REG - Sylvania Platinum - Final Results to 30 June 2024
10/09/2024 07:00
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RNS Number : 5047D Sylvania Platinum Limited 10 September 2024
_____________________________________________________________________________________________________________________________
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse regulation
(EU) no.596/2014 as amended by the Market Abuse (Amendment) (EU Exit)
Regulations 2019.
10 September 2024
Sylvania Platinum Limited
("Sylvania", the "Company" or the "Group")
Final Results to 30 June 2024
Sylvania (AIM: SLP), the platinum group metals ("PGM") producer and developer, with assets in South Africa, is pleased to announce its final results for the year ended 30 June 2024 (the "Period" or "FY2024"). Unless otherwise stated, the consolidated financial information contained in this report is presented in United States Dollars ("USD").
Operational
· Sylvania Dump Operations ("SDO") produced 72,704 4E PGM ounces for
the year (FY2023: 75,469 4E PGM ounces);
· The Thaba Joint Venture ("Thaba JV") project is on schedule with
all phases of construction of the chrome and PGM beneficiation plants
progressing well;
· The Lannex MF2 project and the flotation circuit with the fine
grinding circuit were commissioned during the year; and
· The updated Volspruit Project ("Volspruit") Scoping Study reported a
significant increase in project pre-tax net present value ("NPV") to $69.0
million for a 14-year life of mine ("LOM"), a significant increase compared to
$27.3 million NPV (2022 Scoping Study).
Financial
· Net revenue generated for the Period totalled $81.7 million
(FY2023: $130.2 million);
· Group EBITDA of $13.5 million (FY2023: $66.0 million);
· Net profit of $7.0 million (FY2023: $45.4 million);
· Average 4E Gross Basket Price for FY2024 was $1,339/ounce
(FY2023: $2,086/ounce);
· An interim cash dividend for HY1 FY2024 of one pence per Ordinary
US$0.01 Share ("Ordinary Share"), amounting to $3.3 million, was paid on 5
April 2024;
· A special cash dividend of one pence per Ordinary Share, amounting
to $3.3 million, was paid on 7 June 2024 from the early settlement of the loan
and sale price relating to the sale of Grasvally Chrome Mine (Pty) Ltd
("Grasvally");
· Final cash dividend of one pence per Ordinary Share declared by
the Board, resulting in a total dividend of three pence per Ordinary Share for
FY2024 (FY2023: eight pence per Ordinary Share);
· Bought back a total of 2.7 million Ordinary Shares during the year
at an average price of 62.2 pence per share, equating to $2.1 million in
aggregate; and cancelled 5.6 million Ordinary Shares; and
· Group cash balance of $97.8 million as at 30 June 2024 (FY2023:
$124.2 million) with no debt and no pipeline financing.
Environment, Social and Governance ("ESG")
· Doornbosch achieved 12-years Lost-Time Injury ("LTI") free in June
2024;
· Doornbosch and Lannex recorded the significant milestones of being
total injury-free for three years and one year respectively;
· Sylvania contributed over ZAR1.7 billion South African Rand ("ZAR") to
the South African economy in FY2024;
· Sylvania has implemented effective water management strategies; the
additional flow meters and collaborative efforts with host mines have enhanced
water monitoring and sustainable usage, including water recovery and
recirculation;
· The Company's well-defined ESG Framework includes actions to ensure it
monitors and measures the operations climate impact. Longer term, this will
help the Company set measurable targets for global greenhouse gas ("GHG")
emissions;
· Significant progress made to find a sustainable, efficient, and
cost-effective way to rehabilitate tailings storage facilities ("TSFs"); and
· No occupational illnesses were recorded in FY2024.
Outlook
· Thaba JV is on track to commence first production in HY2 FY2025,
with steady state production anticipated by the end of June 2025;
· Continuos operational performance initiatives are underway
specifically targeted at improving the selection and blending of feed sources
as well as improving recovery efficiencies at operations;
· Optimisation and potential restructuring process initiated at
Lesedi to improve the overall profitability of the SDO in the current subdued
PGM price environment;
· The declaration of an Exploration Target on the Hacra Project provides
sufficient information for the Company to now evaluate various disposal
options;
· Additional metallurgical and process optimisation test work in
progress, based on Volspruit Scoping Study recommendations, to determine
potential upside and inform future strategy for the Project;
· The Group maintains strong cash reserves enabling it to balance the
requirements of capital expenditure projects (new TSFs, expansion and process
optimisation capital, and the upgrading of the Group's exploration and
evaluation assets) with the potential to return value to shareholders; and
· Annual production target of 73,000 to 76,000 4E PGM ounces for
FY2025.
Commenting on the results, Sylvania's CEO Jaco Prinsloo said:
"I am extremely proud of our safety, health and environmental performance for
the Period under review, where we again had no significant occupational health
or environmental incidents and all operations have remained fatality free
since inception in 2006. Doornbosch remains 12-years LTI-free, and Doornbosch
and Lannex also recorded the significant milestones of being total injury-free
for three years and one year respectively. While we unfortunately had two
LTIs, one at Mooinooi and one at Tweefontein, the combined SDO had a reduction
of 40% in All-Injuries from FY2023, which was one of the best performances to
date.
"The SDO did well to maintain PGM feed tons throughput for the year, despite a
wage-related strike by members of the National Union of Mineworkers of South
Africa ("NUMSA") during February 2024 at our Western operations.Although the
ramp up period post the strike was implemented efficiently, plant stability
and recovery efficiency was still impacted at Mooinooi in particular , and
contributed towards the lower PGM ounces for the year, which totalled 72,704
4E PGM ounces. Additionally, lower PGM feed grades and a decrease in
associated metal recoveries related to the ore mix at Lannex also impacted
final production. However, we have since seen a recovery in plant stability
and efficiencies and remain confident that we can deliver a strong production
performance in FY2025.
"With the continued buoyant demand and pricing of chrome, I am pleased with
the significant progress on the development of the Thaba JV Project which is
progressing well, with first PGM and chrome production expected in HY2 FY2025.
This is a very exciting development for the Company as it is an important step
towards our further growth and diversification strategy, where we will be
adding an attributable annual production of approximately 6,800 4E PGM ounces
and introducing 210,000 tons of chromite concentrate and chrome income to the
existing production profile and revenue stream respectively.
