Business
Half-year Report
Half-year Report.
About this update from Sylvania Platinum Ltd.
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n _____________________________________________________________________________________________________________________________\n \n \n \n \n \n \n \n \n \n 21 February 2023\n \n \n \n \n \n \n \n \n \n Sylvania Platinum Limited\n \n \n \n \n (\"Sylvania\", the \"Company\" or the \"Group\")\n \n \n \n \n \n \n \n \n \n Interim financial results for the six months ended 31 December 2022\n \n \n \n \n \n \n \n \n Sylvania (AIM: SLP), the platinum group metals (\"PGM\") producer and developer with assets in South Africa, is pleased to announce its results for the six months ended 31 December 2022 (\"HY1 FY2023\"). Unless otherwise stated, the consolidated financial information contained in this report is presented in United States Dollars (\"USD\" or \"$\").\n \n \n \n \n \n \n Financial Highlights\n \n \n \n \n Net revenue generated for the period totalled $79.9 million (HY1 FY2022: $69.1 million);\n \n \n Group EBITDA of $45.6 million (HY1 FY2022: $36.2 million);\n \n \n Net profit of $32.6 million (HY1 FY2022: $24.4 million);\n \n \n Cash balance at 31 December 2022 of $123.9 million (HY1 FY2022: $110.1 million);\n \n \n Bought back 1,085,000 ordinary $0.01 shares (\"Ordinary Shares\") from employees, all transferred to Treasury;\n \n \n Cancelled 1,155,657 Ordinary Shares held in Treasury;\n \n \n Final dividend of 8p per Ordinary Share for FY2022 paid in December 2022 (FY2021:4p);\n \n \n New Dividend Policy approved by the Board and effective from 1 July 2022; and\n \n \n Interim dividend of 3p per Ordinary Share declared by the Board, to be paid in April 2023.\n \n \n \n \n \n \n \n Operational Highlights\n \n \n \n \n Sylvania Dump Operations (\"SDO\") delivered 38,471 4E PGM ounces (HY1 FY2022: 32,376 4E PGM ounces);\n \n \n ROM grades at Mooinooi have increased significantly contributing to additional ounce production;\n \n \n Construction of the Tweefontein MF2 complete with optimisation to be concluded during Q3;\n \n \n An updated Mineral Resource Estimate (\"MRE\") and Scoping Study on the Volspruit North Body was reported in October 2022; and\n \n \n An updated MRE for the La Pucella Target area of the Aurora Project and Exploration results for the Hacra Project on the F...