Earnings release
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RNS Number : 7273OSylvania Platinum Limited31 July 2026 31 July 2026 Sylvania Platinum Limited("Sylvania", the "Company" or the "Group") Fourth Quarter Operations Report to 30 June 2026 COMPANY ACHIEVES RECORD ANNUAL 4E PGM OZ PRODUCTION Sylvania (AIM: SLP), the platinum group metals ("PGM") and emerging Chrome producer and developer, withassets in South Africa, announces its production results for the three months ended 30 June 2026 (the "Quarter", the "Period" or "Q4 FY2026"). Unless otherwise stated, the consolidated financial information contained in thisreport is presented in United States Dollars ("USD" or "$"). Highlights· Sylvania Dump Operations ("SDO") declared 23,868 4E (30,474 6E) PGM ounces in Q4 FY2026 (Q3 FY2026: 22,853 4E (29,372 6E) PGM ounces); · Doornbosch achieved an outstanding milestone of 14 years Lost Time Injury (''LTI'')-free; · Record annual production of 95,885 4E PGM ounces achieved during FY2026 (FY2025: 81,002 4E PGM ounces); · Thaba Joint Venture ("Thaba JV"), Chrome production declined by 6%, delivering 17,889 tons (Q3 FY2026: 19,030 tons) impacted by slower-than-planned mining progress and variability in ore supply;· Annual production of 50,317 tons of attributable Chrome concentrate was achieved at the Thaba JV in FY2026, in line with revised guidance, albeit on the lower end while continuing to advance the ramp-up ofthe business;· The Group generated $48.5 million of net revenue for the Quarter, a 38% decrease quarter-on-quarter (Q3 FY2026: $78.7 million), largely as a result of a decrease in the 4E gross basket price; · Adjusted Group EBITDA of $16.9 million, a 65% decrease quarter-on-quarter (Q3 FY2026: $47.8 million) primarily driven by the lower net revenue, coupled with an 8% increase in direct operating costs as a result of higher mining, diesel, and electricity costs, mainly at Thaba;· Group cash balance increased quarter-on-quarter by 6% to $67.2 million (Q3 FY2026: $63.3 million); and · The Company paid an interim dividend for FY2026 of $7.0 million in April 2026. Outlook· SDO are expected to continue their strong performance in Q1 FY2027; and · At the Thaba JV, significant focus has been placed on refining the geological resource model and updating the mine plan to ensure the pit is mined in the correct sequence, providing a more consistent supply of oreat the required grades and volumes. Commenting on the results, Sylvania's CEO, Jaco Prinsloo, said: "I am pleased to report the Company had another positive Quarter at the SDO, with the production of 23,868 4EPGM ounces, slightly higher than our revised expectations for the Period, resulting in the highest annualproduction in the Company's history of 95,885 4E PGM ounces during FY2026, exceeding the upper end of our annual guidance. I wish to thank the team for their hard work in making this happen. "We remain committed to providing a safe and healthy working environment for all our employees and contractors. During the Quarter, Doornbosch achieved an outstanding milestone of 14 years LTI-free, reflecting the strongsafety culture across these operations. Unfortunately, a plant operator at Mooinooi sustained a finger injury whileunchoking a feed chute, which resulted in a LTI during the Quarter, but this has been investigated, and action plans have already been implemented to prevent similar incidences occurring in future.