"From a PGM market perspective, it was another year where commodity prices
remained a challenge with declines of around 36% in the average PGM basket
price received for the Period. This negatively impacted our overall financial
results for the year; however, we remain optimistic about price improvements
in FY2025, along with chrome revenue from the Thaba JV.
"It is great testament to Sylvania's lower-cost strategy, with a placing in
the lowest third of the industry cost curve, that the Company remains cash
generative even at lower basket prices. It is also encouraging for the future
that, even amidst a difficult price environment, we have been able to advance
our Projects and return value to shareholders through a combination of
dividends and share buybacks, which total $23.4 million paid out for the
financial year. Given the price environment, I am pleased to report that the
Board has declared a final cash dividend of one pence per Ordinary Share for
FY2024, resulting in a combined annual dividend of three pence for the
financial year. The full year dividend reflects an amount materially higher
than the minimum payment required under our dividend policy and reflects our
commitment to returning capital to shareholders wherever possible.
"With material expansion and capital expenditure projects planned this year
and next, and set against the on-going price environment, we will continue to
prioritise capital returns to our shareholders alongside our value creation
and business sustaining requirements. The combination of our strong cash
position and our lower-cost operations gives us the flexibility to manage
these requirements at a time when the wider PGM industry is suffering from
significantly reduced revenue flows.
"The Board is optimistic about the year ahead and believes that our operations
will continue to deliver a strong production performance, whilst striving to
improve operational efficiencies. In line with this, the Board has set an
annual production target of 73,000 to 76,000 4E PGM ounces for FY2025."
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 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, Pounds
Sterling ("GBP") and ZAR.
For the 12 months under review, the average ZAR:USD exchange rate was
ZAR18.71:$1 and the spot exchange rate was ZAR18.19:$1.
CONTACT DETAILS
For further information, please contact:
Jaco Prinsloo CEO +27 11 673 1171
Lewanne Carminati CFO
Nominated Adviser and Broker
Panmure Liberum Limited +44 (0) 20 3100 2000
Scott Mathieson / John More / Joshua Borlant
Communications
BlytheRay +44 (0) 20 7138 3204
Tim Blythe / Megan Ray sylvania@BlytheRay.com (mailto:sylvania@BlytheRay.com)
CORPORATE INFORMATION
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 (http://www.sylvaniaplatinum.com)
About Sylvania Platinum Limited
Sylvania Platinum is a lower-cost producer of platinum group metals (PGMs)
(platinum, palladium and rhodium) with operations located in South Africa. The
Sylvania Dump Operations (SDO) is comprised of six chrome beneficiation and
PGM processing plants focusing on the retreatment 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 entered into the Thaba Joint Venture (Thaba JV) which
comprises chrome beneficiation and PGM processing plants, and which will treat
a combination of run of mine (ROM) and historical chrome tailings from the JV
partner, adding a full margin chromite concentrate revenue stream. The Group
also holds mining rights for PGM projects in the Northern Limb of the BIC.
For more information visit https://www.sylvaniaplatinum.com/
(https://www.sylvaniaplatinum.com/)
For the purposes of MAR and Article 2 of Commission Implementing Regulation
(EU) 2016/1055, this announcement is being made on behalf of the Company by
Jaco Prinsloo.
Operational and Financial Summary
Production Unit FY2023 FY2024 % Change
Plant Feed T 2,615,994 2,483,610 -5%
Feed Head Grade g/t 1.89 1.96 4%
PGM Plant Feed Tons T 1,372,936 1,367,558 0%
PGM Plant Feed Grade g/t 3.06 2.96 -3%
PGM Plant Recovery(1) % 55.86% 55.27% -1%
Total 4E PGMs Oz 75,469 72,704 -4%
Total 6E PGMs Oz 95,965 92,426 -4%
Audited USD ZAR
Unit FY2023 FY2024 % Change Unit FY2023 FY2024 % Change
Financials (2)
Average 4E Gross Basket Price(3) $/oz 2,086 1,339 -36% R/oz 37,035 25,061 -32%
Revenue (4E) $'000 116,575 71,749 -38% R'000 2,069,339 1,342,419 -35%
Revenue (by-products including base metals) $'000 13,312 12,996 -2% R'000 236,295 243,153 3%
Sales adjustments $'000 309 -3,032 -1081% R'000 5,491 -56,715 -1133%
Net revenue $'000 130,196 81,713 -37% R'000 2,311,125 1,528,857 -34%
Direct Operating costs $'000 48,277 55,351 15% R'000 856,920 1,035,627 21%
Indirect Operating costs $'000 13,492 10,109 -25% R'000 239,477 189,138 -21%
General and Administrative costs $'000 2,790 2,838 2% R'000 49,523 53,099 7%
Adjusted Group EBITDA(4) $'000 65,964 13,464 -80% R'000 1,170,861 251,911 -78%
Net Profit(4) $'000 45,352 8,194 -82% R'000 804,998 153,317 -81%
Capital Expenditure $'000 14,491 15,816 9% R'000 257,215 295,912 15%
Cash Balance(5) $'000 124,160 97,845 -21% R'000 2,345,382 1,779,801 -24%
Average R/$ rate R/$ 17.75 18.71 5%
Spot R/$ rate R/$ 18.89 18.19 -4%
Unit Cost/Efficiencies
SDO Cash Cost per 4E PGM oz(6) $/oz 640 761 19% R/oz 11,355 14,244 25%
SDO Cash Cost per 6E PGM oz(6) $/oz 503 599 19% R/oz 8,930 11,205 25%
Group Cash Cost Per 4E PGM oz(6) $/oz 771 907 18% R/oz 13,685 16,970 24%
Group Cash Cost Per 6E PGM oz(6) $/oz 606 713 18% R/oz 10,757 13,340 24%
All-in Sustaining Cost (4E) $/oz 874 967 11% R/oz 15,509 18,088 17%
All-in Cost (4E) $/oz 1,033 1,168 13% R/oz 18,345 21,852 19%
1 PGM plant recovery is calculated on the production ounces that include the
work-in-progress ounces when applicable.
2 Revenue (6E) for FY2024, before adjustments is $84.2 million (6E prill
split is Pt 52%, Pd 18%, Rh 9%, Au 0%, Ru 16%, Ir 5%). Revenue excludes
profit/loss on foreign exchange.
