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30
April 2024
Sylvania Platinum
Limited
("Sylvania", the
"Company" or the "Group")
Third Quarter Report to 31
March 2024
Sylvania (AIM: SLP), the platinum
group metals ("PGM") producer and developer with assets in South
Africa, announces its results for the three months ended 31 March
2024 (the "Quarter" or the "Period"). Unless otherwise stated, the
consolidated financial information contained in this report is
presented in United States Dollars ("USD" or "$").
Highlights
· Sylvania Dump Operations ("SDO") produced 17,232 4E (21,857
6E) PGM ounces in Q3 FY2024 (Q2 FY2024: 18,232 4E (23,105 6E) PGM
ounces);
· SDO
recorded $20.3 million net revenue for the Quarter (Q2 FY2024:
$20.9 million);
· Group
EBITDA of $3.2 million (Q2 FY2024: $4.4 million);
· Cash
balance as at 31 March 2024 of $101.3 million;
· Thaba
Joint Venture ("Thaba JV") project is on schedule with all elements
of the project progressing well;
· A
share Buyback from the market commenced on 4 March 2024 and a total
of 1,713,000 Ordinary Shares at an average price of 57.06 pence per
share, equating to $1.2 million in aggregate, were
repurchased;
· Doornbosch operation achieved three years total injury-free
during the Quarter;
· Lannex
secondary milling and fine grinding circuit has been completed,
with optimisation continuing; and
· Publication of updated Mineral Resource Estimates ("MREs") for
the Volspruit project.
Post Period - Special Dividend Declared
·
Following the Period end, an interim cash dividend
for HY1 FY2024 of 1 pence per Ordinary Share, amounting to $3.3
million, was paid in April 2024; and
· The
Company received early settlement of the loan and sale price
relating to the sale of Grasvally Chrome Mine (Pty) Ltd amounting
to an equivalent of $6.2 million.
The Board is very pleased to declare
that a portion of the proceeds received will be distributed to
shareholders as a special dividend in the amount of 1p per Ordinary
Share, amounting to approximately $3.3 million, payable on 7 June
2024. Payment will be made to shareholders on the register at the
close of business on 10 May 2024 and the ex-dividend date is 9 May
2024.
Outlook
· Guidance for the full year of 74,000 to 75,000 4E PGM ounces
for FY2024 is maintained;
· Optimisation efforts continue to address lower PGM recoveries
associated with the blend of feed sources;
· Progress on
the design, bulk power supply, environmental approvals, procurement
and construction elements of the Thaba JV project to
continue;
· SRK Consulting has been appointed to undertake the completion
of the combined (North and South ore bodies) Preliminary Economic
Assessment ("PEA") for the Volspruit project. Upon completion of
the PEA, if warranted, a Preliminary Feasibility Study ("PFS") will
commence thereafter; and
·
The Group maintains strong cash
reserves enabling funding of expansion and joint venture ("JV")
initiatives, process optimisation capital and upgrading of the
Group's exploration and evaluation assets.
Commenting on the results,
Sylvania's CEO, Jaco Prinsloo, said:
"Doornbosch continues to be an industry leader on the safety
front, achieving three years total injury-free during the Quarter
and maintaining its eleven years Lost-Time Injury
("LTI") free status, which is a
remarkable health and safety milestone for the
operation.
"Despite a wage strike by members of the National Union of
Mineworkers South Africa ("NUMSA") during February 2024 at our
Western operations that impacted production at the Mooinooi and
Millsell operations in particular, I am pleased that we were able
to produce 17,232 4E PGM ounces for the Quarter and that we
are able to maintain our full-year guidance of 74,000 - 75,000
4E PGM ounces. The treatment of higher grade external
third-party feed sources to supplement feed grades assisted to
mitigate losses due to the strike action, and whilst profitable,
contributed towards higher SDO cash costs per 4E ounce, which
increased 15% in dollar and 16% in rand terms, respectively during
the Period, and were also negatively affected by the lower ounces
produced compared with Q2 FY2024.
