Sylvania Platinum Limited (LSE:SLP) reported record platinum group metals (PGM) production for the three months ended 30 September 2026, alongside a substantial improvement in chrome output and quarterly financial performance.
The South African PGM and chrome producer recorded combined production of 25,971 4E PGM ounces from its Sylvania Dump Operations (SDO) and Thaba Joint Venture, an increase of approximately 9% from 23,868 ounces in the preceding quarter.
Net revenue increased 30% to $62.9 million, supported by higher production volumes and stronger PGM prices.
Record PGM Output and 67% Increase in Chrome Production
Sylvania’s combined operations produced 25,971 4E PGM ounces during the first quarter of its 2027 financial year, compared with 23,868 ounces in the final quarter of FY2026.
On a six-element basis, production increased to 31,825 6E ounces from 30,474 ounces.
At the Thaba Joint Venture, chrome concentrate production rose 67% to 29,799 tonnes, compared with 17,889 tonnes in the previous quarter.
The improvement reflected greater plant stability, longer operating periods and increased processing throughput.
Additional third-party ore supplies also supported production, helping offset continuing challenges with mining performance and run-of-mine ore quality at the host operation.
Both SDO and the Thaba Joint Venture completed the quarter without any lost-time injuries.
Revenue Climbs 30% as EBITDA Increases 47%
Sylvania generated net revenue of $62.9 million during the quarter, up from $48.5 million in the preceding three-month period.
Adjusted group EBITDA increased 47% to $24.7 million, compared with $16.9 million in the fourth quarter of FY2026.
The financial improvement was supported by higher PGM output and a 6% increase in the average 4E gross basket price in US dollar terms. In South African rand, the average basket price increased 4%.
Chrome sales contributed $3.6 million in revenue during the period.
The group’s cash balance increased 19% to $79.7 million at the end of September, compared with $67.2 million at the end of the previous quarter.
Thaba Joint Venture Addresses Mining and Ore Supply Challenges
Despite stronger processing performance, Sylvania reported continued difficulties with mining output and ore quality at the Thaba Joint Venture.
The company is working with its joint venture partner, Limberg Mining Company, to develop measures aimed at improving mining performance and the quality of material supplied to the processing plant.
Discussions also include potential revisions to supply arrangements to address the quantity, cost and quality of run-of-mine ore.
Chief Executive Officer Jaco Prinsloo commented:
“From a financial perspective, the average 4E gross basket price increased by 6% in USD and 4% in Rand terms, while Chrome sales of $3.6 million were recorded during the Period. Consequently, net revenue increased 30% to $62.9 million and adjusted Group EBITDA increased 47% to $24.7 million, due to a combination of the 6% increase in 4E gross basket price and a 9% increase in Group 4E PGM production.”
FY2027 Production Guidance Maintained
Following the first-quarter performance, Sylvania reaffirmed its production targets for the financial year ending June 2027.
The company continues to expect annual production of between 85,000 and 95,000 4E PGM ounces, alongside 110,000 to 140,000 tonnes of attributable chrome concentrate.
Sylvania also confirmed that its previously announced on-market share buyback programme has been completed.
Operational priorities remain focused on maintaining processing performance, addressing ore supply challenges at Thaba and delivering production within the stated annual guidance ranges.
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