3 The gross basket price in the table is the June 2024 gross 4E basket used
for revenue recognition of ounces delivered in FY2024, before
penalties/smelting costs and applying the
contractual payability.
4 Group EBITDA and Net Profit exclude $1.2 million accrued interest written
off in relation to the Grasvally Chrome Mine (Pty) Ltd transaction which was
concluded at the end of Q3 FY2024.
5 The cash balance excludes restricted cash held as guarantees. An
additional $0.3 million was issued as a cash guarantee to Eskom during Q4
FY2024 for the Thaba JV.
6 The cash costs include operating costs and exclude indirect costs for
example mineral royalty tax and Employee Dividend Entitlement Plan ("EDEP")
payments.
A. OPERATIONAL OVERVIEW
Health, safety and environment
During the Period under review, there were no significant occupational health
or environmental incidents reported and all operations have remained fatality
free since inception in 2006. Doornbosch remains 12-years LTI-free, and
Doornbosch and Lannex recorded the significant milestones of being total
injury-free for three years and one year respectively during the Period.
During FY2024, Tweefontein and Mooinooi each experienced one LTI. Management's
proactive stance towards safety measures, which include routine risk
assessments, has played a pivotal role in fostering a workplace ethos that
places a high priority on the well-being of both employees and contractors.
The Company's environmental endeavours have propelled responsible resource
management, significantly reducing Sylvania's ecological footprint.
Additionally, the successful last quarter of the calendar year "Silly Season"
campaign, spanning from November 2023 through January 2024, effectively
emphasised the significance of a hazard-free and injury-free environment.
Through a range of creative initiatives, employees embraced a culture of
mindfulness, remaining vigilant, and adhering to safety protocols, resulting
in an outstanding achievement of zero injuries throughout the festive season.
Sylvania's annual anti-gender-based violence ("GBV") campaign further
solidified a workplace culture grounded in respect and equality. Informative
sessions and open dialogues provided employees with a profound understanding
of the repercussions of GBV, empowering them to become advocates for positive
change. This reiterates the Company's dedication to nurturing a workplace that
champions inclusivity, ultimately contributing to a more harmonious and
supportive professional community.
Operational performance
The SDO delivered annual production of 72,704 4E PGM ounces, which is 4% lower
than the prior financial year. This was largely due to the slower than
expected ramp-up of operations after the wage-related strike action at our
Western operations in February 2024 that impacted production at Mooinooi and
Millsell in particular. The slower-than expected ramp-up was a result of a
backlog of maintenance during the strike period due to limited resources at
the time, which ultimately resulted in lower plant availabilities, runtime and
process stability on Mooinooi's ROM section. Additionally, lower PGM feed
grades, as well as a decrease in associated metal recoveries related to the
ore mix treated at Lannex during the Period, were also a factor.
The Western operations have since improved with enhanced maintenance and
runtime, while measures are being implemented to address the lower grade feed
material and related recoveries at affected operations. The Lannex MF2 Project
was executed during the year together with the flotation circuit with the fine
grinding circuit and optimisation is continuing.
PGM plant feed tons for the Period remained flat, with 1.4 million tons
treated, but PGM flotation feed grades and recovery efficiencies decreased by
3% and 1% year-on-year respectively, primarily influenced by lower PGM feed
grade and recovery potential in the dump feed sources to Lannex and Lesedi.
The SDO direct cash cost per 4E PGM ounce increased by 25% in ZAR (the
functional currency) from ZAR11,355/ounce to ZAR14,244/ounce, while the USD
cash cost increased 19% to $761/ounce against $640/ounce in the prior year due
to the 4% reduction in production, the temporary purchase of higher grade
external material for the Eastern operations that accounted for 10% of the
increase in costs and which is expected to endure until June 2025, and
increased power, reagent and milling costs. The effects of rising inflation
worldwide and international instability continue to directly impact the cost
of fuel and transport, all of which cause operating costs to increase.
Operational focus areas
During the Period, the SDO implemented a new planned maintenance system which
was successfully piloted at Millsell. The "On Key" Enterprise Asset Management
System is currently being rolled-out at Mooinooi and aims to optimise
maintenance management planning and scheduling tasks. It will also assist in
improving plant availabilities and runtime, resulting in improved process
stability and increased efficiencies. The maintenance system will be rolled
out at the other plants during the course of FY2025 and FY2026.
ROM feed grades at Mooinooi have been at satisfactory levels during the Period
but remain a focus area for the operation. Management continues to collaborate
with the host mine with regards to determining the preferred source of ROM and
associated grades to sustain these higher grades. Higher-grade third-party
dump feed material is continuously sourced, evaluated and, where suitable,
treated at selected operations that have low-grade resources in order to
optimise the overall PGM feed grade and profitability in the current PGM price
environment.
Reagent optimisation continues, especially at the recently commissioned MF2
circuits, to achieve improved efficiencies and further contribute to an
increase in metal recoveries. Focus remains on the operational aspects of the
SDO tailings facilities by the operations teams, the engineer on record,
relevant expert advisers, and associated service providers.
Furthermore, in view of the performance of Lesedi over the past 12 months,
which has been impacted by a combination of low feed grades from current feed
sources and continued subdued PGM prices, the Company has commenced
consultation with stakeholders under Section 189A ("S189A") of the Labour
Relations Act, 66 of 1995 ("LRA") on the possible restructuring of the
operation. The aim of this process is to improve the overall profitability of
the SDO in the current subdued PGM price environment and further updates on
this process will be provided in due course.
Capital Projects
Capital expenditure for the year increased by 15% to ZAR296.0 million ($15.8
million) from ZAR257.2 million ($14.5 million) in the 2023 financial year, in
line with the Group's capital project programme. Capital expenditure for the
year included $5.7 million attributable capital on the Thaba JV, $3.3 million
for new tailings dam infrastructure, $2.1 million for the Lannex MF2 roll-out
and $0.8 million on exploration projects. All capital projects are fully
funded from current cash reserves.
A central filtration plant project is underway to facilitate the conversion to
dry filtered concentrate, instead of the current slurry. This will assist in
reducing concentrate transport costs and remediate handling challenges at
off-take smelters providing an important long-term benefit to the Group.
