Sylvania Platinum (SLP) H1 2026 earnings summary

Executive summary

• Achieved record 4E PGM production of 49,164 oz (+25% YoY) and 6E PGM production of 62,614 oz (+23% YoY) for HY1 FY2026, with all SDO plants exceeding business plans.

• Net revenue for HY1 FY2026 rose 110% year-over-year to $99.8 million, driven by higher PGM prices and volumes.

• Adjusted EBITDA surged 414% to $51.0 million, with net profit up 223% to $23.2 million and EPS at 8.93 US cents.

• Successfully commissioned the Thaba JV, now ramping up, with first chrome and PGM concentrate dispatched.

• Interim dividend of 2 pence per share declared, with $2.5 million allocated for share buybacks.

Financial highlights

• Net profit for HY1 FY2026 was $23.2 million, up from $7.2 million YoY.

• SDO cash cost per 4E PGM ounce was $726, with group cash cost per 4E PGM ounce at $904, both down year-over-year.

• All-in sustaining cost per 4E PGM ounce was $1,209, up 23% YoY; all-in cost per ounce was $1,557, up 10% YoY.

• Cash balance at period end was $54 million.

• Capital expenditure for HY1 FY2026 was $15.8 million, down 11% YoY.

Outlook and guidance

• FY2026 annual production guidance: 90,000–93,000 oz 4E PGMs and 60,000–90,000 tons chrome concentrate.

• Thaba JV ramp-up to nameplate capacity expected by end of Q4 FY2026, with ongoing optimisation to address ore feed quality and plant throughput.

• Construction of Lannex and Tweefontein TSFs to begin in HY2 FY2026, completion expected mid-FY2027.

• Positive price outlook for PGMs and chrome, with deficits forecasted for Pt, Pd, and Rh through 2027.

• Company remains debt free and funds growth from cash reserves.