"Net profit increased 62% from Q2 FY2024 due to
a reduction in
net tax as no dividend withholding tax was paid on inter-company
dividends in Q3 FY2024. Net revenue was down
mainly due to
lower PGM ounce production during the Quarter, while
Group EBITDA
decreased owing to the decline in revenue and increased direct
costs during the Quarter. Nonetheless, the SDO
remained cash generative.
"Elsewhere across the portfolio, the Thaba JV continues to
make excellent progress with the design, procurement and
construction elements of the project all on schedule. Additionally,
on the exploration front, an updated MRE statement for both
Volspruit North and South orebodies was released. The PEA for the
Volspruit project, along with the results from the metallurgical
test-work are now expected during Q4 FY2024.
"Following the Period end, the Company paid the HY1 FY2024
interim dividend of 1 pence per Ordinary Share in April 2024. In
the face of current market headwinds, the Group remains in a strong
cash position allowing it to continue funding its existing capital
projects and growth opportunities, and to return value to
shareholders. In addition to the interim dividend, the Company
negotiated early settlement of the Grasvally loan and sale price of
ZAR115.0 million ($6.2 million at date of payment) and has taken
the decision to declare a special dividend in the amount of 1p per
Ordinary Share; the balance of the proceeds will assist to fund the
current project pipeline and technological
developments."
Operational and Financial Summary
Production
|
|
|
|
|
Unit
|
Q2 FY2024
|
Q3 FY2024
|
% Change
|
Plant Feed
|
T
|
636,156
|
580,572
|
-9%
|
Feed Head Grade
|
g/t
|
1.84
|
2.07
|
13%
|
PGM Plant Feed Tons
|
T
|
342,548
|
330,379
|
-4%
|
PGM Plant Feed Grade
|
g/t
|
2.84
|
3.06
|
8%
|
PGM Plant
Recovery1
|
%
|
58.33%
|
53.03%
|
-9%
|
Total 4E PGMs
|
Oz
|
18,232
|
17,232
|
-5%
|
Total 6E PGMs
|
Oz
|
23,105
|
21,857
|
-5%
|
Unaudited
|
|
USD
|
|
ZAR
|
|
Unit
|
Q2 FY2024
|
Q3 FY2024
|
% Change
|
Unit
|
Q2 FY2024
|
Q3 FY2024
|
% Change
|
Financials
3
|
Average
4E Gross Basket Price2
|
$/oz
|
1,305
|
1,303
|
0%
|
R/oz
|
24,444
|
24,624
|
1%
|
Revenue
(4E)
|
$'000
|
17,386
|
16,086
|
-7%
|
R'000
|
325,634
|
304,017
|
-7%
|
Revenue
(by-products including base metals)
|
$'000
|
3,331
|
3,121
|
-6%
|
R'000
|
62,393
|
58,992
|
-5%
|
Sales
adjustments
|
$'000
|
155
|
1,115
|
619%
|
R'000
|
2,905
|
21,081
|
626%
|
Net
revenue
|
$'000
|
20,872
|
20,322
|
-3%
|
R'000
|
390,932
|
384,090
|
-2%
|
|
|
|
|
|
|
|
|
|
Direct
Operating costs
|
$'000
|
13,144
|
14,233
|
8%
|
R'000
|
246,196
|
269,011
|
9%
|
Indirect
Operating costs
|
$'000
|
2,567
|
2,354
|
-8%
|
R'000
|
48,082
|
44,484
|
-7%
|
General
and Administrative costs
|
$'000
|
667
|
653
|
-2%
|
R'000
|
12,493
|
12,342
|
-1%
|
Group
EBITDA
|
$'000
|
4,437
|
3,164
|
-29%
|
R'000
|
83,105
|
59,800
|
-28%
|
Net
Profit
|
$'000
|
1,559
|
2,530
|
62%
|
R'000
|
29,200
|
47,817
|
64%
|
|
|
|
|
|
|
|
|
|
Capital
Expenditure
|
$'000
|
3,924
|
3,514
|
-10%
|
