Sylvania Platinum (SLP) Q4 2025 TU earnings summary

Executive summary

• Achieved record annual production of 81,002 4E PGM ounces for FY2025, with Q4 output up 3% quarter-on-quarter to 21,114 4E ounces.

• Group EBITDA rose 98% quarter-on-quarter to $12.9 million, driven by higher production and a 14% increase in the 4E gross basket price.

• Net profit for Q4 FY2025 increased 80% to $9.8 million compared to Q3 FY2025.

• Maintained strong safety performance, with Doornbosch achieving 13 years LTI-free and Eastern Operations one year injury-free.

Financial highlights

• Net revenue for Q4 FY2025 was $30.3 million, up 15% from the previous quarter.

• Direct operating costs decreased 9% quarter-on-quarter to $14.3 million.

• Group cash costs per 4E PGM ounce fell 9% to $840/oz, and all-in sustaining cost per 4E ounce dropped 11% to $858/oz.

• Cash balance at 30 June 2025 was $60.9 million, down from $71.2 million at 31 March 2025, reflecting capital expenditure and dividend payments.

• Capital expenditure increased 39% quarter-on-quarter to $8.6 million, mainly for Thaba JV and plant improvements.

Outlook and guidance

• SDO expected to maintain strong performance in Q1 FY2026.

• Thaba JV commissioning ramping up, with steady-state production anticipated in Q2 FY2026.

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

• Lesedi ROM plant ramp-up progressing, with steady-state expected by Q2 FY2026.