Annual financial statement
Page 1
RNS Number : 7966USylvania Platinum Limited15 September 2026 _____________________________________________________________________________________________________________________________ 15 September 2026 Sylvania Platinum Limited ("Sylvania", the "Company" or the "Group") Final Results to 30 June 2026 New annual 4E PGM oz production record, supporting strong financials Sylvania (AIM: SLP), the platinum group metals ("PGM") and emerging chrome producer and developer, withassets in South Africa, is pleased to announce its final results for the year ended 30 June 2026 (the "Period" or"FY2026"). Unless otherwise stated, the consolidated financial information contained in this report is presented in United States Dollars ("USD" or "$"). Operational Annual PGM production exceeded original guidance, which saw a new yearly record of 95,885 4E PGM ounces produced by the Sylvania Dump Operations ("SDO") and the Thaba Joint Venture ("Thaba JV") for FY2026 (FY2025: 81,002 4E PGM ounces), an increase of 18% compared to FY2025; The Thaba JV was commissioned and ramping-up during FY2026, with continued focus during FY2027 being on optimising mining efficiency, ROM feed quality, and plant throughput and processing efficiencies. Annual attributable Chrome concentrate production of 50,317 tons was achieved for FY2026, in line with the revised guidance range issued in Q3 FY2026; Newly constructed centralised PGM Filtration Plant was commissioned during HY1 and is fully operational; the successful commissioning marks a major operational milestone that ensures consistent delivery of improved quality concentrate; Mooinooi Tailings Storage Facilities ("TSF") have been commissioned, while Lannex and Tweefontein new TSFs construction commenced during the period; Both the Eastern and Western Operations performed well during the Period, resulting in the total SDO production exceeding business plan ounces; and At the Aurora Project, a 4,000 metre ("m") drilling campaign commenced on the La Pucella target area in Q4 FY2026 with just over 2,200m having been completed by the end of the Period. Core logging and sampling is underway with the first results expected in HY1 FY2027. Financial Net revenue generated for the Period was $226.3 million (FY2025: $104.2 million), an increase of 117% year-on-year ("YOY"); Group EBITDA of $114.2 million (FY2025: $29.3 million), an increase of 289% YOY; Net profit of $66.4 million (FY2025: $20.2 million), an increase of 229% YOY; Average 4E Gross Basket Price for FY2026 was $2,404/ounce (FY2025: $1,507/ounce); Final cash dividend of four pence per Ordinary Share declared by the Board, resulting in a total dividend of six pence per Ordinary Share for FY2026 (FY2025: 2.75 pence per Ordinary Share); A total of 1.98 million Ordinary Shares were bought back during the year as part of our share buyback programme in the market and from employees at an average price of 91.02 pence per share, equating to
Page 2
$2.4 million in aggregate; A total of 1,705,000 Ordinary Shares held in Treasury were cancelled during the Period; Share Buyback Programme on market of $1.5 million launched 15 September 2026; and Group cash balance of $67.2 million as at 30 June 2026 (FY2025: $60.9 million) with no debt and no pipeline financing. Environment, Social and Governance ("ESG") Doornbosch achieved the milestone of 14-years Lost-Time Injury ("LTI") free and reached five years total injury-free in June 2026; Lannex, Lesedi, and Millsell reached six, three, and four years LTI-free respectively, and Lannex and Millsell also achieved four years and one year total injury free, respectively; Sylvania paid over 150.3 million South African Rand ("ZAR") ($8.9 million) to community-based suppliers in FY2026 (FY2025: ZAR156.6 million); Sylvania continued to strengthen its water management programme through expanded metering infrastructure, enhanced water balance methodologies and improved oversight of water-related data; and Sylvania maintains a structured and risk-based approach to tailings management, recognising that the safe and responsible management of TSFs is fundamental to environmental protection, operational continuity, and stakeholder confidence. Outlook The SDO are expected to maintain their strong production performance in FY2027, supported by a continued focus on plant stability and utilisation, feed source optimisation, metallurgical recoveries, concentrate quality, and disciplined cost management; Operational optimisation initiatives across the SDO portfolio will continue, with particular focus on reducing mass pull, improving PGM concentrate quality and payability, and identifying opportunities to enhance processing efficiencies without compromising recovery; Optimisation at the Thaba JV is expected to continue during FY2027, with focus on strengthening mine planning and pit sequencing, improving grade control and run of mine ("ROM") feed consistency, and further optimising plant stability, throughput, and metallurgical recoveries; The Group will continue to progress its capital and sustaining infrastructure programme, including the development of new TSFs and investment in expansion, process optimisation, and operational resilience initiatives to support the long-term sustainability of the operations; The centralised PGM Filtration Plant that was successfully commissioned during HY1 FY2026, provides an improved platform for concentrate handling and quality control, with continued focus in FY2027 on optimising final concentrate quality and maximising payability across the operations; The Group maintains strong cash reserves and a robust balance sheet, providing optionality to either fund or source funding for sustaining- and strategic capital, and to continue exploring potential value-accretive growth opportunities, while continuing to return value to shareholders aligned with the capital allocation framework; and The Group, including Thaba JV, is targeting annual production of 85,000 to 95,000 4E PGM ounces and 110,000 to 140,000 tons of attributable Chrome concentrate for FY2027. Commenting on the results, Sylvania's CEO Jaco Prinsloo said: "Our safety, health and environmental performance for the Period was again very positive and encouraging, withOperations remaining fatality free since inception in 2007, a year-on-year reduction on LTIs, and no significantoccupational health or environmental incidents across our Operations. Doornbosch remains at an industry- leading 14-years LTI-free and also reached five years total injury-free, while Lannex and Lesedi achieved six andthree years LTI-free, respectively during the Period. The remainder of the Operations also were LTI-Free for theyear, barring Mooinooi that unfortunately had one finger-related LTI. These milestones reflect the continued strength of the Group's safety culture and management's consistent focus on ensuring that all employees returnhome safely every day. "FY2026 has been a record-breaking year for the SDO, culminating in record annual PGM production in excessof the revised guidance, and I commend the team for maintaining this strong momentum throughout the year. Wealso commissioned the Thaba JV during the Period, with first Chrome and PGM concentrate products successfully dispatched during HY1 FY2026 - another milestone for the Company.