R'000
|
73,488
|
66,410
|
-10%
|
|
|
|
|
|
|
|
|
|
Cash
Balance4
|
$'000
|
107,232
|
101,342
|
-5%
|
R'000
|
1,963,418
|
1,916,377
|
-2%
|
|
|
|
|
|
|
|
|
|
Ave R/$
rate
|
|
|
|
|
R/$
|
18.73
|
18.90
|
1%
|
Spot R/$
rate
|
|
|
|
|
R/$
|
18.31
|
18.91
|
3%
|
|
|
|
|
|
|
|
|
|
Unit
Cost/Efficiencies
|
SDO Cash
Cost per 4E PGM oz5
|
$/oz
|
721
|
826
|
15%
|
R/oz
|
13,503
|
15,611
|
16%
|
SDO Cash
Cost per 6E PGM oz5
|
$/oz
|
569
|
651
|
14%
|
R/oz
|
10,656
|
12,308
|
16%
|
Group
Cash Cost Per 4E PGM oz5
|
$/oz
|
897
|
980
|
9%
|
R/oz
|
16,801
|
18,522
|
10%
|
Group
Cash Cost Per 6E PGM oz5
|
$/oz
|
708
|
772
|
9%
|
R/oz
|
13,261
|
14,591
|
10%
|
All-in
Sustaining Cost (4E)
|
$/oz
|
957
|
1,008
|
5%
|
R/oz
|
17,931
|
19,046
|
6%
|
All-in
Cost (4E)
|
$/oz
|
1,096
|
1,145
|
4%
|
R/oz
|
20,533
|
21,643
|
5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
The Sylvania cash generating
subsidiaries are incorporated in South Africa with the functional
currency of these operations being ZAR. Revenues from the
sale of PGMs are received in USD and then converted into ZAR.
The Group's reporting currency is USD as the parent company is
incorporated in Bermuda. Corporate and general and
administration costs are incurred in USD, GBP and ZAR.
1 PGM plant recovery is
calculated on the production ounces that include the
work-in-progress ounces when applicable.
2 The gross basket price in
the table is the March 2024 gross 4E basket used for revenue
recognition of ounces delivered in Q3 FY2024, before
penalties/smelting costs and applying the contractual
payability.
3 Revenue (6E) for Q3 FY2024, before adjustments is $19.1
million (6E prill split is Pt 52%, Pd 18%, Rh 9%, Au 0%, Ru 16%, Ir
5%). Revenue excludes profit/loss on foreign exchange.
4 The cash balance excludes
restricted cash held as guarantees.
5 The cash costs include
operating costs and exclude indirect costs for example mineral
royalty tax and Employee Dividend Entitlement Plan ("EDEP")
payments.
A. OPERATIONAL OVERVIEW
Safety, health and environment
During the Period under review, our
Eastern operations remained total injury-free and Doornbosch in
particular achieved the remarkable milestone of being total
injury-free for three years.
Unfortunately, Mooinooi experienced
one LTI when an employee sustained sprained ribs during a rigging
task, after previously achieving 318 injury-free days.
Overall, a steadfast commitment to
safety and security remains paramount for the success of Sylvania
and the well-being of employees and contractors. Management's
emphasis on putting in place robust safety measures, which include
routine risk assessments, has played a critical role in nurturing a
workplace ethos that places the well-being of both employees and
contractors as a top priority.
Operational performance
The SDO delivered 17,232 4E PGM
ounces for the Quarter. This equates to a decrease of 5% on Q2
FY2024, largely as a result of NUMSA embarking on a twenty-two-day
wage strike at the Company's Western Operations during February
2024.
