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RNS Number : 2265O
Sylvania Platinum Limited
30 January 2023
_____________________________________________________________________________________________________________________________
30 January 2023
Sylvania Platinum Limited
("Sylvania", the "Company" or the "Group")
Second Quarter Report to 31 December 2022
Sylvania (AIM: SLP), the platinum group metals ("PGM") producer
and developer with assets in South Africa, announces its results
for the quarter ended 31 December 2022 ("Q2" or the "quarter").
Unless otherwise stated, the consolidated financial information
contained in this report is presented in United States Dollars
("USD" or "$").
Highlights
-- Sylvania Dump Operations ("SDO") produced 19,276 4E PGM ounces in Q2 (Q1: 19,194 ounces);
-- SDO recorded $37.1 million net revenue for the quarter (Q1: $42.9 million);
-- Group EBITDA of $20.0 million (Q1: $26.4 million);
-- Group cash balance of $123.9 million (Q1: $138.6 million) after payment of the FY2022 dividend amounting to
$25.6 million, as well as provisional income and royalty taxes during the period;
-- Zero Lost-time Injury ("LTI") across all SDO;
-- ROM grades at Mooinooi have increased significantly contributing to additional ounce production;
-- Construction of the Tweefontein MF2 is complete with optimisation to be concluded during Q3 FY2023;
-- Mineral Resource Estimate ("MRE") and Scoping Study for the Volspruit Project, which focussed solely on the
Volspruit North Body announced; and
-- An updated MRE for the La Pucella Target area of the Aurora Project and Exploration Results for the Hacra
Project on the Far Northern Limb reported during the quarter.
Outlook
-- FY2023 production guidance increased, targeting 70,000 to 72,000 4E PGM ounces following strong production in the
first half of FY2023;
-- Construction of the Lannex MF2 project continues and is scheduled for commissioning towards the end of Q4 FY2023;
-- Back-up power generation projects for Lesedi and Millsell are currently in execution phase with targeted
commissioning during Q4 FY2023;
-- A n updated MRE and Scoping Study is underway to combine the Volspruit North and South Body and to include
rhodium. This is anticipated to be completed by Q1 FY2024 ;
-- Focus remains on operational cost controls and reagent optimisation at all SDO to explore improved efficiencies;
and
-- The Group maintains strong cash reserves to: allow funding of capital expansion and process optimisation
projects; upgrade the Group's exploration and evaluation assets; and return value to shareholders.
Commenting on the Q2 results, Sylvania's CEO, Jaco Prinsloo
said:
"I am pleased with the strong quarterly production of 19,276 4E
PGM ounces achieved by the SDO, delivering higher than planned
ounces benefiting from higher PGM feed grades and improved recovery
efficiencies at the Lannex and Mooinooi operations. Following a
good start to the year, with excellent Q1 and Q2 production
performances, the Board has decided to revise the annual production
target to 70,000 to 72,000 4E PGM ounces for the 2023 financial
year.
"During the period, the Company paid the FY2022 dividend of 8
pence per Ordinary Share, as well as provisional income and royalty
taxes. At 31 December 2022, the Group remains in a strong cash
position allowing it to fund existing capital projects and growth
opportunities and to return value to shareholders.
"During October 2022, the Company announced results of the
initial optimisation studies for the Northern Limb Mineral Assets
and progress continues to be made on the optimisation of value from
these exploration assets. I look forward to receiving the results
from our next phase of work and communicating them to the market as
we pursue these future value drivers as part of the Company's
growth strategy.
"Sylvania's interim financial results will be released on
Tuesday, 21 February 2023 and I, and the Group CFO, Lewanne
Carminati, will be hosting investor webinars and shareholder
meetings over the course of the week of release. I look forward to
engaging with our valued stakeholders during this time."
