REG - Sylvania Platinum - Interim Financial Results Announcement
18/02/2025 07:30
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RNS Number : 4963X Sylvania Platinum Limited 18 February 2025
_____________________________________________________________________________________________________________________________
18 February 2025
Sylvania Platinum Limited
("Sylvania", the "Company" or the "Group")
Interim financial results for the six months ended 31 December 2024
Sylvania (AIM: SLP), the platinum group metals ("PGM") producer and developer with assets in South Africa, is pleased to announce its results for the six months ended 31 December 2024 ("HY1 FY2025" or "the Period"). Unless otherwise stated, the consolidated financial information contained in this report is presented in United States Dollars ("USD" or "$").
Financial
· Net revenue generated for the Period totalled $47.6 million (HY1
FY2024: $40.8 million), a 17% increase due to higher ounce production during
the Period and an increase in the average basket price in USD terms;
· Group EBITDA of $9.9 million (HY1 FY2024: $7.3 million), a 36%
increase compared to the corresponding prior period;
· Net profit of $7.2 million (HY1 FY2024: $3.1 million);
· Earnings per share of 2.73 US cents for the six months ended 31
December 2024 (HY1 FY2024 1.17 US cents);
· Cash balance at 31 December 2024 of $77.5 million (HY1 FY2024: $107.2
million; FY2024: $97.8 million);
· In December 2024, the Company commenced a Share Buyback from the
market and as at 31 January 2025, has bought back a total of 1,705,000
Ordinary Shares at an average price of 41.08 pence per share, equating to
$0.87 million in aggregate;
· The final dividend of one pence per Ordinary Share for FY2024 was
paid on 6 December 2024, amounting to $3.3 million in aggregate; and
· Interim dividend for HY1 FY2025 of 0.75 pence per Ordinary Share
declared.
Operational
· Sylvania Dump Operations ("SDO") delivered 39,398 4E PGM ounces (HY1
FY2024: 38,405 4E PGM ounces), the increase primarily due to a 17% increase in
PGM feed grades;
· All phases of construction of the chrome and PGM beneficiation plants
are progressing well at the Thaba Joint Venture ("Thaba JV");
· A two-year wage agreement was successfully reached with trade unions at
Eastern and Western Operations;
· Improvements achieved in flotation feed grades primarily at the
Group's Mooinooi, Tweefontein, and Lannex operations, as well as improvements
in the quality of feed material from host-mines during the Period; and
· The Competent Person Report ("CPR") for the Volspruit Scoping Study
was finalised in August 2024 and indicates an increased pre-tax net present
value ("NPV") of $69.0 million for a 14-year life of mine ("LOM").
ESG
· All operations remain fatality free since inception in 2007;
· A significant milestone was reached during the period with only one
lost-time injury ("LTI") reported, thus achieving the best LTI-free
performance in Sylvania's history;
· Female representation increased to 28.19% from 23.47%; and
· Water usage decreased significantly to 1.41 m³/tons treated from 2.84
m³/tons in HY1 FY2024, demonstrating optimised water use.
Outlook
· FY2025 production guidance range increased to 75,000 - 78,000 4E PGM
ounces (previously 73,000 - 76,000 4E PGM ounces) on the back of solid HY1
FY2025 production;
· With the new host-mine run of mine ("ROM") plant commissioned at
Lesedi during the Period, higher grade current arisings are expected to
achieve steady state operation towards the end of Q3 FY2025, which will boost
PGM ounce production and profitability at the Lesedi operation;
· Construction of the centralised PGM filtration plant at Lesedi is
progressing well and is on schedule to be completed during Q2 FY2026;
· Thaba JV project is on schedule to commence first production by May
2025 with all phases of construction of the chrome and PGM beneficiation
plants progressing well;
· The operational readiness phase of the Thaba JV will continue during
Q3 FY2025; and
· The Group remains debt free and continues to fund capital expansion
projects and process optimisation projects from cash reserves and aims to
support growth initiatives in order to unlock value for shareholders.
Commenting on the Period, Sylvania's CEO Jaco Prinsloo said:
"Health and safety remain our top priority and we are proud of our operational
teams and management for remaining fatality free since we commissioned our
first operation in 2007.
"I'm also pleased with the half year production of 39,398 ounces of 4E PGM at
our SDO, which is marginally ahead of our HY1 FY2025 production forecast and
ranks among the Company's top three highest half year production records. This
performance is primarily due to a 17% increase in PGM feed grades compared to
the corresponding period in HY1 FY2024. During the Period, we also
successfully concluded a two-year wage deal with the trade unions at the
Western and Eastern Operations, which were in line with expectations and are
both fair for employees and affordable for the Company in the current PGM
price environment. Additionally, reflecting the impressive production
performance, the Company's revenue and net profit improved compared to the
corresponding period in HY1 FY2024, despite the continued low PGM basket
price.
"Sylvania's SDO is well-positioned in the industry as a lower cost PGM
producer with a stable production base and low operating costs, which places
the Company in the lower quartile of the industry cost curve. Sylvania's
low-cost strategy has ensured that the SDO remains cash generative even at low
basket prices. Enabled by our cash generating operations and disciplined
operating cost and capital control, the Company has the necessary cash
reserves to continue to fund capital and optimisation projects, as well as
advancing our growth focused initiatives that are all aimed at creating and
returning further value to shareholders, partners and stakeholders.
"The Thaba JV, which is planned to commence first production by May 2025, will
create substantial value for shareholders and strengthen the Company's
production capabilities. The Thaba JV combines Sylvania Metals' proven
expertise in PGM recovery with our JV partner's extensive experience in chrome
operations, particularly in fine chrome beneficiation. This partnership is
poised to deliver low-cost, chrome and PGM concentrates, leveraging the
strengths of both companies.
