as well as the Thaba JV operations, net of smelter
charges and pipeline sales adjustments and from the sales of Chrome tons
produced through the Thaba JV operations.
2. An impairment loss was recognised during the Period in respect of
the Hacra exploration and evaluation asset, which does not form part of the
Company's development plan, following management's decision not to spend
additional capital on the project.
3. Other expenses relate to corporate activities and include
directors' fees, insurance, advisory and public relations expenses.
The average gross basket price for PGMs for the six months to 31 December 2025
was $2,162/ounce compared to $1,396/ounce for the half year period ended 31
December 2024. The Group recorded net revenue of $99.8 million for the six
months to 31 December 2025, a 110% increase half-year on half-year, as a
result of the higher basket price and higher ounce production for the Period
which included Chrome revenue of $0.6 million.
The Cost of Sales
The operational costs of sales (cash and non-cash) are ZAR denominated and
represent the direct and indirect costs of producing PGM and Chrome
concentrate. This amounted to ZAR819.8 million for the reporting Period
compared to ZAR659.5 million for the prior Period. The main cost contributors
were: labour costs of ZAR224.9 million (HY1 FY2025: ZAR188.3 million) with the
overall increase largely driven by higher production volumes; SDO third party
material purchases and Thaba JV mining costs post commissioning increased to
ZAR134.8 million (HY1 FY2025: ZAR106.1 million); electricity rose to ZAR115.8
million (HY1 FY2025: ZAR99.3 million) including ZAR5.9 million from the Thaba
JV and the remainder of the increase relates to a tariff increase from the
local electricity supplier at the SDO; reagents and milling costs amounted to
ZAR74.1 million (HY1 FY2025: ZAR70.3 million); and the mineral royalty tax
increased to ZAR68.1 million (HY1 FY2025: ZAR3.9million) as a result of the
increased mineral royalty rate from 0.7% to 5.51% due to an increase in
revenue and lower deductible qualifying capital expenditure resulting in a
higher mineral royalty tax effective earnings before interest and tax
("EBIT").
Group cash cost was ZAR15,712/ounce ($904/ounce) compared to ZAR17,079/ounce
($952/ounce) in the previous corresponding Period. The all-in sustaining cost
("AISC") for the Group amounted to ZAR21,006/ounce ($1,209/ounce) and an
all-in cost ("AIC") of ZAR27,055/ounce ($1,557/ounce) for the Period to 31
December 2025 reflecting an increase of 7% in ZAR terms and 10% in USD terms.
This compares to the AISC and AIC for 31 December 2024 of ZAR17,597/ounce
($981/ounce) and ZAR25,397/ounce ($1,416 /ounce) respectively.
General and administrative costs were $1.58 million for the six months to 31
December 2025 against $1.19 million for the corresponding Period in the prior
year. The increase was primarily driven by salaries and wages, leave payouts
and higher broker and consulting fees. These costs are incurred in USD, GBP
and ZAR.
Condensed Consolidated Statement of Cash Flows
for the half year ended 31 December 2025
31 December 2025 31 December 2024
$ $
Note(s) Reviewed Reviewed
Cash flows from operating activities
Receipts from customers 78 394 893 44 616 514
Payments to suppliers and employees (46 806 054) (36 788 364)
Cash generated from operations 31 588 839 7 828 150
Finance income 1 033 466 2 500 630
Finance cost (1 218) -
Taxation (paid)/received (6 867 592) 1 182 751
Net cash inflow from operating activities 25 753 495 11 511 531
Cash flows from investing activities
Purchase of plant and equipment (15 506 256) (17 326 353)
Proceeds from sale of property, plant and equipment 20 530 -
Payments for exploration and evaluation capitalised (209 002) (380 490)
Loan to joint operations: Thaba JV capital loan (2 517 589) (10 185 118)
Loan to joint operations: Thaba JV working capital loan (7 400 461) -
Loan to joint operations (6 243) (59)
Transfer to guarantee asset 31 766 76 486
Acquisition of other assets - (4 095)
Net cash outflow from investing activities (25 587 255) (27 819 629)
Cash flows from financing activities
Payment of lease liabilities and borrowings (70 535) (278 299)
Payment for treasury shares (700 523) (463 723)
Dividends paid (6 848 391) (3 314 002)
Net cash outflow from financing activities (7 619 449) (4 056 024)
Net increase/(decrease) in cash and cash equivalents (7 453 209) (20 364 122)
Effect of exchange fluctuations on cash held 515 512 41 667
Cash and cash equivalents at the beginning of reporting period 60 893 292 97 844 572
Cash and cash equivalents at the end of the reporting period 53 955 595 77 522 117
The cash balance decreased from $60.9 million at 30 June 2025 to $54.0 million
at 31 December 2025 (HY1 FY2025: $77.5 million). A tax refund of $0.5 million
was received during the Period from the South African Revenue Services
relating to the FY2024 tax period. Provisional income tax of $7.3 million and
mineral royalty tax of $1.6 million, which is included in indirect costs, were
paid in respect of HY1 FY2026 Period. A final dividend for FY2025 amounting to
$6.8 million in aggregate was paid on 5 December 2025 and a further $0.2
million was paid through the Employee Dividend Entitlement Plan to all
qualifying employees. Surplus cash invested in both ZAR and USD earned
interest income amounting $1.0 million.