Page 3
"The Thaba JV Plant continued a gradual ramp-up, with annual attributable Chrome concentrate production of50,317 tons was achieved for FY2026, in line with the revised guidance range issued in Q3 FY2026. At 30 June 2026, 12,788 tons of Chrome concentrate remained in work-in-progress stock for dispatch during Q1 FY2027.While elements of the project have been successfully commissioned, there remain areas where focus is requiredduring this next year in order to achieve our anticipated return. "The focus on the Thaba JV remains on improving the ROM feed quality and volumes, while plant feed stabilityand processing efficiencies are being optimised. There has been significant focus during the year to optimise and update the geological model for the mine, which was completed post Period-end and is being incorporated into themine planning process to optimise the Life-of-Mine plan. With the expected ROM chrome and PGM feed gradesnow potentially lower than originally anticipated, FY2027 focus areas include optimisation of ROM mining volumes and efficiencies, achieving optimal ROM feed grades, and optimising plant stability and processing performance. "The PGM market remained relatively robust in the financial year, which in conjunction with the SDO recording a new record annual production of 95,885 4E PGM ounces, aided the Company in achieving a strong financialperformance. Nonetheless, we remain focused on efforts to improve efficiencies, control costs and maximise cashgeneration from our Operations. "Sylvania's efficiency and cost strategy continues to ensure it is placed in the lowest quartile of the industry costcurve. We have been able to advance our Projects and return value to shareholders through a combination of dividends and share buybacks, which totalled $16.2 million paid out during the financial year. Revenue on 4E PGMounces delivered increased by 105% in USD terms to $182.3 million year-on-year (FY2025: $89.1 million), withrevenue from base metals and by-products contributing $29.5 million to the total revenue (FY2025: $15.0 million). Net revenue, after adjustments for ounces delivered in the prior year but invoiced in FY2026, increased 117% onthe previous year's $104.2 million to $226.3 million. "I am pleased to report that the Board has declared a final cash dividend of four pence per Ordinary Share forFY2026, resulting in an annual dividend of six pence for the financial year. The full year dividend reflects anamount higher than the FY2025 dividend due to the increased production and stronger basket price achieved during the year. The dividend amount is more than the minimum payment required under our dividend policy whichtogether with our share buy-back programme underpins our commitment to consistently return value toshareholders. "The Company incurred material planned capital expenditure on expansion and new projects during the year andthis will continue into the 2027 financial year. We will prioritise returns to our shareholders alongside our valuecreation and business sustaining requirements. The combination of our strong cash position, operational efficiencies, and our lower-cost Operations gives us the flexibility to manage these requirements and to considerexternal expansion projects as they present themselves. "The Board is positive about the year ahead and believes that our Operations will continue to deliver strongproduction performance, whilst striving to further improve operational efficiencies. In line with this, the Board hasapproved an annual production guidance of 85,000 to 95,000 4E PGM ounces and 110,000 to 140,000 tons of chrome concentrate for FY2027. The Sylvania cash-generating subsidiaries are incorporated in South Africa, with the functional currency of these Operations being ZAR. Revenues from the sale of PGMs and Chrome are received in USD and then convertedinto ZAR. The Group's reporting currency is USD as the parent company is incorporated in Bermuda. Corporateand general and administration costs are incurred in USD, Pounds Sterling ("GBP") and ZAR. For the 12 months under review, the average ZAR:USD exchange rate was ZAR16.90:$1 and the spot exchangerate was ZAR16.41:$1. Market Abuse Regulation (MAR) Disclosure This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014, whichforms part of United Kingdom domestic law by virtue of the European (Withdrawal) Act 2018. CONTACT DETAILS For further information, please contact:Jaco Prinsloo CEORonel Bosman CFO +27 11 673 1171 Nominated Adviser and Joint BrokerPanmure Liberum Limited +44 (0) 20 3100 2000 Scott Mathieson / John More / Gaya Bhatt Joint BrokerJoh. Berenberg, Gossler & Co KG, London +44 (0) 20 3207 7800Jennifer Lee / Ivan Briechie CommunicationsBlytheRay Megan Ray / Rachael Brooks +44 (0) 20 7138 3204Sylvania@blytheray.com CORPORATE INFORMATION
Page 4
Registered and postal address: Sylvania Platinum Limited Clarendon House 2 Church Street Hamilton HM 11 Bermuda SA Operations postal address: PO Box 976 Florida Hills, 1716 South Africa Sylvania Website: www.sylvaniaplatinum.com About Sylvania Platinum Limited Sylvania Platinum is a lower-cost producer of platinum group metals ("PGMs") (platinum, palladium and rhodium) and an emerging Chrome producer and developer with Operations located in South Africa. The Sylvania DumpOperations ("SDO") is comprised of six Chrome beneficiation and PGM processing Plants focusing on theretreatment of PGM-rich Chrome tailings materials from mines in the Bushveld Igneous Complex ("BIC"). The SDO is the largest PGM producer from Chrome tailings re-treatment in the industry. In FY2023, the Company enteredinto the Thaba JV which comprises Chrome beneficiation and PGM processing plants, and is treating acombination of run of mine ("ROM") and historical Chrome tailings from the JV partner, adding a full margin Chrome concentrate revenue stream. The Group also holds mining rights for PGM projects in the Northern Limb ofthe BIC. For more information visit https://www.sylvaniaplatinum.com/ Operational and Financial Summary Production Unit FY2025 FY2026 %Change Plant Feed t 2,562,231 2,662,868 4% Feed Head Grade g/t 2.15 2.26 5% PGM Plant Feed Tons t 1,326,798 1,484,092 12% PGM Plant Feed Grade g/t 3.49 3.60 3% PGM Plant Recovery1 % 55.52% 56.64% 1% Total 4E PGMs Oz 81,002 95,885 18% Total 6E PGMs Oz 104,233 122,460 17% Chrome t - 50,317 100% Unaudited USD ZAR Unit FY2025 FY2026 %Change Unit FY2025 FY2026 %Change Financials 2 Average 4E Gross Basket Price3 $/oz 1,507 2,404 60% R/oz 27,374 40,612 48% Average Chrome ContractSelling Price (CIF) $/t - 286 100% R/t - 4,722 100% Revenue (4E) $'000 89,135 182,322 105% R'000 1,618,999 3,080,483 90% Revenue (by-productsincluding base metals) $'000 14,992 29,542 97% R'000 272,305 499,144 83% Sales adjustments $'000 107 4,858 4,440% R'000 1,944 82,084 4,122% Chrome Revenue $'000 - 9,600 100% R'000 - 162,198 100% Net revenue $'000 104,234 226,322 117% R'000 1,893,248 3,823,909 102% Direct Operating costs $'000 61,501 86,366 40% R'000 1,116,866 1,459,227 31% Indirect Operating costs $'000 11,011 24,825 125% R'000 199,957 419,438 110% General and Administrativecosts $'000 2,611 3,229 24% R'000 47,416 54,570 15% Adjusted Group EBITDA $'000 29,309 114,156 289% R'000 532,251 1,929,236 262% Net Profit $'000 20,167 66,410 229% R'000 366,233 1,122,329 206% Capital Expenditure4 $'000 32,288 31,885 -1% R'000 586,355 538,862 -8% Cash Balance5 $'000 60,893 67,198 10% R'000 1,074,153 1,102,719 3% Ave R/$ rate R/$ 18.16 16.90 -7%
