Sylvania Platinum (LON: SLP), which recovers platinum group metals from South African chrome tailings, published record FY2026 results this morning, with net profit up 229% to $66.4m on record production and higher metal prices. The shares rose 5.08% in early trade.
SLP traded at 89.845p during Tuesday’s session, up from Monday’s close of 85.5p, having touched an intraday high of 92p and a low of 87p. That leaves the stock within its 52-week range of 71.90p to 127.74p, well below its yearly peak despite the jump.
The results, released via RNS at 7am this morning, showed 4E PGM production, the combined output of platinum, palladium, rhodium and gold, hit a record 95,885 ounces, up 18% and above the company’s own upgraded guidance of 90,000 to 93,000oz. Net revenue rose 117% to $226.3m and EBITDA climbed 289% to $114.2m. Chief executive Jaco Prinsloo said: “FY2026 has been a record-breaking year for the SDO, culminating in record annual PGM production in excess of the revised guidance, and I commend the team for maintaining this strong momentum throughout the year.”
The profit jump reflects both higher volumes and a 60% rise in the average basket price, the blended price across all metals sold, to $2,404 an ounce from $1,507 a year earlier. Costs rose too, with all-in sustaining costs up 16% to $1,088/oz from $938/oz, largely driven by a 110% increase in indirect operating costs tied to a higher mineral royalty tax. The Board lifted the total dividend to 6p from 2.75p and launched a new $1.5m buyback, to be executed by Panmure Liberum and run until the maximum is reached or 31 March 2027. Cash stood at $67.2m, up 10% from $60.9m a year earlier, with no debt.
Sylvania’s FY2027 guidance of 85,000 to 95,000 PGM ounces sits below this year’s record, alongside guidance of 110,000 to 140,000 tons of attributable chrome concentrate. Its newer Thaba chrome joint venture, commissioned during FY2026, is still working through weaker-than-planned ore grades, compounded by power interruptions and abnormal rainfall; an updated geological model completed after the period end is now being incorporated into revised mine planning. Prinsloo said FY2027 priorities include “optimisation of ROM mining volumes and efficiencies, achieving optimal ROM feed grades, and optimising plant stability and processing performance.”