In order to mitigate power interruptions at Lesedi and Millsell, which are
most affected by the national power utility's load curtailment programme,
back-up power generation projects commenced during FY2023. The Lesedi unit was
commissioned in February 2024. Lesedi experienced approximately 81 hours of
downtime during HY1 FY2024 due to load curtailment (total downtime during
FY2023 was 544 hours). The installation of the Millsell standby generator was
completed during Q4 FY2024. The generators will significantly reduce the risk
of any potential future power related losses at the operations.
With the aim of expanding our operating footprint and increasing
diversification of our revenue stream by adding additional chrome revenue, a
feasibility study for a potential new treatment facility for chrome tailings
and ROM ore sources at the Eastern operations is in progress.
Finally, in order to sustain current operations and to secure deposition
capacity for the next 10 years, we are currently busy with a build programme
for new TSFs at all of our current operations, which are rightly designed
according to latest regulatory standards and with safety and the environment a
key consideration in their design. The majority of the capital expenditure for
these new TSFs will be spread across the next two years and the increased
build requirements will be considerably higher than the amount incurred this
year.
Thaba JV
On 9 August 2023, Sylvania announced that Sylvania Metals (Pty) Ltd ("Sylvania
Metals") had entered into an unincorporated joint venture ("JV") with Limberg
Mining Company (Pty) Ltd ("LMC"), a subsidiary of ChromTech Mining Company
(Pty) Ltd ("ChromTech"), known as the Thaba JV. The Thaba JV will process PGM
and chrome ores from historical tailings dumps and current arisings from the
Limberg Chrome Mine, located on the northern part of the Western Limb of the
BIC, South Africa. The Thaba JV will add attributable production of
approximately 6,800 4E PGM ounces and introduce 210,000 tons of chromite
concentrate to Sylvania Metals' existing annual production profile.
The Thaba JV is progressing well, after the 18-24-month project execution
phase commenced in August 2023, and first PGM and chrome production is
expected in HY2 FY2025. Project safety remains a priority, with over 124,000
manhours worked without any serious injuries as of June 2024. The project will
see a significant increase in expenditure from Q1 FY2025 to reflect the
increased manhours as structural, mechanical and platework ("SMP") contractors
arrive, followed by electrical control and instrumentation ("EC&I") and
piping contractors in Q2 FY2025. Under the terms of the Thaba JV all
expenditure on the project will be attributable to Sylvania with 50% to be
repaid from ChromTech once post- commissioning production has commenced.
Environmental approvals are on track, with the environmental impact assessment
("EIA") reports for tailings deposition and new water storage dams submitted
to the Department of Mineral Resources and Energy ("DMRE"), with a decision
anticipated soon.
In terms of plant development, the existing primary chrome recovery plant will
undergo several improvements to enhance availability, throughput, and chrome
recoveries, with plant modifications already modelled. The secondary chrome
recovery plant, which will recover chrome from primary plant tailings and dump
feed, is also making steady progress. Civil works were completed in Q4 FY2024,
and steel deliveries and erection commenced in July 2024. Additionally, civil
works for the PGM plant are finished, and steel erection began in June 2024,
with the installation of the first batch of float tanks. Infrastructure orders
for long lead items and installation contracts were placed, and design work
for EC&I is nearly complete.
Infrastructure developments are also advancing, with long lead items
warehoused to minimise risks, and preparation works for strategic boreholes
and pit dewatering are underway. The EIA report, submitted in March 2024, was
followed by the water use licence ("WUL") report in April 2024, with feedback
expected soon. Stormwater management designs have been simplified, and the
construction of the TSF for in-pit deposition is moving forward. Additionally,
the new in-plant road for PGM and chrome concentrate dispatches is under
construction, with the weighbridge relocation planned to mitigate against
disruption to existing operations.
Outlook
The progress in the operational enhancement initiatives and development of the
Thaba JV will see additional PGM ounces produced and the introduction of
chrome revenue. This is an exciting additional benefit for the Company as it
is providing a diversification to our revenue stream.
A new planned maintenance system, which was successfully piloted at Millsell,
will assist in improving plant availabilities and runtime, resulting in better
process stability and increased efficiencies.
Sylvania believes the operations will deliver a stronger production
performance in FY2025 and, in line with this, will target an annual production
of between 73,000 to 76,000 4E PGM ounces for the coming financial year.
B. FINANCIAL OVERVIEW
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
2024 2023
Note(s) $ $
Revenue 1 81,712,471 130,196,100
Cost of sales (69,037,113) (61,290,716)
Royalties tax 2 (1,388,295) (4,903,977)
Gross profit 11,287,063 64,001,407
Other income 292,385 1,792,134
Other expenses 3 (4,162,849) (4,020,070)
Operating profit before net finance costs and income tax expense 7,416,599 61,773,471
Finance income 6,550,795 5,780,364
Finance costs (498,058) (576,958)
Profit before income tax expense 13,469,336 66,976,877
Income tax expense 4 (6,485,517) (21,625,108)
Net profit for the Period 6,983,819 45,351,769
Items that are or may be subsequently reclassified to profit and loss:
Foreign operations - foreign currency translation differences 4,011,726 (17,183,248)
Total other comprehensive profit/(loss) net of tax 4,011,726 (17,183,248)
Total comprehensive income for the year 10,995,545 28,168,521
Cents Cents
Earnings per share attributable to the ordinary equity holders of the Company:
Basic earnings per share 2.66 17.01
Diluted earnings per share 2.65 16.95
1. Revenue is generated from the sale of PGM ounces produced at the
six retreatment plants, net of pipeline sales adjustments, penalties, and
smelting charges. Revenue excludes profit/loss on foreign exchange.
2. Royalty tax was paid at a rate of 2.48% on attributable ounces and
decreased from the prior reporting period due to the lower 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. The write-off of
$1,210,413 million accrued interest, mainly from prior periods, on the loan
relating to the Grasvally Chrome Mine (Pty) Ltd sale, due to early settlement
of the loan and sales price, is included in other expenses.
4. Income tax expense include current tax, deferred tax and dividend
withholding tax.
