Sylvania Platinum (LSE:SLP) — Final Results for the year ended 30 June 2025

0:01 Good afternoon, ladies and gentlemen, and welcome to the SYLVANIA PLATINUM LIMITED investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged. They can be submitted at any time via the q and a tab that's just situated on the right hand corner of your screen. Please simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and will publish those responses where it's appropriate to do so on the Investor Meet company platform. Before we begin, we would just like to submit the following poll. And if you give that your kind attention, I'm sure the company would be most grateful. And I would now like to hand you over to the executive management team from SYLVANIA PLATINUM LIMITED. Yako, good afternoon, sir. Good afternoon, Jake, and thank you everyone for joining us for this presentation.

0:51 And myself and our CFO, Luca Cabanati, will be taking you through the presentation to discuss the highlights of this past financial year and also, hopefully, to answer some questions at the end of the presentation. I think maybe just as a introduction for anybody who's maybe new to the company and a bit of background. SYLVANIA is a low risk cash generative dividend paying material platinum mining company that's been in operation for just over seventeen years now. And at the heart of our business are the SYLVANIA dump operations where we operate currently six chrome and PGM beneficiation plants on

1:33 the igneous bushel complex in South Africa, where we treat the combination of both historic and current chrome tailing sources as well as from from our host mine partners. So while our six first six SYLVANIA operations were only generating a stable PGM revenue stream, our exciting new Tava joint venture, which has just been commissioned during the past quarter, now will also introduce an attractive diversified chrome revenue stream to our business. And I will touch a bit more detail in a bit more detail on this later in the presentation. While we also own some greenfields PGM exploration assets that could offer some future growth optionality, the operational and financial performance that we will be discussing today relates purely to the production and revenue generated from the aforementioned SYLVANIA dump operations.

2:26 If we just look at the results for the past financial year, I am very happy with a remarkable overall performance for the period under review. After revising our PGM production target twice during the past financial year, our SYLVANIA dump operations managed to deliver a new record PGM performance of 81,000 to two forty PGM ounces in 2025. That was higher than our ultimate guidance and also 11% improvement on the previous financial year. From a financial perspective, we saw a very encouraging improvement in the four e PGM basket price, especially during the past four to six months, bringing the average basket price for the year to about a thousand $507 pounds, which is an increase of nearly 13% year on year.

3:24 And then if you combine this higher PGM basket price or the higher PGM production, it enabled us to post a net revenue of 100 to $4,000,000 for the year, 28% improvement on the previous year. Together with group cash costs that do well controlled and a good revenue performance, we were also fortunate then to post a 117% higher EBITDA for the year of $29,300,000 for the year. Now once we take this very robust financial performance into account, our still attractive and positive cash balance that we have, and considering it in line with our dividend policy, I'm very pleased that the board has approved a final cash dividend of 2p per ordinary share.

4:12 That's been declared and to be paid during December, which results in a total dividend for the year of about 2.75p. If if one considers also the interim dividend of 0.75p that we paid in in February or or declared in February this year. And comparing to the previous financial year, if we exclude the special dividend we paid with regards to the prices from Grass Valley, this '25 finance total dividend is higher than the '24 financial year. And also materially higher than the minimum required under our dividend policy. So overall, a very good production and financial performance that we are proud of.

4:59 Besides looking after our shareholders and returning value, we also have a significant focus on the well-being of our employees and also in terms of the communities where we operate. And to that end, I am also very proud of our performance during the past year where the company achieved the best overall safety performance in the history for 2025. And the with the in terms of the overall amount of injuries. And it also includes some significant milestones like the Durambos operation that achieved thirteen years lost time injury free during the period as well as our entire Eastern Operation Complex that achieved one year total injury free, so not even a medical treatment case during the period.

5:49 If we just for a moment look at the operational performance per se and what was driving the record PGN production performance, you'll see that the primary driver during the past financial year was primarily our 18% improvement in PGN feed grades. And in particular there, what contributed was higher feed sources from our host mines, such as our Trefontein and Moenue operations, the continuous treatment of higher grade third party material we source and treated our Eastern operations, as well as the new higher grade current rising feed source with that has been introduced at Lesedi since about October the last year.