Page 5
Spot R/$ rate R/$ 17.64 16.41 -7% Unit Cost/Efficiencies Cash Cost per 4E PGM oz6 $/oz 759 790 4% R/oz 13,788 13,352 -3% Cash Cost per 6E PGM oz6 $/oz 590 628 6% R/oz 10,715 10,606 -1% Group Cash Cost Per 4E PGM oz6 $/oz 912 977 7% R/oz 16,562 16,511 0% Group Cash Cost Per 6E PGM oz6 $/oz 708 765 8% R/oz 12,857 12,929 1% All-in Sustaining Cost (4E) $/oz 938 1,088 16% R/oz 17,028 18,381 8% All-in Cost (4E) $/oz 1,328 1,395 5% R/oz 24,115 23,575 -2% The Sylvania cash generating subsidiaries are incorporated in South Africa with the functional currency of these operations being ZAR. Revenues from the sale of PGMs and Chrome are received in USD and then converted into ZAR. The Group's reporting currency is USD as the parent company is incorporated in Bermuda. Corporate and general and administration costs are incurred in USD, GBP and ZAR. 1 PGM plant recovery is calculated on the production ounces that include 2,904 4E PGM ounces work-in-progress for FY2026. 2 Revenue (6E) for FY2026, before adjustments is $210.7 million (6E prill split is Pt 51%, Pd 18%, Rh 9%, Au 0%, Ru 17%, Ir 5%). Revenue excludes profit/loss on foreign exchange. 3 The gross basket price in the table is the June 2026 gross 4E basket used for revenue recognition of ounces delivered in FY2026, before penalties/smelting costs and applying the contractual payability. 4 The capital expenditure includes 50% attributable capital cost incurred for the Thaba JV as well as stripping cost of $4.1 million (FY2025 $0.7 million). 5 The cash balance excludes restricted cash held as guarantees $1.1 million (FY2025 $3.3 million). 6 The cash costs include operating costs and exclude indirect costs for example Mineral Royalty Tax and Employee Dividend Entitlement Plan ("EDEP") payments. Operational and Financial Summary Annexure Sylvania Dump Operations: Operational and Financial Summary Production Unit FY2025 FY2026 %Change Plant Feed t 2,562,231 2,500,733 -2% Feed Head Grade g/t 2.15 2.35 9% PGM Plant Feed Tons t 1,326,798 1,393,851 5% PGM Plant Feed Grade g/t 3.49 3.73 7% PGM Plant Recovery % 55.52% 58.15% 3% Total 4E PGMs Oz 81,002 94,906 17% Total 6E PGMs Oz 104,233 121,183 16% Unit Cost/Efficiencies Cash Cost per 4E PGM oz $/oz 759 788 4% R/oz 13,788 13,323 -3% Cash Cost per 6E PGM oz $/oz 590 620 5% R/oz 10,715 10,475 -2% SDO Cash Cost Per 4EPGM oz $/oz 912 962 5% R/oz 16,562 16,258 -2% SDO Cash Cost Per 6EPGM oz $/oz 708 754 6% R/oz 12,857 12,743 -1% Thaba JV: Operational and Financial Summary Production Unit FY2025 FY2026 %Change ROM Ore Feed Tons t - 135,395 100% ROM PGM 4E Feed Grade g/t - 0.86% 100% ROM Cr2O3 Feed Grade % - 23.55% 100% Combined Plant Feed Tons1 t - 162,135 100% Combined Plant 4E PGM Feed Head Grade1 g/t - 0.98% 100%
Page 6
Combined Plant Cr2O3 Feed Grade1 % Cr2O3 - 22.96% 100% PGM Plant 4E Feed Tons t - 90,241 100% PGM Plant 4E Feed Grade g/t - 1.53 100% PGM Plant 4E Recovery % - 23.20% 100% Total 4E PGMs Oz - 979 100% Total 6E PGMs Oz - 1,277 100% Total Chrome Product t - 50,317 100% Primary Chrome Product Mass Yield % - 29.98% 100% Overall Chrome Mass Yield % - 31.03% 100% Unit Cost/Efficiencies Cash Cost per 4E PGM oz $/oz - 1,659 100% R/oz - 28,044 100% Cash Cost per 6E PGM oz $/oz - 1,272 100% R/oz - 21,500 100% Thaba JV Cash Cost Per4E PGM oz $/oz - 2,346 100% R/oz - 39,650 100% Thaba JV Cash Cost Per6E PGM oz $/oz - 1,799 100% R/oz - 30,397 100% Thaba Cash Cost perChrome ton $/t - 127 100% R/t - 2,147 100% 1 Combined feed includes 135,395 tons ROM at 23.55% Cr2O3 and 0.86g/t 4E PGM. A. OPERATIONAL OVERVIEW Safety, Health and environment ("SHE")The Company continues to place SHE at the forefront of its values, maintaining its unwavering commitment toachieving Zero Harm across all Operations. To this end we are very proud that all Operations have remained fatality-free since inception in 2007. During the Period, Doornbosch achieved an exceptional milestone of 14 yearsLTI-free. In addition, Doornbosch reached five years total injury-free, Lannex achieved six years LTI-free and threeyears total injury free, Lesedi recorded three years LTI-free, and Millsell attained one year total injury-free alongside four years LTI-free. These achievements reflect the strength of the Group's safety culture andmanagement's consistent focus on ensuring that every employee returns home safely each day. During the Period, the Group regrettably recorded one LTI at Mooinooi, where a plant operator sustained a fingerinjury while clearing a blocked feed chute. The incident, which occurred in May 2026, was the Group's only LTI forFY2026. A thorough investigation was conducted, and corrective actions were implemented to prevent recurrence and further reinforce the Company's commitment to ensuring that every employee and contractor returns homesafely each day. Through various creative initiatives, employees embraced a culture of mindfulness and vigilance regarding safetyprotocols, resulting in the remarkable achievement of zero injuries throughout the festive season. Sylvania also successfully conducted an anti-gender-based violence ("GBV") campaign, promoting a workplaceculture of respect and equality. Informative sessions and open dialogues enabled employees to gain a deeperunderstanding of the impact of GBV and to become ambassadors for change. This commitment to inclusivity contributes to a more harmonious and supportive professional community. Management's commitment to safety is not just a policy, but a fundamental value that seeks to ensure everyone working at Sylvania's operations can remain healthy and unharmed. Operational performance The SDO in combination with the Thaba JV delivered an annual production of 95,885 4E PGM ounces comparedwith 81,002 ounces in FY2025, which is 18% higher than the prior financial year and represents a new annualproduction record. This performance exceeds even the revised FY2026 production guidance of 90,000 to 93,000 4E PGM ounces, increased in February 2026, and reflecting the continued strength and resilience of the Group'sOperations. The higher PGM flotation feed grades were primarily due to higher grade feed sources received from the hostmines and higher-grade current arisings feed source, as well as the higher-grade third-party material purchasedand treated at the Eastern Operations. The higher throughput, increased PGM feed grade and improved recovery efficiency supported the overall increase in declared ounces. PGM recovery efficiencies improved by ~1% to 56.6% compared to 55.5% in FY2025 and are in line withexpectations for the specific blend of feed sources treated at the respective Operations during the Period. The 12% higher PGM feed tons were due to a combination of higher PGM production across the SDO and introductionof Thaba JV production after being commissioned in HY1 FY2026. SDO direct cash cost per 4E PGM ounce decreased by 3% in ZAR (the functional currency) fromZAR13,788/ounce to ZAR13,323/ounce, aided by higher PGM ounce production and disciplined operationalcontrol, while the USD cash cost increased at $788/ounce against $759/ounce in the prior year, due to the Rand strengthening against the US Dollar compared to FY2025.
