Sylvania Platinum Ltd

SLP · AIM · Basic Resources · mcap £251m · 93.0p

Sylvania retrieves platinum group metals (PGMs) and chrome from old mine tailings and current mine arisings in South Africa's Bushveld Complex. It also holds early-stage mining projects, Volspruit and Aurora.

Target	Promise	Said	Status
2024
Q3 FY2024	Commission Lannex fine grinding circuit by end of Q2 FY2024, optimisation in Q3	25 Oct 2023	◐ Partly kept
	“Commissioning of the Lannex fine grinding circuit in progress with optimisation to follow in Q3 FY2024” Also stated 31 Jan 2024 Status so far Commissioning was still in progress in January 2024, with optimisation pushed to Q3; completion was not confirmed. “Commissioning of the Lannex fine grinding circuit in progress with optimisation to follow in Q3 FY2024”31 Jan 2024 · Second Quarter Report to 31 December 2023 “Commissioning of the Lannex secondary milling, fine grinding circuit commenced during Q2 FY2024 with optimisation to follow in Q3 FY2024”22 Feb 2024 · Interim Financial Results Announcement
Q2 FY2024	Commence Thaba JV civil construction by Q2 FY2024	25 Oct 2023	✓ Kept
	“civil construction works expected to commence in Q2 FY2024” Result Later reports show the Thaba execution phase under way, with first production expected from 2025. “The execution phase of the Thaba Joint Venture ("Thaba JV") will be 18-24 months with first production expected in HY2 FY2025. Currently the project schedule is on track to meet this time frame”22 Feb 2024 · Interim Financial Results Announcement
FY2024	FY2024 production of 74,000-75,000 4E ounces	22 Feb 2024	✗ Missed
	“FY2024 production guidance maintained at 74,000 to 75,000 4E PGM ounces” Also stated 30 Apr 2024 Result FY2024 production was 72,704 ounces, below the range. “SDO produced 72,704 4E (92,4276E) PGM ounces for FY2024 (FY2023 75,469 4E PGM ounces; 95,965 6E PGM ounces)”31 Jul 2024 · Fourth Quarter Report to 30 June 2024 “resulted in a lower than anticipated quarterly production and ultimate annual production of 72,704 4E PGM ounces for FY2024, marginally below our target of between 74,000 to 75,000 4E PGM ounces for the year”31 Jul 2024 · Fourth Quarter Report to 30 June 2024
2024-08	Deliver Volspruit PEA/scoping study and metallurgical results by August 2024	25 Oct 2023	✓ Kept
	“The PEA for the Volspruit project, along with the results from the metallurgical test-work are now expected during Q4 FY2024” Also stated 30 Apr 2024 · 31 Jul 2024 Result Updated scoping study with NPV of $69m was published on 20 August 2024, after a slip from H2 to Q4 FY2024. “A pre-tax net present value ("NPV") of ZAR1.2 billion / $69.0 million (2022: ZAR 464 million / $27.3 million at 12.5% discount rate) at a 12% discount rate”20 Aug 2024 · Exploration Update for Northern Limb Projects
2025
FY2025	Decide on Volspruit pre-feasibility study during FY2025	16 Feb 2024	◐ Partly kept
	“Based on the results of the scoping study and metallurgical test work that is expected during Q4 FY2024 a decision will be made on progressing the project to a pre-feasibility study phase during FY2025.” Also stated 19 Feb 2024 Status so far Scoping study was published in August 2024; no pre-feasibility decision appears in later announcements. “Based on the results of the scoping study and metallurgical test work that is expected during Q4 FY2024 a decision will be made on progressing the project to a pre-feasibility study phase during FY2025.”19 Feb 2024 · Results of Updated Mineral Resource Estimates “The Scoping Study identified areas in which improvements could potentially be made to further improve the economics of the project. These options are currently being explored by the Company and decisions on continuing with a Pre-Feasibility Study ("PFS") will be made based on the outcomes of this work.”20 Aug 2024 · Exploration Update for Northern Limb Projects
FY2025	FY2025 production of 73,000-76,000 4E ounces	10 Sep 2024	✗ Missed · target changed
	“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” Also stated 29 Oct 2024 · 18 Feb 2025 Result Guidance was raised twice, to 78,000-80,000 ounces; actual output was 81,002. “Annual production exceeded original guidance, which saw a new record of 81,002 4E PGM ounces produced by the Sylvania Dump Operations ("SDO") for FY2025”9 Sep 2025 · Annual Results Announcement
Q3 FY2025	Aurora geophysical survey results in Q3 FY2025	29 Oct 2024	… In progress
	“A geophysical survey proposed to cover the entire strike length of the Aurora project will commence in Q2 FY2025 with results expected in Q3 FY2025” Status so far Not yet due.
Q3 FY2025	Submit Volspruit Water Use Licence Application in Q3 FY2025	28 Jan 2025	… In progress
	“Specialist studies required by the regulators for the Volspruit Project are being finalised to allow for the submission of the Water Use Licence Application during Q3 FY2025” Status so far Not yet due.
2025-06	Thaba JV first production by HY2 FY2025 (chrome May, PGMs June 2025)	22 Feb 2024	✓ Kept