USD Unit Unaudited Unit ZAR
Q1 FY2023 Q2 FY2023 % Change % Change Q2 FY2023 Q1 FY2023
---------- --------- --------- ---------- ----------
Production
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
691,953 645,832 -7% T Plant Feed T -7% 645,832 691,953
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
1.89 1.94 3% g/t Feed Head Grade g/t 3% 1.94 1.89
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
349,384 341,528 -2% T PGM Plant Feed Tons T -2% 341,528 349,384
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
3.15 3.22 2% g/t PGM Plant Feed Grade g/t 2% 3.22 3.15
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
54.26% 57.78% 6% % PGM Plant Recovery(1) % 6% 57.78% 54.26%
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
19,194 19,276 0% Oz Total 4E PGMs Oz 0% 19,276 19,194
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
24,067 24,630 2% Oz Total 6E PGMs Oz 2% 24,630 24,067
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
2,650 2,432 -8% $/oz 4E Gross basket price(2) R/oz -5% 42,859 45,161
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
Financials(3)
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
36,905 33,113 -10% $'000 Revenue (4E) R'000 -7% 583,437 628,830
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
Revenue (by-products
3,382 3,587 6% $'000 including base metals) R'000 10% 63,210 57,626
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
2,634 357 -86% $'000 Sales adjustments R'000 -86% 6,283 44,879
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
42,921 37,057 -14% $'000 Net revenue R'000 -11% 652,930 731,335
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
Direct operating
11,789 11,382 -3% $'000 costs R'000 0% 200,542 200,876
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
Indirect operating
4,032 4,208 4% $'000 costs R'000 8% 74,137 68,703
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
General and administrative
690 788 14% $'000 costs R'000 18% 13,887 11,756
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
26,423 20,005 -24% $'000 Group EBITDA(5) R'000 -22% 352,486 450,242
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
830 990 19% $'000 Net Interest R'000 23% 17,439 14,147
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
18,621 13,647 -27% $'000 Net profit(5) R'000 -24% 240,468 317,303
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
2,554 3,621 42% $'000 Capital Expenditure R'000 47% 63,802 43,520
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
138,629 123,895 -11% $'000 Cash Balance R'000 -16% 2,112,416 2,509,178
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
R/$ Ave R/$ rate R/$ 3% 17.62 17.04
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
R/$ Spot R/$ rate R/$ -6% 17.05 18.10
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
Unit Cost/Efficiencies
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
SDO Cash Cost Per
614 590 -4% $/oz 4E PGM oz(4) R/oz -1% 10,404 10,465
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
SDO Cash Cost Per
490 462 -6% $/oz 6E PGM oz(4) R/oz -2% 8,142 8,347
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
Group Cash Cost Per
737 751 2% $/oz 4E PGM oz(4) R/oz 5% 13,237 12,563
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
Group Cash Cost Per
588 588 0% $/oz 6E PGM oz(4) R/oz 3% 10,360 10,019
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
All-in sustaining
873 867 -1% $/oz cost (4E) R/oz 3% 15,279 14,876
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
987 1,010 2% $/oz All-in cost (4E) R/oz 6% 17,803 16,823
---------- --------- ------ --------------------------- ------ --------- ---------- ----------
The Sylvania cash generating subsidiaries are incorporated in
South Africa with the functional currency of these operations being
ZAR. Revenues from the sale of PGMs are incurred in USD and then
converted into ZAR. The Group's reporting currency is USD as the
parent company is incorporated in Bermuda. Corporate and general
and administration costs are incurred in USD, GBP and ZAR.
(1) PGM plant recovery is calculated on the production ounces
that include the work-in-progress ounces of approximately 1,500
ounces delivered in January 2023.
(2) The gross basket price in the table is the December 2022
gross 4E basket used for revenue recognition of ounces delivered in
Q2 FY2023, before penalties/smelting costs and applying the
contractual payability.
(3) Revenue (6E) for Q2, before adjustments is $36.7 million (6E
prill split is Pt 51%, Pd 17%, Rh 9%, Au 0%, Ru 16%, Ir 4%).
Revenue excludes profit/loss on foreign exchange.
(4) The cash costs include direct operating costs and exclude
indirect cost for example royalty tax and EDEP payments.
(5) The net profit and Group EBITDA excludes the profit on the
sale of Grasvally Chrome Mine (.APPROX.$1.4 million) previously
held as an asset held for sale.
A. OPERATIONAL OVERVIEW
Health, safety and environment
Health, safety and environment remains a focus area on all
operations and the Company is pleased to report that no significant
occupational health or environmental incidents occurred during the
quarter and that all plants were LTI-free for the period. The
Doornbosch operation remains at 10 years LTI-free, Lesedi achieved
three-years LTI-free during the period and Lannex has exceeded
two-years LTI-free. Mooinooi and Tweefontein have each exceeded
one-year LTI-free .