Page 7
Operational focus areasDuring HY1 FY2026, improved plant stability and utilisation, higher-grade current arisings from the host mines, and continued treatment of third-party tailings at the Eastern Operations contributed to increased feed volumes andgrades, while improved recoveries further supported production. During the second half of the year, the Operationscontinued to demonstrate their ability to manage natural feed variability and operational constraints by dynamically balancing throughput, grade, and recovery while maintaining plant stability. Operational focus throughout the year also remained on disciplined mass pull management and concentrate quality optimisation. Initiatives to reduce mass pull without compromising PGM recovery continued to be assessed,including the evaluation of alternative technologies and processing configurations aimed at improving concentrategrade and payability. A significant operational milestone during FY2026 was the successful commissioning and full integration of thecentralised PGM Filtration Plant achieved during Q2. The facility is fully operational and enables the transfer of dry filter cake to the smelter, improving concentrate handling, and control, strengthening compliance with downstreamquality specifications and moisture targets, and improving the robustness of the Group's processing interface. The Group also continued to progress its broader capital and sustaining infrastructure programme during FY2026.The Doornbosch and Mooinooi TSFs were commissioned during the year, while the development programme forthe Lannex and Tweefontein TSFs continued as part of the Group's strategy to secure long-term deposition capacity, improve water stewardship and tailings management across the Operations. Overall, the FY2026 performance demonstrates that the operational improvements implemented across the SDO portfolio have become increasingly embedded within the business. The continued focus on plant stability,utilisation, feed optimisation, metallurgical performance, concentrate quality, and disciplined cost managementremains central to sustaining this performance into FY2027. Capital ProjectsCapital expenditure for the year decreased by 8% to ZAR538.9 million ($31.9 million) from ZAR586.4 million ($32.3 million) in the 2025 financial year, in line with the Group's capital project programme. Capital expenditure forthe year included $9.0 million attributable capital on the Thaba JV, $3.3 million on the centralised PGM FiltrationPlant, $9.1 million on TSFs (Lannex $4.5 million, Doornbosch $0.4 million, and Tweefontein $4.2 million) and $0.6 million on exploration projects. All capital projects are fully funded from current cash reserves. The central filtration plant was commissioned in Q2 FY2026 and has delivered benefits including improved qualitycontrol over final concentrate, improved payability potential, and consistent achievement of moisture targets. The Company continued to evaluate a potential new treatment facility for Chrome tailings and ROM at the EasternOperations. During HY1 FY2026, a prefeasibility study commenced, with permitting applications underway. During Q4 FY2026, the Group acquired a property at the Eastern limb for a potential new treatment facility at the Easternlimb, which was settled through the release of a cession. To sustain current operations and secure deposition capacity for the next 10 years, the Company continued itsTSF build programme across current operations. Doornbosch and Mooinooi TSFs were commissioned during HY1FY2026 and are being operated in accordance with the latest regulatory standards. Construction of the new Lannex and Tweefontein TSFs commenced during HY2 FY2026, with completion is expected towards mid-FY2027. Thaba JVThe Thaba JV was successfully commissioned during FY2026, with the first Chrome and PGM concentrateproducts dispatched during HY1 FY2026, marking an important transition from project commissioning into production. Ramp-up continued throughout the year, with progressive improvements in plant stability, run time, and overall processing performance, while lower than planned ROM feed quality proved to be one of the most significantchallenges post commissioning. The Thaba JV produced 50,317 tons of attributable Chrome concentrate duringFY2026, in line with the final revised guidance range of 50,000 to 55,000 tons. At 30 June 2026, a total of 12,788 tons of Chrome concentrate remained in work-in-progress stock for dispatch during Q1 FY2027. The pace of the initial ramp-up was constrained by initial power interruptions due to the unreliable rural Eskom line followed by slower-than-planned mining progress and variability in ROM ore volumes, quality and grades, whichaffected plant feed consistency and processing performance. These challenges were compounded by abnormallyhigh rainfall during April 2026, which affected mining volumes and material handling. Lower-than-planned in-situ ore grades and higher-than-planned dilution, plus lower mining volumes further impacted ROM feed grades andconsistency to the plant. Third-party ROM material was utilised during the Period to supplement mine supply andsupport processing throughput the Period and this will continue in HY1 FY27 while improvements to the mining operation are being implemented. During the Period, we have collectively engaged with our JV partner and specialist geological and mining consultants to investigate and address ROM feed grade and mining challenges observed since commissioning. Akey focus going forward, is the continued collaboration with our JV partner to ensure improved mine planning andpit sequencing, enhanced grade control, reduced dilution and improved mining practices, with the objective of delivering a more consistent supply of ROM ore at the required volumes and grades. During FY2027, the Groupwill continue to work closely with its JV partner and experienced independent mining consultants in order to ensurekey technical decisions are underpinned by robust planning and specialist expertise. Significant progress was also achieved on the geological workstream during the latter part of FY2026, withadditional drilling results and geological work supporting the development of an updated geological model, which
Page 8
was completed post Period-end. The updated geological model is currently being incorporated into the updatedmine planning process to optimise the Life-of-Mine ("LOM") plan and to inform future mine sequencing and ore delivery. While the updated ROM feed grades are lower than originally planned, the project is still expected todeliver attractive chrome production, chrome product revenue and investment returns. From a processing perspective, optimisation continues, with the focus now progressively shifting from plantstabilisation towards improving production efficiencies and metallurgical performance. Plant throughput andstability improved significantly during Q3 FY2026 and post Period-end, together with encouraging improvements in Chrome recovery. Ongoing optimisation initiatives are focused on improving plant run time, achieving designrecoveries across the primary and secondary chrome spiral circuits and optimising the secondary milling circuit toimprove the rejection of low-grade PGM-bearing material ahead of flotation, thereby enhancing PGM plant feed grades and PGM concentrate quality. With the encouraging improvements in plant stability and processing performance observed post Period-end, and continued focus on mining performance, it is expected that Thaba's performance will improve significantly duringFY2027. OutlookFollowing the record production performance achieved in FY2026, the Board and management remain confident inthe strength and resilience of the SDO portfolio. The focus in FY2027 will be on sustaining operational improvements through continued emphasis on plant availability and utilisation, feed optimisation, metallurgicalrecoveries, concentrate quality, disciplined mass-pull management, and cost control. The continued optimisation of the Thaba JV remains a key opportunity in FY2027. Priorities include improvingmine planning and pit sequencing, ensuring consistent ROM ore