	“The execution phase of the Thaba Joint Venture will be 18-24 months with first production expected in HY2 FY2025” Also stated 31 Jul 2024 · 18 Feb 2025 · 30 Apr 2025 Result Thaba was commissioning and ramping up in Q1 FY2026, with chrome production reported later. “Comprehensive employee training and induction undertaken at Thaba Joint Venture ("Thaba JV") project in preparation for the start-up and commissioning of the plant, which is due to commence first production of chrome in May 2025 and PGMs in June 2025”30 Apr 2025 · Third Quarter Report to 31 March 2025 “The commissioning of the Thaba JV project has commenced and is expected to continue ramping up throughout Q1 FY2026, with steady-state production anticipated in Q2 FY2026.”29 Jul 2025 · Fourth Quarter Report to 30 June 2025
2026
Q3 FY2026	Thaba JV steady state production	10 Sep 2024	✗ Missed
	“Steady state production is expected during Q3 FY2026 at the Thaba JV” Also stated 9 Sep 2025 · 29 Apr 2026 Result Steady state slipped from June 2025 to Q3 FY2026. By July 2026 the geological model and mine plan were still being refined. “Steady state production is expected during Q3 FY2026 at the Thaba JV”9 Sep 2025 · Annual Results Announcement “At the Thaba JV, significant focus has been placed on refining the geological resource model and updating the mine plan to ensure the pit is mined in the correct sequence, providing a more consistent supply of ore at the required grades and volumes.”31 Jul 2026 · Fourth Quarter Operations Report to 30 June 2026
Q2 FY2026	Complete centralised PGM filtration plant at Lesedi in Q2 FY2026	28 Jan 2025	… In progress
	“Construction of the centralised PGM filtration plant is on budget and on schedule for completion during Q2 FY2026” Also stated 29 Jul 2025 Status so far Not yet due.
Q2 FY2026	Lesedi ROM plant/crushing plant at steady state by Q2 FY2026	28 Jan 2025	✗ Missed · target changed
	“the crushing plant now operational and expected to be at steady state towards Q2 FY2026” Also stated 29 Jul 2025 Result Timing slipped from end of Q3 FY2025 to June 2025, then to Q2 FY2026; later cards do not confirm it. “A steady improvement has been realised on the current arisings from the host mine's new run of mine ("ROM") plant at Lesedi, and the ramp-up is on track with the crushing plant now operational and expected to be at steady state towards Q2 FY2026”29 Jul 2025 · Fourth Quarter Report to 30 June 2025 “The host mine's Lesedi ROM Plant was commissioned in October 2024, with a steady state ramp-up originally targeted for completion by the end of Q3 FY2025. However, the ramp-up was delayed due to adverse weather conditions impacting the installation of critical equipment. The revised plan targeted a ramp-up during Q4 FY2025, which has resulted in an increased throughput of the current arisings feed to the Lesedi Operation.”9 Sep 2025 · Annual Results Announcement
FY2026	FY2026 production of 83,000-86,000 4E ounces and 100,000-130,000 tons chromite	9 Sep 2025	✗ Missed · target changed
	“Annual production target of 83,000 to 86,000 4E PGM ounces and 100,000 to 130,000 tons of chromite concentrate for FY2026” Also stated 30 Oct 2025 · 27 Jan 2026 Result PGM guidance was raised to 90,000-93,000 and beaten at 95,885; chrome guidance was cut to 50,000-55,000 tons. “Record annual production of 95,885 4E PGM ounces achieved during FY2026”31 Jul 2026 · Fourth Quarter Operations Report to 30 June 2026 “Annual production of 50,317 tons of attributable Chrome concentrate was achieved at the Thaba JV in FY2026, in line with revised guidance, albeit on the lower end”31 Jul 2026 · Fourth Quarter Operations Report to 30 June 2026
Q4 FY2026	Thaba JV nameplate throughput by end of Q4 FY2026	24 Feb 2026	✗ Missed
	“objective is to achieve name plate processing throughput capacity by the end of Q4 FY2026” Result Optimisation of Thaba JV was still continuing into FY2027 in September 2026. 15 Sep 2026 · Annual Results Announcement
FY2026	Achieve or exceed top of 90,000-93,000 ounce FY2026 guidance	29 Apr 2026	✓ Kept
	“The Company is likely to achieve or exceed the upper end of the previously increased PGM production guidance of 90,000 to 93,000 4E PGM ounces” Result FY2026 production was 95,885 ounces. “Record annual production of 95,885 4E PGM ounces achieved during FY2026 (FY2025: 81,002 4E PGM ounces)”31 Jul 2026 · Fourth Quarter Operations Report to 30 June 2026 “resulting in the highest annual production in the Company's history of 95,885 4E PGM ounces during FY2026, exceeding the upper end of our annual guidance.”31 Jul 2026 · Fourth Quarter Operations Report to 30 June 2026
Today · 11 Oct 2026
2027
31 Mar 2027	Share buyback up to US$1.5m, ending by 31 March 2027	4 Mar 2024	… In progress
	“The purpose of the Share Buyback is to return capital back to shareholders, in line with the Company's capital allocation framework as announced on 24 February 2026” Also stated 15 Sep 2026 Status so far Not yet due.
mid-FY2027	Build Lannex and Tweefontein tailings storage facilities, complete mid-FY2027	24 Feb 2026	… In progress
	“Construction of the Lannex and Tweefontein TSFs will commence during HY2 FY2026, with completion towards mid-FY2027” Status so far Not yet due.
FY2027	FY2027 production of 85,000-95,000 4E ounces and 110,000-140,000 tons chrome concentrate	15 Sep 2026	… In progress
	“The Group, including Thaba JV, is targeting annual production of 85,000 to 95,000 4E PGM ounces and 110,000 to 140,000 tons of attributable Chrome concentrate for FY2027.” Status so far Not yet due.