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"The Thaba JV continued its ramp-up during the Quarter. Operational performance was impacted by slower-than- planned mining progress and variability in ore supply volumes, quality and grades, impacting processing stabilityand efficiencies. While the plant ROM throughput increased 12% for the Quarter, Chrome production remained flat due to the impact of lower ore quality and grades. Engagement with the JV partners continues, with the specific focus on improving mine planning, scheduling, and efficiencies to improve ROM feed quality, plant feed stabilityand throughput, and enhancing processing efficiencies as we progress towards steady-state operations. "From a financial perspective, the average 4E gross basket price decreased by 25% in USD and 24% in Rand("ZAR") terms, while Chrome sales of $5.1 million were recorded during the Period. Consequently, net revenuedeclined to $48.5 million (Q3 FY2026: $78.7 million) and adjusted Group EBITDA decreased to $16.9 million (Q3 FY2026: $47.8 million), as a result of a combination of the 25% decrease in 4E gross basket price and an 8%increase in direct operating cost, mainly due to higher mining, diesel, and electricity costs at the Thaba JV,together with a historic electricity cost adjustment at the SDO." CONTACT DETAILS For further information, please contact:Jaco Prinsloo CEO Ronel Bosman CFO +27 11 673 1171 Nominated Adviser and Joint Broker Panmure Liberum Limited +44 (0) 20 3100 2000Scott Mathieson / John More / Gaya Bhatt Joint BrokerJoh. Berenberg, Gossler & Co KG, London +44 (0) 20 3207 7800Jennifer Lee / Ivan Briechle CommunicationsBlytheRay Megan Ray / Rachael Brooks +44 (0) 20 7138 3204 sylvania@blytheray.com CORPORATE INFORMATION Registered and postaladdress: 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 LimitedSylvania 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 Dump Operations ("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 SDOis the largest PGM producer from Chrome tailings re-treatment in the industry. In FY2023, the Company entered into the Thaba Joint Venture ("Thaba JV") which comprises Chromebeneficiation and PGM processing plants, and is treating a combination of run of mine ("ROM") and historical Chrome tailings from the JV partner, adding a full margin Chrome concentrate revenue stream. The Group alsoholds mining rights for PGM projects in the Northern Limb of the BIC. For more information visit https://www.sylvaniaplatinum.com/ Operational and Financial Summary Production Unit Q3 FY2026 Q4 FY2026 %Change Plant Feed t 679,366 706,594 4% Feed Head Grade g/t 2.17 2.20 1% PGM Plant Feed Tons t 379,173 392,617 4%
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PGM Plant Feed Grade g/t 3.42 3.54 4% PGM Plant Recovery1 % 54.84% 56.46% 2% Total 4E PGMs Oz 22,853 23,868 4% Total 6E PGMs Oz 29,372 30,474 4% Chrome t 19,030 17,889 -6% Unaudited USD ZAR Unit Q3 FY2026 Q4 FY2026 %Change Unit Q3 FY2026 Q4 FY2026 %Change Financials 3 Average 4E Gross Basket Price2 $/oz 3,047 2,299 -25% R/oz 49,861 37,931 -24% Average Chrome ContractSelling Price (CIF) $/t 267 310 16% R/t 4,413 5,092 15% Revenue (4E) $'000 52,003 38,341 -26% R'000 851,301 632,640 -26% Revenue (by-productsincluding base metals) $'000 8,881 7,522 -15% R'000 145,373 124,121 -15% Sales adjustments $'000 13,781 (2,485) -118% R'000 225,596 (41,005) -118% Chrome Revenue $'000 4,048 5,141 27% R'000 66,272 84,823 28% Net revenue $'000 78,713 48,519 -38% R'000 1,288,542 800,579 -38% Direct Operating costs $'000 24,337 26,306 8% R'000 398,403 434,047 9% Indirect Operating costs $'000 7,314 4,743 -35% R'000 119,736 78,255 -35% General and Administrative costs $'000 757 883 17% R'000 12,392 14,570 18% Adjusted Group EBITDA $'000 47,844 16,859 -65% R'000 783,206 278,174 -64% Adjusted Net Profit $'000 32,978 12,924 -61% R'000 539,850 213,246 -60% Capital Expenditure4 $'000 3,518 12,517 256% R'000 57,590 206,531 259% Cash Balance5 $'000 63,285 67,198 6% R'000 1,079,642 1,102,719 2% Ave R/$ rate R/$ 16.37 16.50 1% Spot R/$ rate R/$ 17.06 16.41 -4% Unit Cost/Efficiencies Cash Cost per 4E PGM oz6 $/oz 910 848 -7% R/oz 14,895 13,992 -6% Cash Cost per 6E PGM oz6 $/oz 708 677 -4% R/oz 11,589 11,165 -4% Group Cash Cost Per 4E PGM oz6 $/oz 1,110 1,034 -7% R/oz 18,171 17,061 -6% Group Cash Cost Per 6E PGM oz6 $/oz 863 810 -6% R/oz 14,127 13,365 -5% All-in Sustaining Cost (4E) $/oz 1,577 1,278 -19% R/oz 25,814 21,080 -18% All-in Cost (4E) $/oz 1,752 1,783 2% R/oz 28,676 29,417 3% Thaba Cash Cost per Chrome ton6 $/t 131 232 77% R/t 2,141 3,822 79% 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 1,071 4E ounces increase in work-in-progress during Q4 FY2026, with total work-in-progress ounces at 30 June 2026 being 2,904 4E PGM ounces. 2 The gross basket price is the June 2026 gross 4E basket used for revenue recognition of ounces delivered in Q4 FY2026, before penalties/smelting costs and applying the contractual payability. 3 Revenue (6E) for Q4 FY2026, before adjustments is $45.6 million (6E prill split is Pt 51%, Pd 18%, Rh 9%, Au 0%, Ru 17%, Ir 5%). Revenue excludes profit/loss on foreign exchange. 4 The capital expenditure includes 50% attributable capital cost incurred for the Thaba JV as well as stripping cost $0.8 million (Q3 FY2026 $1.1 million). 5 The cash balance excludes restricted cash held as guarantees $1.1 million (Q3 FY2026 $3.4 million). 6 The cash costs include operating costs and exclude indirect costs for example Mineral Royalty Tax and Employee Dividend Entitlement Plan ("EDEP") payments.
