Sylvania Platinum Limited is a low-risk, high-yielding South African platinum group metals (PGM) dump retreatment operation. Despite a 15% fall in the PGM basket in Q124 versus Q423, the company maintained a healthy cash position of US$126.9m at end September 2023. Production in Q124 was better than Edison Group estimated. Unit costs were down in every cost category in response to higher ounces produced, but despite this, EBITDA and net profit were sharply lower. The company is controlling capex as capital allocation comes under the spotlight against the backdrop of weak PGM prices.
2 November 2023