Sylvania Platinum Ltd. · LSE:SLP
Sylvania Platinum — FY2025 Earnings Presentation
39 slides from Sylvania Platinum's earnings presentation, September 2025
Slide 1: Results for the year ended 30 June 2025
Results For the year ended 30 June 2025 SYLVANIAPLATINUM.COM
Slide 2: Disclaimer
Introduction Operations Financial Results Growth Market Overview ESG Outlook 2 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 September
Slide 3: About Us
Introduction Operations Financial Results Growth Market Overview ESG Outlook 3 Lower-cost, cash generative PGM and chrome About Us producer with near-term growth potential • Cash generative, lower-cost operations on the Eastern and Western Limbs Growing Production SYLVANIA DUMP of the Bushveld Igneo
Slide 4: Results Overview
Introduction Operations Financial Results Growth Market Overview ESG Outlook 4 Results Overview 4E and 6E PGM PGM 4E GROUP CASH COST NET REVENUE PRODUCTION BASKET PRICE PER 4E PGM OZ 81,002 oz (4E) $1,507/oz $912/oz $104.2m 104,233 oz (6E) (FY2024: 72,704 oz 4E; (FY2024: 1,339/oz) (FY2024: $907/oz)
Slide 5: Safety
Introduction Operations Financial Results Growth Market Overview ESG Outlook 5 Safety Achieved best overall safety performance in history and least total injuries in FY2025 Doornbosch 13 years LTI-free and four years total injury free No occupational illnesses were recorded in FY2025 Eastern Operati
Slide 6: Operations
01 Operations SYLVANIAPLATINUM.COM
Slide 7: Production
Introduction Operations Financial Results Growth Market Overview ESG Outlook 7 Production 4E and 6E PGM PGM FEED PGM FEED PGM RECOVERY FY2025 Production beaten PRODUCTION TONS GRADE revised target of 78,000oz to 80,000oz 4E PGM 81,002 oz (4E) 1,326,798 tons 3.49 g/t 4E 55.52% • Both the Eastern and
Slide 8: Operational Focus Areas
Introduction Operations Financial Results Growth Market Overview ESG Outlook 8 Operational Focus Areas Post-commissioning optimisation of the Thaba JV operation – building up to steady state. Host mine engagement on ROM and current arisings sources. Higher-grade third-party material at Eastern opera
Slide 9: Financial Results
02 Financial Results SYLVANIAPLATINUM.COM
Slide 10: Profit Statement
Introduction Operations Financial Results Growth Market Overview ESG Outlook 10 Profit Statement 2025 2024 $ $ Profit statement Revenue: Revenue 104 234 170 81 712 471 Net revenue including by-products and sales adjustments Cost of sales (78 595 216) (69 037 113) Cost of sales: Royalties tax (736 75
Slide 11: Financial Performance – Revenue and Profits
Introduction Operations Financial Results Growth Market Overview ESG Outlook 11 Financial Performance – Revenue and Profits REVENUE ($‘000) 6E REVENUE 120 000 100 000 FY2025 80 000 28% increase in net revenue 60 000 • 16% relates to the increase in the 4E PGM 40 000 basket price for the Period 20 00
Slide 12: Financial Performance - Costs
Introduction Operations Financial Results Growth Market Overview ESG Outlook 12 Financial Performance - Costs FY2025 Actual SDO cash cost per 4E PGM oz - $759/oz SDO CASH COST ($/oz) THABA CHROME CASH COST ($/ton) 1 000 • Short-term increase in cash cost for 3rd party 900 100 800 material – 8%-10% o
Slide 13: Strong Balance Sheet
Introduction Operations Financial Results Growth Market Overview ESG Outlook 13 Strong Balance Sheet FY2025 FY2026 FY2027 Capital expenditure estimate $mil $mil $mil Cashflow for the Period ended 30 June 2025 Stay-in-Business (SIB) 0.7 1.2 1.2 Central Filtration Plant 3.3 1.8 - Cash flow from operat
Slide 14: Capital Allocation Framework Shareholder Returns