The average gross basket price for PGMs in the financial year was $1,339/ounce
- a 36% decrease on the previous year's basket price of $2,086/ounce. The
decrease in the overall PGM basket price was primarily due to a circa 51%
decrease in rhodium and a 38% decrease in palladium prices.
Revenue on 4E PGM ounces delivered decreased by 38% in USD terms to $71.7
million year-on-year (FY2023: $116.6 million) with revenue from base metals
and by-products contributing $13.0 million to the total revenue (FY2023: $13.3
million). Net revenue, after adjustments for ounces delivered in the prior
year but invoiced in FY2024, decreased 37% on the previous year's $130.2
million to $81.7 million. The decrease in revenue is a result of the 36% drop
in the basket price and 4% lower production.
The operational cost of sales is incurred in ZAR and represents the direct and
indirect costs of producing the PGM concentrate and amounted to ZAR1.2 billion
for the reporting Period compared to ZAR1.1 billion for the period ended 30
June 2023. The main cost contributors being employee costs of ZAR373.7 million
(FY2023: ZAR352.7 million), power costs of ZAR175.8 million (FY2023: ZAR135.7
million), reagents and milling costs of ZAR132.7 million (FY2023: ZAR114.4
million), and purchase and treatment of material from outside sources of
ZAR83.6 million (FY2023: ZAR0.0 million). In addition to these, the Company
paid mineral royalty tax of ZAR26.0 million (FY2023: ZAR87.1 million). The
decrease in mineral royalty tax is directly related to the decrease in net
revenue and earnings year-on-year.
Group cash costs increased by 18% year-on-year from $771/ounce
(ZAR13,685/ounce) to $907/ounce (ZAR16,970/ounce). Direct operating costs
increased 21% in ZAR (the functional currency) from ZAR856.9 million to ZAR1.0
billion and indirect operating costs decreased 21% from ZAR239.5 million to
ZAR189.1 million. The decrease in indirect costs is attributable mainly to the
reduction in mineral royalty taxes.
All-in sustaining costs ("AISC") increased by 11% to $967/ounce
(ZAR18,088/ounce) from $874/ounce (ZAR15,509/ounce). Similarly, all-in costs
("AIC") of 4E PGMs increased by 13% to $1,168/ounce (ZAR21,852/ounce) from
$1,033/ounce (ZAR18,345/ounce) recorded in the previous period as a result of
the lower ounce production during FY2024.
General and administrative costs, included in the Group cash costs, are
incurred in USD, GBP and ZAR and are impacted by exchange rate fluctuations
over the reporting Period. These costs increased marginally by 2% to $2.84
million from $2.79 million in the reporting currency.
Group EBITDA decreased 80% year-on-year to $13.5 million (FY2023: $66.0
million). The decrease is mainly attributable to the lower metal prices in
FY2024 compared to FY2023 and lower ounce production.
The Group net profit for the year was $7.0 million (FY2023: $45.4 million).
Interest is earned on surplus cash invested in South Africa and Mauritius at
an average interest rate of 5.63% per annum across the portfolio. Interest
expenses comprise interest on various leases that are in place across the
Group.
The Group paid ZAR67.3 million ($3.6 million) in income tax for the financial
year compared to ZAR317.0 million ($17.9 million) for the previous financial
year. The decrease is a result of lower taxable profits, mainly due to the
decrease in the metal prices during the year. Income tax is paid in ZAR on
taxable profits generated at the South African operations. Dividend
withholding tax of $2.6 million (ZAR49.2million) was paid during the year.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2024
2024 2023
Note(s) $ $
Net cash inflow from operating activities 5 14,704,097 62,986,987
Net cash outflow from investing activities 6 (15,688,040) (15,568,808)
Net cash outflow from financing activities 7 (25,988,270) (40,778,927)
Net (decrease) / increase in cash and cash equivalents (26,972,213) 6,639,252
Effect of exchange fluctuations on cash held 656,931 (3,761,823)
Cash and cash equivalents at the beginning of reporting period 124,159,854 121,282,425
Cash and cash equivalents at the end of the reporting period 97,844,572 124,159,854
5. Net cash inflow from operating activities includes net cash inflow
from operations of $14,999,299, finance income of $5,935,549 and taxation paid
of $6,230,745.
6. Net cash outflow from investing activities includes payments for
property, plant, and equipment of $14,968,890, exploration and evaluation
assets of $846,628 and advances paid to the joint operations of $5,433,816 as
well as the inflow from the early settlement of the loan and proceeds for the
sale of Grasvally of $6,210,677.
7. Net cash outflow from financing activities includes dividend
payments $23,363,901, payment for share transactions $2,053,261 and the
repayment of leases $571,108.
The cash balance decreased by 21% year-on-year to $97.8 million (FY2023:
$124.2 million).
Income tax of $3.6 million, dividend withholding tax of $2.6 million on
intercompany dividends and mineral royalty tax of $1.4 million was paid to the
South African Revenue Services during FY2024. Total dividends of $23.3 million
were paid during the Period, being a special dividend of $3.3 million as a
result of the early settlement of the Grasvally sale proceeds and loan of $6.2
million in April 2024, a final dividend for FY2023 in December 2023 and an
interim dividend for FY2024 in April 2024 of $16.7 million and $3.3 million
respectively. A further $0.7 million was paid through the Employee Dividend
Entitlement Plan ("EDEP") to all qualifying employees. Surplus cash invested
earned interest income amounting $5.9 million.
The Group spent $15.8 million (FY2023: $14.5 million) on capital, comprising
of $9.3 million improvement and stay in business capital, $5.7 million
attributable capital on the Thaba JV and $0.8 million on exploration projects.
Lease payments for the rental of various equipment amounting to $0.6 million
was made during the Period.
At a corporate level, a total of 2,693,750 shares amounting to $2.1 million
were bought back through the Share Buyback programme ($1.4 million), from
certain employees and persons displaying management responsibilities ("PDMRs")
($0.3 million) and to satisfy tax requirements on vested shares from
individuals ($0.4 million).
Cash generated from operations before working capital movements was $13.5
million, with net changes in working capital of $1.6 million mainly due to the
movement in trade receivables of $5.6 million and trade payables of $3.6
million.