Cash outflow relating to capital projects amounted to $15.7 million,
comprising of $6.6 million attributable capital on the Thaba JV, $8.9 million
improvement and stay in business capital and $0.2 million on exploration
projects. A further $2.5 million was contributed to the Thaba JV project
through the loan to the JV partner and $7.4 million was contributed to the
Thaba JV in the form of a working capital loan aligned with the terms of the
initial funding period. Lease payments for the rental of various equipment, as
well as repayments under instalment sale agreements amounted to $0.07 million
during the Period.
Cash generated from operations before working capital movements was $52.2
million, with net changes in working capital of $20.6 million mainly due to
the movement in trade receivables of $21.4 million, inventories of $3.0 and
trade payables of $3.7 million. The 55% increase in the 4E PGM basket price
and the 25% increase in 4E PGM production resulted in the increase in the
trade debtors balance quarter-on-quarter. Trade debtors arise from concentrate
delivered during the Period but only paid for in the following quarter as per
the concentrate off-take agreements.
The impact of the exchange rate fluctuations amounted to a $0.5 million profit
due to the net appreciation of the ZAR to the USD at the end of and during the
Period.
Condensed Consolidated Statement of Financial Position
as at 31 December 2025
31 December 2025 30 June 2025
$ $
Note(s) Reviewed Audited
ASSETS
Non-current assets
Exploration and evaluation expenditure 37 191 541 48 621 982
Property, plant and equipment 108 299 427 89 791 250
Other financial assets 4 40 058 417 28 648 207
Other assets 461 835 433 981
Deferred tax asset 4 879 6 770
Total non-current assets 186 016 099 167 502 190
Current assets
Cash and cash equivalents 5 53 955 595 60 893 292
Other financial assets 4 2 580 300 -
Trade and other receivables 6 69 714 767 44 916 974
Inventories 7 10 467 148 6 902 082
Total current assets 136 717 810 112 712 348
Total assets 322 733 909 280 214 538
EQUITY AND LIABILITIES
Shareholders' equity
Issued capital 8 2 716 617 2 733 667
Reserves 9 35 320 411 24 155 885
Retained profit 233 436 725 217 053 783
Total equity 271 473 753 243 943 335
Non-current liabilities
Leases and borrowings 10 420 655 381 437
Provisions 11 6 098 244 4 899 975
Deferred tax liability 18 935 785 15 889 311
Total non-current liabilities 25 454 684 21 170 723
Current liabilities
Trade and other payables 19 353 720 13 796 863
Leases and borrowings 10 136 227 89 851
Current tax liability 6 315 525 1 213 766
Total current liabilities 25 805 472 15 100 480
Total liabilities 51 260 156 36 271 203
Total liabilities and shareholder's equity 322 733 909 280 214 538
4. Other financial assets consist of:
o A loan (project capital loan) amounting to $30,456,339 (2025:
$24,654,831) granted to Limberg Mining Company (Pty) Ltd by Sylvania Metals
(Pty) Ltd.
