Sylvania Platinum (SLP) H2 2024 earnings summary

Executive summary

• Delivered 72,704 ounces of PGM production, slightly below guidance, amid challenging market conditions and lower PGM prices year-over-year.

• Maintained a strong cash position with no debt, enabling continued dividends and share buybacks.

• Advanced growth projects, notably the Thaba JV and Volspruit, which will diversify revenue with chrome production and are on track for commissioning in H2 2025.

• Continued focus on low-cost, low-risk operations and prudent capital allocation to sustain and grow the business.

Financial highlights

• Net revenue for FY2024 was $81.7 million, down 37% year-over-year, mainly due to a 36% drop in PGM basket prices.

• Net profit was $6.9 million, with EPS of $0.0266.

• EBITDA reached $13.5 million, impacted by lower metal prices.

• All-in cost per ounce was $1,125–$1,168, with expectations to decrease to $890 in 2025 and $760 from 2026.

• Cash balance at year-end was $97.8 million, down from $124.2 million.

Outlook and guidance

• FY2025 production guidance set at 73,000–76,000 ounces, supported by improved Western operations and ongoing third-party material processing.

• Thaba JV expected to contribute 6,800–9% more PGM ounces and 210,000 tons of chrome annually from 2026.

• Capital expenditure will rise in 2025–2026 for Thaba JV, tailings dam upgrades, and strategic projects.

• Ongoing optimisation and restructuring at Lesedi to improve profitability in a subdued price environment.

• Positive long-term outlook for both PGM and chrome markets, with demand supported by hybrid vehicles and stainless steel growth.