delivery, enhancing plant-feed stability andachieving targeted chrome and PGM recoveries. The updated geological model, LOM planning work and ongoing specialist support are expected to strengthen the operational platform as the operation progresses towards steady-state performance. The Group will also continue to invest in sustaining and optimisation capital across the SDO portfolio, including thedevelopment of new TSFs and initiatives aimed at improving processing efficiency, concentrate quality, operationalresilience, and the long-term sustainability of the Operations. The Group had cash reserves of $67.2 million at 30 June 2026 and maintains a strong balance sheet being debtfree, providing the financial optionality to either fund or source funding for sustaining- and strategic capital projects, and value-accretive growth initiatives whenever they present themselves, while continuing to balance these investment requirements with sustainable returns to shareholders aligned with the capital allocationframework. The Company expects the SDO to continue delivering a strong production performance in FY2027, while theoptimisation of the Thaba JV is expected to increase the Group's Chrome production and associated revenuecontribution as mining and processing performance improves in FY2027. The production guidance for FY2027 will target 85,000 to 95,000 4E PGM ounces and 110,000 to 140,000 tons ofattributable Chrome concentrate. B. FINANCIAL OVERVIEW CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2026 2026 2025 Note(s) $ $ Revenue 1 226 322 170 104 234 170 Cost of sales (112 767 904) (78 595 216) Royalties tax 2 (8 541 674) (736 757) Gross profit 105 012 592 24 902 197 Write-off of exploration and evaluation asset (12 346 953) - Impairment of dump material (73 281) - Other income 2 002 254 436 611 Other expenses 3 (3 527 120) (2 694 641) Operating profit before net finance costs and income tax expense 91 067 492 22 644 167 Finance income 6 851 685 5 585 208 Finance costs (1 418 300) (484 925) Profit before income tax expense 96 500 877 27 744 450 Income tax expense 4 (30 091 082) (7 577 135) Net profit for the period 66 409 795 20 167 315 Items that are or may be subsequently reclassified to profit and loss: Foreign operations - foreign currency translation differences 13 307 042 4 451 096 Total other comprehensive income (net of tax) 13 307 042 4 451 096 Total comprehensive income for the year 79 716 837 24 618 411
Page 9
Cents Cents Earnings per share attributable to the ordinary equity holders of the Company: Basic earnings per share 12 25.66 7.73 Diluted earnings per share 12 25.66 7.73 1. Revenue is generated from the sale of PGM concentrate and chrome concentrate, net of pipeline sales adjustments, penalties, andsmelting charges. 2. Royalty tax was paid at a rate of 5.63% on attributable ounces and increased from the prior reporting period, mainly due to thehigher revenue. 3. Other expenses relate to corporate activities and include insurance, consulting fees, computer expenses, share based payments,public relations expenses, and other administrative costs. 4. Income tax expense includes current tax and deferred tax for FY2026. The average gross basket price for PGMs in the financial year was $2,404/ounce - a 60% increase on the previousyear's basket price of $1,507/ounce. The increase in the overall PGM basket price was primarily due to a circa 67.3% increase in rhodium, 39% increase in palladium and 65.2% increase in platinum prices. Revenue on 4E PGM ounces delivered increased by 105% in USD terms to $182.3 million YOY (FY2025: $89.1million), with revenue from base metals and by-products contributing $29.5 million to the total revenue (FY2025: $15.0 million). Net revenue, after adjustments for ounces delivered in the prior year but invoiced in FY2026,increased 117% on the previous year's $104.2 million to $226.3 million. The increase in revenue is a result of the60% increase in the 4E basket price and an 18% increase in 4E ounce production. The operational cost of sales is incurred in ZAR and represents the direct and indirect costs of producing PGM andChrome concentrates. This amounted to ZAR1.9 billion for the Period compared to ZAR1.3 billion for the period ended 30 June 2025. The main cost contributors are employee costs of ZAR390.7 million (FY2025: ZAR305.2million), power costs of ZAR267.2 million (FY2025: ZAR193.1 million), reagents and milling costs of ZAR155million (FY2025: ZAR144.1 million), and purchase and treatment of material from outside sources of ZAR185.6 million (FY2025: ZAR160.3 million). The Company incurred mineral royalty tax of ZAR144.3 million (FY2025:ZAR13.4 million). The increase in mineral royalty tax is directly related to the increase in the PGM revenue. Group cash costs per 4E PGM oz produced increased by 7% YOY to $977/ounce (ZAR16,511/ounce) from$912/ounce (ZAR16,562/ounce). The increase is attributable to the stronger average ZAR exchange rate againstthe US dollar during the period. Direct operating costs increased 31% in ZAR terms from ZAR1.1 billion to ZAR1.5 billion, and indirect operating costs increased 110% from ZAR200.0 million to ZAR419.4 million. The increase indirect operating costs was primarily driven by higher electricity costs, including a historical adjustment, increasedexternal material purchases, and the impact of quarterly production bonus payments. In addition, the inclusion of the Thaba JV contributed further direct operating costs, with the principal cost drivers being mining costs,electricity costs, and employee-related expenses. The increase in indirect costs was primarily attributable to highermineral royalty tax charges of ZAR144.3 million in FY2026 (FY2025: ZAR13.4 million), together with restoration and rehabilitation insurance costs incurred by the Thaba JV during the year. All-in sustaining costs ("AISC") of 4E PGMs increased by 16% to $1,088/ounce (ZAR18,381/ounce) from $938/ounce (ZAR17,028/ounce) mainly due to the 110% increase in indirect operating cost derived from theincrease in mineral royalty tax. All-in costs ("AIC") of 4E PGMs increased by 5% to $1,395/ounce(ZAR23,575/ounce) from $1,328/ounce (ZAR24,115/ounce) recorded in the previous period. The increase in US dollar-denominated AIC was primarily attributable to the stronger average ZAR exchange rate against the USdollar during the Period, notwithstanding a reduction in ZAR-denominated costs per ounce. General and administrative costs included in the Group cash costs are incurred in USD, GBP, and ZAR and areimpacted by exchange rate fluctuations over the reporting Period. The increase of 24% to $3.2 million (FY2025:$2.6 million) was primarily driven by salaries, leave payouts together with higher travel expenditure, share based payment charges and increased broker, consulting, legal, and professional fees. Adjusted Group EBITDA increased 289% YOY to $114.2 million (FY2025: $29.3 million). The increase is mainly attributable to higher metal prices, supported by the higher ounce production during the reporting Period. TheGroup net profit for the year increased by 229% to $66.4 million (FY2025: $20.2 million). Interest is earned on surplus cash invested in South Africa and Mauritius at an average interest rate of 4.14% perannum across the portfolio. Interest is earned on the Thaba JV loans at prime rate. Interest expenses compriseinterest on various leases that are in place across the Group. CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2026 2026 2025 Note(s) $ $ Net cash inflow from operating activities 5 73 182 363 19 898 573 Net cash outflow from investing activities 6 (51 228 685)(49 569 064) Net cash (outflow) / inflow from financing activities 7 (16 376 693) (7 414 558) Net (decrease) / increase in cash and cash equivalents 5 576 985 (37 085 049)
Page 10
