Sylvania Platinum Reports Record Q1 FY2026 PGM Production, Up 16%

Sylvania Platinum Limited has opened its 2026 financial year with a record-breaking first quarter, reporting a 16 percent increase in platinum group metals (PGM) production across its South African operations. The company achieved its highest-ever quarterly output of 24,522 ounces of 4E PGMs (equivalent to 31,234 ounces of 6E), marking a milestone since its inception. This performance underscores Sylvania’s operational resilience, strategic capital deployment, and continued focus on sustainable growth within the country’s Bushveld Complex, one of the world’s richest PGM-producing regions.

The company’s Q1 FY2026 financial results also demonstrated strong revenue and earnings growth, supported by improved PGM prices and disciplined cost management. Revenue surged by 49 percent to $45.1 million compared to $30.3 million in the previous quarter, while EBITDA rose by 71 percent to $22 million. The average PGM basket price increased by 20 percent in US dollars and 16 percent in South African rand, reaching $1,953 per ounce. Despite currency volatility, Sylvania successfully maintained steady operating cash costs of ZAR12,386 per ounce. The company ended the quarter with a healthy cash balance of $62.7 million, up 3 percent, reflecting efficient capital allocation and cash flow management.

Operationally, Sylvania made significant strides in advancing its key growth initiatives. Construction of the new centralised PGM filtration plant remains both on budget and on track for completion in the second quarter of FY2026. This facility is expected to streamline concentrate processing, reduce downtime, and enhance recovery efficiency across operations. Meanwhile, the Thaba Joint Venture (JV) has been successfully commissioned and is now ramping up production, with the first shipments of chrome and PGM concentrates dispatched shortly after the quarter ended. The company continues to uphold its excellent safety record, achieving another quarter with zero Lost-Time Injuries (LTI) across all operations, reinforcing its commitment to safe and responsible mining practices.

Sylvania has maintained its FY2026 production guidance of 83,000 to 86,000 ounces of 4E PGMs and between 100,000 and 130,000 tonnes of chromite concentrate. With ongoing investments totaling $8.1 million in the quarter, split between the Thaba JV and plant upgrades, the company is well-positioned for continued performance growth. CEO Jaco Prinsloo emphasized that the combination of strong production, financial discipline, and the upcoming commissioning of major infrastructure projects will significantly enhance operational efficiency and future profitability.

Sylvania’s record-breaking quarter signals not only operational excellence but also a strengthening of South Africa’s PGM mining outlook. As the global demand for PGMs continues to rise, particularly in automotive and green hydrogen technologies, Sylvania’s efficient recovery model and modernisation strategy could serve as a blueprint for sustainable growth within the region’s resource sector.

Mini-Glossary

• PGM (Platinum Group Metals): A group of six precious metals, including platinum, palladium, rhodium, ruthenium, iridium, and osmium, used in catalytic converters and advanced technologies.
• 4E/6E: Refers to the number of PGM elements measured—4E includes platinum, palladium, rhodium, and gold; 6E adds iridium and ruthenium.
• EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization; a measure of operational profitability.
• Basket Price: The average price received per ounce for a mix of PGMs sold.
• Lost-Time Injury (LTI): A work-related incident that results in an employee being unable to work for at least one full shift.
• Bushveld Complex: A geological formation in South Africa containing the world’s largest PGM reserves.