Following the strike action,
operations have returned to normal after initial ramp-up challenges
during March 2024. The treatment of higher-grade external feed
sources of third-party material has assisted in mitigating losses
due to the strike action. Optimisation
efforts continue to address lower PGM recoveries at Tweefontein in
particular, associated with a blend of specific feed sources during
the Quarter.
Direct operating costs have
increased by 9% in rand terms with the main contributor being the
purchase and treatment of the higher-grade external feed material.
Focus on optimisation and cost saving initiatives remains a
priority on all operations.
SDO operating cash costs per 4E PGM
ounce increased 16% in rand terms to ZAR15,611/ounce and in dollar
terms, it increased 15% in dollar terms to $826/ounce (Q2 FY2024:
ZAR13,503/ounce and $721/ounce) primarily as a result of the 5%
reduction in production. The average ZAR:USD exchange rate remained
largely unchanged during the Quarter at ZAR/$18.90 (Q2 FY2024:
ZAR/$18.73).
The Group incurred capital
expenditure of ZAR66.4 million ($3.5 million), in line with planned
capital project schedules.
Operational opportunities
The availability of maintenance
personnel during the strike action placed strain on equipment
runtimes at the Western operations, which has been subsequently
positively addressed with performance showing improvements. Ore
blending from various available resources as well as those from
external providers has continued to contribute towards higher PGM
feed grades.
The focus on improving instabilities
together with mass pull is expected to show improved PGM flotation
performance and concentrate grades during Q4 FY2024, with an
anticipated improvement in metal recoveries. Additionally, the
commissioning of the Lannex secondary milling and fine grinding
circuit has been completed, with optimisation
continuing.
No load curtailment has been
experienced at any of the operations during the Quarter. The
installation of the Lesedi back-up generator has been completed and
is now available, while the installation of the Millsell standby
generator is in progress for completion during Q4
FY2024.
A feasibility study in terms of a
potential new treatment facility for chrome tailings and
run-of-mine ore sources at the Eastern operations is in
progress.
B.
FINANCIAL OVERVIEW
Financial performance
Revenue (4E) for the Quarter
decreased by 7% to $16.1 million (Q2 FY2024: $17.4 million) due to
lower PGM ounce production whilst, the average 4E gross basket
price for the Quarter was steady at $1,303/ounce against
$1,305/ounce in Q2 FY2024.
Net revenue, which includes revenue
from by-products, base metals and the quarter-on-quarter sales
adjustment, was $20.3 million (Q2 FY2024: $20.9 million). Net
revenue includes attributable revenue received for ounces produced
from material purchased from third parties.
Group cash costs per 4E PGM
ounce increased by 10% in rand terms from
ZAR16,801/ounce to ZAR18,522/ounce and 9%
in dollar terms from $897/ounce to $980/ounce mainly
as a result of the 5% decrease in ounce production
quarter-on-quarter and the cost of acquiring third party
material.
General and administrative costs
decreased to $0.65 million from $0.67 million in Q2 FY2024. These
costs are incurred in USD, Pounds Sterling ("GBP") and ZAR and were
minimally impacted by the exchange rate as the USD/ZAR exchange
quarter-on-quarter remained aligned.
Group EBITDA for the Quarter was
$3.2 million (Q2 FY2024: $4.4 million) owing to the decline in revenue and increased direct costs
during the Quarter. Net profit was $2.5
million (Q2 FY2024: $1.6 million). The 62% increase in net profit
was primarily a result of no dividend withholding tax being paid in
Q3 FY2024 as no inter-company dividend was declared.
The Group cash balance decreased 5%
from $107.2 million to $101.3 during the Quarter. Cash generated
from operations before working capital movement was $3.4 million,
with net changes in working capital amounting to $2.0 million,
which is mainly due to the changes in trade debtors of $2.2 million
and includes an amount of $3.3 million pre-payment made to the
share registrar in March 2024 for dividends payable in April
2024.
