Sylvania Platinum Ltd. · LSE:SLP
Sylvania Platinum — H1 FY2025 Earnings Presentation
39 slides from Sylvania Platinum's earnings presentation, February 2025
Slide 1: Interim Results for the six months ended 31 December 2024
SYLVANIAPLATINUM.COM INTERIM RESULTS For the six months ended 31 December 2024
Slide 2: Disclaimer
Disclaimer • This document, which is personal to the recipient and has been issued by Sylvania Platinum Limited (the “Company”), comprises written materials/slides for presentations and discussions to be held in February 2025. This document does not constitute or form part of any offer or invitation
Slide 3: About us
About us… Vision To be the best mid-tier platinum and associated metals producer in the world. WE VALUE THE SAFETY AND HEALTH OF ALL Mission To grow our low-cost and efficient business by leveraging our existing asset base, and continuing innovation through existing and future strategic WE VALUE THE
Slide 4: Operations
Operations Sylvania Dump Operations ▪ Cash generative, lower-cost operations on the Eastern and Western Limbs of the Bushveld Igneous Complex (BIC), South Africa. ▪ The Sylvania Dump Operations (SDO) comprises six chrome beneficiation and PGM processing plants, treating a combination of ROM and curr
Slide 5: Exploration Assets
Exploration Assets Volspruit ▪ Volspruit, located at the southern end of the Northern Limb of the BIC, is a shallow PGM-Ni-Cu deposit. ▪ Updated Scoping Study undertaken to assess the economic viability of the Project based on the February 2024 Mineral Resource Statement was released in August 2024.
Slide 6: Results Overview
Results Overview 4E and 6E PGM 4E GROUP CASH COST NET REVENUE PGM PRODUCTION BASKET PRICE PER 4E PGM OZ 39,398oz (4E) $1,396/oz $952/oz $47.6m 50,921oz (6E) (HY1 FY2024: 38,405oz 4E; (HY1 FY2024: $1,311/oz) (HY1 FY2024: $833/oz) (HY1 FY2024: $40.8m) 48,671oz 6E) GROUP EBITDA BASIC EPS CASH BALANCE I
Slide 7: Operations
OPERATIONS SYLVANIAPLATINUM.COM
Slide 8: SDO Production Profile
Operations SDO Production Profile FY2025 Annual Production Target of 4E PGM PRODUCTION PGM FEED TONS PGM FEED GRADE PGM RECOVERY 75,000oz to 78,000oz 39,398 oz 4E ▪ Improved PGM feed grades at Tweefontein (50,921oz 6E) 652,989 tons 3.37 g/t 4E 55.77% and Mooinooi boosted by quality of feed +3% -7% +
Slide 9: Operational Focus Areas
Operations Operational Focus Areas ▪ Two-year Wage Deal successfully ▪ Ongoing focus on selection and blending of feed sources as well as concluded during December 2024 improving recovery efficiencies at operations. with the respective trade unions at ▪ Host-mine engagement on ROM and current arisin
Slide 10: Financial Results
FINANCIAL RESULTS SYLVANIAPLATINUM.COM
Slide 11: Profit Statement
Profit Statement 31 December 31 December Revenue: 2024 2023 Net revenue including by-products and $ $ sales adjustments – 6% increase in the gross 4E basket price Revenue 47,553,549 40,769,912 Cost of sales: Cost of sales (39,723,000) (33,628,754) Direct and indirect operating costs, including Royal
Slide 12: Financial Performance
Financial Performance 17% increase in net revenue REVENUE ($‘000) 6E REVENUE • 14% relates to the increase in the 4E PGM basket price for the Period Ru 4% • 3% on higher ounce production Au 0% Ir 11% Pt 37% Higher than inflation increases for power Rh 33% HY1 FY2025 Actual SDO cash cost per 4E PGM P
Slide 13: Group EBITDA