The impact of exchange rate differences for the Period amounted to $0.7
million profit, as a result of the net appreciation of the ZAR to the USD
during and at the end of FY2024.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 30 JUNE 2024
2024 2023
Note(s) $ $
ASSETS
Non-current assets
Exploration and evaluation expenditure 47,679,159 46,464,143
Property, plant and equipment 8 61,850,367 48,650,611
Other financial assets 9 7,382,817 6,352,325
Other assets 409,531 30,024
Deferred tax asset 11,183 11,088
Total non-current assets 117,333,057 101,508,191
Current assets
Cash and cash equivalents 10 97,844,572 124,159,854
Trade and other receivables 11 34,713,796 35,714,003
Other financial assets 9 - 1,800,402
Inventories 12 5,667,761 5,103,550
Current tax asset 2,009,151 1,472,104
Total current assets 140,235,280 168,249,913
Total assets 257,568,337 269,758,104
EQUITY AND LIABILITIES
Shareholders' equity
Issued capital 13 2,733,667 2,790,000
Reserves 14 20,023,343 17,461,465
Retained profit 202,732,500 219,112,582
Total equity 225,489,510 239,364,047
Non-current liabilities
Leases 15 457,003 380,833
Provisions 16 4,231,248 4,040,854
Deferred tax liability 13,282,261 12,118,702
Total non-current liabilities 17,970,512 16,540,389
Current liabilities
Trade and other payables 13,637,076 13,522,940
Leases 15 471,239 330,729
Total current liabilities 14,108,315 13,853,669
Total liabilities 32,078,827 30,394,057
Total liabilities and shareholder's equity 257,568,337 269,758,104
8. Property, Plant and Equipment include $5,684,321 attributable
capital on the Thaba JV.
9. Other financial assets consist of:
a. Contribution paid to the host mine for rehabilitation
purposes;
b. A loan receivable granted to TS Consortium from Sylvania
South Africa (Pty) Ltd;
c. A loan receivable granted to the Thaba JV from Sylvania
Metals (Pty) Ltd;
d. Restricted cash relating to guarantees to the DMRE, Eskom and
Growthpoint.
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. Inventories held includes spares and consumables for the SDO.
13. The total number of issued ordinary shares at 30 June 2024 is
273,366,725 Ordinary Shares of US$0.01 (including 11,765,211 Ordinary Shares
held in Treasury).
14. Reserves include the share premium, foreign currency translation
reserve, which is used to record exchange differences arising from the
translation of financial statements of foreign controlled entities,
share-based payments reserve, Treasury share reserve, the non-controlling
interest reserve, and the equity reserve. The increase relates mainly to the
movements in the foreign currency translation of $4,011,726 due to the
strengthening of the ZAR against the USD.
15. Leases consists of right-of-use lease liabilities.
16. Provision is made for the present value of closure, restoration,
and environmental rehabilitation costs in the financial period when the
related environmental disturbance occurs.
C. MINERAL ASSET DEVELOPMENT
The Group holds approved mining rights for three PGM-base metal projects on
the Northern Limb of the BIC in South Africa. Following on from the
Exploration Results and Resource Statement that was released in FY2023, the
Company continues to develop these Projects through additional technical
studies and re-interpretation of historical information. An updated Scoping
Study was finalised for Volspruit and an updated exploration programme is
being developed for the Aurora Project. This additional information will
assist the Company in ascertaining how best to develop these Projects.
Volspruit Project
Post year-end, SRK Consulting finalised the updated Scoping Study for
Volspruit with the final report released in August 2024. The study was
undertaken to assess the economic viability of the Project based on the
updated mineral resource statement that was published during February 2024.
The updated study indicates a significant increase in project pre-tax NPV to
$69.0 million for a 14-year LOM, compared to $27.3 million NPV in the original
2022 Scoping Study.
Contributions from rhodium and the additional resources from the South ore
body are now included, as well as updated input costs.
Investment Returns of Volspruit Project (SRK, July 2024).
Investment Returns Total/Average
Pre-tax NPV ZAR1.2 billion / $69.0 million
Pre-tax Internal Rate of Return (real) 17%
Discount rate (real) 12%
Payback period 6 years
Peak Funding requirement ZAR4.3 billion / $238.3 million
Life of mine 14 years
Operating margin 38.7%
EBITDA per annum (as average operating profit after payback) ZAR889 million / $49.4 million
AISC average for LOM (ZAR per 4E oz payable) ZAR28,488
AISC average for LOM (ZAR per Pt Equivalent oz payable) ZAR21,060
Basket Price ($ per 4E oz payable) (based on 2029 Long Term prices and $1,691
prill splits in payable
metal)
Recommendations from the Scoping Study are being assessed, and where possible,
implemented. The outcomes will be analysed alongside the results from the
metallurgical test work completed during FY2024 and a decision will be made on
how to progress the Project. On the regulator front, steady progress is being
made in the permitting process necessary for the existing mining right.
Local Economic Development projects are gaining traction and the WUL
application for mining and onsite processing operations, as well as the
updated EIA submissions, are expected to be made in the first quarter of
FY2025, allowing for a comprehensive public engagement process to be
completed.
Far Northern Limb Projects
An exploration programme for Aurora has been compiled based on the
reinterpretation of historic drilling. A geophysical survey has been proposed
to cover the strike length of the Project to both assess the continuity of the
mineralisation and to gain a greater understanding of the structural setting
of the area.
Based on the outcomes of the geophysical and metallurgical test work, it will
be determined if an additional borehole drilling programme will add further
value to the Project and will be designed accordingly.
In terms of the Hacra Project, the declaration of an Exploration Target during
August 2024 provides sufficient information for the Company to now evaluate
various disposal options. Sylvania does not anticipate incurring any
significant further exploration or study costs on this particular project,
where the mineralisation occurs at depth, compared to shallow occurrences at
Volspruit and Aurora.
Grasvally
The Company agreed to an early settlement, in the amount of ZAR115.0 million
($6.2 million on date of payment), of the loan and sale price related to the
sale of Grasvally to Forward Africa Mining (Pty) Ltd, which was received in
April 2024. The original contractual repayment terms of the capital and
interest was 15 equal quarterly instalments, commencing at the end of the
quarter following the first anniversary of the Effective Date (being the date
on which the agreement became unconditional). As a result of the early
settlement, the Company agreed to write off the interest accrued.