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OPERATIONAL AND FINANCIAL OVERVIEW Operational performanceSafety remains the Company's first and most important value. During the Quarter, Doornbosch achieved anoutstanding milestone of 14 years LTI-free, and Doornbosch, Lannex and Millsell remarkably remain all-injury free for more than five years, three years and one year respectively, reflecting the strong safety culture embeddedacross the operation. Unfortunately, at the Mooinooi operation, a plant operator sustained a finger injury whileunchoking a feed chute, that resulted in an LTI during May 2026, the only LTI for the Group during FY2026. This incident has been thoroughly investigated, with corrective actions implemented to reinforce the Company'scommitment to ensuring that every employee and contractor returns home safely each day. In terms of production, total delivered PGM ounces for the Group was 23,868 4E ounces (30,474 6E PGM) duringthe Quarter, 4% higher than Q3 FY2026. This was supported by the continued strength and consistency of theSDO's operations. This brings the Group delivered PGM ounces for FY2026 to a record 95,885 4E PGM ounces,representing the highest annual production achieved in the Company's history. PGM plant feed throughput increased by 4%, PGM feed grade rose by 4% and PGM recovery efficiency was liftedby 2% compared to the previous quarter, while work-in-progress stock increased by 1,071 ounces, resulting in the overall 4% increase in declared PGM ounces for Q4 FY2026. At the end of the Quarter, approximately 2,904 4E PGM ounces and 12,788 tons of Chrome concentrate remained in work-in-progress. These ounces and tons hadbeen produced but not yet delivered by Period-end and are expected to be dispatched during the following quarter. Overall, the SDO operations delivered yet another strong performance during the Quarter, with all operationsexceeding production plans, except for Tweefontein and Mooinooi, both of which experienced some challenges during the Quarter. Tweefontein experienced a failure on a buried power supply cable, which affected the secondary flotation plant and reduced flotation residence time, negatively impacting recovery performance, whileMooinooi experienced lower PGM recovery efficiencies due to a lower proportion of fresh current arisings and ROM treated during the Period, which generally have higher recovery potential than historical dump materialtreated. The higher PGM feed grades and positive recovery performances on the remaining SDO operations off-set the impact of these isolated challenges. The SDO continued to maintain disciplined operational control throughout the Quarter, balancing throughput,recovery, concentrate quality and plant stability to maximise overall production. This operational discipline has enabled the business to consistently deliver strong production outcomes while responding effectively to changingfeed characteristics and operational challenges. Operating cash costs decreased by 6% in ZAR terms to ZAR13,992 per 4E ounce (Q3 FY2026:ZAR14,895/ounce), and decreased 7% in USD terms to $848 per ounce (Q3 FY2026: $910/ounce). The USD costdecrease was partially driven by a stronger USD exchange rate against the ZAR, and the higher PGM production volumes achieved during the Quarter. Overall, Q4 FY2026 demonstrates the underlying robustness of the SDO operations and the ability to sustain throughput, to meet business plan targets and maintain an excellent safety performance, highlighting the strengthand resilience of the operations. Thaba JVProduction ramp-up at the Thaba JV continued during Q4 FY2026, but while the plant ROM throughput increased12% for the Quarter, Chrome production declined marginally due to the impact of slower than planned mining progress and variability in ore supply and feed quality and grade. The Thaba JV operation produced 50,317 tons ofattributable Chrome concentrate for FY2026, with 12,788 tons remaining in work-in-progress stock as at 30 June2026, to be dispatched during Q1 FY2027. During the Quarter, the mining operations, managed by the Company's JV partner, Limberg Mining Company("LMC"), experienced various challenges. During April 2026, abnormally high rainfall impacted mining production volumes and plant throughput due to flooding and material handling challenges with the wet ore. During April andMay 