Group EBITDA (at various pricing assumptions) GROUP EBITDA H1 FY2025 Group EBITDA of 100 000 $9.92 million $’000 90 000 80 000 EBITDA increased 36% due to higher ounce 70 000 production and increased basket price in USD terms during the Period 60 000 50 000 Forward-looking EBITDA estimate based on 4
Slide 14: Strong Balance Sheet
Strong Balance Sheet HY1 HY2 31 December 30 June Cashflow for the Period ended 31 2024 2024 Capital expenditure estimate FY2025 FY2025 FY2026 Actual Estimate $'000'000 $'000'000 December 2024 $’000 000 Non-current assets Cash flow from operations Stay in Business (SIB) 0.4 0.6 1.0 $11.51 million Exp
Slide 15: Shareholder Returns
Shareholder Returns DIVIDEND POLICY DIVIDEND The Company intends to distribute Total dividends Interim dividends 0.75 pence a minimum of 40% of the adjusted paid to declared per Ordinary Share $108.1 million HY1 FY2025 free cash flow* for the financial shareholders year. Where annual dividends are (
Slide 16: Growth
GROWTH SYLVANIAPLATINUM.COM
Slide 17: Thaba JV
Thaba JV Thaba JV Project Progress Chrome Ore and PGM Treatment ▪ Project design and execution Joint Venture (JV) ▪ All Thaba JV Project design work has been completed. ▪ First PGM beneficiation facility on primary ▪ Fabrication and delivery of long lead mechanical items are complete, with the chrom
Slide 18: Thaba JV Project
Thaba JV Project Total Project 4E PGM oz Total Project Chromite Total Project Capital Simple Payback Life of Project JV Participation 13,600oz/year Concentrate tons 10 years (16,200oz 6E) 420,000t/year ~$47m <3 years 50% Thaba JV - Attributable Tons Treated & Chrome Thaba JV - Attributable PGM Produ
Slide 19: Thaba JV Site Photos – Jan 2025
Thaba JV Site Photos – Jan 2025 19
Slide 20: Exploration | Volspruit
Exploration | Volspruit Volspruit Combined open-pit Mineral Resource The Volspruit Project represents a new at 100% attributable basis (Earthlab, February 2024) opencast PGM–Cu-Ni resource in a mature Tonnage @ 3E+Au Cu Ni Classification 3E+Au (Oz) mining jurisdiction with excellent infrastructure.
Slide 21: Exploration | Far Northern Limb
Hacra Exploration | Far Northern Limb AURORA Significant opencast potential - PGM–Cu-Ni resource open at depth (>200m). • Initial MRE for T-Zone resources on La Pucella only declared in October 2022 - ~12% of the overall project area. • Geophysical survey commenced in HY1 FY2025 to improve understan
Slide 22: Focus on PGM & Chrome Co-production
Focus on PGM & Chrome Co-production 4E PGM Basket vs. MetCon Chrome Price ▪ PGMs and chromite both occur in the same $500 $5 000 $/oz 4E PGM $/ton Chrome MetCon (CIF China) primary chrome ores (MGs and LGs) and primary PGM UG2 ores in the South African Bushveld Complex. $400 $4 000 ▪ Co-existence en
Slide 23: Growth Projects Outlook
Growth Projects Outlook FY2025 FY2026 – FY2028 Existing SDO operations Existing SDO operations ▪ New higher-grade current arisings feed source at Lesedi – host-mine ROM ▪ Potential new ROM circuit at Millsell plant to accommodate additional ROM plant commissioned in October 2024 and expecting steady
Slide 24: Market Overview
MARKET OVERVIEW SYLVANIAPLATINUM.COM
Slide 25: PGM basket composition and price trend
PGM basket composition and price trend ▪ Sylvania’s rhodium (Rh) percentage is typically higher than average UG2 and Merensky ores, and palladium (Pd) portion lower. ▪ Rh and Pd contributed 33% and 14% respectively of total 6E revenue in HY1 FY2025. ▪ 6% Increase in average HY1 FY2025 Gross PGM bask