Following receipt of the early settlement proceeds, the Company declared and
paid a special dividend of one pence per Ordinary Share, amounting to $3.3
million in aggregate.
D. CORPORATE ACTIVITIES
Dividend Approval and Payment
In line with the Company's dividend policy to distribute a minimum of 40% of
the annual adjusted free cash flow, divided into one-third interim dividend
and two-thirds final dividend, the Board declared an interim dividend of one
pence per Ordinary Share which was paid on 5 April 2024. The free cash flow
forecast was adjusted for the capital spend on the Thaba JV as this was funded
from previously generated cash held for growth and expansion opportunities.
Due to the slight fall in production and the lower than anticipated PGM basket
price for the second half of the year, both of which have affected the free
cash flow for the Period, the Board has now declared the payment of a final
cash dividend for FY2024 of one pence per Ordinary Share, payable on 6
December 2024. Together with the interim and special dividends already paid,
this brings the combined dividend for FY2024 to three pence per Ordinary
Share. Payment of the final dividend will be made to shareholders on the
register at the close of business on 1 November 2024 and the ex-dividend date
is 31 October 2024. A total of $23.3 million in dividends has been paid out to
shareholders in FY2024.
Further to the dividends paid to shareholders, in accordance with the
Company's EDEP whereby eligible employees receive an equivalent dividend paid
on shares bought back by the Company in the market and ring-fenced for the
EDEP, a total of $0.7 million was paid out during the financial year.
Transactions in Own Shares
Returning 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 2024 financial year, shares in the Company were
valued at 78.0 pence. The share price has since depreciated 26% to 58.0 pence
per Ordinary Share, largely influenced by the macroeconomic environment and
volatile PGM prices. 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 will continue to manage the
business in the best way possible to provide maximum value for shareholders.
1,235,000 Bonus share awards vested and were exercised by employees and PDMRs.
Of the 1,235,000 Ordinary Shares that were exercised, 425,000 related to
PDMRs. The 1,235,000 Ordinary Shares exercised amounts to $0.9 million, of
which $0.3 million relates to PDMRs and $0.6 million relates to employees.
448,150 Ordinary Shares were immediately repurchased by the Company at the
vesting price of 70.0 pence per share in order to satisfy the tax liabilities
of the PDMRs and employees, and a further 236,600 Ordinary Shares were
repurchased at the 30-day VWAP of 76.5 pence per share.
During the Period, the Company conducted an on-market Share Buyback programme
to purchase Ordinary Shares of $0.01 each of the Company's issued share
capital, up to a maximum consideration of $3.0 million. A total of 1,843,000
Ordinary Shares were bought back during the Buyback programme at an average
price of 57.2 pence per share, equating to $1.3 million in aggregate. An
additional 166,000 Ordinary Shares were bought back from employees at the
30-Day VWAP of 54.9 pence per share equating to $0.1 million.
A total of 2,693,750 Ordinary Shares were bought back by the Company during
FY2024 at an average price of 62.2 pence per share, equating $2.1 million in
aggregate.
5,633,275 Ordinary Shares held in Treasury were cancelled during the Period
such that the Company's issued share capital as at 30 June 2024, is
273,366,725 Ordinary Shares, of which a total of 11,765,211 Ordinary Shares
are held in Treasury. Therefore, the total number of Ordinary Shares with
voting rights in Sylvania is 261,601,514 Ordinary Shares.
Notification of Transaction by PDMR
Eileen Carr, Non-Executive Director and Chair purchased 60,000 Ordinary Shares
in the Company at 49.74 pence per Ordinary Share during the Period. Following
this transaction, her shareholding in the Company totals 130,000 Ordinary
Shares, representing 0.05% of the total number of Ordinary Shares with voting
rights.
Additionally, Adrian Reynolds, Non-Executive Director, purchased 30,000
Ordinary Shares in the Company at an average cost of 73.2 pence per Ordinary
Share during the Period. Consequently, his shareholding in the Company totals
50,000 Ordinary Shares, representing 0.02% of the total number of Ordinary
Shares with voting rights.
Appointment of New Chair
Stuart Murray stepped down as Chairman of Sylvania with effect from 31
December 2023. After more than a decade of service as Non-Executive Chairman,
Mr Murray has decided to focus more time on his other business interests. The
Board voted unanimously to appoint Eileen Carr, who has been serving as
Non-Executive Director and Chair of the Audit Committee, as the Chair of the
Board with effect from 1 January 2024. Simon Scott, Non-Executive Director,
has taken over Ms Carr's role as Chair of the Audit Committee.
Ms Carr is a seasoned Board member who has intimate knowledge of the Company
and management team, and her forward-thinking leadership, expertise, and
steadfast commitment align perfectly with the Company's values and objectives.
E. ENVIRONMENT, SOCIAL AND GOVERNANCE ("ESG")
Sustainability is the cornerstone of Sylvania's operations, shaping our
values-driven approach and underpinning our comprehensive ESG strategy. Our
commitment to making a positive impact extends beyond our immediate business
operations to our workforce, the broader sector, and the communities where we
have a presence.
Our ESG journey began with a rigorous assessment of key drivers, supported by
baseline data on material risks, ensuring that our future targets are grounded
in robust and reliable information. Through a carefully managed transition
phase, we developed an ESG strategy and a reporting framework that now guides
every aspect of our operations. ESG considerations are fully integrated into
Sylvania's business strategy, with a strong emphasis on identifying and
prioritising ESG risks and opportunities within our strategic risk register.
As the mining and processing sector comes under increasing scrutiny for
potential operational hazards and environmental impacts, Sylvania acknowledges
its responsibility not only to the planet and its people but also to our
customers and shareholders. We recognise that a truly sustainable industry
player must go beyond compliance. It must actively promote diversity and
inclusivity within its workforce, minimise its environmental footprint
responsibly, and engage meaningfully with local communities. Our strategy is
closely aligned with the principles of the International Council on Mining and
Metals ("ICMM") and the United Nations Sustainable Development Goals
("UNSDGs"), ensuring that our practices meet the highest standards of
sustainability.
In this year's ESG review, we delve into critical environmental aspects such
as climate action, water security, tailings management, and land
rehabilitation. Socially, we are spotlighting initiatives that include female
empowerment, workforce diversity, health and safety standards, training and
development, community relations, and the fight against gender-based violence.