The basket price was steady in Q2
FY2024 and Q3 FY2024, but a 5% decrease in ounce production during
Q3 FY2024 contributed to the lower trade debtors balance
quarter-on-quarter, as trade debtors arise from the concentrate
delivered in the Quarter but paid for in the following quarter as
per the off-take agreement.
The impact of exchange rate
fluctuations on cash held at the end of Q3 FY2024 was a $2.7
million loss due to the spot ZAR to USD exchange rate at 31 March
2024 depreciating by 3%.
The Group spent $3.5 million
(ZAR66.4 million) on capital projects for the Quarter. The majority
of the capital spend was on tailings dams $0.8 million (ZAR15.8
million), generators to supplement electricity supply $0.3 million
(ZAR4.8 million), Lannex fines plant project $0.4 million (ZAR7.5
million), Thaba capital expenditure $1.4 million (ZAR26.8 million)
and further studies on the exploration projects $0.2 million
(ZAR4.0 million).
C.
THABA JV
As previously reported, the
unincorporated JV Agreement between the Company's wholly owned
South African subsidiary, Sylvania Metals (Pty) Ltd ("Sylvania
Metals") and Limberg Mining Company (Pty) Ltd ("LMC"), a subsidiary
of ChromTech Mining Company (Pty) Ltd ("ChromTech"), the Thaba JV,
is advancing well and as expected. The project execution phase is
approximately 18-24 months with first production expected in HY2
FY2025.
Design
The overall master 3D model for the
plant is complete. The general layout of the Run of Mine ("ROM")
Handling is complete and all drawings except for stockpile wing
walls were issued for construction. The structural member sizing
for the entire area of the ball mills is complete and the model has
been updated, while the civil design is ready to be issued for
construction.
The chrome plant fabrication
drawings have been issued for the classification and secondary
chrome recovery and the pipe routing and layout are in progress.
All drawings for the thickeners, final tailings and process water
are complete, while the plate and steel drawings were issued for
fabrication. The optimisation of pipe routes is also in
progress.
The PGM float plant drawings were
issued for fabrication for PGM float and reagent plant, and the
civil and structural design for reagent plant building are in
progress with the model draft having been completed.
Bulk Power Supply
The budget quote was accepted, and
the initiation fee has been paid to Eskom and the HV Sub-station
EIA was approved by the Department of Forestry, Fisheries and the
Environment ("DFFE"). Construction of the new sub-station
(owner-built) will commence in May 2024.
Environmental Approvals
EIA Reports, required for tailings
deposition and new water storage dams, were delivered to the
Department of Mineral Resources and Energy
("DMRE") on 8 March 2024. The legislated timeframe
for the DMRE to issue a decision is 107 calendar days, being 23
June 2024.
Procurement
All procurement packages have been
issued for tender and 99% of the project value has been received
back as market tenders. There have been 38 of 99 procurement
packages issued as procurement orders and all long lead items have
been ordered.
Construction
The reinforcement steel and shutters
for the base of Primary Milling are 70% complete. Building is
complete and installation of reinforcement steel for the Secondary
Milling has commenced. Concrete pour for
floors and sumps of the Spiral Plants are complete.
In terms of the Thickeners and
Process Water the surveying and setting out is in progress. The
concrete pour for floors and bunds of the Float Plants have been
completed and a small number of plinths are in progress.
The box cut and rock fill for the
rock of the concentrate access and load area are complete. However,
rain delayed construction of the layers during March.
D. MINERAL ASSET DEVELOPMENT AND JOINT
VENTURES
The Group holds approved mining
rights for three PGM-base metal projects on the Northern Limb of
the Bushveld Igneous Complex in South Africa. Following on
from the Exploration Results and Resource Statement that was
released in FY2023, the Company continues to develop the projects
through additional technical studies and re-interpretation of
historical information. A PEA is ongoing for Volspruit and possible
further drilling is being planned for the Aurora project. This
additional information will assist the Company in ascertaining how
best to develop these projects.
