Sylvania Platinum (SLP) Q2 2025 TU earnings summary

Executive summary

• Achieved 20,238 4E PGM ounces in Q2 FY2025, a 6% increase quarter-on-quarter, driven by higher feed head grades and operational improvements.

• Net revenue rose 17% to $25.7 million, with Group EBITDA up 104% to $6.7 million and net profit up 110% to $6.3 million compared to Q1 FY2025.

• Cash balance at quarter-end was $77.5 million, reflecting capital outflows for Thaba JV, dividend payments, and share buybacks.

• Thaba JV project remains on schedule for first production in HY2 FY2025, with construction and procurement progressing despite weather-related delays.

• Released ESG Report 2024 and continued focus on safety, with notable injury-free records at several operations.

Financial highlights

• Net revenue increased 17% quarter-on-quarter to $25.7 million, driven by higher production and a 2% increase in the 4E gross basket price.

• Group EBITDA doubled to $6.7 million, and net profit more than doubled to $6.3 million, reflecting operational leverage.

• Group cash costs per 4E PGM ounce decreased 3% to $946/oz, and all-in sustaining cost per 4E ounce fell 2% to $971/oz.

• Capital expenditure rose 28% to $9.9 million, mainly due to Thaba JV development.

• Cash balance declined 18% to $77.5 million, primarily due to capital spending and dividend payments.

Outlook and guidance

• Annual production target of 73,000 to 76,000 ounces maintained for FY2025.

• Thaba JV on track for first production in HY2 FY2025; operational readiness and recruitment ongoing.

• Construction of Lesedi filtration plant scheduled for completion in Q2 FY2026.

• Share buyback program of up to $1.6 million continues.

• Specialist studies for Volspruit Project nearing completion for regulatory submission.