Sylvania Platinum Ltd. · LSE:SLP
Sylvania Platinum — Investor Presentation (May 2026)
32 slides from Sylvania Platinum's investor presentation, May 2026
Slide 1: Corporate Presentation May 2026
Corporate Presentation May 2026 Thaba Mill and Chrome Spiral Plant SYLVANIAPLATINUM.COM
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 May 2026. This document does not constitute or form part of any offer or invitation to s
Slide 3: About Us
3 About Us Lower-cost, cash generative PGM and chrome producer with near-term growth potential • Cash generative, lower-cost operations on the Eastern and Western Record Production SYLVANIA DUMP Limbs of the Bushveld Igneous Complex (BIC), South Africa. • Improved running times, feed stability and h
Slide 4: Operations
Thaba Primary and Secondary Chrome Spiral Circuits 01 Operations SYLVANIAPLATINUM.COM
Slide 5: Operations
5 Operations FY2026 YTD 9M FY2026 CHROME 9M FY2026 PGM 9M FY 2026 PGM FEED 9M FY 2026 PGM FEED 9M FY2026 PGM PRODUCTION PRODUCTION TONS GRADE RECOVERY Production 71,479 oz (4E) SDO N/A * 1,033,684 tons 3.72 g/t 4E 57.68% 90,798 oz (6E) (Excl. Thaba JV) (9M FY2025: N/A *) (9M FY2025: 69,888 oz 4E; (9
Slide 6: Operations: PGM ounce production
6 Operations PGM ounce production - 4E oz FY2026 annual production likely to achieve or exceed upper end of previously increased 100 000 guidance of 90,000oz to 93,000oz 4E PGM 90 000 SDO Feed Grade Variance * Thaba JV • Strong performance with both the Eastern and Western (Attributable) Operations
Slide 7: Financial
Thaba Flotation Cells Construction 02 Financial SYLVANIAPLATINUM.COM
Slide 8: Performance Overview
Performance Overview (Based on consolidated Q1, Q2 and Q3 results (“9 month” or “9M”)) 8 YTD FY2026 PERFORMANCE OVERVIEW 9 months to FY2025 FY2024 FY2023 FY2022 31 March 2026 4E PGM PRODUCTION Oz 72,017 81,002 72,704 75,469 67,053 6E PGM PRODUCTION Oz 91,986 104,233 92,426 95,965 85,659 CHROME PRODU
Slide 9: Financial Performance
9 Financial Performance EBITDA ($mil) – consensus prices 6E REVENUE Positive cash generation Strong balance sheet $150 EBITDA $120 Capital allocation: Thaba avg LOM ROM - Operational improvements $90 - Growth and new projects $60 Thaba conservative ROM - Shareholder returns $30 EBITDA: PGM price - 1
Slide 10: Growth
03 Growth Thaba Milling and Chrome Spiral circuits SYLVANIAPLATINUM.COM
Slide 11: Thaba JV Project
Introduction Operations Financial Results Growth Market Overview ESG Outlook 11 Thaba JV Project Chrome Ore and PGM Treatment Joint Venture Focus Areas & Outlook • First PGM beneficiation facility on primary chrome ore and tailings on the • Based on ramp-up progress to date and the latest mining nor
Slide 12: Thaba JV Project: Key Operational Parameters
12 Thaba JV Project Thaba JV - Attributable Tons Treated & Chrome Thaba JV - Attributable Revenue Key Operational Parameters Production Revenue - Conservative ROM Revenue - Average LOM ROM • Key parameters presented for two ROM feed Total Chrome - Conservative ROM Total Chrome - Average LOM ROM Plan
Slide 13: Thaba JV Site Photos
13 Thaba JV Site Photos Milling and Chrome Spirals Mill Feed Conveyor and Primary Chrome Spirals Crushed ROM Stockpile Hydro-mining Station Primary PGM Flotation Circuit MetCon Chrome Product Loading
Slide 14: Growth Outlook
14 Growth Outlook FY2026 FY2027 – FY2028 Existing SDO operations Existing SDO operations • New higher-grade feed at Lesedi – host-mine ROM • Continue to identify and source higher-grade 3rd plant commissioned Q2 FY2025; steady state HY1 party material to maximise profit and life. FY2027. • Exploring
Slide 15: Exploration Assets
15 Exploration Assets Volspruit Owned exploration assets could offer potential longer-term • Volspruit, located at the southern end of the Northern Limb of the BIC, growth potential and value creation optionality is a shallow PGM-Ni-Cu deposit. • Scoping study was published in August 2024, with curr
Slide 16: ESG & Shareholder Returns
04 ESG & Shareholder Returns Thaba Chrome Spirals Circuit SYLVANIAPLATINUM.COM
Slide 17: Environment, Social and Governance (ESG)