o A loan (working capital loan) amounting to $7,947,877 (2025: $nil)
granted to Thaba JV by Sylvania Metals (Pty) Ltd.
o A loan amounting to $403,363 (2025: $369,709) granted to Tizer by
Sylvania South Africa (Pty) Ltd
o Contribution paid to the host-mine for rehabilitation purposes. The
debtor is ZAR denominated and was translated at a spot rate of ZAR16.58:$1
(2025: ZAR17.64:$1).
o Restricted cash relate to the guarantees for Eskom, the Department of
Mineral and Petroleum Resources (DMPR), Growthpoint and a cession held with
Ninety One Fund (the cession) relating to a property purchase from Freedom
Property Fund Limited.
5. Cash and cash equivalents are held in ZAR and USD.
6. Trade and other receivables consist mainly of amounts receivable
for the sale of PGMs.
7. Inventory consist of spares, consumables, ore stockpiles and
finished goods including Chrome and PGM's.
8. The total number of issued ordinary shares at 31 December 2025 is
271,661,725 Ordinary Shares of $0.01 each (including 11,525,842 held in
Treasury).
9. Reserves include the share premium, foreign currency translation
reserve, which is used to record exchange differences arising from the
translation of financial statements of foreign controlled entities,
share-based payments reserve, Treasury share reserve and the equity reserve.
10. Leases relate to the right-of-use liability and borrowings relating
to instalment sale agreements.
11. Provision is made for the present value of closure, restoration and
environmental rehabilitation costs in the financial Period when the related
environmental disturbance occurs.
C. JOINT VENTURES AND MINERAL ASSET DEVELOPMENT OF OPEN PIT MINING PROJECTS
Mineral Asset Development
Sylvania holds mining and prospecting rights over three PGM-base metal
projects on the Northern Limb of the Bushveld Igneous Complex ("BIC") in South
Africa. Technical work continues on the Volspruit and Aurora projects to
improve confidence and understanding to assist in determining how best to turn
these assets to account.
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 focus at Volspruit is predominantly on obtaining the necessary
authorisations required to move the project into the next stages. Currently,
the Company is working alongside the Department of Mineral and Petroleum
Resources ("DMPR") and the Department of Water and Sanitation ("DWS") in order
to advance feedback on the Environmental Impact Assessment amendment and
progress with processing of its Water Use License application, respectively. A
number of site meetings have been held with the DWS and the Company is hopeful
that the License is progressing towards the next phase.
Local Economic and Human Development Projects continue as part of the
Company's Social and Labour Plan ("SLP").
Far Northern Limb - Aurora Project
Following on from a successful ground gravity geophysical survey completed in
FY2025, an orientation geochemical soil sampling campaign was undertaken over
a portion of the project area in the latter half of FY2025. The results were
received at the start of the financial year and although successful in mapping
the poorly exposed lithology within the area, the decision was made to not
continue with the campaign across the larger project area.
Focus has shifted to a 4,000-metre diamond drilling programme planned for the
downdip extension of the La Pucella declared mineral resource. Drilling is
expected to commence in Q4 FY2026 and will provide insight on the deeper
extent of the T-Reef, currently believed to be open-ended at depth, as well as
on the potential existence of the deeper F-Reef. The programme is planned to
run through to HY1 FY2027.
As with its other projects, the company continues to work on its SLP
commitments with local authorities and other key stakeholders.
Far Northern Limb - Hacra Project
As per earlier communications, the Hacra exploration asset is an underground
mining PGM-Cu-Ni asset, bordering Platinum Group Metal's Waterberg JV, that
doesn't form part of the Company's future development plans and we continue to
explore disposal options, while the Company focuses on unlocking further value
in its shallower targets at Aurora and Volspruit.
Due to the Company's decision not to invest further additional capital towards
the development of the asset, an impairment loss of $12.3 million was
recognised during the Period. Hacra forms part of an initial exploration
portfolio acquired during 2010, where approximately $10.1 million of the
purchase price was apportioned to Hacra, with an additional exploration spend
of approximately $2.2 million spent to date.