Volspruit Project
Updated MREs for the Volspruit
Project were published on 16 February 2024. The results include
revised MREs for the Volspruit North and Volspruit South ore
bodies, including for rhodium ("Rh") and ruthenium ("Ru"), both of
which had previously not been assayed. The MRE is in line with the
JORC (2012) Standard as a whole. The key highlights of the updated
MRE statement are as follows:
· Volspruit North JORC MRE (Indicated):
o 16.42 million tons ("Mt") at a 4E (4E includes platinum
("Pt"), palladium ("Pd"), Rh and gold ("Au")) grade of 2.52 grams
per ton ("g/t");
o 1.33
million 4E ounces at a grade of 2.52 g/t;
o 21.94 million pounds ("lb") of copper ("Cu") at a grade of
0.07%;
o 61.50 million lb of nickel ("Ni") at a grade of
0.18%;
o The
MRE represents a 10% increase in the indicated tonnage from the
previously reported MRE (October 2022) resulting from a more
defined geological modelling exercise that has also resulted in the
4E grade improving by 4%; and
o The
addition of Rh estimates has improved the overall grade by
approximately 7%.
· Volspruit South JORC MRE (Inferred):
o 10.60 Mt at 4E grade of 2.11 g/t;
o 14.83 million lb of Cu at a grade of 0.06%;
o 46.96 million lb of Ni at a grade of 0.20%;
o This
MRE is the first one completed since the mineralised zones have
been redefined and, as expected, it reports approximately a third
of the tonnages at almost double the grades previously reported by
Integrated Geological Solutions (Pty) Ltd ("IGS") in
2012.
SRK Consulting continues its work on
the PEA Study to include contributions from rhodium and the
additional resources from the South ore bodies. Results are
expected in Q4 FY2024, and if warranted, a PFS will commence
thereafter. Metallurgical test work for the PFS is currently
underway at Mintek South Africa on samples obtained during an
FY2023 drilling campaign.
Steady progress is being made in the
permitting process necessary for the existing mining right. Local
Economic Development projects are gaining traction and the Water
Use License application for mining and on-site processing
operations, as well as the updated Environmental Impact Assessment
("EIA") submissions, are expected to be made in the first Quarter
of FY2025, allowing for a more comprehensive public engagement
process to be completed.
Far
Northern Limb Projects
Relogging has been completed for the
entire Aurora project area with core from Kransplaats having been
recently relogged. Compilation and interpretation of the data is
on-going and once completed a decision will be taken on whether to
implement a drilling programme to assess gaps in the current
database. If warranted, drilling would likely commence during the
fourth quarter of FY2024 and would allow for an updated MRE and PEA
to be commissioned for Aurora if positive results were
obtained.
A Technical Report on the Hacra
North Underground Target was received from the independent
consultants, Earthlab Technical Division, during the Quarter. The
results will be presented to the Board in early Q4 FY2024, after
which an announcement to the market will be prepared and released
to the public.
Grasvally
Following the Period end, the
Company agreed early settlement, in the amount of ZAR115.0 million
($6.2 million on date of payment), of the loan and sale price
related to the sale of Grasvally Chrome Mine (Pty) Ltd to Forward
Africa Mining (Pty) Ltd. The terms of the initial sale and loan
agreements provided for payments in 15 quarterly instalments
commencing at the end of the quarter following the first
anniversary of the agreements becoming unconditional. During the
Quarter, the parties negotiated an early settlement date for
payment of the capital amount at 31 March 2024, with the Company
agreeing to forego the interest. The full ZAR115.0 million ($6.2
million on date of payment) was received in April 2024. The Board
has declared a portion of the proceeds received be distributed to
shareholders as a special dividend in the amount of 1p per Ordinary
Share, amounting to aproximately $3.3 million, payable on 7 June
2024. Payment will be made to shareholders on the register at the
close of business on 10 May 2024 and the ex-dividend date is 9 May
2024.