6:36 And and that all contributed to the high PGM grades. For the period, our PGM feed tons was marginally down, some of it impacted by the abnormal heavy rains on this Western Bushveld at the beginning of the year as well as the intervention we had at the SETI to get it ready for the new preferred party for the new current risings material. From a growth point of view, I'm excited that our new joint venture operation is now commissioned, and we look forward to starting for it to start contributing both in terms of PGMs, but also in terms of chrome revenues during 2026, which will ultimately assist to take our overall attributable production to between eighty three and eighty six thousand ounces for e in '26 and and '27 once steady state is reached.

7:29 But I will deal a bit more later in the presentation on on on Tava specifically. In terms of our focus areas, obviously, our primary focus for this next year is to ramp up and optimize the Taba operation now post commissioning. But at the same time, we also continue to ensure that the existing SYLVANIA dump operations are looked after and further optimized where possible. So and and just maybe some of the most significant of these are the Laceda optimization as the host mine run of mine feed at current rises continue to ramp up during the which we expect during the second quarter of this financial year. And also then various other technical initiatives that is aimed at improving PGM concentrate quality and process efficiencies for both PGM and chrome recovery.

8:24 So I'm gonna hand over to Lou Anne now to just take us through some of the financial highlights, and then I will talk some more on the market outlook at the our growth projects.

8:38 Thanks, Jakku. So this year has been quite a successful year for the company, both operationally and financially. And the improvement in the basket price, although only in the latter part of the financial year, had a significant impact on the profitability of the company and highlights once again just how sensitive the industry is to the PGM basket price. SYLVANIA had the benefit of the record production as well as the price improvements, which has translated into year end financial results, which have exceeded our initial estimates. Our net revenue of a $104,000,000 is 28% higher than the prior year, and our costs are up 14%.

9:24 Royalty tax reduced as a result of the additional CapEx allowances, reducing the percentage payable. The other expenses reduced 35% year on year. And this cost is is mainly general and admin costs at a corporate level, and the reduction from the prior year is as a result of the interest that was written off in 2024 on the settlement of the Grass Valley transaction. Our corporate income tax is charged at 27% on taxable profits, which generated in South Africa. And the tax expense line also includes the movement in deferred tax and any dividend withholding taxes incurred on dividends, which are declared from the operational entities in South Africa up to the parent, SYLVANIA PLATINUM.

10:15 For the year, our earnings per share for was 7.73 US cents against 2.26 US cents in the prior year. If we look at our revenue in a little more detail, you'll see that the improvement in the metal price contributed 16% to our revenue and the higher production, a additional 12% to our revenue for the financial year.

10:44 The 6E revenue split has remained fairly consistent with a slight shift between the palladium and rhodium contributions of about 2%. And our EBITDA for 2025 more than doubled from the prior year and exceeded our previous estimates at half year. The major contributors, again, being the increase in the metal prices and the increased production. Looking forward to the new financial year, the EBITDA is forecast to increase quite significantly based on the latest consensus pricing, the slightly higher PGM ounces that we're forecasting as well as the introduction of chrome revenue.

11:27 Moving on to the operational costs. Our current tailings retreatment operations incurred a cash cost of $759 per PGM ounce. Although the total operating costs were higher than the prior year, the cost per ounce remained in line with 2024 due to the higher ounces. Costs for the current year included a full year of third party material. This was initially only planned up until June 2025, but this contract was extended in March with new pricing terms, and therefore, the slightly increased operational costs will continue into 2026. Although this does impact costs, the additional material does extend the life of the operations, and the higher grade material increases ounce production.

12:16 The other significant contributors to operational costs include labor being our largest cost, net follow followed by the power and consumables. Our all in sustaining cost reduced by 3% on the prior year, but the all in cost for 2025 increased 14%. This was, however, in line with our capital spend for the year on Tailings Dams and the Tarver JV. The 2026 Tailings Dams capital will result in the all in cost remaining at around the thousand $300 level, but then it will taper off to approximately 1,000 to a thousand $100 from 2027.

