LONDON (ShareCast) - (Sharecast News) - Sylvania Platinum reported record quarterly production and a sharp rise in earnings for the three months ended 31 December on Tuesday, driven by higher platinum group metal prices, increased revenues and steady operational performance across its dump operations.
In its second-quarter operations report, the AIM-traded platinum group metals (PGM) and chrome producer said Sylvania Dump Operations delivered 24,642 4E PGM ounces during the period, marginally above the previous quarterly record of 24,522 ounces achieved in the first quarter.

Net revenue from the dump operations rose 21% quarter-on-quarter to $54.8m, supported by a 22% increase in the average 4E gross basket price in dollar terms and an initial contribution of $0.6m from chrome sales.

Adjusted group EBITDA increased 35% to $29.8m, compared with $22.0m in the prior quarter.

During the quarter, Sylvania completed and commissioned its centralised PGM filtration plant, which the company said ensures consistent delivery of high-quality concentrate to the smelter.

The first chrome and PGM concentrate products were also dispatched from the Thaba joint venture, marking a key step in its operational ramp-up, while both the dump operations, as the Thaba JV remained lost-time injury free.

Mooinooi achieved one year without a total injury during the period.

Chief executive Jaco Prinsloo said the group had delivered another strong quarter.

"I am pleased to report that the company had another impressive quarter, achieving a new record production figure of 24,642 4E PGM ounces," he said.

"The average 4E gross basket price increased by 22% in dollar and 18% in rand terms, and this together with the marginal contribution from attributable chrome sales to revenue of $0.6m, resulted in an improved net revenue performance of $54.8m."

Prinsloo said the commissioning of the filtration plant was a significant operational milestone and noted progress at the Thaba JV, despite a slower-than-anticipated ramp-up.

"While the Thaba JV ramp-up was slightly lower than anticipated, first chrome and PGM concentrate products were successfully dispatched from the operation during the period, representing an important stage in the operational ramp-up," he said.

Following the strong performance, Sylvania revised up its full-year production guidance, now expecting 90,000 to 93,000 4E PGM ounces in the 2026 financial year, compared with previous guidance of 83,000 to 86,000 ounces.

The chrome concentrate target had been adjusted lower to between 60,000 and 90,000 tonnes to reflect the pace of the Thaba JV ramp-up.

Prinsloo said the project remained on track to become a significant revenue contributor once fully operational and reaffirmed confidence in the group's longer-term outlook.

At 1347 GMT, shares in Sylvania Platinum were up 3.15% at 125.33p.

Reporting by Josh White for Sharecast.com.

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