2026, significant dilution of the reef delivered to the ROM stockpiles, together with lower than planned miningvolumes, resulted in reduced feed grades and inconsistent plant feed, that negatively impacted plant stability and production performance. In parallel, the team continues to work closely with experienced independent miningconsultants to support the Thaba JV in optimising mine planning, pit scheduling and mining practices, ensuringthat the operation benefits from specialist expertise and that key technical decisions are underpinned by robust planning. Together, these initiatives are focused on restoring the pit sequence, improving mining effectiveness anddelivering a more consistent supply of ore to the processing plant. To support more stable plant operations whilethese improvements are being implemented, the operation also supplemented ROM feed with third-party material during the Quarter to maintain consistent processing throughput. Significant progress was also made on the geological workstream during the Quarter. The updated geological model has been completed post Period-end and is currently being incorporated into the mine planning process tooptimise the Life-of-Mine ("LOM") plan. While the processing plant still had some significant challenges related to ore quality (impacting material flow,mass balance and efficiencies), and mechanical breakdowns around milling circuit and downtime related to millliner replacements during the Quarter, plant throughput and stability have improved significantly from mid-June into July 2026, and the processing team's focus has now shifted towards process optimisation and productionefficiencies. Early results have been encouraging, with a noticeable improvement in chrome recoveries achievedtowards the end of Q4 FY2026 and continuing post Period-end. Ongoing optimisation initiatives are focused on
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further improving plant run time, achieving design recoveries across both the primary and secondary spiral circuits,and optimising the secondary milling circuit to enhance rejection of low-grade PGM-bearing material ahead of flotation, thereby improving concentrate quality. The operational improvements implemented across both the mining and processing teams are already delivering encouraging results. Higher mining volumes, improved ROM feed grades and stronger process performance havebeen observed post Period-end, providing confidence that the operation is progressing towards stable, sustainableproduction. Financial performanceRevenue (4E) for the Quarter decreased by 26% to $38.3 million (Q3 FY2026: $52.0 million) as a result of a decrease in the 4E gross basket price for the Quarter of 25% to $2,299/ounce (Q3 FY2026: $3,047/ounce). Netrevenue, which includes revenue from by-products, base metals, and the quarter-on-quarter sales adjustment,decreased by 38% to $48.5 million (Q3 FY2026: $78.7 million). Net revenue includes attributable revenue received for ounces produced from material purchased from third parties. Attributable Chrome revenue from the Thaba JVincreased to $5.1 million (Q3 FY2026: $4.0 million). Indirect operating costs decreased by 35% to $4.7 million (Q3 FY2026: $7.3 million) mainly due to a lower MineralRoyalty Tax provision in Q4 FY2026 as a result of the decreased revenue and higher deductible capital availableduring Q4 FY2026 compared to Q3 FY2026. General and administrative costs increased by $0.12 million to $0.88 million from $0.76 million in Q3 FY2026.These costs are incurred in USD, Pounds Sterling ("GBP"), and ZAR. Adjusted Group EBITDA for the Quarter was $16.9 million (Q3 FY2026: $47.8 million), representing a 65% decline quarter-on-quarter. The decrease was primarily driven by a 38% reduction in net revenue, resulting from a 25%lower 4E average basket price, coupled with an 8% increase in direct operating costs. Group cash costs per 4E PGM ounce decreased in ZAR terms from ZAR18,171/ounce to ZAR17,061/ounce anddecreased in USD terms from $1,110/ounce in the previous quarter to $1,034/ounce. This decrease is mainly as aresult of a net decrease in Direct and Indirect Operating Cost and a 4% increase in 4E product. All in sustaining costs decreased by 19% in USD terms due to the decrease in indirect costs as well as theincrease in ounce production. The Group cash balance increased quarter-on-quarter by 