Effect of exchange fluctuations on cash held 727 471 133 769 Cash and cash equivalents at the beginning of reporting period 60 893 292 97 844 572 Cash and cash equivalents at the end of the reporting period 67 197 748 60 893 292 5. Net cash inflow from operating activities includes net cash inflow from Operations of $101,439,896, net finance income of$1,910,628and net taxation paid of $30,168,161. 6. Net cash outflow from investing activities includes payments for property, plant, and equipment of $32,449,978, exploration andevaluation assets of $630,151 and advances paid to the joint Operations of $18,212,278. 7. Net cash outflow from financing activities includes dividend payments $13,833,125, payment for share transactions $2,376,832 andthe repayment of leases $166,736. The cash balance increased by 10% YOY to $67.2 million (FY2025: $60.9 million), mainly due to the higher revenue. Income tax of $30.7 million was paid to the South African Revenue Services, offset by a refund of $0.5 million relating to the FY2024 period, with a net outflow of $30.2 million. Total dividends to shareholders of $13.8 millionwas paid and a further $0.4 million was paid to qualifying participants of the Employee Dividend Entitlement Plan("EDEP"). Surplus cash invested earned interest income amounting to $1.9 million. The cash outflow from capital projects was $33.0 million (FY2025: $31.0 million). This comprises $32.4 million ofstay in business capital, mainly attributable to TSFs, stripping activities at the Thaba JV, and the property acquisition at the Eastern limb for which the purchase consideration was discharged through the release of acession of $2.4 million. A further $0.6 million was spent on exploration capital. Loan advances amounting to $2.3million and $15.9 respectively with regards to the Limberg Mining Company (Pty) Ltd capital loan and the Thaba JV working capital loan was made during the Period. Net cash outflow relating to lease payments for the rental ofvarious equipment amounting to $0.2 million was made. At a corporate level, a total of 1,977,139 Ordinary Shares amounting to $2.4 million were bought back, $1.3 millionrelating to the Share Buyback programme and a further $1.1 million from employees and persons displayingmanagement responsibilities ("PDMRs") in terms of the rules of the Bonus Shares Awards Scheme. Cash generated from Operations before working capital movements was $116.2 million, with net changes inworking capital of $14.8 million, mainly due to the movement in trade and other receivables of $23.6 million and trade and other payables of $15.3 million. The increase in trade and other receivables is due to the higher basketprice during the year although the basket price decreased in the fourth quarter of which the negative effect will bereleased during the first quarter of FY2027 due to the contractual quotational period between delivery and invoicing. The increase in trade and other payables was mainly attributable to higher capital expenditure andincreased mining-related operating costs. The impact of exchange rate differences for the Period amounted to a profit of $0.7 million as a result of the netappreciation of the ZAR to the USD during and at the end of FY2026. CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 30 JUNE 2026 2026 2025 Note(s) $ $ ASSETS Non-current assets Exploration and evaluation expenditure 37 694 459 48 621 982 Property, plant and equipment 8 122 224 300 89 791 250 Other financial assets 9 51 833 545 28 648 207 Other assets 497 727 433 981 Deferred tax asset - 6 770 Total non-current assets 212 250 031 167 502 190 Current assets Cash and cash equivalents 10 67 197 748 60 893 292 Trade and other receivables 11 72 473 062 44 916 974 Inventories 12 13 947 417 6 902 082 Current tax asset 9 610 502 - Total current assets 163 228 729 112 712 348 Total assets 375 478 760 280 214 538 EQUITY AND LIABILITIES Shareholders' equity Issued capital 13 2 716 617 2 733 667 Reserves 14 35 951 293 24 155 885 Retained earnings 269 630 453 217 053 783
Page 11
Total equity 308 298 363 243 943 335 Non-current liabilities Leases 15 489 466 381 437 Provisions 16 8 063 864 4 899 975 Deferred tax liability 27 939 257 15 889 311 Total non-current liabilities 36 492 587 21 170 723 Current liabilities Trade and other payables 30 494 319 13 796 863 Leases 15 193 491 89 851 Current tax liability - 1 213 766 Total current liabilities 30 687 810 15 100 480 Total liabilities 67 180 397 36 271 203 Total liabilities and shareholders` equity 375 478 760 280 214 538 8. Property, Plant and Equipment include $37,109,869 attributable capital on the Thaba JV. This amount include ramp-up costs, deferred stripping assetsand decommissioning assets capitalised during the period. 9. Other financial assets consist of: a. Contribution paid to the host-mine for rehabilitation purposes. The debtor is ZAR denominated and was translated at a spot rate of ZAR16.41:$1(2025: ZAR17.64:$1). b. A loan amounting to $411,401 (2025: $369,709) granted to Tizer by Sylvania South Africa (Pty) Ltd c. A loan (project capital loan) amounting to $32,069,095 (2025: $24,654,831) granted to Limberg Mining Company (Pty) Ltd by Sylvania Metals (Pty)Ltd. d. A loan (working capital loan) amounting to $17,890,979 (2025: $nil) granted to Thaba JV by Sylvania Metals (Pty) Ltd. e. Restricted cash relate to the guarantees for Eskom and the Department of Mineral and Petroleum Resources (DMPR) 10. The majority of cash and cash equivalents are held in ZAR and USD. 11. Trade and other receivables consist mainly of amounts receivable for the sale of PGMs. 12. Inventory consist of spares, consumables, ore stockpiles and finished goods including Chrome and PGM's. 13. The total number of issued ordinary shares at 30 June 2026 is 271,661,725 Ordinary Shares of US$0.01 (including 12,837,534 Ordinary Shares heldin Treasury). 14. Reserves include the share premium, foreign currency translation reserve, which is used to record exchange differences arising from the translationof financial statements of foreign controlled entities, share-based payments reserve, Treasury share reserve, the common control reserve, and theequity reserve. The increase relates mainly to the movements in the foreign currency translation of $13,307,042 due to the strengthening of the ZAR against the USD. 15. Leases relate to the right-of-use liability and borrowings relating to instalment sale agreements.16. Provision is made for the present value of closure, restoration, and environmental rehabilitation costs in the financial period when the relatedenvironmental disturbance occurs. C. MINERAL ASSET DEVELOPMENT The Group holds mining and prospecting rights over three PGM-base metal projects on the Northern Limb of theBIC in South Africa. Technical work continues on the Aurora project to improve confidence and understanding while the focus is concentrated on obtaining regulatory approvals at Volspruit to assist in determining how best toturn these assets to account. Volspruit ProjectSince SRK Consulting completed the Competent Person Report for the Volspruit Scoping Study in August 2024,to assess the economic viability of the Project based on the updated Mineral Resource Statement that was published during February 2024, the focus at Volspruit is predominantly on obtaining the necessaryauthorisations required to move the project into the next stages. Currently, the Company is working alongside the Department of Mineral and Petroleum Resources ("DMPR") andthe Department of Water and Sanitation ("DWS") in order to advance the Environmental Impact Assessmentamendment and the Water Use License application, respectively. A number of site meetings have been held with the DWS and the Company is hopeful that the License Application is progressing towards the next phase. Local Economic and Human Development Projects continue as part of the Company's Social and Labour Plan ("SLP"). Far Northern Limb - Aurora Project Following on from a successful ground gravity geophysical survey completed in FY2025, an orientationgeochemical soil sampling campaign was undertaken over a portion of the project area in the latter half of FY2025,which guided the decision to initiate a further drilling campaign during FY2026. A 4,000m drilling campaign on La Pucella commenced in Q4 FY2026 with approximately 2,200m having beencompleted by the end of the Period. Core logging and sampling is underway with the first results expected in HY1 FY2027. The programme is focussed on providing further information on the down-dip extent of the T-Reef.