13:04 As you'll see, the company has maintained its strong balance sheet with a net asset value of $244,000,000 and a cash balance of $60,000,000 at June 30. During the year, the operations generated cash flows after tax of just under $20,000,000. The total tax paid out was $3,900,000, but we also received a refund from the prior year of $1,560,000. So the net effect of tax outflows was $2,300,000. Dividends actually paid out to shareholders in the financial year totaled $5,800,000. This was the final dividend from 2024 as well as the interim for 2025. In addition to the dividends paid, the company also spent $1,000,000 on share buybacks.

13:56 Our capital cash outflow for the year totaled $31,000,000, and this includes 16,600,000 attributable spend on the Tarbah JV, $7,000,000 on tailings dams, and $6,000,000 on business improvements and strategic projects, which includes the filtration plant as well as the collision avoidance system. The capital forecast for 2026 is at similar levels to the past financial year, around $32,000,000, with the largest spend being that on tailings dams of approximately $21,000,000. And then this tape is done to just under $10,000,000 from 2027 when all the the required tailings dams have been completed.

14:51 Returning value to our shareholders through maintaining a sustainable business while also paying dividends and buying back shares is a priority for the board. And as Jakub mentioned, a 2p final dividend for the year was declared, bringing our annual dividend to 2.75p. Including this final dividend, the company has returned a $117,000,000 to shareholders since 2018, and we've also bought back 65,000,000 shares since 2015, of which 26,000,000 have been canceled. The company's capital allocation framework provides a balance for allocating capital to sustain our operations, drive long term growth and consistently return value to our shareholders.

15:41 Now I'll hand back to Jakub for the company and market outlooks. Thank you, Anne. And I think, yes, now that we have discussed over the past previous performance and also hopefully demonstrated how we are adding significant return and value to our shareholders. It's important also how we consider how we aim to continue growing the business so that we can sustain attractive returns also into the future. So from a growth perspective, we basically have two ways of of of approaching growth in terms of our strategy. Firstly, we continuously look at how we can unlock further potential and value from our existing suite of assets, and these include our current dump operations as well as our various exploration assets.

16:29 And I think we've done that very successfully over the years, growing our production profile from about 10,000 ounces in the initial stages to more than 80,000 ounces achieved this year. And then secondly, we are looking to create value from external growth opportunities where we can replicate our proven operating model and leverage our successful track record and expertise. And one such opportunity is the joint venture operation that we have embarked on in collaboration with our partners at LIMITED CROMINE. So just before giving you an update on the current project progress, let me maybe briefly give you an update recap of what the project is about. The Talbot JV project represents a significant and exciting diversification for the company in terms of our product portfolio in the sense that it now adds significant chrome chromite concentrate revenue to the business, whereas our current SYLVANIA operations only generate PGM revenue stream.

17:29 And it further combines the proven expertise in PGM recovery of SYLVANIA with our JV partner's extensive experience in chrome operations. And that assist us to leverage the strength of both companies to the maximum benefit of the JV. So from a attributable point of view, the Tava JV will increase SYLVANIA's existing four e PGM production profile by about 9% at steady state and also introduce about 210,000 tons of attributable chrome revenue to SYLVANIA. So chrome product, and it's an attractive revenue stream once at steady state. And I think the total revenue for the project at steady state is about $33,000,000 a year, of which about 75% originates from the chrome production and about 25% from our PGM sales based on the current pricing assumptions.

18:31 Based on the the current PGM and chrome price assumptions, this will also equate to around 18 to $20,000,000 of attributable EBITDA for the group. I think it's maybe just important to note here because this is a mining operations. Our waste stripping costs from the mining is capitalized, and therefore, we've included the all in sustaining cost graph at the bottom. So there's about $67,000,000 of sustaining capital that will go towards stripping to be taken exploration in terms of the

19:03 EBITDA. But overall, a very attractive project still with gross profit margin of 35 to 40% depending on metal prices. And as we said, you know, within a three to four year simple payback on the operation. If we look at the in terms of project execution and operational readiness, I'm very pleased that the plant construction and commissioning phases are now complete and that we're currently in the operational ramp up phase. Unfortunately, like many projects of this nature and complexity, we we also had some challenges, One of which include the impact of abnormally high rainfall over the months of November to November 24 to January 25 that affected the critical path of the project and ultimately caused some delays during the final construction phases.