On the governance front, our focus remains on ensuring process integrity,
upholding a strong code of conduct, fostering sustainable growth, engaging
stakeholders, contributing economically, and managing resources prudently.
These initiatives and their progress will be elaborated upon in our
forthcoming ESG report.
In FY2024, the Company employed 122 new employees during the year, of which 40
or approximately 33% are from host communities. Sylvania contributed over
ZAR1.7 billion million to the South African economy in FY2024 through the
payment of salaries, taxes, community spend and payment of suppliers, among
others. In alignment with its social responsibility goals, Sylvania has also
fostered partnerships with female-owned businesses, supporting local
enterprises in Steelpoort, in Limpopo and near its Western Operations.
Additionally, in total Sylvania provided 3,286 training interventions in
FY2024 and of these, 1,160 were external training opportunities. 21 staff
bursaries were also provided during FY2024 and skills training was delivered
to 11 community members during the year. Since FY2022 Sylvania has provided
skills and vocational training to 35 local community members.
During FY2024, the Company achieved significant milestones in its commitment
to health and safety, water management, and climate action. Notably,
Doornbosch celebrated 12-years without an LTI as of June 2024 and marked a
remarkable three-year period entirely free of injuries. Meanwhile, Lannex and
Millsell maintained their exemplary safety record, achieving Zero Harm
throughout the Period. These achievements underscore Sylvania's unwavering
focus on safety and well-being, further evidenced by the absence of
occupational illnesses recorded during the year.
On the environmental front, Sylvania continued to demonstrate its commitment
to sustainable resource management. Recognising the critical importance of
water, the Company implemented robust water management strategies,
successfully addressing shortages at certain sites through the installation of
additional flow meters and collaboration with host mines. These initiatives
have improved water monitoring, recovery, and recirculation. Moreover,
Sylvania made significant progress in assessing the climate risks and
opportunities associated with its operations. With a well-defined ESG
framework in place, the Company is now better positioned to monitor and
measure its climate impact, setting the stage for the establishment of
measurable targets for GHG emissions.
Over the past four years Sylvania has been working with environmental and
agricultural engineering consultancy, OMI Solutions, on a Project to find a
sustainable, efficient, and cost-effective way to close its TSFs. The Project
has investigated the potential for mixing topsoil with tailings, using growth
stimulators, and incorporating organic matter with tailings to encourage and
enable revegetation. To date the addition of organic matter to tailings has
yielded the best results, with trial areas showing improvements in drainage,
water holding capacity, nutrient levels, and overall plant cover. Beyond these
improvements the Project has helped to deliver improved biodiversity onsite,
with locusts, dragonflies and butterflies seen in the trial area.
ANNEXURE
GLOSSARY OF TERMS FY2024
The 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 Meeting
AIM 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 cost Production costs plus all costs relating to sustaining current production
and sustaining capital expenditure
Attributable Resources, or portion of investment allocated to the Company
CLOs Community Liaison Officers
Current arisings Fresh chrome tails from current operating host mines processing operations
DFFE Department of Forestry, Fisheries and the Environment
DMRE Department of Mineral Resources and Energy
EBITDA Earnings before interest, tax, depreciation and amortisation
EA Environmental Authorisation
EAP Employee Assistance Program
EC&I Electrical Control and Instrumentation
EEFs Employment Engagement Forums
EDEP Employee Dividend Entitlement Programme
ESG Environment, social and governance
EIA Environmental Impact Assessment
EIR Effective interest rate
EMPR Environmental Management Programme Report
ESG Environment, Social and Governance
GBP Pounds Sterling
GBV Gender based violence
GHG Greenhouse gases
GISTM Global Industry Standard on Tailings Management
GRI Global Reporting Initiative
HWS Harriets Wish Succession
JORC Joint Ore Reserves Committee
IASB International Accounting Standards Board
ICE Internal combustion engine
IFRIC International Financial Reporting Interpretation Committee
IFRS International Financial Reporting Standards
Lesedi Phoenix Platinum Mining Proprietary Limited, renamed Sylvania Lesedi
LSE London Stock Exchange
LTI Lost-time injury
LTIFR Lost-time injury frequency rate
MF2 Milling and flotation technology
MPRDA Mineral and Petroleum Resources Development Act
MRA Mining Right Application
MRE Mineral Resource Estimate
Mt Million Tons
NWA National Water Act 36 of 1998
PGM Platinum group metals comprising mainly platinum, palladium, rhodium and gold
PAR Pan African Resources Plc
PDMR Person displaying management responsibility
PEA Preliminary Economic Assessment
PFS 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 adjustment Adjustments to pipeline revenues based on the basket price for the period
between delivery and invoicing
PTM Platinum Group Metal's Joint Venture
Project Echo Secondary PGM Milling and Flotation (MF2) programme announced in FY2017 to
design and install additional new fine grinding mills and flotation circuits
at Millsell, Doornbosch, Tweefontein, Mooinooi and Lesedi
RPEEE Reasonable Prospects for Eventual Economic Extraction
Revenue (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
SDO Sylvania dump operations
SHE Safety, health and environmental
SLP Social and Labour Plan
Sylvania Sylvania Platinum Limited, a company incorporated in Bermuda
Sylvania Metals Sylvania Metals (Pty) Limited
tCO2e Tons of carbon dioxide equivalent
Thaba JV Thaba Joint Venture
TRIFR Total recordable injury frequency rate
TSF Tailings storage facility
UNSDGs United Nations Sustainability Development Goals
USD United States Dollar
WUL Water Use Licence
UK United Kingdom of Great Britain and Northern Ireland
ZAR South African Rand
Zero Harm The South African mining industry is committed to the shared aspiration of
achieving the goal of Zero Harm, which aims to ensure that mineworkers return
home from work healthy and unharmed every day
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. END FR KZGGLLLLGDZMRecent news on Sylvania Platinum
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AnnouncementREG - Sylvania Platinum - Change in Major Shareholding
AnnouncementREG - Sylvania Platinum - Transaction by PDMR and persons closely associated
AnnouncementREG - Sylvania Platinum - Transaction by PDMR and persons closely associated
AnnouncementREG - Sylvania Platinum - Updated Corporate Investor Presentation
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