Sylvania Platinum

Overview
Price performance
Financials
Research
Thematics

Sylvania Platinum focuses on the re-treatment and recovery of platinum group metals (PGMs) including platinum, palladium and rhodium, mainly from tailings dumps and other surface sources, but also lesser amounts of run-of-mine underground ore from Samancor chrome mines in South Africa.

Demand for PGMs dropped in 2023 and remains under pressure due to increased recycling of PGMs, particularly in China. Demand continues to be muted in 2024, with inventories remaining high. In the longer term, we see significant headwinds for electric vehicles in most countries except China, and increased regulatory and emissions legislation pressure, driving increased PGM demand and positive price momentum. Production pressures in South Africa and Russia could provide a further underpin to prices.

Latest Insights

Metals & Mining |
edison tv

14.11.24

Sylvania Platinum – executive interview

Metals & Mining |
Update

04.11.24

Sylvania Platinum — Healthy production recovery

Metals & Mining |
Update

25.09.24

Sylvania Platinum — Earnings upside with chrome JV kicker in Q425

Metals & Mining |
Update

14.08.24

Sylvania Platinum — Long-term PGM price upside

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Sector

Metals & Mining

Equity Analyst

Rene Hochreiter

Marius Strydom

Analyst

Lord Ashbourne

Director of Content, Mining

Key Management

Jaco Prinsloo

CEO
Lewanne Carminati

CFO

Balance Sheet

Forecast net cash (US$m)

62.3

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(1.0)	(15.1)	(31.1)
Relative	2.2	(12.3)	(36.4)
52 week high/low	77.0p/43.4p

Financials

Sylvania Platinum’s FY24 results faced pressure from weak PGM prices, delayed production recovery and elevated expenses. The company is keenly focused on improving efficiencies, successfully rolling out the Thaba joint venture (JV) and completing exploration asset studies. We expect a strong pick-up in FY26 revenue from the JV, supported by cost control. Our valuation of 105.8p/share was affected by a strong rand, but offers upside from the JV, exploration assets and a recovery of PGM prices.