"The Thaba JV not only aligns with Sylvania's growth strategy but also
enhances the Company's position in the mining and processing industry. By
accessing valuable resources and expanding its production capabilities,
Sylvania is set to drive significant value for the Group and its stakeholders.
This joint venture is a clear indication of Sylvania's confidence in the
long-term prospects of the PGM and chrome sectors in South Africa,
demonstrating a commitment to sustainable growth and industry leadership.
"Despite the still challenging PGM price environment and significant capital
commitments for the year, particularly related to the Thaba JV project
execution and current tailings dam projects, it gives me great pleasure to
announce that the Board has approved an interim dividend for HY1 FY2025 of
0.75 pence per Ordinary Share.
"Looking ahead to the second half of the financial year and continuing to
build on the momentum of the past six months, we have increased the full year
production guidance range from 73,000 - 76,000 4E PGM ounces to 75,000 -
78,000 4E PGM ounces. I anticipate continued robust results along with the
additional PGM and chrome ounces from the Thaba JV. We are also undertaking
continuous operational performance improvements across our portfolio including
the optimisation of feed sources, throughput, recoveries, and cost-saving
initiatives. I look forward to keeping shareholders updated on our progress
during the remainder of this year."
Disclaimer
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.
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.
The Sylvania cash generating subsidiaries are incorporated in South Africa
with the functional currency of these operations being the South African Rand
("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 six months under review the average ZAR:USD exchange rate was
ZAR17.94:$1 and the closing exchange rate at 31 December 2024 was ZAR18.89:$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 our
JV partner, adding a full margin chrome concentrate revenue stream in addition
to extra PGM ounces. 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/)
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Operational and Financial Summary
Production Unit HY1 FY2024 HY1 FY2025 % Change
Plant Feed T 1,302,980 1,266,024 -3%
Feed Head Grade g/t 1.90 2.11 11%
PGM Plant Feed Tons T 701,150 652,989 -7%
PGM Plant Feed Grade g/t 2.89 3.37 17%
PGM Plant Recovery(1) % 57.49% 55.77% -3%
Total 4E PGMs Oz 38,405 39,398 3%
Total 6E PGMs Oz 48,671 50,921 5%
Unaudited USD ZAR
Unit HY1 FY2024 HY1 FY2025 % Change Unit HY1 FY2024 HY1 FY2025 % Change
Financials
Average 4E Gross Basket Price(2) $/oz 1,311 1,396 6% R/oz 24,495 25,052 2%
Revenue (4E)(3) $'000 36,945 40,035 8% R'000 690,489 718,233 4%
Revenue (by-products including base metals) $'000 6,858 7,408 8% R'000 128,162 132,901 4%
Sales adjustments $'000 (3,033) 109 104% R'000 (56,715) 1,944 103%
Net revenue $'000 40,770 47,552 17% R'000 761,936 853,078 12%
Direct Operating costs $'000 26,191 31,640 21% R'000 489,504 567,614 16%
Indirect Operating costs $'000 5,690 5,124 -10% R'000 106,354 91,929 -14%
General and Administrative costs $'000 1,463 1,191 -19% R'000 27,343 21,367 -22%
Group EBITDA $'000 7,300 9,924 36% R'000 136,437 178,037 30%
Net Profit $'000 3,082 7,156 132% R'000 57,603 128,379 123%
Capital Expenditure $'000 7,402 17,707 139% R'000 144,926 317,648 119%
Cash Balance(5) $'000 107,232 77,522 -28% R'000 1,963,418 1,464,391 -25%
Ave R/$ rate R/$ 18.69 17.94 -4%
Spot R/$ rate R/$ 18.31 18.89 3%
Unit Cost/Efficiencies(4)
SDO Cash Cost per 4E PGM oz(4) $/oz 682 803 18% R/oz 12,746 14,407 13%
SDO Cash Cost per 6E PGM oz(4) $/oz 538 621 15% R/oz 10,057 11,147 11%
Group Cash Cost Per 4E PGM oz(4) $/oz 833 952 14% R/oz 15,569 17,079 10%
Group Cash Cost Per 6E PGM oz(4) $/oz 657 737 12% R/oz 12,279 13,222 8%
All-in Sustaining Cost (4E) $/oz 903 981 9% R/oz 16,876 17,597 4%
All-in Cost (4E) $/oz 1,037 1,416 37% R/oz 19,382 25,397 31%
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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,
GBP and ZAR.
1 PGM plant recovery is calculated on the production ounces that include the
work-in-progress ounces when applicable.
2 The gross basket price in the table is the December 2024 gross 4E basket
used for revenue recognition of ounces delivered in HY1 FY2025, before
penalties/smelting costs and applying the contractual payability.
3 Revenue (6E) for HY1 FY2025, before adjustments is $47.1 million (6E prill
split is Pt 50%, Pd 18%, Rh 9%, Au 0%, Ru 18%, Ir 5%). Revenue excludes
profit/loss on foreign exchange.
4 The cash costs include operating costs and exclude indirect costs for
example mineral royalty tax and Employee Dividend Entitlement Plan ("EDEP")
payments.
5 HY1 FY2025 cash balance excludes restricted cash held as guarantees of $1.1
million.
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A. OPERATIONAL OVERVIEW
Health, safety and environment
Health, safety and environment remain a top priority at all of Sylvania's
operations. Doornbosch remains 12-years lost-time injury ("LTI")-free, and
Doornbosch and Lannex have been total injury-free for over three years and one
year, respectively.
One LTI occurred at Mooinooi during the Period where a contractor boilermaker
sustained an injury to his hand during a maintenance task. Additionally, a
transport-related accident involving a PGM concentrate transport contractor's
driver took place at the host-mine entrance to the Company's Mooinooi
operation. While this was not deemed a Sylvania LTI by the Department of
Mineral Resources and Energy ("DMRE"), the Company undertook the necessary
steps to aid in the investigation of the incident and to support the injured
person and the relevant authorities.