Introduction Operations Financial Results Growth Market Overview ESG Outlook 14 Capital Allocation Framework Shareholder Returns Dividend Maintain Balance Sheet Strength: Total dividends Net cash preserved to manage PGM volatility & paid to shareholders Final dividend enable flexibility for growth p
Slide 15: Growth
03 Growth SYLVANIAPLATINUM.COM
Slide 16: Thaba JV Project
Introduction Operations Financial Results Growth Market Overview ESG Outlook 16 Thaba JV Project Project Investment Parameters (100%) Total Project 4E PGM oz Total Project Chromite Total Project Capital Simple Payback Life of Project JV Participation Concentrate tons 13,600oz/year 420,000t/year ~$50
Slide 17: Thaba JV
Introduction Operations Financial Results Growth Market Overview ESG Outlook 17 Thaba JV Thaba JV Project Progress Chrome Ore and PGM Treatment Joint • Thaba JV Plant has been commissioned and is currently in the ramp-up phase. Venture (JV) • Steady-state production anticipated in Q3 FY2026. • First
Slide 18: Thaba JV Site Photos
Introduction Operations Financial Results Growth Market Overview ESG Outlook 18 Thaba JV Site Photos FULL RESULTS | for the year ended 30 June 2025
Slide 19: Growth Outlook
Introduction Operations Financial Results Growth Market Overview ESG Outlook 19 Growth Outlook FY2025 FY2026 – FY2028 Existing SDO operations Existing SDO operations • New higher-grade feed at Lesedi – ROM plant • Ongoing sourcing of higher-grade 3rd party material commissioned Oct 2024; steady stat
Slide 20: Market Overview
04 Market Overview SYLVANIAPLATINUM.COM
Slide 21: PGM Industry Cost Curve
Introduction Operations Financial Results Growth Market Overview ESG Outlook 21 PGM Industry Cost Curve PGM Basket Composition Industry cost curve – CY2025 • Sylvania’s rhodium (Rh) percentage is typically higher than average UG2 and Merensky ores, and palladium (Pd) portion lower. • Rh and Pd contr
Slide 22: PGM Market
Introduction Operations Financial Results Growth Market Overview ESG Outlook 22 PGM Market Demand Supply Outlook • Auto Catalysts still primary demand driver for PGMs • Recent rise in PGM prices brought some relief for • Pt, Pd and Rh remain in deficit for 2025. (49% Pt, 83% Pd, 95% Rh). South Afric
Slide 23: Chrome Market
Introduction Operations Financial Results Growth Market Overview ESG Outlook 23 Chrome Market Demand Supply Outlook • China is largest consumer of chrome ore globally • South Africa is home to ~72% of the global chromite • Supply and demand of Cr ore in tight balance for H1 (~90%), with increased In
Slide 24: ESG
05 ESG SYLVANIAPLATINUM.COM
Slide 25: Environment, Social and Governance
Introduction Operations Financial Results Growth Market Overview ESG Outlook 25 Environment, Social and Governance Extract of economic contribution in South Africa (FY2025) Environment Social Governance Salaries and wages R330m $18m • All tailings’ facilities underwent • Zero fatalities since • QCA
Slide 26: Outlook
06 Outlook SYLVANIAPLATINUM.COM
Slide 27: Organically Growing Production
Introduction Operations Financial Results Growth Market Overview ESG Outlook 27 Organically Growing Production FY2026 Annual Production Target of GROUP EBITDA (at various pricing assumptions) 83,000oz to 86,000oz 4E PMS 120 000 and 100,000 – 130,000 tons of Chromite concentrate 100 000 • SDO set to
Slide 28: Vision Mission Values
Introduction Operations Financial Results Growth Market Overview ESG Outlook 28 WE VALUE THE SAFETY Vision AND HEALTH OF ALL To be the best mid-tier platinum and associated metals producer in the world. Mission WE VALUE THE FUNDAMENTAL RIGHTS OF PEOPLE To grow our low-cost and efficient business by
