Aim Bulletin
Sylvania Platinum Q3 revenue, earnings rise
By Josh White
Date: Wednesday 29 Apr 2026
(Sharecast News) - Sylvania Platinum reported a rise in third-quarter revenue and adjusted EBITDA on Wednesday, as stronger platinum group metal prices and chrome sales offset slightly lower PGM production.
The AIM-traded South Africa-focused platinum group metals and chrome producer said its Sylvania Dump Operations declared 22,853 4E PGM ounces in the three months to 31 March, down from 24,642 ounces in the second quarter.
On a 6E basis, production was 29,372 ounces, compared with 31,380 ounces in the previous quarter.
The company said both its Eastern and Western operations exceeded their respective business plan targets for the period.
Chief executive Jaco Prinsloo said the SDO had delivered "another strong quarter", with output slightly lower than the record production achieved in the first and second quarters because of the usual Christmas break, but in line with expectations.
"Consequently, 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, announced in the last quarter," he said.
The Thaba joint venture continued to ramp up during the quarter, with chrome production rising 80% to 19,030 tonnes from 10,531 tonnes in the second quarter.
Sylvania said the performance was in line with the anticipated production profile, but post-period challenges had negatively affected the full-year outlook.
The firm revised full-year chrome concentrate production guidance to between 50,000 and 55,000 tonnes, citing run-of-mine feed quality issues and weather-related challenges in recent weeks.
Prinsloo said Thaba had built operational momentum after moving into production, but had faced weaker run-of-mine feed tonnage and grade after the period ended, while abnormally high rainfall in April affected mining volumes and plant throughput through flooding and wet ore handling issues.
"The focus remains on improving mine planning, scheduling optimisation, and mining standards to improve ROM feed quality, plant feed stability and throughput, and enhancing processing efficiencies as we progress towards steady-state operations," he said.
Sylvania said group operations were lost-time injury-free during the quarter, with several safety milestones achieved. Doornbosch reached five years total injury-free, while Lannex, Lesedi and Millsell reached five, six and four years lost-time injury-free respectively.
Prinsloo also said a Phoenix Security officer contracted to the company had died in a criminal attack while on duty at the Tweefontein operation in April.
"The board of Sylvania sends its heartfelt condolences to the individual's family, friends and colleagues," he said.
Financial performance strengthened during the quarter, with SDO net revenue rising 44% to $78.7m from $54.8m in the second quarter.
Adjusted group EBITDA increased 61% to $47.8m from $29.8m.
Sylvania said the improvement reflected a 28% rise in the average 4E gross basket price in dollar terms and a 23% increase in rand terms, as well as a higher contribution from attributable chrome sales, which reached $4.0m.
"The adjusted group EBITDA for the quarter rose to $47.8m, which is a significant 61% increase quarter-on-quarter, and similarly to revenue, increased as a result of the increased gross 4E basket price and chrome sales contribution," Prinsloo said.
The group's cash balance increased 17% quarter-on-quarter to $63.3m from $54.0m.
Sylvania remained debt free and said it continued to fund capital expansion, process optimisation projects and growth initiatives from cash reserves under its capital allocation framework.
The company launched an on-market share buyback programme of $2.0m during the quarter.
An interim dividend for the 2026 financial year of 2.00p per share was declared in February and paid in April after the period ended.
At 1216 BST, shares in Sylvania Platinum were flat at 97p.
Reporting by Josh White for Sharecast.com.
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