Slide 26: PGM Industry Cost Curve
PGM Industry Cost Curve Global PGM Cash Cost + Capex Curve (CY24E at Spot) 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 5 500 6 000 6 500 7 000 7 500 8 000 8 500 40 000 40 000 Cumulative annual production (4E Koz) 35 000 Spot basket price received (4E) 50th Percentile Spot basket pric
Slide 27: PGM Market
PGM Market Demand Supply Outlook ▪Auto Catalysts primary demand driver for ▪ South Africa still largest primary producer of ▪ Pt, Pd and Rh to be in deficit for 2025 and PGMs (49% Pt, 83% Pd, 95% Rh). Pt and Rh (~72% of Pt and 81% Rh), and near term. ▪Car sales recovering (~92-94 million forecast si
Slide 28: PGM Price Historical and Forecasts
PGM Price Historical and Forecasts Sources: Nedbank CIB Outlook - 15 January 2025 - Price Assumptions are based on “PGM Sector - Industry Insight – Approaching a pivotal point" – published by analyst Arnold van Graan. Panmure Liberum – - 16 January 2025 - “Mining Equity Deck – Gold and Silver foreca
Slide 29: Chrome Market
Chrome Market Demand Supply Outlook ▪ China is largest consumer of chrome ore ▪ South Africa is home to ~72% of the global ▪ Robust outlook in terms of demand and globally (~90%), with Indonesia also chromite resources. pricing. becoming a significant consumer (~8% in ▪ South Africa is producer and
Slide 30: ESG
ss¥LVANIA * 1 SRL AT Mo ee ee = 2 Yate
Slide 31: Environment, Social and Governance
Environment, Social and Governance Environment Social Governance Extract of economic contribution in South Africa (HY1 FY2025) Salaries and wages R167,781,370 $9,352,724 ▪ Zero fatalities since commencing ▪ QCA Corporate Governance ▪ Water usage improved operations. Code. Contributions and employee’
Slide 32: Investment Case
INVESTMENT CASE SYLVANIAPLATINUM.COM
Slide 33: Investment Case
Investment Case Dedicated to delivering consistent shareholder returns through Strong, reliable production, dividends and share buybacks. maintaining low-cost operations. ESG principles embedded in the core of the business operations. Robust cash generation, Harnesses the offering ample full potenti
Slide 34: Contact details
Sylvania Platinum Limited BlytheRay (COMMUNICATIONS) Jaco Prinsloo / Lewanne Carminati Tim Blythe / Megan Ray +27 11 673 1171 +44 20 7138 3204 Sylvania@blytheray.com Panmure Liberum Limited (NOMAD) Scott Mathieson / John More / Joshua Borlant +44 20 3100 2000 sylvaniaplatinum@panmureliberum.com 34
Slide 35: Thank You
THANK YOU SYLVANIAPLATINUM.COM
Slide 36: Appendix
APPENDIX SYLVANIAPLATINUM.COM
Slide 37: Share Structure and Ownership
Share Structure and Ownership Capitalisation summary – 31 December 2024 Top shareholders Quoted: AIM Domiciled: Bermuda Ticker symbol: SLP LN Basic shares with voting rights 1: 261,209,330 Share price 2: 41.80 p Market capitalisation 2: $ 141.61 m Cash position: $ 77.5 m Undrawn overdraft facility:
Slide 38: Operating Costs
Operating Costs HY1 FY2025 Direct costs 38
Slide 39: PGM Metal Price Scenarios
PGM Metal Price Scenarios Sources: 1 Internal Company Price Assumptions based on Consensus forecasts sourced from Industry partners. 2 Spot Prices are based on December 2024 actual metal prices and exchange rate. 3 Nedbank CIB Outlook - 15 January 2025 - Price Assumptions are based on “PGM Sector -