Aim-listed platinum group metal (PGM) producer Sylvania Platinum, which owns assets in South Africa, has again increased its production guidance for the current financial year to between 78 000 oz and 80 000 oz of platinum, palladium, rhodium and gold (4E), from the previously guided 75 000 oz to 78 000 oz target, on the back of "solid" production achieved in the third quarter ended March 31.

This is the second increase on output projections for the year, with Sylvania initially having set guidance at between 73 000 oz and 76 000 oz for the financial year to end on June 30.
 
“I am pleased to report that the third quarter of full-year 2025 was again a positive one with results in line with our expectations, achieving 20 490 4E PGM ounces from the Sylvania Dump Operations (SDO), a 1% increase from that recorded in the second quarter. 

"Additionally, the average 4E gross basket price increased by 3% in dollar terms and 6% in rand terms, which, alongside the increase in production ounces, resulted in improved 4E revenue performance (3% in dollar terms and 7% in rand terms), compared with the second quarter," comments CEO Jaco Prinsloo.

The SDO recorded $26.3-million net revenue for the second quarter, a 2% increase quarter-on-quarter.

Group earnings before interest, taxes, depreciation and amortisation (Ebitda), however, decreased by 4% quarter-on-quarter to $6.5-million.

"The decrease [in Ebitda] is mainly due to the increase in indirect costs, which was due to the commencement of the rehabilitation guarantee cost associated with the Thaba joint venture (JV) and a higher mineral royalty tax expense as a result of slightly increased revenue during the quarter," Prinsloo points out.

He adds that the Thaba JV remains on track to start first production of chrome in May, which will be followed by the production of PGMs in June. 

"The Thaba JV will add to the company’s production profile and further de-risk our portfolio through the introduction of significant chrome revenue," says Prinsloo.

Meanwhile, the company also marked several safety milestones, with the Lannex operation having achieved five years without a lost-time injury (LTI) and the Lesedi operation having achieved two years without an LTI.

The Doornbosch operations achieved four years without any injuries and recording 12 years LTI-free.

“Management commends the teams at Lannex for achieving five years LTI-free, Doornbosch for achieving four years without any injuries, as well as their excellent 12 years LTI-free record, and Lesedi for achieving two years without an LTI, respectively. Additionally, no LTIs occurred within the company this quarter."