Sylvania Platinum Limited

For FY2025, Sylvania reported record 4E PGM production of 81,002 ounces, up 11% year on year. Average 4E basket price was about $1,507 per ounce, nearly 13% higher year on year. Net revenue was $104 million, up 28% year on year, and EBITDA was $29.3 million, up 117% year on year. Full-year EPS was $0.0773 versus $0.226 in the prior year. Tailings retreatment cash cost was $759 per PGM ounce, all-in sustaining costs were down 3%, and the company ended the year with a cash balance of $60 million and net asset value of $244 million. For FY2026, management guided to 83,000-86,000 ounces of 4E PGMs, 100,000-130,000 tons of chromite concentrate from Thaba, and a stronger EBITDA outlook on higher consensus pricing, slightly higher PGM ounces, and new chrome revenue. They said current forecast basket pricing is about $1,809/oz for 2026 and about $1,890/oz for 2027, versus about $1,500/oz in 2025.

Johannes Prinsloo framed FY2025 as a record year operationally and financially, saying the company delivered on its promise despite revising guidance twice during the year. He emphasized that Sylvania’s model remains low-risk and cash generative, with growth coming from both optimization of existing operations and external opportunities like Thaba. His tone was upbeat and confident, especially on the longer-term value of adding chrome revenue and keeping the company in the bottom quartile of the cost curve.

Lewanne Carminati highlighted that the higher basket price and record production drove the year’s improvement, with net revenue of $104 million, EBITDA of $29.3 million, and EPS of $0.0773. She noted costs were up 14%, royalty tax fell due to additional CapEx allowances, and other expenses dropped 35% mainly because Grasvally-related interest was written off in 2024. She also said cash flow after tax was just under $20 million, total capital cash outflow was $31 million including $16.6 million for Thaba JV and $7 million for tailings dams, and FY2026 capital is expected to be around $32 million with about $21 million for tailings dams. She added that the company had $60 million cash at 30 June, had returned $117 million to shareholders since 2018, and had bought back 65 million shares since 2015.

The main analyst questions focused on rhodium’s price move, whether Sylvania could hold metal reserves to sell later, buybacks, and how chrome will affect earnings. Management said it does not hedge products and does not intentionally hold back reserves, citing offtake arrangements and practical security/storage constraints. On buybacks, management said there is no formal buyback policy, but the board reviews the option every meeting and may act opportunistically when there is surplus cash and the share price meets thresholds. They also said August’s 4E basket price ranged between about $1,900 and $1,960/oz, and acknowledged EPS should improve in 2026 if current metal prices persist.