The Company's 'Silly Season/Critical Season' campaign, conducted from November
2024 to January 2025, underscored the importance of maintaining a hazard-free
and injury-free environment. Through various creative initiatives, employees
embraced a culture of mindfulness and vigilance regarding safety protocols,
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 workplace culture of respect and equality. Informative
sessions and open dialogues enabled employees to gain a deeper understanding
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 achieved 39,398 4E PGM ounces for HY1 FY2025 which is a 3% increase
from the corresponding period in HY1 FY2024. The improved production during
the Period, which ranks among the Company's top three highest half year
production records, was primarily due to a 17% increase in PGM feed grades
compared to the corresponding period in HY1 FY2024.
The most significant improvements in flotation feed grades were primarily at
Tweefontein and Mooinooi driven by improvements in the quality of feed
material from the host-mines during the Period. Focus remains on monitoring
the incoming grades of feed sources, especially the run of mine ("ROM") grades
from the host-mine, to ensure that the benefits of feed source blending are
optimised. In addition, the improved grades from outside sources on the
Eastern operations have continued to contribute positively to performance and
the achieving of targets, albeit at slightly higher operating costs which have
been recorded since HY2 FY2024.
The lower feed tons during the Period was primarily due to lower dump
treatment tons at Mooinooi related to heavy rains during December 2024 and
challenges with the hydro-mining operation that have been addressed. The
Lesedi operation was stopped during August 2024 for 24-days. This formed part
of the optimisation strategy to re-assess and reposition the plant for the
treatment of alternative dump material and to ensure that the plant would be
able to accommodate the new current arisings feed source from the host-mine's
Lesedi ROM plant that was recommissioned during Q2 FY2024.
The PGM recovery efficiency for HY1 FY2025 is slightly lower than in HY1
FY2024, which is primarily due to the blend of feed material and recovery
potential at Tweefontein, however, this is in line with the current business
plan of 55% to 56% PGM plant recoveries for the SDO.
SDO cash costs increased by 18% from $682/ounce to $803/ounce. This was mainly
due to the significantly higher than inflation electricity rate increases from
the national power utility and the purchasing of higher-grade third-party
material at the Eastern operations, which contributed towards higher,
profitable PGM ounce production and longer operational life.
The higher maintenance costs at Doornbosch and Lannex due to abnormal mill
repairs during the Period also contributed to the higher cash costs.
Additionally, the Company successfully concluded wage negotiations and signed
a two-year wage deal with the trade unions at the Western and Eastern
Operations respectively, which is both fair for employees and affordable for
the Company given the current lower PGM price environment.
Operational focus areas
During the Period, a new column flotation cell at Millsell was successfully
commissioned and is currently in an optimisation phase to improve Millsell's
PGM concentrate quality and payability of the concentrate produced.
The host-mine's Lesedi ROM plant was commissioned in October 2024 and aims to
ramp-up towards a steady state by the end of Q3 FY2025, resulting in a new
higher grade current arising feed source to the Lesedi operation.
While the Company's Section 189A ("S189A") of the Labour Relations Act, 66 of
1995 ("LRA") consultation process, that was initiated in July 2024, is still
in place, it continues to monitor and evaluate the quality of the new current
arisings feed source. Management believes this new feed source could improve
the profitability of the Lesedi operation based on initial plant performance
trends since commissioning.
To ensure meaningful consultation in line with Section 189A(2)(d), the Company
agreed to extend the S189A consultation process period in progress at Lesedi
until at least the end of February 2025, and further updates will be provided
as and when results are forthcoming.
Additionally, work is underway at Lannex to optimise the milling and fines
classification circuit as well as to improve both chrome beneficiation and PGM
recovery efficiencies at the operation.
Capital Projects
In line with expectations, capital spend increased during the Period, compared
to the corresponding period in HY1 FY2024 from $7.4 million to $17.7 million,
comprising of $10.3 million attributable capital on the Thaba JV and $7.0
million improvement and stay in business capital which includes tailings dams
and the central filtration plant. The Company also spent $0.4 million on
exploration projects.
The construction of the new Doornbosch and Mooinooi tailings facilities,
aligned with legislative requirements are progressing well. The tailings
facilities are scheduled to be commissioned during Q4 FY2025 and Q2 FY2026
respectively. Capital spend on the projects is in line with expectations
amounting to $ 1.8 million (ZAR 32.7 million) and $1.2 million (ZAR 20.9
million) respectively for the Period. Forecast spend on the Group's tailings
dams collectively amounts to $11.9 million for HY2 FY2025, $17.5 million in
FY2026 and $5.57 million in FY2027 and is in line with the estimates disclosed
to the market in September 2024.
Roll out of the mandatory Level-9 collision avoidance system is in progress
and $0.3 million (ZAR 6.1 million) was spent during the Period. The remainder
of the spend is estimated to be $0.7 million and $0.05 million in HY2 FY2025
and FY2026 respectively.
The construction of the centralised PGM filtration plant at Lesedi is
progressing well with spend amounting to $1.8 million (ZAR32.7 million) for
the Period. The earthworks and civils are well underway, and the project is on
track to be completed during Q2 FY2026. Forecast spend to finalise the project
is estimated to be $3.4 million in HY2 FY2025 and $1.2 million in FY2026.
Although no load curtailment has been experienced at any of the operations
during the Period and the country had achieved 310 load shedding free days at
the end of January 2025, the installation and commissioning of the Millsell
standby generator was completed successfully during the Period, which will
mitigate any potential future impacts in this regard.
Thaba JV capital developments during the Period are outlined in a dedicated
Thaba JV section below.
