Sylvania Platinum (SLP) Q3 2025 TU earnings summary

Executive summary

• Q3 FY2025 PGM production rose 1% to 20,490 4E ounces, with net revenue up 2% to $26.3 million quarter-on-quarter.

• EBITDA decreased 4% to $6.5 million, mainly due to higher indirect costs and Mineral Royalty Tax.

• Cash balance at quarter-end was $71.2 million, down 8% from Q2 FY2025, in line with expectations.

• Interim dividend of 0.75 pence per share declared and paid post-period end.

Financial highlights

• Average 4E gross basket price increased 3% to $1,428/oz; 4E revenue up 3% to $20.6 million quarter-on-quarter.

• Net profit fell 14% to $5.4 million, impacted by higher indirect costs and lower finance income.

• SDO cash cost per 4E PGM ounce decreased 5% to $761/oz; all-in sustaining cost down 1% to $959/oz.

• Capital expenditure dropped 38% to $6.1 million, with $3.5 million spent on Thaba JV.

Outlook and guidance

• FY2025 production guidance raised to 78,000–80,000 PGM ounces, reflecting strong Q3 output.

• Centralised PGM filtration plant at Lesedi on schedule for Q2 FY2026 completion.

• Thaba JV to start chrome production in May and PGM production in June 2025.

• Lesedi ROM plant ramp-up delayed to Q4 FY2025 due to weather, expected to improve feed quality.