17 Environment, Social and Governance (ESG) Integration of ESG into the long-term strategy of the Group: Environment Social Governance - supporting sustainable value creation - responsible environmental stewardship • Regulatory inspections and • Industry leading safety • QCA Corporate Governance aud
Slide 18: Shareholder Returns
Introduction Operations Financial Results Growth Market Overview ESG Outlook 18 Shareholder Returns Dividend Maintain Balance Sheet Strength Total dividends Preserve resilient financial position to ensure paid to shareholders operational flexibility and risk mitigation during $124.6 million Final di
Slide 19: Market Overview
Introduction Operations Financial Results Growth Market Overview ESG Outlook Mill Trommel Screen 05 Market Overview SYLVANIAPLATINUM.COM FULL RESULTS | for the year ended 30 June 2025
Slide 20: PGM & Chrome Prices
Introduction Operations Financial Results Growth Market Overview ESG Outlook 20 PGM & Chrome Prices Gross PGM Metal Price Trend Gross PGM Metal Price per Ounce 4E PGM 4E Basket Composition $3 000 $12 000 $6 000 R60 000 Actual HY1 FY2026 $5 000 R50 000 PGM Prill Split Pt & Pd - $/oz Rh Au $2 000 $8 0
Slide 21: PGM Industry Cost Curve
21 PGM Industry Cost Curve Industry cost curve – CY2025E Cumulative annual production (4E Koz) 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 50 000 60 000 Spot basket price received (4E) Spot basket price received (6E plus base metals) 45 000 Average
Slide 22: PGM Market
22 PGM Market Demand Supply Outlook • Auto Catalysts still primary demand driver for PGMs • Recent rise in PGM prices brought relief for SA • Pt, Pd and Rh to remain in deficit for 2026. (39% Pt, 83% Pd, 82% Rh). producers, but declining capital investment and • While Ir and Ru see continued deficit
Slide 23: Chrome Market
23 Chrome Market Demand Supply Outlook • China is largest consumer of chrome ore globally • South Africa is home to ~72% of the global chrome • Key stainless-steel end-users expected to grow (~90%). resources. throughout Asia and Middle East; supporting Cr • Stainless steel industry largest consumer
Slide 24: Investment Case
Tweefontein TSF Vegitation 06 Investment Case SYLVANIAPLATINUM.COM
Slide 25: Investment Case
25 Investment Case Record Production • Improved running times, feed stability and higher grade feed sources are driving record volume growth. Low-Cost Base • Re-treatment & co-production model keeps costs in the lowest PGM quartile. High Margins, Strong free cash flow (FCF) • Low Operating expenditu
Slide 26: Contacts
Sylvania Platinum Limited Jaco Prinsloo / Ronel Bosman Lannex Fine Screening Circuit +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 Ber
Slide 27: Appendix
07 Appendix Thaba Secondary Crushing Circuit SYLVANIAPLATINUM.COM
Slide 28: Share Structure and Ownership
28 Share Structure and Ownership Capitalisation summary – 31 March 2026 Top shareholders Quoted: AIM Domiciled: Bermuda Ticker symbol: SLP LN Basic shares with voting rights 1: 271,661,725 Share price 2: 89.60 p Market capitalisation 2: $ 321.7 m Cash position: $ 63.3 m Undrawn overdraft facility: Z
Slide 29: Board of Directors
29 Board of Directors Eileen Carr Jaco Prinsloo Simon Scott Independent Non-Executive Chair Managing Director & Chief Executive Officer Independent Non-Executive Director Ms Carr joined the Board of Sylvania Platinum Limited on Mr Prinsloo has been appointed as CEO and admitted to Mr Scott joined th
Slide 30: Board of Directors
30 Board of Directors Adrian Reynolds Martin Preece Independent Non-Executive Director Independent Non-Executive Director Mr Reynolds joined the Board as from 1 August 2021. He Mr Preece joined the Board as a Non-Executive Director of has over 40 years’ experience in the mining and minerals the Comp
Slide 31: PGM Metal Price Scenarios
31 PGM Metal Price Scenarios 1. Sylvania FY2027 to FY2030 Estimates 3. Berenberg FY2027 to FY2030 Estimates - Company Internal Price Assumptions - April 2026 2027 2028 2029 2030 2027 2028 2029 2030 Pt $/oz 2 000 2 000 2 000 1 500 Pt $/oz 2 174 2 138 2 133 2 037 PD $/oz 1 600 1 500 1 400 1 250 PD $/o
Slide 32: Typical SDO Plant Flowsheet
32 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