Outlook
Despite the continued challenging price environment, the Company performed
well during the first half of the financial year and is well positioned for a
strong performance during HY2 FY2025, resulting in production guidance for the
full year being increased to 75,000 - 78,000 4E PGM ounces from the earlier
range of 73,000 - 76,000 4E PGM ounces.
Commissioning of the Thaba JV which will process PGM and chrome ores from
historic tailings dumps and current arisings from the Limberg Chrome Mine is
on schedule and will add attributable production of approximately 6,800 4E PGM
ounces and introduce 210,000 tons of chrome concentrate to Sylvania's existing
annual production profile.
Once again, despite the current lower 4E PGM basket price, the Board remains
optimistic about the overall medium to long term PGM price outlook, based on
the respective supply and demand trends for platinum, palladium, and rhodium.
In the meantime, the SDO, with its stable, cash generating production base and
low operating costs, remains well positioned within the industry. This venture
marks a significant milestone for the Group, as the Thaba JV is seamlessly
integrating chrome beneficiation with PGM processing. Moreover, with the
introduction of a fresh chrome revenue channel, and strengthened by the
strategic partnership with Limberg Mining Company (Pty) Ltd ("LMC") in the
Thaba JV, Sylvania is set to diversify its revenue streams effectively,
thereby bringing value to shareholders and capitalising on the increasing
demand for chrome in the foreseeable future.
As always, management will continue to focus on the parameters that it is able
to control, with a specific focus on improving direct operating costs,
maintaining a safe, stable and efficient production environment, and ensuring
disciplined capital allocation and control.
Sylvania remains committed to its Environmental, Social and Governance ("ESG")
initiatives and will continue to publish an ESG Report annually and provide
interim updates.
B. FINANCIAL OVERVIEW
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive
Income
for the half year ended 31 December 2024
31 December 2024 31 December 2023
$ $
Note(s) Reviewed Reviewed
Continuing operations
Revenue 1 47 553 549 40 769 912
Cost of sales (39 723 000) (33 628 754)
Royalties tax (218 172) (583 667)
Gross profit 7 612 377 6 557 491
Other income 441 466 69 064
Other expenses 2 (1 234 072) (1 533 319)
Operating profit before net finance costs and income tax expense 6 819 771 5 093 236
Finance income 3 167 540 3 269 983
Finance costs (247 631) (239 649)
Profit before income tax expense from continuing operations 9 739 680 8 123 570
Income tax expense (2 583 897) (5 042 018)
Net profit for the Period 7 155 783 3 081 552
Other comprehensive profit/(loss)
Items that are or may be subsequently reclassified to profit and loss:
Foreign operations - foreign currency translation differences (4 420 322) 3 626 123
Total other comprehensive profit/(loss) net of tax (4 420 322) 3 626 123
Total comprehensive income for the year 2 735 461 6 707 675
Cents Cents
Earnings per share attributable to the ordinary equity holders of the Company:
Basic earnings per share 2.73 1.17
Diluted earnings per share 2.73 1.17
1. Revenue is generated from the sale of PGM ounces produced at the
six retreatment plants, net of smelter charges and pipeline sales adjustments.
2. Other expenses relate to corporate activities and include
directors' fees, insurance, advisory and public relations expenses.
The average gross basket price for PGMs for the six months to 31 December 2024
was $1,396/ounce compared to $1,311/ounce for the period ended 31 December
2023. The Group recorded net revenue of $47.6 million for the six months to 31
December 2024, a 17% increase half-year on half-year, as a result of the
slightly higher basket price and higher ounce production for the Period.
The operational costs of sales (cash and non-cash) are ZAR denominated and
represent the direct and indirect costs of producing the PGM concentrate. This
amounted to ZAR659.5 million for the reporting Period compared to ZAR595.9
million for the six months to 31 December 2023. The main cost contributors
were labour costs of ZAR188.3 million (HY1 FY2024: ZAR185.5 million), outside
material purchases and mining costs of ZAR106.1 million (HY1 FY2024: ZAR60.5
million), electricity of ZAR99.3 million (HY1 FY2024: ZAR86.7 million) and
reagents and milling costs of ZAR70.3 million (HY1 FY2024: ZAR66.5 million).
Group cash cost was ZAR17,079/ounce ($952/ounce) compared to ZAR15,569/ounce
($833/ounce) in the previous corresponding Period. The all-in sustaining cost
("AISC") for the Group amounted to ZAR17,597/ounce ($981/ounce) and an all-in
cost ("AIC") of ZAR25,397/ounce ($1,416/ounce) for the Period to 31 December
2024 reflecting an increase of 31% in ZAR terms and 37% in USD terms, which is
due to the capital spend on the Thaba JV during the Period. This compares to
the AISC and AIC for 31 December 2023 of ZAR16,876/ounce ($903/ounce) and
ZAR19,382/ounce ($1,037/ounce) respectively.
General and administrative costs were $1.19 million for the six months to 31
December 2024 against $1.46 million for the corresponding Period in the prior
year. These costs are incurred in USD, GBP and ZAR and relate mainly to
advisory and professional fees, insurance and Directors' fees, and public
relations.