19:57 We also had a safety related incident during June with a electrical injury that resulted in suspension of electrical work that impacted on the final commissioning phase of the project. And and ultimately, also, during recent months, as we were ramping up the production towards full capacity throughput, there were some challenges emerging on our interim power supply agreement arrangement while our new primary Eskom substation is still under construction, and that resulted in us adjusting our ramp up schedule slightly. So we did, however, put some mitigation measures in place with additional generators brought on-site, which we've commissioned over the past weekend in order to reduce our reliance on the current old rural power supply line and improve our power stability so that we can ramp up the project.

20:57 And and then we also look forward to the completion of the primary of a new primary supply facility towards the end of October. So we now expect the operation to reach steady state during the third quarter of twenty twenty six. However, despite the revised ramp up plan, as I mentioned earlier, the project investment fundamentals remained robust. It's got a very attractive project that is on track to become a significant revenue contributor for the company as it reach full operational capacity. These are just some pictures from the operation for for information. I think the top left shows a nice view of the of the chrome primary ROM and secondary fine chrome spiral plants.

21:48 The bottom left is is our primary and secondary mills, also some flotation cells, and our fleeting status. But overall, certainly a very impressive and a world class project that we have constructed. If we look at growth beyond Taba, we we of we're currently busy investigating a a number of alternative opportunities with the aim of either increasing the existing PGM L's profile or to add alternative revenue streams like Chrome in that with like we've done for the Taba JV or, alternatively, exploring how to extend life of existing operations. So while this slide do include TABA and also the SETI current risings and the third party source material I already mentioned, I'm just maybe focusing on one or two initiatives not mentioned earlier.

22:42 One being our new eastern limb treatment facility that is currently under investigation. We have initiated a prefeasibility study during the past financial year to determine if we should to to determine if we should focus on either just a dump only or a dump and run of mine materials similar like the Java JV and when and how to progress with the feasibility study and execution. And we expect to have a outcome of the prefeasibility study towards the end of this financial year. And then finally, we continue with ongoing technical and commercial due diligences on various complementary projects and opportunities. And we specifically look at those opportunities and projects that align with our current skill set and expertise and especially where there is a co production potential like Kaaba with the chrome and PGMs.

23:39 And we're quite confident that we will continue to grow the company's production profile going forward. If we look at the just a bit on on the market overview and what has happened on PGMs during the past year and and especially recent months, I think it's worth standing still for a moment just considering the industry PGM cost curve. There's the the latest one is compiled by Nedbank corporate investment banking. And I think when we compare this to the same cost curve of about six months ago, we can see that there's been some much needed relief for PGM producers.

24:26 Six months ago, nearly half the industry or something sometimes even more of the producers were loss making from a cash cost plus capital point of view. And with the recent improvement in PGM prices, only about 20% of the industry seems to be loss making at the current PGM basket prices. Certainly, a a significant improvement and creating a bit of breathing space for PGM producers. I think also noteworthy from this graph is that SYLVANIA is still very nicely positioned in the bottom quartile of the PGM cost curve. And and what that means for us is that, you know, when prices are subdued or tough like it's been for for two years, SYLVANIA is able to still generate attractive cash in a in a in a down cycle to fund both our growth aspirations and return value to our shareholders.

25:18 And when we have a positive price environment, it enables us to capitalize further on this and generate additional cash either for distribution to our shareholders or to reinvest in growth of the company. Before I maybe just move on to to the supply and demand fundamentals, just on the left of this slide is is reminding you about SYLVANIA's PJ basket composition or the PRO split. And we about in our pro split specifically for SYLVANIA, we have about 12% rhodium and 65% platinum, and this makes up more than, say, more than 74% of our total six year revenue, while palladium at 23% is also still significant.