D. CORPORATE ACTIVITIES
Payment of Dividend
On 5 December 2025, the Company paid a final dividend for FY2025 totalling
$6.8 million, equating to 2.00 pence per Ordinary Share, to shareholders on
the register on the record date of 31 October 2025. This brought the annual
dividend for FY2025 to 2.75 pence per Ordinary Share, which included an
interim dividend of 0.75 pence per Ordinary Share, that was paid on 4 April
2025.
Interim Dividend
In line with the Company's dividend policy to distribute a minimum of 40% of
the annual adjusted free cash flow, divided into one-third interim dividend
and two-thirds final dividend, the Board has declared an interim dividend for
HY1 FY2026 of 2.00 pence per Ordinary Share which will be payable on 3 April
2026. Payment of the interim dividends will be made to shareholders on the
register of the Company at the close of business on 6 March 2026 and the
ex-dividend date is 5 March 2026. While the dividend policy aims for a
one-third interim and two-thirds final distribution, the final dividend will
be independently calculated based on the recalculated adjusted free cash flow
and capital requirements of the Company at the end of the FY2026 reporting
Period.
Exercise of vested bonus shares and buyback
During the Period, the Company announced that a total of 692,00 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 692,000 shares that were exercised, 198,000 related to PDMRs. The
Company agreed to repurchase 256,050 Ordinary Shares at the vesting price of
77.60 pence in order to satisfy the tax liabilities of the employees and PDMRs
and a further 409,397 Ordinary Shares were repurchased at the 30-day Volume
Weighted Average Price ("VWAP") of 78.49 pence at the request of certain
employees and PDMRs under the terms of the Plan.
Following the above transactions, the Company's issued share capital amounts
to 271,661,725 Ordinary Shares of which a total of 11,525,842 Ordinary Shares
are held in Treasury. Therefore, the total number of Ordinary Shares with
voting rights in Sylvania is 260,135,883 Ordinary Shares.
Additionally, approximately $2.5 million has been set aside to provide
flexibility for potential share buybacks. This allocation may include
on-market purchases as well as the repurchase of vested Ordinary Shares from
employees granted under the Sylvania Platinum Limited Bonus Share Award Plan.
The Plan permits employees to request the Company to repurchase shares during
the March and September dealing windows at the prevailing 30-Day VWAP.
At this stage, the amount represents a ring-fenced capital provision. Any such
purchases would be undertaken subject to prevailing market conditions,
regulatory requirements and the Company's ongoing capital needs, while
continuing to balance shareholder returns with capital preservation and
long-term sustainability.
Appointment of Non-Executive Director
On 2 February 2026, the Company announced that Martin Preece had been
appointed to the Board as an independent Non-Executive Director, with
immediate effect. Martin is a highly experienced individual with an
established track record of 40 years in the mining industry, and a deep
technical understanding covering the full mining value chain. Martin held a
number of leadership roles at dual listed Gold Fields over an eight-year
period including Executive Vice President South Africa, Interim Chief
Executive Officer and Chief Operating Officer. Prior to this, Martin was
appointed to various operational and strategic roles at De Beers in South
Africa and Canada.
Legal Matters
The Company has noted a judgement form the High Court of South Africa
regarding an interim resolution that relates to a feed source from the host
mine at one of its operations. An appeal process is currently in progress, and
the Company has ceased to treat material from this feed source. As the Company
treats a number of unrelated feed sources across the Operations, it has the
flexibility to mitigate the impact and does not anticipate any material impact
on the overall operations and maintains the revised guidance communicated.
Publication of Updated Corporate Investor Presentation
An updated corporate presentation is now available for download from the
Company's website, www.sylvaniaplatinum.com (http://www.sylvaniaplatinum.com)
.
E. ENVIRONMENT, SOCIAL AND GOVERNANCE (ESG)
The Company's approach to ESG reporting is guided by global frameworks and
best practice guidelines.
Strategic Context and Market Dynamics
Sylvania continues to view ESG as a strategic anchor for resilience,
competitiveness, and long-term value creation. Trade tensions, supply
constraints, and energy, water, and regulatory pressures underscores the
importance of our low-cost tailings-reclamation model. A strong balance sheet,
and disciplined focus on governance, social partnership, and environmental
stewardship in sustaining our contribution to South Africa's mining economy
and the global energy transition is becoming increasingly important.