Condensed Consolidated Statement of Cash Flows
for the half year ended 31 December 2024
31 December 2024 31 December 2023
$ $
Note(s) Reviewed Reviewed
Cash flows from operating activities
Receipts from customers 44 616 514 45 540 831
Payments to suppliers and employees (36 788 364) (34 838 659)
Cash generated from operations 7 828 150 10 702 172
Finance income 2 500 630 2 009 565
Taxation received/(paid) 1 182 751 (4 805 510)
Net cash inflow from operating activities 11 511 531 7 906 227
Cash flows from investing activities
Purchase of plant and equipment (17 326 353) (7 022 576)
Payments for exploration and evaluation capitalised (380 490) (379 793)
Advance paid: Joint Ventures (10 185 177) (934 870)
Transfer to guarantee asset 76 486 -
Acquisition of other assets (4 095) -
Net cash outflow from investing activities (27 819 629) (8 337 239)
Cash flows from financing activities
Payment of lease liabilities (278 299) (219 611)
Payment for treasury shares (463 723) (616 441)
Dividends paid (3 314 002) (16 671 350)
Net cash outflow from financing activities (4 056 024) (17 507 402)
Net decrease in cash and cash equivalents (20 364 122) (17 938 414)
Effect of exchange fluctuations on cash held 41 667 1 010 389
Cash and cash equivalents at the beginning of reporting period 97 844 572 124 159 854
Cash and cash equivalents at the end of the reporting period 77 522 117 107 231 829
The cash balance decreased from $97.8 million at 30 June 2024 to $77.5 million
at 31 December 2024 (HY1 FY2024: $107.2 million). A tax refund of $1.6 million
was received during the Period from the South African Revenue Services
relating to the FY2024 tax period and $0.4 million and $0.2 million
provisional income tax and mineral royalty tax respectively was paid relating
to the HY1 FY2025 period. A final dividend for FY2024 amounting to $3.3
million in aggregate was paid on 6 December 2024 and a further $0.1 million
was paid through the Employee Dividend Entitlement Plan to all qualifying
employees. Surplus cash invested in both ZAR and USD earned interest income
amounting $2.5 million.
The Group spent $17.7 million on capital, comprising of $10.3 million
attributable capital on the Thaba JV, $7.0 million improvement and stay in
business capital and $0.4 million on exploration projects. A further $10.3
million was contributed to the Thaba JV project through the loan to the JV
partner. Lease payments for the rental of various equipment amounting to $0.3
million was made during the Period.
At a corporate level, a total of 847,542 shares amounting to $0.46 million
were bought back, of which $0.31 million were acquired through the Share
Buyback programme, $0.05 million from certain employees and persons displaying
management responsibilities ("PDMRs") and $0.1 million to satisfy tax
requirements on vested shares from individuals.
Cash generated from operations before working capital movements was $10.3
million, with net changes in working capital of $2.5 million mainly due to the
movement in trade receivables of $2.9 million and trade payables of $0.4
million.
Condensed Consolidated Statement of Financial Position
as at 31 December 2024
31 December 2024 30 June 2024
$ $
Note(s) Reviewed Audited
ASSETS
Non-current assets
Exploration and evaluation expenditure 47 665 537 47 679 159
Property, plant and equipment 73 081 262 61 850 367
Other financial assets 3 17 388 599 7 382 817
Other assets 398 387 409 530
Deferred tax asset 3 726 11 184
Total non-current assets 138 537 511 117 333 057
Current assets
Cash and cash equivalents 4 77 522 117 97 844 572
Trade and other receivables 5 37 041 590 34 713 796
Inventories 6 5 454 433 5 667 761
Current tax asset - 2 009 151
Total current assets 120 018 140 140 235 280
Total assets 258 555 651 257 568 337
EQUITY AND LIABILITIES
Shareholders' equity
Issued capital 7 2 733 667 2 733 667
Reserves 8 15 410 567 20 023 343
Retained profit 206 574 282 202 732 500
Total equity 224 718 516 225 489 510
Non-current liabilities
Leases 9 400 913 457 003
Provisions 10 4 374 750 4 231 248
Deferred tax liability 13 829 647 13 282 261
Total non-current liabilities 18 605 310 17 970 512
Current liabilities
Trade and other payables 14 289 705 13 637 076
Leases 9 268 674 471 239
Current tax liability 673 446 -
Total current liabilities 15 231 825 14 108 315
Total liabilities and shareholder's equity 258 555 651 257 568 337
3. Other financial assets mainly consist of:
o A loan amounting to $337,128 (2024: $345,328) was granted to TS Consortium
by Sylvania South Africa (Pty) Ltd
o A loan amounting to $15,670,945 (2024: $5,582,776) was granted to Limberg
Mining Company (Pty) Ltd by Sylvania Metals (Pty) Ltd.
o Contribution paid to the host-mine for rehabilitation purposes. The debtor
is ZAR denominated and was translated at a spot rate of ZAR18.89:$1 (2024:
ZAR19.19:$1).
o Restricted cash relate to the guarantees for Eskom, the Department of
Mineral Resources and Growthpoint.
4. Cash and cash equivalents are held in ZAR and USD.
5. Trade and other receivables consist mainly of amounts receivable
for the sale of PGMs.
6. Inventory held is spares and consumables for the SDO.
7. The total number of issued ordinary shares at 31 December 2024 is
273,366,726 Ordinary Shares of US$0.01 each (including 12,157,395 held in
Treasury).
8. 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 and the equity reserve.
9. Leases relate to the right-of-use liability.
10. 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. JOINT VENTURES AND MINERAL ASSET DEVELOPMENT OF OPENCAST MINING PROJECTS
Thaba JV
The unincorporated joint venture Agreement between the Company's wholly owned
South African subsidiary, Sylvania Metals (Pty) Ltd ("Sylvania Metals") and
Limberg Mining Company (Pty) Ltd ("LMC"), a subsidiary of ChromTech Mining
Company (Pty) Ltd ("ChromTech"), the Thaba JV, is advancing well and as
expected. The project execution phase of approximately 18-24 months, which
commenced in August 2023, is progressing as planned and the project is on
schedule for first production to commence by May 2025.
Design for the project is complete. Procurement for the operational readiness
phase will continue during Q3 FY2025. Recruitment and on-boarding of
operational employees commenced during HY1 FY2025, with the bulk of employees
on site from January 2025 to prepare for the start of cold commissioning.
Fabrication and delivery of long lead mechanical items are complete, with the
delivery of the final platework items for the crushing circuit scheduled for
Q3 FY2025. Equipment and infrastructure for the supply of temporary power
during commissioning are on site and are currently being installed.