26:08 And I think especially what we're starting to see as there's been significant price movements is that the minor byproducts like iridium and druthenium is becoming more significant and added about 14% of our six e revenue during the the past year. Looking at the the various at the PGM market per se from a demand perspective, auto catalyst still is one of the biggest drivers of demand and the most significant aspects for us to consider, especially from palladium and rhodium. That's primarily auto catalyst consumption. But, also, you know, we've seen some interesting movements in platinum over the the years. While the the growth the the estimate sales for 2025 is the outlook is about 91 to 92,000,000 units. It's slightly down from the beginning of the year before some of the tariff rates from The US.

27:10 The outlook was probably closer to 94,000,000 vehicles, but still a good improvement on recent years. And combining that with the fact that plug in hybrid electric vehicles and range extender vehicles growth rate is outpacing that of the pure battery electric vehicles means that there's still a good demand for auto catalyst. So overall, we remain confident of that. And I think, finally, also, there's been some increase in the loadings per vehicle in China following a long period where they lagged international peers. So so certainly in the auto cats, some interesting developments. From other demands in the industry, platinum in particular is has seen quite a interesting demand increase in jewelry, and that comes especially when gold jewelry and the the current gold price, the price parity between gold and PGMs is such that consumers are now buying a lot more platinum jewelry.

28:15 Platinum, obviously, also has very good applications and future in terms of the energy transition and hydrogen economy, and then also in the glass making industry. So so strong fundamentals for platinum. I think rhodium, maybe noteworthy, is, and we've seen quite a recovery in the rhodium price during recent months. And part of that is with the reintroduction or increasing of rhodium in the glassmakers' bushings. When rhodium was at all time high, some of the glassmakers were eliminating or reducing the rhodium content. But to considering durability of the bushings and manufacturing process, they are reintroducing rhodium to a larger extent.

29:04 From a supply perspective, I have mentioned that there's been, yeah, recently some relief for PCM producers. But I think what is important to consider is that the short term relief we've seen in the price so far is not enough to overturn the impact of the significant declining capital investment and production cuts that have been instituted and evolved over the past decade. So certainly, South African PGM supply on the long term, in terms of platinum rhodium and then also ruthenium, is expected to tighten. Outside of South Africa, obviously, the North American palladium supply is still under pressure with palladium relative low prices and low margins.

29:54 And and there's been quite a bit of restructuring and production cuts at many of the North American operations. So what does that mean for our outlook on PGMs overall? I think we we know that platinum, palladium, and rhodium are in deficit for '25. Platinum and palladium is still in '26. There's a small swing of of rhodium in in '26 and '27, but with with rhodium having such so much lower volumes and a small change in the market can easily swing it from a from a surplus to a deficit. And I think that's why the rhodium price is is always volatile, and we we still maintain a robust outlook on the on rhodium as well. From a chrome perspective, you know, I'm not gonna talk in too much detail about it, just that we know the the bulk of the consumption for ferrochrome is in the stainless steel industry, and we know the stainless steel industry is consistently growing at four to 6% per annum. And while we acknowledge that, you know, the global economic growth rates and also some of the tariff threats and uncertainty from The US do impact short term consumer trends and industrial development, the long term demand is robust.

31:14 And from a supply point of view, so Africa is the largest chrome ore producer in the world. And, obviously, with the number of chrome operations and the growing PGM demand, we believe that will be a tight balance in terms of supply demand going forward. So we maintain favorable outlook in terms of chrome prices going forward. So overall, you know, we're quite positive for both the PGM and the chrome markets.

31:48 Before closing, I'm gonna just add back transfer back to Luann to just talk us through a brief overview of our ESG performance, and then I'll I'll close the presentation.