Environmental Performance
Energy & Greenhouse Gas ("GHG") Emissions
Sylvania remains committed to mitigating climate-related risks through
efficiency improvements and renewable energy initiatives.
HY1 FY2026 Highlights and Key Initiatives:
· Power consumption: 50,84 GWh, broadly consistent with HY1 FY2025
(51,03 GWh), indicating stable electricity demand as operations continued at
similar throughput levels.
· Diesel consumption: 307,179.35 L for power generation and fleet
operations due to increased host mine grid-power requirements that resulted in
more frequent use of diesel generators to ensure uninterrupted operations.
· GHG emissions (Scope 1 & 2): 53,689.59 tCO(2)e with an
emissions intensity of 0.043 t CO(2)/ton treated, which is slightly higher
than earlier intensity performance but still broadly aligned with historical
performance.
Water Management & Conservation
Water is essential to Sylvania's operations, and the Group is strengthening
its water stewardship by focusing measurement and reporting on new water
"top-up" introduced into the reticulation system to replace process losses. As
part of its ESG maturity journey, Sylvania has prioritised improving water
data integrity through the installation, repair and calibration of flow meters
and enhanced monitoring across its operations, with HY1 FY2026 results
reflecting both improving water efficiency at some sites and remaining data
gaps at others.
HY1 FY2026 Highlights and Key Initiatives:
· Water metric focus: Reporting now centres on water intensity
based on new water top-up, calculated from water in Chrome concentrate, PGM
concentrate and TSF losses through seepage and evaporation.
· Water intensity: Group water intensity for HY1 FY2026 was 1.31
m³ of top-up water per ton treated, which is in line with previous recordings
from 1.25 m³ in FY2025 and 1.41 m³ in HY1 FY2025, indicating a similar
top-up requirement per ton processed on a cumulative basis.
· Monitoring upgrades: Installation, repair and calibration of flow
meters and monitoring systems are under way across operations, with these
projects expected to improve balance closure, site-to-site comparability and
the actionability of future water intensity reporting.
Tailings Management
Sylvania is committed to the responsible management of its TSFs to mitigate
negative impacts on health, safety, the environment, and communities. TSFs are
designed with an acceptable level of risk, fully compliant with the DMPR
Mandatory Code of Practice for Mine Residue Deposits. Sylvania's approach to
tailings management prioritises zero harm, and the Company continues to align
its approach with the recommendations and requirements of the Global Industry
Standard on Tailings Management ("GISTM") standard.
HY1 FY2026 Highlights and Key Initiatives:
· Production profile: Total feed to SDO plants was 1,249,229 tons,
marginally lower than HY1 FY2025, reflecting stable operations and deposition
rate onto TSFs over the Period.
· TSF risk status: No material risks were identified across TSFs,
with regulatory inspections and audits completed at all operations are aligned
with the GISTM standard.
· Governance and operational control: Updated TSF operational
manuals were issued and implemented across all sites, embedding strengthened
procedures into day-to-day operational practice as part of continuous
improvement.
· Monitoring and stability: Vibrating wire piezometers are
installed at one TSF, providing real-time performance data to the Engineer of
Record to support proactive monitoring of pore pressures, seepage and
stability. Further installations are planned at TSFs at other operations
aligned with the Company's strategy for responsible TSF management.
· New TSF designs and construction: Two new TSFs were designed by
Eco Elementum Engineering using a class C reverse barrier system. This reduces
the likelihood of geosynthetic liner damage and is tailored to site-specific
geotechnical conditions. Both facilities were authorised by the relevant
authorities, with one commissioned in July 2025 and the second completed in
December 2025.
Biodiversity & Rehabilitation
Sylvania is committed to strengthening land stewardship as part of its broader
sustainability strategy, integrating biodiversity conservation and long-term
ecological resilience into operational practices. During HY1 FY2026, the
completed slope rehabilitation trials at Tweefontein continued to demonstrate
encouraging ecological outcomes, including successful grass seed germination,
vegetation establishment, and measurable improvements in the physical and
chemical properties of tailings material. These results highlight the
viability of low-cost, environmentally friendly rehabilitation methods that
can be applied during TSF operations, reducing environmental impact while
enhancing local biodiversity.