The construction of the high voltage yard is progressing slower than planned
due to high rainfall over the November and December 2024 months. However, the
power projects are forecast to be completed by Q4 FY2025.
Despite delays associated with abnormally high rainfall, the critical path of
the project is well understood, risks have been adequately mitigated, and
there is currently no anticipated delay in the project's completion.
Mineral Asset Development
The Group continues to improve its technical understanding of the three
approved PGM-base metal mining rights it holds on the Northern Limb of BIC in
South Africa. A geophysical survey was undertaken over the Aurora Project area
during HY1 FY2025 and the Scoping Study for Volspruit was published during the
Period. All additional information will be utilised in determining how best to
turn these assets to account.
Volspruit Project
SRK Consulting completed the CPR for the Volspruit Scoping Study 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. Contributions from rhodium and the additional resources from
the South ore body are now included as well as updated input costs.
The pre-tax NPV is $69.0 million, a significant increase from the 2022 Scoping
Study's outcome of $27.3 million, while the life of mine has increased from
8.7 to 14 years. This highlights the value created from the additional South
body as well as the rhodium upside.
Steady progress is being made in the permitting process necessary for the
existing mining right. Local Economic Development ("LED") projects are gaining
traction with discussions underway with the relevant local municipalities. The
application for the Environmental Impact Assessment ("EIA") amendment was
submitted in Q1 FY2025 with feedback from the relevant authority expected in
HY2 FY2025. Specialist studies and required documentation for the Water Use
Licence Application ("WULA") will be submitted in HY2 FY2025.
A summary of the recent Volspruit Scoping Study outcomes is provided below.
Investment Returns of the Volspruit Project (SRK, July 2024)
Investment Return 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
Reporting continues on the processing test work alongside assessing new
technologies that may assist in upgrading the feed grade for Volspruit. The
outcomes of these assessments will assist in determining how best to derive
value from the project.
Far Northern Limb Projects
An exploration programme for Aurora has been compiled based on the
reinterpretation of historic drilling. A geophysical survey proposed to cover
the strike length of the Aurora project to assess both the continuity of the
mineralisation as well as to gain a greater understanding of the structural
setting of the area commenced during Q2 FY2025 with results expected in Q3
FY2025. The framework for the processing test work on Aurora borehole core,
aimed at gaining an understanding of the metallurgical characteristics of the
mineralised zone, is being finalised with test work set to commence in Q4
FY2025. If required and justified, future borehole drilling programmes will
be designed based on the outcomes of the geophysical and metallurgical test
work.
An Exploration Target was declared for Hacra in August 2024, allowing the
Company to start evaluating potential disposal options. Further details about
Hacra's Exploration Target can be found in the announcement dated 20 August
2024. Sylvania is focussing its exploration activities on the shallower
mineralisation at its Volspruit and Aurora projects.
D. CORPORATE ACTIVITIES
Notification of Transactions by PDMRs
Eileen Carr, Non-Executive Director and Chair, purchased 70,000 ordinary
shares of $0.01 each in the Company ("Ordinary Shares") at 44.85 pence per
Ordinary Share on 12 September 2024. Following this transaction, her
shareholding in the Company totals 200,000 Ordinary Shares, representing 0.08%
of the total number of Ordinary Shares with voting rights.
Adrian Reynolds, Non-Executive Director, purchased 25,000 Ordinary Shares at
47.39 pence per Ordinary Share on 16 September 2024. Following this
transaction, his shareholding in the Company totals 75,000 Ordinary Shares,
representing 0.03% of the total number of Ordinary Shares with voting rights.
Simon Scott, Non-Executive Director, purchased 10,000 Ordinary Shares at 46.80
pence per Ordinary Share on 18 September 2024. Following this transaction, his
shareholding in the Company totals 30,000 Ordinary Shares, representing 0.01%
of the total number of Ordinary Shares with voting rights.
Payment of Dividend
On 6 December 2024, the Company paid a final dividend for FY2024 totalling
$3.3 million, equating to 1.00 pence per Ordinary Share, to shareholders on
the register on the record date of 31 October 2024. This brought the annual
dividend for FY2024 to 3.00 pence per Ordinary Share, which included a special
cash dividend of 1.00 pence per Ordinary Share, that 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.
Interim Dividend
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 has declared an interim dividend for
HY1 FY2025 of 0.75 pence per Ordinary Share held which will be payable on 4
April 2025.
Payment of the interim dividends will be made to shareholders on the register
of the Company at the close of business on 28 February 2025 and the
ex-dividend date is 27 February 2025.
Exercise of vested bonus shares and buyback
During the Period, the Company announced that a total of 455,358 Ordinary
Shares had been exercised by employees and PDMRs of the Company, following the
vesting of deferred share awards granted under the Sylvania Platinum Limited
Bonus Share Award Plan ("the Plan"). Of the 455,358 shares that were
exercised, 157,277 related to PDMRs. The Company agreed to repurchase 153,168
Ordinary Shares at the vesting price of 50.00 pence in order to satisfy the
tax liabilities of the employees and PDMRs and a further 89,374 Ordinary
Shares were repurchased at the 30-day Volume Weighted Average Price ("VWAP")
of 46.75 pence at the request of certain employees and PDMRs under the terms
of the Plan.
Additionally, during the Period, the Company commenced a Share Buyback from
the market and, as at 31 January 2025, has bought back a total of 1,705,000
Ordinary Shares at an average price of 41.08 pence per share, equating to
$0.87 million in aggregate. The purpose of the Share Buyback is to reduce the
share capital of the Company and has been funded from the Company's current
cash balance. For the purposes of the Financial Conduct Authority's Disclosure
and Transparency Rules, the Company's issued share capital is 273,366,725
Ordinary Shares. Following the above purchases, a total of 13,257,395 Ordinary
Shares, including 1,705,000 pending cancellation, are held in Treasury.