E.
CORPORATE ACTIVITIES
Notification of Transaction by PDMR
Eileen Carr, Non-Executive Director
and Chair, purchased 60,000 ordinary shares of $0.01 each in the
Company ("Ordinary Shares") at 49.74 pence per Ordinary Share on 23
February 2024. Following this transaction, her shareholding in the
Company totals 130,000 Ordinary Shares, representing 0.05% of the
total number of Ordinary Shares with voting rights.
Share Buyback
During the Period, the Company
commenced a Share Buyback from the market and, as at 26 April
2024, has bought back a total of 1,843,000 Ordinary Shares at
an average price of 57.21 pence per share, equating to $1.3 million
in aggregate. The purpose of the Share Buyback is to reduce the
share capital of the Company.
Additionally, during the Period, the
Company acquired 166,000 Ordinary Shares from employees. The
Ordinary Shares were purchased at the 30-day VWAP price of 54.95
pence per Ordinary Share and placed into Treasury.
For the purposes of the Financial
Conduct Authority's Disclosure and Transparency Rules, the
Company's issued share capital is 275,375,725 Ordinary Shares.
Following the above purchases, a total of 13,774,211 Ordinary
Shares, including 2,009,000 pending cancellation, are held in
Treasury. Therefore, the total number of Ordinary Shares with
voting rights in Sylvania was 261,601,514 Ordinary
Shares.
CONTACT DETAILS
For
further information, please contact:
|
|
Jaco Prinsloo CEO
Lewanne Carminati CFO
|
+27 11 673 1171
|
|
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Nominated Adviser and Broker
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Liberum Capital Limited
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+44 (0) 20 3100 2000
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Richard Crawley / Scott Mathieson /
Joshua Borlant
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Communications
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BlytheRay
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+44 (0) 20 7138 3205
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Tim Blythe / Megan Ray
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sylvania@BlytheRay.com
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CORPORATE INFORMATION
Registered and postal address:
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Sylvania Platinum Limited
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Clarendon House
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2 Church Street
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Hamilton HM 11
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Bermuda
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SA
Operations postal address:
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PO Box 976
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Florida Hills, 1716
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South Africa
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Sylvania Website:
www.sylvaniaplatinum.com
About Sylvania Platinum Limited
Sylvania Platinum is a lower-cost
producer of platinum group metals (PGM) (platinum, palladium and rhodium) with
operations located in South Africa. The Sylvania Dump Operations
(SDO) comprises six chrome beneficiation and PGM processing plants
focusing on the retreatment of PGM-rich chrome tailings materials
from mines in the Bushveld Igneous Complex. The SDO is the largest
PGM producer from chrome tailings re-treatment in the industry.
Additionally, the Thaba JV comprises chrome beneficiation and PGM
processing plants, which will treat a combination of run of mine
(ROM) and historical chrome tailings from the JV partner, adding a
full margin chromite concentrate revenue stream. The Group also
holds mining rights for PGM projects in the Northern Limb of the
Bushveld Complex.
