Sylvania Platinum (SLP) H1 2025 earnings summary

Executive summary

• Net revenue rose 17% year-over-year to $47.6 million, driven by higher PGM production and improved basket prices.

• EBITDA increased 36% to $9.9 million, and net profit more than doubled to $7.2 million compared to HY1 FY2024.

• SDO delivered 39,398 4E PGM ounces, a 3% increase, primarily due to a 17% rise in feed grades.

• Interim dividend of 0.75 pence per share declared, with share buybacks totaling $3.3 million and 1.7 million shares repurchased.

• Thaba JV project on track for first production by May 2025, expected to add 6,800 PGM ounces and 210,000 tonnes of chrome annually at steady state.

Financial highlights

• Net revenue: $47.6 million (+17% YoY); EBITDA: $9.9 million (+36% YoY); Net profit: $7.2 million (+132% YoY); Basic EPS: 2.73 US cents.

• Cash balance at period end: $77.5 million, down from $107.2 million YoY.

• Capital expenditure surged to $17.7 million, mainly for Thaba JV and tailings facilities.

• SDO cash cost per 4E PGM ounce: $803 (+18% YoY); group cash cost: $952/oz; all-in sustaining cost: $981/oz.

• Generated $11.5 million from operations and paid $3.3 million in dividends.

Outlook and guidance

• FY2025 production guidance raised to 75,000–78,000 4E PGM ounces, reflecting strong HY1 output.

• Thaba JV expected to commence production by May 2025, with significant contributions from 2026 onward.

• Lesedi ROM plant ramp-up expected to boost grades and profitability by Q3–Q4 FY2025.

• Full-year EBITDA estimated slightly above $20 million, with sensitivities run on consensus pricing.

• Robust outlook for both PGM and chrome markets, with anticipated price improvements and supply deficits forecasted for 2025.