Therefore, the total number of Ordinary Shares with voting rights in Sylvania
was 260,109,330 Ordinary Shares.
Senior Management Appointment
With the retirement of Robbie van der Schyff as Executive Officer: Operations
on 31 December 2024, Christiaan de Wet officially took over the
responsibilities of Executive Officer Operations: on 1 January 2025.
Christiaan has sixteen years of experience within the PGM mining industry and
has held senior production and technical leadership positions at major mining
companies, such as Anglo American Platinum during his career.
Management thanks Robbie for his invaluable contribution in this role during
the past five years and warmly welcomes Christiaan to the Company.
E. ENVIRONMENT, SOCIAL AND GOVERNANCE (ESG)
The Company's approach to ESG reporting is guided by global frameworks and
best practice guidelines.
Sustainability at the Core
Sylvania considers robust ESG management to be fundamental to business
success. A sustainable business delivers value while nurturing a diverse and
inclusive workforce and operating responsibly to minimise environmental impact
and create positive change in the communities where operations take place.
Responsible Resource Management
Sustainability and responsible resource management are integral to Sylvania's
operations and the Company's business model. By recovering critical minerals
like chrome and PGMs from mine waste, Sylvania supports the global shift to a
greener economy, reducing waste while supplying materials essential for clean
energy technologies.
This approach reduces environmental impacts by decreasing waste volumes,
limiting the need for large tailings storage facilities, and minimising
seepage risks. Additionally, Sylvania assists in the cleanup of legacy waste
facilities, ensuring tailings are reprocessed and redeposited in safer, more
environmentally friendly locations.
Environmental Performance
Sylvania remains committed to mitigating climate-related risks through
efficiency improvements and renewable energy initiatives.
HY1 FY2025 Highlights and Key Initiatives:
· Power consumption: 51,025,377 kWh, a slight decrease from HY1
FY2024, reflecting operational efficiency improvements;
· Diesel consumption: Increased to 246,432.91 litres due to grid
constraints at Tweefontein, which increased the use of back up diesel fired
generators;
· Greenhouse gas emissions (Scope 1 & 2): 51,678.80 CO(2)e,
this is a slight increase compared to HY1 2024 owing to the increased use of
diesel generators as a result of power constraints at host-mines. However, the
Company has maintained an emissions intensity of 0.041 CO(2)/tons treated; and
· Hybrid vehicle pilot trial: Launched to assess the feasibility of
incorporating hybrid vehicles into the fleet, aimed at reducing fuel
consumption and emissions in alignment with long-term sustainability goals.
Water Management & Conservation
Water is essential to operations, and Sylvania remains committed to
responsible water stewardship. The Company's processing plants are integrated
into the water distribution systems of host-mines and designed as
closed-circuit systems, thereby maximising water reuse and ensuring minimal or
zero liquid discharge.
HY1 FY2025 Highlights and Key Initiatives:
* Total water consumption: 5,492,371 m³ which is a 10.23% increase from HY1
FY2024. This increase is due to the milling and flotation ("MF2") sections at
Tweefontein and Lannex. Another major contributor is the Lesedi ROM plant
which came online in October 2024, and resulted in Lesedi receiving additional
water via the host-mine current arisings. Enhanced data tracking and
reporting mechanisms introduced through a project the Company has undertaken
with Water Hunters is improving water assurance and management;
* Water Usage: Improved significantly to 1.41 m³/tons treated (from 2.84
m³/tons in FY2024), demonstrating optimised water use;
* Water recycled/reused: Enhanced data monitoring following the introduction of
the Ketendo software has improved tracking and optimisation of water reuse;
and
* Borehole water use: Increased by 315% due to supply challenges; mitigation
strategies are under review to ensure long-term sustainability.
Tailings Management
Sylvania is dedicated to the responsible management of its Tailings Storage
Facilities ("TSFs") to prevent negative impacts on health, safety, the
environment, and communities. TSFs are designed with an acceptable level of
risk, fully compliant with the DMRE Mandatory Code of Practice for Mine
Residue Deposits. Sylvania's approach to tailings management prioritises zero
harm, and the Company continues to align its approach with the recommendations
and requirements of the Global Industry Standard on Tailings Management
("GISTM").
HY1 FY2025 Highlights and Key Initiatives:
· No material risks identified across TSFs;
· Emergency Preparedness Plans updated to align with new
regulations, ensuring robust risk mitigation;
· Seismic monitoring station installed at the Lesedi TSF to enhance
ground stability monitoring; and
· TSF slope rehabilitation trials at Tweefontein and Lesedi have
shown promising results, with the next phase of more extensive trials planned
for Millsell, including an onsite greenhouse and monitoring. Initial findings
indicate strong vegetation regrowth and improved soil stability.
Health & Safety
A safety-first mindset is ingrained throughout operations and codified in the
Health and Safety Policy. Safety remains a standing agenda item at Executive
Committee and Board meetings.
HY1 FY2025 Highlights and Key Initiatives:
· Zero fatalities recorded since the Company started operations,
reinforcing its commitment to a strong safety culture;
· Best total injury performance in Sylvania's history, with only
one LTI reported. Although a significant achievement regarding total injuries,
the Group still strives for zero injuries;
· The 'Making Safety Personal' campaign continued and encourages
employees to take ownership of safety practices;
· Doornbosch remains 12-years LTI-free, and Doornbosch and Lannex
have been total injury-free for over three years and one year, respectively,
during the Period;
· Launched the 'Know the Rule, Follow the Rule' campaign, ensuring
strict adherence to best practices regulatory compliance;
· Annual 'Silly Season' campaign, raising awareness about seasonal
risks and preventative measures; and
· Annual Anti-Gender Based Violence campaign launched in November
2024.
