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
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
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
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
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