32:02 Just yeah. As Yaki said briefly on the ESG, I think over the years, we've demonstrated that sustainability is more than just regulatory compliance for SYLVANIA, and we're quite proud of the ongoing progress that we've made in all aspects of ESG. On the environmental side, excuse me, management of the tailings dams under our control is critical to our business, and we ensure compliance with the South African regulatory requirements and align the management of these with the GISDM through ongoing monitoring and annual audits. We also understand water stewardship is very important given the increasing scarcity of this resource. We're continuously improving our measurement accuracy at the operations, enabling more reliable tracking of flows and losses.

32:54 And we're also now able to monitor the use of recycled water more efficiently, reducing the need for fresh top up water.

33:03 Our revegetation program is progressing well, and we are planning the first full scale rehabilitation of a tailings dam in the new financial year. Under the social and governance banners, and as Yaki mentioned, we're exceptionally proud of our safety records and achievements, especially the Durambos operation achieving thirteen years LTI free. The board and management are committed to diversity and equity throughout the group, and we continue to train and develop our employees through various platforms. We've also made significant contributions to the South African economy where we operate, and this is through the payment of taxes, the use of local suppliers, and remuneration payments to our employees.

33:56 We'll obviously continue to build on these key sustainability focus areas, and we are publishing our annual ESG report in October, so please do look out for that.

34:11 Thank you, Glenn, for that as well. I think maybe just then, you know, what's next? What can we expect for '26 and and beyond? I think just briefly, I've mentioned earlier, our primary focus at the moment is to ramp up the Talbah JV operation, and you can expect steady state production to be achieved at Tawa during the third quarter, and that's what we're aiming towards. We also expect the host mine's new brom crushing plant, Lesedi, to continue ramping up and is likely to achieve steady state by December this year. And then we expect a continued strong performance from our existing SYLVANIA operations. And we believe that a lot of the positive momentum from this past record year is being carried through into the next financial year, and we have a positive outlook. And therefore, we have a production target of 83 to 86,000 ounces of four EPGMs for the year and also estimating a 100 to a 130,000 tons of chromate concentrate from Tawa to to be added to our production for the year.

35:20 And then which will ultimately, '27 onwards, increase to around 200,000 tons at steady state. We further expect the PGM metal prices to be stronger than '25, and we our current forecast pricing equate to about a thousand $800 a ounce, a thousand 809 for '26, increasing up to a thousand $890.27 compared to a thousand $500 per ounce in '25.

35:47 But we also while you consider the current spot price is sitting at about thousand 900 to thousand 960, we do we think that is is realistic. So the solid bars on the EBITDA represent those price outlooks, but we do, as always, illustrate what a 10% movement in either chrome or PGM price would have on the PGMs. So overall, a positive outlook for us on the year, both in terms of production and EBITDA. So I think in in closing, you know, I'm very happy with the performance for the past year, both from a production and a financial perspective. And I think we again illustrated that we are a very attractive company in terms of delivering on on what we set out to to to do and promise to the market, delivering on our performance targets and consistently delivering still a strong value and returns for our shareholders. So so thank you again for everybody's support, and and also we're looking forward to the year ahead.

36:56 I think maybe just finally, I wanna mention, and and maybe as we had the the end of the presentation, I'll I'll put my screen. I think Leanne is she can Leanne can also put her camera back on. I think I wanna take the the opportunity here.

37:15 Sorry. As many of you have seen that we have announced that Luann, after sixteen years with the company, have decided to step down from a position as CFO and also director of the board at the end of October to pursue some the end of November. Sorry. The November 30 to pursue some personal aspirations and and objectives. And we thank to Anne for for the valuable contribution over the sixteen years with SYLVANIA and and also for being an integral part of our senior management team and the executive. She's been integral part of the team for a long time and contributed significant to the management team, to myself in in my role, and also to the board. I'm also happy to announce that miss Ronnel Bosman, our current executive officer finance, who's been with the company since 2021 and has and and been an integral part of our senior management team in SYLVANIA, will be taking over the reins from Luanne on the December 1. And I also welcome, Ronnel and congratulate her for being selected for the role.

