Sylvania Platinum (SLP) H2 2025 earnings summary

Executive summary

• Achieved record PGM production of 81,024 ounces in FY2025, up 11% year-over-year, with strong operational execution and safety milestones.

• Net revenue rose 28% to $104–$104.2 million, driven by higher PGM prices and production.

• EBITDA more than doubled to $29.3 million, supported by strong cash generation and disciplined cost control.

• Final cash dividend of 2 pence per share declared, total annual dividend of 2.75 pence, surpassing policy minimum.

• Thaba JV commissioned, diversifying revenue with chrome and ramp-up ongoing.

Financial highlights

• Average PGM basket price increased 13% year-over-year to $1,507/oz.

• EBITDA up 117% to $29.3 million; basic EPS increased to $0.0773 (7.73¢).

• Net profit for the period was $20.2 million, up from $7.0 million in FY2024.

• All-in sustaining costs reduced by 3%, but all-in costs rose 14% due to capital spend.

• Cash balance at year-end was $60–$60.9 million after $31 million capital outflow.

Outlook and guidance

• FY2026 production target set at 83,000–86,000 PGM ounces and 100,000–130,000 tonnes of chromite concentrate from Thaba.

• Thaba JV ramp-up to steady state expected by Q3 2026, with chrome output rising to 200,000 tonnes by 2027.

• PGM basket price forecast at $1,809/oz for 2026, rising to $1,890/oz in 2027.

• EBITDA expected to increase further with higher production and chrome revenue.

• Ongoing focus on sourcing higher-grade feed and optimizing recovery across operations.