Sylvania Platinum (AIM:SLP), the AIM-listed platinum group metals ("PGM") and emerging chrome producer with operations in South Africa, reported record annual production of 95,885 4E PGM ounces for the year ended 30 June, up from 81,002 ounces in FY2025.
The Sylvania Dump Operations ("SDO") declared 23,868 4E PGM ounces in the fourth quarter, up 4% on the third quarter's 22,853 ounces.
Net revenue fell 38% quarter-on-quarter to $48.5 million, down from $78.7 million, largely on a 25% drop in the average 4E gross basket price.
Adjusted group EBITDA dropped 65% to $16.9 million from $47.8 million, hit by the weaker basket price and an 8% rise in direct operating costs from higher mining, diesel and electricity charges, mainly at Thaba.
The Thaba Joint Venture's chrome output declined 6% to 17,889 tons, down from 19,030 tons, as slower mining progress and inconsistent ore supply disrupted processing.
Annual attributable chrome concentrate production reached 50,317 tons, in line with revised guidance but at the lower end as the operation continues its ramp-up.
The group's cash balance rose 6% quarter-on-quarter to $67.2 million, and Sylvania paid an interim dividend of $7.0 million in April.
"I am pleased to report the Company had another positive Quarter at the SDO... 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," said chief executive Jaco Prinsloo.
Engagement with Thaba's joint venture partners continues, focused on improving mine planning and ore quality as the operation moves toward steady state.
News Intelligence what this means for the company
Sylvania Platinum hit record annual PGM output of 95,885 ounces in FY2026, driven by its dump operations, but quarterly revenue and profitability collapsed as the 4E basket price fell 25% and operating costs rose 8%. The Thaba chrome joint venture, still ramping up, stumbled on ore supply disruptions, cutting chrome output 6% despite the company meeting full-year guidance.
The record PGM volume masks a deteriorating near-term earnings picture: a 65% drop in adjusted EBITDA to $16.9 million in Q4 shows the operation is highly exposed to commodity price swings and cost inflation. Thaba's ramp-up delays and ore supply issues add execution risk, though the company's $67.2 million cash position and interim dividend signal confidence in underlying cash generation.
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