Sylvania Platinum (SLP) H1 2025 earnings summary

Executive summary

• Net revenue rose 17% year-over-year to $47.6 million, driven by higher PGM production, improved basket prices, and a 3% increase in 4E PGM production to 39,398oz.

• EBITDA increased 36% to $9.9 million, with net profit more than doubling to $7.2 million compared to HY1 FY2024.

• Interim dividend of 0.75 pence per share declared, reflecting ongoing commitment to shareholder returns; share buyback program repurchased 1.7 million shares.

• Thaba JV project on track for first production by May 2025, expected to add 6,800oz 4E PGM and 210,000 tons of chrome concentrate at steady state.

• Maintained a low-risk, low-cost business model and strong operational performance in a challenging market.

Financial highlights

• Net revenue: $47.6 million (+17% YoY); EBITDA: $9.9 million (+36% YoY); Net profit: $7.2 million (+132% YoY); Basic EPS: 2.73 US cents.

• Cash balance at period end: $77.5 million, down from $107.2 million YoY.

• Capital expenditure surged to $17.7 million, mainly for Thaba JV and tailings facilities.

• SDO cash cost per 4E PGM ounce: $803; group cash cost: $952/oz; all-in sustaining cost: $981/oz.

• Strong cash generation from operations ($11.5 million); interim dividend payout: $2.9 million; $3.3 million paid in dividends in December.

Outlook and guidance

• FY2025 production guidance raised to 75,000–78,000 4E PGM ounces, reflecting strong HY1 output.

• Thaba JV to commence production by May 2025, with steady-state contributions from 2026 onward.

• Lesedi ROM plant ramp-up expected to boost grades and profitability by Q3–Q4 FY2025.

• Robust outlook for PGM and chrome markets, with anticipated price improvements and supply deficits forecasted for 2025.

• Ongoing R&D and plant initiatives to enhance chrome beneficiation and PGM concentrate treatment.