Building on this success, Sylvania will expand rehabilitation trials to the
Lesedi operation in HY2 FY2026, ensuring that proven techniques are applied
more broadly across the portfolio. This proactive approach supports climate
resilience by restoring degraded landscapes, improving growth medium, tailings
material and soil health, and fostering sustainable ecosystems.
To secure long-term environmental obligations, Sylvania maintains a dedicated
closure fund that is regularly updated to ensure sufficient resources for
post-operation rehabilitation. This financial commitment provides assurance to
stakeholders that closure and rehabilitation obligations will be met
responsibly, reinforcing the company's alignment with global ESG principles
and its role as a trusted custodian of the land.
Environmental Performance
Health & Safety
A safety-first approach is entrenched at all Sylvania operations, with no
work-related fatalities recorded since inception. Plant-specific safety
improvement plans, strong site leadership and active employee engagement in
living Sylvania's values support ongoing improvements in safety performance.
HY1 FY2026 Highlights and Key Initiatives:
· The operations remain fatality free since inception, underscoring
a strong safety culture.
· Zero lost-time injuries occurred across all operations, compared
to one LTI during HY1 FY2025.
· Mooinooi achieved one-year total injury free during the Period.
· Safety awareness campaigns were delivered in line with the
FY2026Safety, Health, Environment ("SHE") strategy, with focus areas
including legal compliance and people and behaviour.
The SHE Strategic Focal Points for FY2026 further strengthen this approach and
are structured around several key themes:
· "Learn from Incidents" investigations are finalised to prevent
repeat events and ensure effective close-out of actions.
· "Leadership SHE alignment" focuses on aligning plant managers and
engineers to maintain SHE performance.
· "Security risks" addresses the development of a security action
plan per plant, including the use of technology, to mitigate security-related
risks.
· "Independent SHE system" covers the creation of a SHE framework
to establish a centralised, fit-for-purpose SHE system.
· "Silly Season (Festive)" campaign promotes safety-focused
production during the December Period, when festive-season risks typically
increase.
Workforce Development & Diversity
Sylvania's workforce strategy in HY1 FY2026 focused on broadening
representation and deepening skills, while strengthening the mechanisms
through which employees participate in workplace decisions. This approach
positions human capital as a core organisational capability, linking
diversity, training and worker voice directly to safe, reliable and efficient
production across the Group.
HY1 FY2026 Highlights and Key Initiatives:
· Employee growth: 828 employees as at the end of December 2025,
with 106 additional people employed during HY1 FY2026, reflecting ongoing
expansion across operations.
· Training and skills development: Since FY2023, significant
resources have been invested in training and development; in HY1 FY2026 this
included 460 inductions, 1,995 internal trainings (including inductions and
medicals), 993 external trainings and six community employee trainings,
supporting competence, safety and career progression.
· Employee voice and representation: 62.68% of employees were
unionised as at December 2025, an increase from previous reporting Periods,
reflecting strengthened employee representation and Sylvania's support for
freedom of association.
· Safe, respectful workplace: A GBV awareness campaign remains in
place to increase awareness, shift attitudes and encourage speaking up; no GBV
incidents have been reported within Sylvania in FY2026.
Diversity, Equity, and Inclusion
Sylvania's diversity, equity and inclusion approach in HY1 FY2026 is anchored
in formal policies but demonstrated through measurable shifts in who the
Company employs and how people experience the workplace. Diversity is treated
as a strategic lever for performance, with particular emphasis on increasing
women's participation in mining and ensuring equitable access for Historically
Disadvantaged South Africans.
The Company's commitment to diversity and inclusion continues to be reflected
in the following policies, which remained in force during HY1 FY2026:
· Recruitment and Selection Policy: Ensures fairness, equity,
confidentiality, and human dignity throughout the hiring process.
· Employment Equity Policy: Commits to building and maintaining a
diverse workforce while providing equal opportunities for all.
· Harassment Policy: Ensures a respectful workplace where all
individuals are treated with dignity.
In HY1 FY2026, the impact of these policies is evident in workforce outcomes
and targeted initiatives.