38:26 And I expect a seamless transition in that regard, but I just thought it's it's worth thanking Leanne as well for her contributions to that. So, yeah, with that, Jake, I'll maybe hand back to you. Sorry. If if I may, thank you, Jackie, and thanks for the kind words. I I just also wanted to to thank you and and the whole team from SYLVANIA for for the past sixteen years. It has been an incredible journey of growth, learning, and teamwork. And I think it's it has been a a genuine privilege to serve as CFO for of SYLVANIA and and as a director. And I'm extremely proud of everything that we've we've accomplished as a company and a team over the the sixteen years.

39:12 I also wanted to just take this opportunity to thank all the investors for the trust and support over the years and to reassure them that the company is in excellent hands as Ronelle steps into the role in in December. I'm really, really excited for what lies ahead for the company, and I'm quite confident that SYLVANIA will keep to keep building on its success and delivering value to its shareholders. Thank you. Thank you, Perfect, guys. If I may just jump back in, Liam. Thank you very much indeed for your presentation this afternoon. Ladies and gentlemen, please do continue to submit your questions just by using the Q and A tab that's situated on the right hand corner of your screen. But just while the team take a few moments to review those questions that have been submitted already, I'd just like to remind you that a recording of this presentation along with a copy of the slides and the published q and a can all be accessed via your investor dashboards.

40:06 Guys, as you can see there, we have received a number of questions throughout your presentation this afternoon. And thank you to all of those on the call for taking the time to submit their questions. But, Jakob, Luan, at this point, if I may just hand back to you just to read out those questions and give your responses where it's appropriate to do so. And if I pick up from you at the end, that'd be great. Thank you. Thank you, Jake. Yeah. If I look at the the questions, I think maybe the the first one is about PGM markets and specifically in terms of the price of rhodium that they've raised significantly during the year. And so would just ask for the main reasons. I think I've mentioned the fact that the reintroduction and the increase of rhodium loadings in the glassmaker industry has improved. So that's one of the the the aspects. What I probably did not touch on a lot was what we have seen on both well, on all free metals, platinum, palladium, and rhodium, is that the current above surface stocks are also significantly lower. They they're between a five and seven year lows at the moment. And I think if people look at the supply demand balance and considering that the surface stocks have been reducing, there has been some some some additional buying and and then also price movement in in rhodium. So that I think is in in terms of rhodium.

41:24 The second question also deals with rhodium, and somebody have asked, has it given the change in the cycle of precious metal in recent months and the share buybacks from the company seems to have been to the benefit of shareholders? May I ask that during the sudden downturn in rhodium price over the last year as the company have held some of the reserves to sell at a time like this to take advantage of the sudden cycle the up cycle? And if not, what was the reasoning behind not holding on to reserves during downturn? I understand that the cash reserves have been mostly maintained and used to the joint venture, but I would hope that this action was also done with the reserves of the precious metals in the company's possession during those periods.

42:10 May I also ask what the time frame is for holding reserves and what percentage permitted by the company if there is a legal requirement to do so? Many thanks for your time. So okay. I think maybe two things is, you know, due to the nature of the PGM product that we produce and our offtake with our smelters, we are not able to hold back reserves in in the company. But I think it also comes to a question that somebody some investors asked us before about who does the company hedge any of our products. We we don't have a a policy of of hedging any products, and we we don't have intentional policy of of holding back any reserves or stock. So so, yes, unfortunately, no. We don't do that in terms of of the metals.

42:59 I don't think there's necessarily legislation that prevents you from doing it, but the practicalities of handling and being able to store stock and the also the security aspects around that means that it is not something that is commonly done in the industry. If I look to move to the next question, somebody just asked what the current four e basket price is for August. August was I think between August and now, we range between 1,900 and a thousand $960 per ounce for e. So it is higher significantly higher than what we closed the past financial year on. And and and it is also higher than what the consensus forecast that we use for our forward looking, even our statements.