For more information visit
https://www.sylvaniaplatinum.com/
ANNEXURE
GLOSSARY OF TERMS FY2024
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The
following definitions apply throughout the
period:
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3E PGMs
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3E ounces include the precious metal
elements platinum, palladium and gold
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4E PGMs
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4E ounces include the precious metal
elements platinum, palladium, rhodium and gold
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6E PGMs
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6E ounces include the 4E elements
plus additional Iridium and Ruthenium
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AGM
|
Annual General Meeting
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AIM
|
Alternative Investment Market of the
London Stock Exchange
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All-in costs
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All-in sustaining cost plus
non-sustaining and expansion capital expenditure
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All-in sustaining cost
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Production costs
plus all costs relating to sustaining current production
and sustaining capital expenditure
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CLOs
|
Community Liaison
Officers
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Current arisings
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Fresh chrome tails from current
operating host mines processing operations
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DFFE
|
Department of Forestry, Fisheries
and the Environment
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DMRE
|
Department of Mineral Resources and
Energy
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EBITDA
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Earnings before interest, tax,
depreciation and amortisation
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EA
|
Environmental
Authorisation
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EAP
|
Employee Assistance
Program
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EEFs
|
Employment Engagement
Forums
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EDEP
|
Employee Dividend Entitlement
Programme
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ESG
|
Environment, social and
governance
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EIA
|
Environmental Impact
Assessment
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EIR
|
Effective interest rate
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EMPR
|
Environmental Management Programme
Report
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ESG
|
Environment, Social and
Governance
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GBP
|
Pounds Sterling
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GBV
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Gender based violence
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GHG
|
Greenhouse gases
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GISTM
|
Global Industry Standard on Tailings
Management
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GRI
|
Global Reporting
Initiative
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HWS
|
Harriets Wish Succession
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JORC
|
Joint Ore Reserves
Committee
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IASB
|
International Accounting Standards
Board
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ICE
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Internal combustion
engine
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IFRIC
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International Financial Reporting
Interpretation Committee
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IFRS
|
International Financial Reporting
Standards
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Lesedi
|
Phoenix Platinum Mining Proprietary
Limited, renamed Sylvania Lesedi
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LSE
|
London Stock Exchange
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LTI
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Lost-time injury
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LTIFR
|
Lost-time injury frequency
rate
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MF2
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Milling and flotation
technology
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MPRDA
|
Mineral and Petroleum Resources
Development Act
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MRA
|
Mining Right Application
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MRE
|
Mineral Resource Estimate
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Mt
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Million Tons
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NWA
|
National Water Act 36 of
1998
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PGM
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Platinum group metals comprising
mainly platinum, palladium, rhodium and gold
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PAR
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Pan African Resources Plc
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PDMR
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Person displaying management
responsibility
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PEA
|
Preliminary Economic
Assessment
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PFS
|
Preliminary Feasibility
Study
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Pipeline ounces
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6E ounces delivered but not
invoiced
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Pipeline revenue
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Revenue recognised for ounces
delivered, but not yet invoiced based on contractual
timelines
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Pipeline sales adjustment
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Adjustments to pipeline revenues
based on the basket price for the period between delivery and
invoicing
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PTM
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Platinum Group Metal's Joint
Venture
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Project Echo
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Secondary PGM Milling and Flotation
(MF2) program announced in FY2017 to design and install additional
new fine grinding mills and flotation circuits at Millsell,
Doornbosch, Tweefontein, Mooinooi and Lesedi
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RPEEE
|
Reasonable Prospects for Eventual
Economic Extraction
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Revenue (by products)
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Revenue earned on Ruthenium,
Iridium, Nickel and Copper
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ROM
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Run of mine
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SDO
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Sylvania dump operations
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SHE
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Safety, health and
environmental
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SLP
|
Social and Labour Plan
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Sylvania
|
Sylvania Platinum Limited, a company
incorporated in Bermuda
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Sylvania Metals
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Sylvania Metals (Pty)
Limited
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tCO2e
|
Tons of carbon dioxide
equivalent
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Thaba JV
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Thaba Joint Venture
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TRIFR
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Total recordable injury frequency
rate
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TSF
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Tailings storage facility
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UNSDGs
|
United Nations Sustainability
Development Goals
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USD
|
United States Dollar
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WULA
|
Water Use Licence
Application
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UK
|
United Kingdom of Great Britain and
Northern Ireland
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ZAR
|
South African Rand
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Zero Harm
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The South African mining industry is
committed to the shared aspiration of achieving the goal of Zero
Harm, which aims to ensure that mineworkers return home from work
healthy and unharmed every day
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