Workforce Development & Diversity
Sylvania fosters an inclusive, diverse, and skilled workforce. A diverse
workforce enhances innovation, strengthens problem-solving, and drives
long-term business resilience.
HY1 FY2025 Highlights and Key Initiatives:
· Employee growth: 777 employees as of December 2024, a 19.17%
increase from HY1 FY2024, including 122 employees for the Thaba JV as at 31
December 2024;
· Female representation: Increased to 28.19%, with 34.78% of new
employees being women, showing progress in Women in Mining initiatives;
· Historically Disadvantaged South Africans representation: 92.92%
of the workforce, underscoring a commitment to economic transformation; and
· Training initiatives: 2,401 interventions completed, a 25.37%
increase from HY1 FY2024, ensuring employees have the skills needed to excel.
Diversity, Equity, and Inclusion
Sylvania understands that a diverse workforce strengthens strategic thinking,
fosters creativity, and provides a deeper talent pool. The Company's
commitment to diversity and inclusion is reflected in the following policies:
· Recruitment and Selection Policy: Ensures fairness, equity,
confidentiality, and human dignity throughout the hiring process;
· Employment Equity Policy: Commits to building and maintaining a
diverse workforce while providing equal opportunities for all; and
· Harassment Policy: Ensures a respectful workplace where all
individuals are treated with dignity.
Contributing to National and Local Development
Sylvania plays a vital role in South Africa's economic growth, creating shared
value through sustainable development and socio-economic upliftment. The
Company's Corporate Social Investment Policy guides social investment
practices, ensuring that initiatives benefit the communities in which Sylvania
operates.
The policy prioritises funding for not-for-profit organisations and projects
that support previously disadvantaged communities. It mandates investment in
initiatives that drive long-term impacts, fostering inclusive growth and
meaningful development.
Sylvania recognises the importance of its host communities and actively
invests in initiatives that foster socio-economic development.
HY1 FY2025 Highlights and Key Initiatives:
· Community suppliers spend: ZAR75.9 million reinforcing commitment
to local businesses and economic empowerment;
· Sport Against Alcohol and Drug Abuse, providing youth with
structured sporting activities as an alternative to negative social
influences;
· Makane Youth Hike, promoting community engagement and healthy
lifestyles; and
· 'Enjoy Your Education' Campaign, distributing 100 school starter
packs to support early childhood education.
Economic contribution
The following economic contributions continued during HY1 FY2025:
1. Employee and related payments including:
· Salaries and wages;
· Contributions and employees' tax paid; and
· Employee Dividend Entitlement Plan.
2. Regulatory payments to South African Revenue Services including:
· Income tax;
· Value added tax;
· Dividend withholding tax; and
· Mineral royalty tax.
Economic Contribution: National and Local Governance:
Indicator Unit HY1 FY2024 HY1 FY2025
Salaries and wages(1) ZAR 167,639,883 167,781,370
Contributions and employee tax paid ZAR 64,099,451 64,209,023
Employee dividend participation scheme ZAR 8,872,108 1,712,443
Income tax ZAR 33,551,650 27,878,162
Value added tax ZAR 51,189,765 32,426,667
Dividend withholding tax(2) ZAR 49,868,421 -
Mineral royalty tax ZAR 10,907,970 3,913,859
1 Salaries and wages are reflected as net after tax and include the vested
shares benefits.
2 Dividend withholding tax is paid on an ad hoc basis when intercompany
dividends are declared and paid. No dividends were declared by Sylvania Metals
in the current Period.
ANNEXURE
GLOSSARY OF TERMS FY2025
The following definitions apply throughout the Period:
3E PGMs 3E ounces include the precious metal elements Platinum, Palladium and Gold
4E PGMs 4E PGM 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 cost 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 belonging to the Company
BCM Bank cubic metres
CLOs Community Liaison Officers
Company The purely equity holding entity registered in Bermuda, Sylvania Platinum
Limited, with its entire share capital admitted on AIM.
DMRE Department of Mineral Resources and Energy
EBITDA Earnings before interest, tax, depreciation and amortisation
EA Environmental Authorisation
EAP Employee Assistance Program
EDEP Employee Dividend Entitlement Programme
EEFs Employment Engagement Forums
EIA Environmental Impact Assessment
EIR Effective interest rate
EMPR Environmental Management Programme Report
ESG Environment, Social and Governance
GBP Pounds Sterling
GHG Greenhouse gases
GISTM Global Industry Standard on Tailings Management
GRI Global Reporting Initiative
Group The Company and its controlled entities.
IASB International Accounting Standards Board
ICE Internal combustion engine
ICMM International Council on Mining and Metals
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
NUMSA National Union of Metals Workers of South Africa
NWA National Water Act 36 of 1998
PGM Platinum group metals comprising mainly platinum, palladium, rhodium, and gold
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
Project Echo Secondary PGM Milling and Flotation (MF2) program announced in FY2017 to
design and install additional new fine grinding mills and flotation circuits
at Millsell, Doornbosch, Tweefontein, Mooinooi and Lesedi
Revenue (by products) Revenue earned on Ruthenium, Iridium, Nickel and Copper
ROM Run of mine
SDO Sylvania dump operations
SHE Safety, health and environmental
Silly Season The 'Silly Season' campaign is historically where a high number of accidents
at mines are reported during the last Quarter of the calendar year. This
period is often challenging from a health and safety perspective and is
commonly known as 'Silly Season/ Critical Season'
SLP Social and Labour Plan
Sylvania Sylvania Platinum Limited, a company incorporated in Bermuda
Sylvania Metals Sylvania Metals (Pty) Limited
TCFD Task Force on Climate-Related Financial Disclosures
tCO(2)e 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
WULA Water Use Licence Application
UK United Kingdom of Great Britain and Northern Ireland
VAT Value Added Tax
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 IR DVLBFELLFBBQRecent news on Sylvania Platinum
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