Slide 29: Sylvania Platinum Limited contacts
Sylvania Platinum Limited Jaco Prinsloo / Lewanne Carminati +27 11 673 1171 Panmure Liberum Limited (NOMAD & JOINT BROKER) Scott Mathieson / John More / Gaya Bhatt +44 20 3100 2000 sylvaniaplatinum@panmureliberum.com Berenberg (JOINT BROKER) Jennifer Lee +44 20 3207 7800 Berenberg_Sylvania@berenberg
Slide 30: Appendix
07 Appendix SYLVANIAPLATINUM.COM
Slide 31: Board of Directors
31 Board of Directors Eileen Carr Jaco Prinsloo Lewanne Carminati Independent Non-Executive Chair Managing Director & Chief Executive Officer Financial Director & Chief Financial Officer Ms Carr joined the Board of Sylvania Platinum Limited on Mr Prinsloo has been appointed as CEO and admitted to Ms
Slide 32: Board of Directors
32 Board of Directors Adrian Reynolds Simon Scott Independent Non-Executive Director Independent Non-Executive Director Mr Reynolds joined the Board as from 1 August 2021. He Mr Scott joined the board on 1 January 2022 and on has over 40 years’ experience in the mining and minerals 1 January 2024 wa
Slide 33: Share Structure and Ownership
33 Share Structure and Ownership Capitalisation summary – 30 June 2025 Top shareholders Quoted: AIM Domiciled: Bermuda Ticker symbol: SLP LN Basic shares with voting rights 1: 260,109,330 Share price 2: 70.00 p Market capitalisation 2: $ 250.21 m Cash position: $ 60.9 m Undrawn overdraft facility: Z
Slide 34: PGM Price Forecasts
34 PGM Price Forecasts Sources Panmure Liberum – - 21 July 2025 - “Commodity snapSHOT – Precious Metals diverging prices”. Internal Company Price Assumptions based on Consensus forecasts sourced from Industry partners. Berenberg, Metals and Mining, Q2 update: flip- flopping – 2 July 2025 FULL RESULT
Slide 35: Exploration Assets
Introduction Operations Financial Results Growth Market Overview ESG Outlook 35 Exploration Assets Volspruit • Volspruit, located at the southern end of the Northern Limb of the BIC, is a shallow PGM-Ni-Cu deposit. • The updated Scoping Study (August 2024) highlighted the significant increase in the
Slide 36: Exploration Assets | Volspruit
Introduction Operations Financial Results Growth Market Overview ESG Outlook 36 Exploration Assets | Volspruit Volspruit Combined open-pit Mineral Resource at 100% attributable basis (Earthlab, February 2024) The Volspruit Project represents a new opencast PGM–Cu-Ni resource in a mature mining juris
Slide 37: Exploration | Far Northern Limb
Introduction Operations Financial Results Growth Market Overview ESG Outlook 37 Exploration | Far Northern Limb Aurora Significant opencast potential - PGM–Cu-Ni resource open at depth (>200m). • MRE declared on La Pucella T-Reef (Oct 2022) ~12% of the overall project area. • Geophysical survey comp
Slide 38: PGM Metal Price Scenarios
38 PGM Metal Price Scenarios Sylvania FY2026 to FY2029 Estimates¹ PanmureLiberum FY2026 to FY2029 Estimates³ Company internal price assumptions 2026 2027 2028 2029 2026 2027 2028 2029 Pt $/oz 1,319 1,387 1,503 1,581 Pt $/oz 1,115 1,125 1,188 1,205 Pd $/oz 1,090 1,081 1,086 1,099 Pd $/oz 1,070 1,154
Slide 39: Typical SDO Plant Flowsheet
39 Typical SDO Plant Flowsheet Generic process flow sheet for Sylvania’s Dump Operations • Treating combination of ROM chrome ore (Mooinooi and Lannex Plants only), and current and historical chrome tailings material • Recover and return chrome product to host mine & generate cash from recovery and