43:52 Another question to ask if the board will consider a new buyback program. Lou Anne, maybe you can just touch briefly on the capital allocation policy and and also how we consider discuss the buybacks. Yes. So so we've recently formalized our capital allocation framework, and we as I said in the during the presentation, we prioritize, you know, maintaining a sustainable business, long term growth, and then returns to shareholders. This is mainly through dividends, and there is no formal policy around around buybacks. But the board does review this at every board meeting and does implement share buybacks on an opportunistic basis when when the share price moves through certain thresholds and and there is surplus cash.

44:48 So yes, certainly, the Board will consider further buybacks, but it will be very dependent on other cash requirements as well as what the market is doing at the time. Thank you, Graham. Then somebody also asked, say oh, thanks. Started the question with impressive, so thank you very much for that. Then also asked, what is the platinum price that we're using in the revenue forecast? So we have attached in the back of the presentation in the appendix our metal price assumptions. But just to guide you, the platinum price forecast, the thousand 319 is the consensus forecast for '26.

45:34 That, forms part of the total price. And as I said, 2,809 is a four e basket price. But we do have a breakdown per year and per element of the metal price prices used in our EBITDA revenue forecast in the presentation. So that is there. And then, yeah, another question about further buybacks, but I believe Lou Anne may have answered that one. And I think the last question that I can see on the screen here is just saying, you know, with the current metal prices, could we see a significant increase in the earnings per share in 2026? And I think we have illustrated, you know, with the amounts of shares an issue and the EBITDA rising, yes, there there would be an increase within in earnings per share, and and and we do include that in the outlook slide.

46:24 There's one last question that's just come in. As I've been talking to say, if platinum spikes to 2,500 USD, would your company please consider locking in some production revenue via hedging? Thank you. And I think it ties back to maybe the previous question where we had to say we just thought of a formal hedging policy in place. You know? But it is but certainly, as I said, I think if we we get to those prices, then we should hopefully be very attractive returns to our shareholders. Jake, I think that this handling all the questions well, sorry. And just as I said that, I'll I'll I'll handle this, and there's another one that's just come in to say how familiar are the analysts following the stock with the current impact on the company in the coming two to three years.

47:14 Look. I think the quite a few of the analysts that are covering us and looking at our business model are also familiar, for instance, with a model of Teresa Minerals that is chrome and PGMs, and also listed on the LSE here in London. So I do think that there is good experience and understanding of how the chrome and PGMs impact the revenue streams. And, yeah, I think that is the bulk of the questions that we have. So, Jake, let me hand back to you. Perfect, guys. That's great. And thank you very much indeed for being so generous of your time then addressing all of those questions that came in for investors this afternoon.

48:00 And of course, if there are any further questions that do come through, we'll make these available to you immediately after the presentation has ended. But, Jakob, perhaps before really now, just looking to redirect those on the call to provide you with their feedback, which I know is particularly important to yourself and the company. If I could please just ask you for a few closing comments just to wrap up with, that'd be great. Thank you, Jack. Look. As I as I mentioned earlier, I I'm very thankful to to the contribution of of our management, all our employees, and our staff who made this past year the you know, contributed towards a very successful year that we've just completed. And, you know, as I I said, I hope we we can demonstrate to our shareholders that we remain an attractive company to invest in, to support, and that we can continue to generate very attractive cash from our operations, both the existing as well as the Tarbah JV that will be ramping up in the new year. So there's, I think, a couple of very exciting things to look out for for the company.

48:59 And we certainly remain committed despite, you know, having still some significant capital allocation to our tailings dams and growth projects as we've communicated, we still remain very committed to maintain very good returns to our shareholders through a balance of dividends and share buybacks. So I I hope that we can continue to do that for well into the future. So thank you very much for your time. Thank you for your support, and I'll leave it at that. Yeah. Okay. That's great. Thank you once again for updating investors this afternoon. Could I please ask investors not to close this session as you'll now be redirected for the opportunity to provide your feedback in order the management team can only better understand your views and expectations. This will only take a few moments to complete, but I'm sure it'll be greatly valued by the company.

49:46 On behalf of management team of SYLVANIA PLATINUM LIMITED, we would like to thank you for attending today's presentation. That now concludes today's session, so good afternoon to you all.