Sylvania Platinum (SLP) Q3 2026 TU earnings summary

Executive summary

• Achieved 22,853 4E PGM ounces in Q3 FY2026, with both Eastern and Western Operations exceeding business plan targets despite a seasonal dip from Q2.

• Thaba JV chrome production ramped up 80% quarter-on-quarter to 19,030 tons, but post-period challenges have led to a downward revision of full-year chrome guidance.

• Maintained a strong safety record with zero LTIs and several operations reaching multi-year injury-free milestones.

Financial highlights

• Net revenue rose 44% quarter-on-quarter to $78.7 million, driven by a 28% increase in the 4E gross basket price and higher chrome sales.

• Adjusted Group EBITDA increased 61% quarter-on-quarter to $47.8 million.

• Adjusted net profit grew 51% to $33.0 million compared to Q2 FY2026.

• Group cash balance increased 17% to $63.3 million.

• Interim dividend of 2.00 pence per share declared and paid post-period.

Outlook and guidance

• Likely to achieve or exceed the upper end of increased PGM production guidance of 90,000–93,000 4E ounces for FY2026.

• Chrome concentrate production guidance revised down to 50,000–55,000 tons due to feed quality and weather-related challenges.

• Ongoing optimisation initiatives to improve ROM feed quality and plant stability.