Page 12
As with its other projects, the company continues to work on its SLP commitments with local authorities and otherkey stakeholders. Far Northern Limb - Hacra ProjectAs communicated earlier, the Hacra exploration target, which is an underground mining PGM-Cu-Ni project that borders Platinum Group Metals' Waterberg JV to the north, no longer forms part of the Company's futuredevelopment plans and it continues to explore disposal options allowing the Company to focus on unlockingfurther value in its shallower targets at Aurora and Volspruit. Due to the Company's decision not to invest further additional capital towards its development, this asset wasimpaired ($12.3 million) during HY1 FY2026. D. CORPORATE ACTIVITIES Dividend Approval and PaymentThe Company maintains a dividend policy to distribute a minimum of 40% of the annual adjusted free cash flow,divided into one-third interim dividend based on forecasted, and two-thirds final dividend based on recalculated annual adjusted free cash flow. Based thereon, the Board declared an interim dividend of two pence per OrdinaryShare which was paid on 2 April 2026. Due to the record production achieved by SDO during the Period andhigher than anticipated PGM basket price, particularly for the second half of the year, the Board has declared the payment of a final cash dividend for FY2026 of four pence per Ordinary Share, payable on 4 December 2026. Together with the interim dividend already paid, this brings the combined dividend for FY2026 to six pence per Ordinary Share. Payment of the final dividend will be made to shareholders on the register at the close of businesson 30 October 2026 and the ex-dividend date is 29 October 2026. A total of $13.8 million in dividends has beenpaid out to shareholders during FY2026, consisting of the final dividend FY2025 and the interim dividend FY2026. Further to the dividends paid to shareholders, in accordance with the Company's EDEP whereby eligibleemployees receive an equivalent dividend paid on shares bought back by the Company in the market and ring-fenced for the EDEP, a total of $0.4 million was paid out during the financial year. The Company continues to allocate capital aligned with the capital allocation framework. This aims to ensuremaximum return to shareholders while ensuring re-investment in the current business to secure sustainable long- term operations, while also investigating new expansion and diversification opportunities if they meet theCompany's internal rate of return ("IRR") and hurdle rate requirements. The Company's capital allocation framework is underpinned by financial discipline, liquidity preservation and long- term value creation. Maintaining a strong cash position provides resilience against commodity price fluctuationsand supports the Group's ability to respond to evolving market conditions. Cash generated beyond operational andstrategic investment requirements is directed towards shareholder returns through a combination of dividend distributions and share buybacks aligned with the dividend policy and capital allocation framework. The Groupcontinues to assess growth opportunities, with potential transactions assessed selectively and only pursued wherethey are expected to enhance shareholder value and strengthen the Company's strategic position. Transactions in Own SharesReturning capital to shareholders remains a key element of the Company's strategic goals and this, in line with prudent capital management, will continue to be reviewed on a regular basis. At the commencement of the 2026 financial year, shares in the Company were valued at 70.0 pence. During the year, the share price rose as high as 123.1 pence per share, generally reflecting an increase in the PGM basketprice. However, with the Middle East conflict affecting commodity prices and inflation, the price settled at 83.2pence per Ordinary Share at 30 June 2026.As stated previously, even though a great many of the factors influencing the share price are outside of the Company's control, management always pays close attention and willcontinue to manage the business in the best way possible to provide maximum value for shareholders. During the Period, 692,000 Bonus share awards, amounting to $0.8 million, vested and were exercised byemployees and PDMRs. Of the 692,000 Ordinary Shares that were exercised, 202,000 ($0.2 million) related toPDMRs and 490,000 ($0.6 million) related to employees. 256,050 Ordinary Shares were immediately repurchased by the Company at the vesting price of 77.6 pence per share in order to satisfy the tax liabilities of the PDMRs andemployees, and a further 409,397 Ordinary Shares were repurchased at the 30-day VWAP of 78.49 pence pershare. During the Period, the Company conducted an on-market Share Buyback programme to purchase OrdinaryShares of $0.01 each of the Company's issued share capital, up to a maximum consideration of $2.0 million. A total of 1,035,000 Ordinary Shares were bought back during the on-market Buyback programme at an averageprice of 91.21 pence per share, equating to $1.3 million in aggregate. A further 276,692 shares were bought backfrom employees of which 218,125 ($0.3 million) related to PDMRs and 58,567 ($0.07 million) related to other employees. In total during FY2026 1,977,139 Ordinary Shares were bought back by the Company, on-market and from PDMRs and employees and for tax purposes at an average price of 91.02 pence per share, equating to $2.4million in aggregate. On 10 September 2025 1,705,000 Ordinary Shared held in Treasury were cancelled. The Company's issued share capital as at 30 June 2026, is 271,661,725 Ordinary Shares, of which a total of 12,837,534 Ordinary Shares are held in Treasury. Therefore, the total number of Ordinary Shares with voting rightsin Sylvania is 258,824,191 Ordinary Shares.
