Sylvania Platinum (SLP) Q1 2025 TU earnings summary

Executive summary

• Achieved 19,160 4E PGM ounces in Q1 FY2025, up 12% quarter-on-quarter, with improved feed grades and recoveries at key operations.

• Net revenue rose 6% to $21.9 million, and EBITDA increased 16% to $3.3 million compared to Q4 FY2024.

• No Lost-Time Injuries reported; strong safety performance maintained.

• Thaba JV project remains on schedule for first production in HY2 FY2025; Volspruit Scoping Study NPV increased to $69 million for a 14-year LOM.

Financial highlights

• Net revenue for the quarter was $21.9 million, up from $20.6 million in Q4 FY2024.

• Group EBITDA reached $3.3 million, a 16% increase quarter-on-quarter.

• Net profit rose 9% to $3.0 million; cash balance at quarter-end was $94.7 million.

• Capital expenditure increased 47% to $7.8 million, mainly due to Thaba JV and expansion projects.

• Final dividend of one pence per share declared, totaling three pence for FY2024.

Outlook and guidance

• Annual production target for FY2025 remains 73,000–76,000 4E PGM ounces.

• Thaba JV cold commissioning and first production expected in Q3 and Q4 FY2025.

• Performance enhancement at Lesedi underway; Aurora geophysical survey to start in Q2 FY2025.

• Strong cash reserves support capital projects, expansion, and potential shareholder returns.