Sylvania Platinum (SLP) Q4 2026 TU earnings summary

Executive summary

• Achieved record annual production of 95,885 4E PGM ounces in FY2026, exceeding guidance and marking the highest in company history.

• Q4 FY2026 delivered 23,868 4E PGM ounces, up 4% quarter-on-quarter, with strong operational discipline and safety milestones.

• Thaba JV Chrome production declined 6% quarter-on-quarter due to mining and ore supply challenges, but annual Chrome output met revised guidance.

• Group cash balance increased 6% to $67.2 million, with an interim dividend of $7.0 million paid in April 2026.

Financial highlights

• Net revenue for Q4 FY2026 was $48.5 million, down 38% quarter-on-quarter, mainly due to a 25% drop in the 4E gross basket price.

• Adjusted Group EBITDA fell 65% to $16.9 million, and adjusted net profit dropped 61% to $12.9 million quarter-on-quarter.

• Direct operating costs rose 8% to $26.3 million, while indirect costs fell 35% to $4.7 million.

• Capital expenditure surged to $12.5 million, up 256% from the previous quarter, mainly for tailings, stripping, and property acquisition.

• Cash generated from operations before working capital was $17.0 million; net cash outflow for tax was $17.3 million.

Outlook and guidance

• SDO expected to maintain strong performance in Q1 FY2027.

• Thaba JV focusing on refining geological models and mine planning to stabilize ore supply and improve plant feed quality.

• Operational improvements post-period-end show higher mining volumes and improved process performance.