Page 13
Share Buyback Programme LaunchThe Company announces that it intends to conduct a Share Buyback Programme (the "Share Buyback") on- market to purchase Ordinary Shares at $0.01 each ("Ordinary Shares") of the Company's issued share capital, upto a maximum consideration of ~$1.5 million ("Maximum Amount"). The full details are outlined in a separate RNSannouncement published on 15 September 2026. Notification of Transactions by PDMRDuring the Period, the Company's CEO, Jaco Prinsloo, and his wife, a Person Closely Associated with him for the purposes of the Market Abuse Regulations sold 555,000 ordinary shares in aggregate in the capital of theCompany. These shares were sold as part of a portfolio rebalancing exercise. Following this transaction, MrPrinsloo holds or is beneficially interested in 1,050,594 Ordinary Shares, equivalent to 0.40% of Ordinary Shares with voting rights. Eileen Carr, Non-Executive Director and Chair, purchased 25,000 Ordinary Shares in the Company at 81.00 pence per Ordinary Share during the Period. Following this transaction, her shareholding in the Company totals 225,000Ordinary Shares, representing 0.09% of the total number of Ordinary Shares with voting rights. Martin Preece, Non-Executive Director, purchased 65,100 Ordinary Shares in the Company at an average cost of83.95 pence per Ordinary Share during the Period. Consequently, his shareholding in the Company totals 65,100Ordinary Shares, representing 0.03% of the total number of Ordinary Shares with voting rights. Appointment of Independent Non-Executive DirectorOn 2 February 2026, the Company announced that Mr Martin Preece had been appointed to the Board as an independent Non-Executive Director, with immediate effect. Martin is a highly experienced mining executive withan established track record of 40 years in the mining industry, and a deep technical understanding covering the fullmining value chain. Martin held a number of leadership roles at dual listed Gold Fields over an eight-year period including Executive Vice President South Africa, Interim Chief Executive Officer, and Chief Operating Officer. Priorto this, Martin was appointed to various operational and strategic roles at De Beers in South Africa and Canada. Legal MattersThe Company has noted a judgement from the High Court of South Africa regarding an interim resolution thatrelates to a feed source from the host mine at one of its operations. An appeal process is currently in progress, and the Company has ceased to treat material from this feed source. As the Company treats a number ofunrelated feed sources across the Operations, it has the flexibility to mitigate the impact and does not anticipateany material impact. Publication of Updated Corporate Investor PresentationAn updated corporate presentation is now available for download from the Company's website,www.sylvaniaplatinum.com. E. ENVIRONMENT, SOCIAL AND GOVERNANCE ("ESG")Sylvania recognises that effective management of ESG matters is fundamental to maintaining social licence to operate, operational performance, managing risk, and creating long-term value. As a producer of platinum groupmetals and chrome through the retreatment and reprocessing of historical mine residue and tailings, theCompany's business model supports responsible resource recovery while contributing to environmental stewardship and the responsible management of legacy mining impacts. During FY2026, the Company continued advancing initiatives relating to climate resilience, water stewardship, tailings management, workforce development, and community engagement. These areas remain central toSylvania's ESG strategy and will be discussed in greater detail in the FY2026 ESG Report. In FY2026, the Company increased total employees to 857 from 814 in FY2025, reflecting continued investment inlocal employment and skills development. Investment in education and skills development remained a key priority,with bursary support increasing significantly from 27 bursaries in FY2025 to 69 bursaries in FY2026. During the year, 3,180 training initiatives were completed across the business. While this was lower than the 4,893 traininginitiatives reported in FY2025, the reduction reflects a shift away from recurring compliance-related trainingtowards longer-term development initiatives, including bursaries, and supervisory and first-line management training. The Company also continued to support community skills development through its Community LearnerProgramme, with nine community learners receiving metallurgical skills training during FY2026. The Company contributes to national development through salaries and wages, employee-related taxes, royaltypayments, and procurement from community-based suppliers. During FY2026, expenditure on community-basedsuppliers exceeded R150.3 million. The Company's Women in Mining initiatives continued to support progress in workforce diversity. Femalerepresentation increased from 29% of the workforce in FY2025 to 31% in FY2026, while women accounted for 35.6% of all new appointments made during the year. Sylvania also continued supporting gender equality and workplace inclusion through its GBV awareness initiatives. The Company maintains a zero-tolerance approach to GBV and no GBV incidents were reported during FY2026. The Company remains committed to respecting employees' rights to freedom of association and maintaining constructive engagement with organised labour. Sylvania continues to promote open communication andcollaborative labour relations that support workforce stability and employee wellbeing. Participation in the EDEPfurther reinforces alignment between employee and shareholder interests.
Page 14
ANNEXURE GLOSSARY OF TERMS FY2026The following definitions apply throughout the Period:3E PGMs 3E ounces include the precious metal elements platinum, palladium and gold 4E PGMs 4E ounces include the precious metal elements platinum, palladium, rhodium and gold 6E PGMs 6E ounces include the 4E elements plus additional Iridium and Ruthenium AGM Annual General MeetingAIM Alternative Investment Market of the London Stock Exchange All-in costs All-in sustaining cost plus non-sustaining and expansion capital expenditure All-in sustaining costProduction costs plus all costs relating to sustaining current production and sustaining capital expenditure Attributable Resources, or portion of investment allocated to the Company BIC Bushveld Igneous ComplexCIF Cost, Insurance and Freight CLOs Community Liaison Officers Current arisings Fresh chrome tails from current operating host mines processing operations DFFE Department of Forestry, Fisheries and the Environment DMPR Department of Mineral and Petroleum ResourcesEBITDA Earnings Before Interest, Tax, Depreciation and Amortisation EA Environmental Authorisation EAP Employee Assistance Program EC&I Electrical Control and Instrumentation EEFs Employment Engagement ForumsEDEP Employee Dividend Entitlement Programme EIA Environmental Impact Assessment EIR Effective Interest Rate EMPR Environmental Management Programme Report ESG Environment, Social and GovernanceGBP Pounds Sterling GBV Gender based violence GHG Greenhouse Gases GISTM Global Industry Standard on Tailings Management GRI Global Reporting InitiativeHDSAs Historically Disadvantaged South Africans ICMM The International Council on Mining and Metals IFRIC International Financial Reporting Interpretation Committee IFRS International Financial Reporting Standards JORC Joint Ore Reserves CommitteekV kiloVolt Lesedi Phoenix Platinum Mining Proprietary Limited, renamed Sylvania Lesedi LSE London Stock Exchange LTI Lost-Time Injury LTIFR Lost-time Injury Frequency RateMF2 Milling and flotation technology MPRDA Mineral and Petroleum Resources Development Act MRA Mining Right Application MRE Mineral Resource Estimate Mt Million TonnesMVA Mega Volt-Amperes NWA National Water Act 36 of 1998 PGM Platinum Group Metals comprising mainly platinum, palladium, rhodium and gold PDMR Person Discharging Management Responsibility PEA Preliminary Economic AssessmentPFS Preliminary Feasibility Study Pipeline ounces 6E ounces delivered but not invoiced Pipeline revenue Revenue recognised for ounces delivered, but not yet invoiced based on contractual timelines Pipeline sales adjustmentAdjustments to pipeline revenues based on the basket price for the period between delivery and invoicing PTM Platinum Group Metal's Joint VentureRevenue (by products)Revenue earned on Ruthenium, Iridium, Nickel and Copper ROM Run of Mine S189A A formal consultation process with relevant stakeholders on potential restructuring SASB Sustainability Accounting Standards Board SDO Sylvania Dump OperationsSHE Safety, Health and Environmental SLP Social and Labour Plan Sylvania Sylvania Platinum Limited, a company incorporated in Bermuda Sylvania Metals Sylvania Metals (Pty) Limited TCFD United Nations Task Force on Climate-Related Financial Disclosures tCO2e Tons of carbon dioxide equivalent Thaba JV Thaba Joint VentureTRIFR Total Recordable Injury Frequency Rate TSF Tailings Storage Facility UNSDGs United Nations Sustainability Development Goals USD United States Dollar WIM Women in MiningWUL Water Use Licence UK United Kingdom of Great Britain and Northern Ireland
Page 15
YOY Year-on-YearZAR South African Rand Zero Harm The South African mining industry is committed to the shared aspiration of achieving the goal of ZeroHarm, which aims to ensure that mineworkers return home from work healthy and unharmed every day This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authorityto act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this informationmay apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. Forfurther information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END