· Female representation increased to 29% (242 women at the end of
HY1 FY2026), with 37 of the 106 new recruits being women, underscoring steady
progress in Women in Mining and broader gender diversity.
· Historically Disadvantaged South Africans represented 94.2% of
the total workforce, demonstrating that employment equity commitments are
being realised in practice.
· No GBV and harassment incidents were reported during FY2026.
· The Company also received the section 53 Employment Equity
Compliance certificate from Department of Employment and Labour.
Contributing to National and Local Development
Sylvania continues to contribute to South Africa's development through
employment, procurement and tax payments, with HY1 FY2026 ESG reporting
covering the Period July to December 2025. Socio-economic development is
embedded in business strategy and guided by an internal corporate social
investment ("CSI") plan and governance processes that align projects with
identified host community needs and national priorities. The focus remains on
supporting HDSA communities surrounding operations through targeted
initiatives that promote inclusive, long-term development.
Community Investment & Local Development
Sylvania recognises its host communities as critical partners that underpin
its workforce, operational continuity and social licence to operate. Community
support is channelled through local procurement, training and development,
early-career opportunities and focused CSI projects that address specific
service and infrastructure needs.
HY1 FY2026 Highlights and Key Initiatives:
Community supplier and procurement contribution
· Community supplier spend: ZAR70,695,885 in HY1 FY2026, slightly
lower than the previous two half years but still reflecting strong support for
community-linked enterprises.
· Total supplier spend (including community suppliers):
ZAR733,445,449 in HY1 FY2026, higher than the two previous half years,
indicating sustained support to the broader supply chain.
Community skills, training and education support
· Community-based employee training: Six community-based employees
received training interventions in HY1 FY2026.
· Internships: Three interns were appointed and remained active in
HY1 FY2026.
· Bursaries: A total of 57 bursaries (20 external and 37
internal) were awarded, reflecting an increase from the prior period.
· Learnerships: Nine learners were appointed on 3-year contracts
ending in December 2028.
· Portable Skills: 12 local beneficiaries completed short courses,
while others were afforded an opportunity to acquire C1 driver's licenses.
CSI Project: Ward 31 Modderspruit Community Clinic - Solar Installation
Sylvania supported the design and installation of a solar power system with
automatic switchover at the Modderspruit Community Clinic to address frequent
power outages that compromised refrigeration of critical medication and
immunisations and posed a health risk to community members.
Economic contribution supporting national and local development (unaudited HY1
FY2026)
Through salaries, taxes and mineral royalty tax, Sylvania's operations provide
a material financial contribution to the South African economy and public
finances. These flows support household income, public services and mineral
resource revenues that benefit both national and local stakeholders.
Compliance and licence-to-operate support:
· No environmental directives or fines were issued by environmental
regulators in HY1 FY2026.
· One Section 55 instruction was issued by the DMPR to Sylvania's
Thaba JV operation and was subsequently lifted following corrective actions.
· No material legal compliance risks or fines were recorded in
relation to governance, tax or other financial management aspects.
Economic Contribution: National and Local Governance:
Indicator Unit HY1 FY2025 HY1 FY2026
Salaries and wages(1) ZAR 167,781,370 214,886,073
Contributions and employee tax paid ZAR 64,209,023 86,784,942
Employee dividend participation scheme ZAR 1,712,443 3,398,175
Income tax ZAR 27,878,162 202,611,769
Value added tax ZAR 32,426,667 117,142,417
Mineral royalty tax ZAR 3,913,859 68,109,056
1 Salaries and wages are reflected as net after tax and include the vested
shares benefits.
ANNEXURE
GLOSSARY OF TERMS FY2026
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.
DMPR Department of Mineral and Petroleum Resources
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
tCO(2)e 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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See all newsREG - Sylvania Platinum - Interim Financial Results
AnnouncementREG - Sylvania Platinum - Appointment of Non-Executive Director
AnnouncementREG - Sylvania Platinum - Second Quarter Report to 31 December 2025
AnnouncementREG - Sylvania Platinum - Result of Annual General Meeting
AnnouncementREG - Sylvania Platinum - ESG Report to 30 June 2025
Announcement