6% to $67.2 million (Q3 FY2026: $63.3 million). Netcash outflow for tax obligations to the South African Revenue Services during the Quarter amounted to $17.3million. Surplus cash invested in both ZAR and USD earned interest income amounting to $0.5 million. The Company paid an interim dividend for FY2026 of $7.0 million in April 2026. Cash outflow for Group capital amounted to $14.0 million (Q3 FY2026: $3.5 million). Of the $14.0 million, $13.7 million relates to stay in business and improvement capital. This primarily related to tailings storage facilities,stripping activities, ramp-up costs, and a property acquisition for the new treatment facility at the Eastern limb ofwhich the purchase consideration was discharged through the release of a cession ($2.4million). A further $0.3 million was spend on exploration activities. $2.7 million was contributed to the JV partner through the workingcapital loan to support ongoing operations. At a corporate level, 205,000 shares were bought back through the on-market Share Buyback programme, whichwas launched on 23 March 2026, amounting to $0.3 million. Cash generated from operations before working capital movements was $17.0 million, with net changes in workingcapital of $24.9 million mainly due to the movement in trade receivables of $14.5 million and trade payables of$13.2 million. The decrease in trade receivables is due to the lower basket price in the fourth Quarter, the impact of which will be realised during the first Quarter of FY2027 due to the contractual quotational period betweendelivery and invoicing, provided that the basket price remains at the same level. The increase in trade payableswas mainly attributable to higher capital expenditure and increased mining-related operating costs. CORPORATE ACTIVITIES Notice of Annual Results Investor PresentationThe Company confirms it will announce its Final Results for the year ended 30 June 2026 on Tuesday, 15September 2026. Sylvania's CEO, Jaco Prinsloo, and CFO, Ronel Bosman, will host a live investor presentation, via the InvestorMeet Company platform, on 16 September 2026 at 16:00 BST. The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via yourInvestor Meet Company dashboard up until 9.00 BST the day before the meeting or at any time during the live presentation. Investors can sign up to Investor Meet Company for free and add to meet Sylvania via: https://www.investormeetcompany.com/sylvania-platinum-limited/register-investor Investors who already follow Sylvania on the Investor Meet Company platform will automatically be invited.
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Annexure Sylvania Dump Operations: Operational and Financial Summary Production Unit Q3 FY2026 Q4 FY2026 %Change Plant Feed T 634,341 645,896 2% Feed Head Grade g/t 2.29 2.31 1% PGM Plant Feed Tons T 347,340 360,168 4% PGM Plant Feed Grade g/t 3.61 3.72 3% PGM Plant Recovery % 56.53% 57.59% 1% Total 4E PGMs Oz 22,514 23,427 4% Total 6E PGMs Oz 28,931 29,911 3% Unit Cost/Efficiencies Cash Cost per 4E PGM oz $/oz 895 831 -7% R/oz 14,659 13,715 -6% Cash Cost per 6E PGM oz $/oz 697 651 -7% R/oz 11,408 10,742 -6% Group Cash Cost Per 4EPGM oz $/oz 1,053 1,014 -4% R/oz 17,238 16,731 -3% Group Cash Cost Per 6EPGM oz $/oz 870 795 -9% R/oz 13,401 13,110 -2% Thaba JV: Operational and Financial Summary Production Unit Q3 FY2026 Q4 FY2026 %Change Combined Plant Feed1 T 53,950 60,698 13% Plant Chrome Feed Grade1 % Cr2O3 23.1% 22.2% -4% Plant PGM Feed Head Grade1 g/t 0.95 1.07 13% PGM Plant Feed Tons T 31,830 32,447 2% PGM Plant Feed Grade g/t 1.44 1.62 13% PGM Plant Recovery % 23.97% 27.64% 4% Total 4E PGMs Oz 339 441 30% Total 6E PGMs Oz 441 573 30% Chrome T 19,030 17,889 -6% Overall Chrome Mass Yield % 35.3% 29.5% -16% Unit Cost/Efficiencies Cash Cost per 4E PGM oz $/oz 1,423 1,809 27% R/oz 23,300 29,854 28% Cash Cost per 6E PGM oz $/oz 1,094 1,393 27% R/oz 17,911 22,977 28% Group Cash Cost Per 4EPGM oz $/oz 4,909 2,084 -58% R/oz 80,360 34,386 -57% Group Cash Cost Per 6EPGM oz $/oz 3,774 1,604 -57% R/oz 61,780 26,466 -57% Thaba Cash Cost perChrome ton $/t 131 232 77% R/t 2,141 3,822 79% 1 Combined feed include 43,861 tons ROM at 23.4% Cr2O3 and 0.84g/t 4E PGM for Q3 and 49,121 tons at 23.2% Cr2O3 and 0.88g/t 4E PGM for Q4. 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 information
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