Highlights

  • Sylvania’s FY25 revenue rose 27.5% YoY to USD 104.2 million, supported by higher PGM output and prices.
  • The company achieved record 4E output of 81,002 ounces, up 11%, with average basket price increasing 13%.
  • Net profit surged 188.6% to USD 20.2 million in FY25, while AISC fell 3% to USD 938/oz.

Sylvania Platinum Ltd. (LSE:SLP), listed on the FTSE AIM 100 Index, specializes in producing platinum group metals (PGMs), including platinum, palladium, and rhodium. Its primary operation in South Africa focuses on processing chrome tailings to recover these valuable metals.

In the financial year 2025 (FY25), SLP reported net revenue of USD 104.2 million, a year-on-year increase of 27.5%. This result was supported by a record 4E output of 81,002 ounces, which increased by 11% YoY, and an average 4E basket price of USD 1,507 per ounce, up 13% YoY. Group EBITDA rose 117% YoY to USD 29.3 million. Net profit for the period increased 188.6% YoY to USD 20.2 million, supported by finance income of USD 5.6 million, modest other expenses, and a 3% reduction in AISC to USD 938 per ounce.

Recent Business Update

In September, SLP announced that Ms. Lewanne Carminati will resign as Chief Financial Officer (CFO) and Board member, effective 30 November 2025. Following an external search, Ms. Ronel Bosman, currently Executive Officer Finance, has been appointed as the new CFO, effective 1 December 2025.

Company Outlook

The group aims to produce 83,000–86,000 4E ounces and 100,000–130,000 tons of chromite concentrate, supported by stable SDO output and additional contributions from the Thaba JV. The completion of the centralised filtration plant in Q2 FY26 will allow dry concentrate shipments and improved blending, while flotation and mass-pull optimisation is expected to maintain recoveries and manage costs.

With cash of USD 60.9 million and no debt, the group states that it has the capacity to fund new TSFs, filtration infrastructure, the Thaba JV ramp-up, and selective exploration, while continuing dividends and opportunistic share buybacks in line with the stated policy, depending on market conditions and project timing.

Top 10 Shareholders

The top 10 shareholders of SLP together account for ~24.95% of the total shareholding. Africa Asia Capital, Ltd. and Hosking Partners LLP are hold the maximum stakes in the company at ~10.48% and ~5.31%, respectively.

Stock Information

The stock price of SLP has increased by ~31.19% in the last 3 months, and over the last 6 months, it has appreciated by ~83.67%. The stock has a 52-week low and 52-week high of GBX 39.00 and GBX 98.00, respectively. It is currently trading above the average of the 52-week high-low level.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 14 October 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.