Operational performance
The SDO delivered 19,276 4E PGM ounces for the quarter. The
overall SDO PGM recovery increased by 6%, and plant feed head grade
increased 3% quarter-on-quarter. PGM ounces were only marginally
higher due to higher concentrate work-in-progress inventory at the
end of December 2022, which was delivered in January 2023.
Lannex in particular achieved a step change improvement in
recovery, following the implementation of a new flotation reagent
regime, whilst Mooinooi achieved significantly improved recovery
efficiencies due to better quality Run of Mine ("ROM") material
received from the host mine during the period.
Despite South Africa experiencing significant Eskom loadshedding
during recent months, production was only impacted to a minor
extent at Lesedi and Millsell, which experienced total downtimes of
five and two days respectively.
SDO operating cash costs per 4E PGM ounce decreased 1% in rand
terms and decreased 4% in dollar terms to ZAR10,404/ounce and
$590/ounce (Q1: ZAR10,465/ounce and $614/ounce) respectively. The
average ZAR:USD exchange rate depreciated by 3% during the
quarter.
The Group incurred capital expenditure of ZAR63.8 million ($3.6
million), in line with planned capital project schedules.
Operational focus areas
The successful implementation of the formal planned maintenance
system at Millsell is expected to improve plant availabilities and
runtime, leading to improved process stability and increased
efficiencies. The roll out of the system at selected priority
operations is underway.
The Mooinooi operation continues to focus on communication with
the host mine in relation to the preferred source of ROM and
associated grades. ROM grades have increased significantly, and
continued efforts are being made to sustain this.
Operational opportunities
Continuous focus on improving availabilities, runtime and
associated stability has improved performance, resulting in an
increase in metal recoveries during the quarter. Reagent
optimisation continues at all plants to explore improved
efficiencies.
Tweefontein MF2 construction is complete, and commissioning
commenced during December 2022. Improved performance is expected
during the current quarter with a steady increase in recoveries at
the operation as the new flotation circuit is optimised. Full
optimisation is planned to be reached during Q3 FY2023. The Lannex
MF2 project is under construction and scheduled for commissioning
towards the end of Q4 FY2023.
Cost management on all operations remains a focus area and costs
have been well controlled during the quarter. Continuous efforts
are being made throughout the SDO to further reduce costs.
B. FINANCIAL OVERVIEW
Financial performance
Revenue (4E) for the quarter decreased by 10% to $33.1 million
(Q1: $36.9 million) impacted by the 8% decrease in the basket price
recorded in December and applied to calculate revenue for ounces
produced and delivered in the quarter but only invoiced in Q3, as
well as the impact of the average USD to ZAR exchange rate changes.
The average 4E gross basket price for the quarter was $2,432/ounce
against $2,650/ounce in Q1. Net revenue for the quarter, which
includes base metals and by-products, and the quarter-on-quarter
sales adjustment was $37.1 million (Q1: $42.9 million). Net revenue
also includes attributable revenue received for ounces produced
from material processed from a third-party on a trial basis.
Group cash costs per 4E PGM ounce increased by 5% in rand terms
from ZAR12,563/ounce to ZAR13,237/ounce and increased 2% in dollar
terms from $737/ounce in the previous quarter to $751/ounce.
General and administrative costs increased from $0.69 million to
$0.79 million. These costs are incurred in USD, GBP and ZAR and are
impacted by the exchange rate fluctuations over the reporting
period.
Group EBITDA for the quarter was $20.0 million (Q1: $26.4
million) and net profit was $13.6 million (Q1: $18.6 million), the
decrease was primarily a result of the lower basket price and
slightly higher costs.
The Group cash balance was $123.9 million at the quarter end
(Q1: $138.6 million). The cash dividend for FY2022 of 8 pence per
Ordinary Share, amounting to $25.6 million, was paid in December
2022 as well as the payment of provisional income and royalty taxes
of $10.8 million (ZAR189.7 million) and $2.7 million (ZAR47.9
million) respectively.
Cash generated from operations before working capital movement
was $19.9 million, with net changes in working capital amounting to
$2.2 million, which is mainly due to the changes in trade debtors
and trade creditors. As trade debtors arise from the concentrate
delivered in the quarter but paid for in the following quarter per
the off-take agreement, the decrease in basket price during Q2
resulted in a lower trade debtors balance quarter-on-quarter.
The Group spent $3.6 million on capital for the quarter compared
to $2.6 million in the previous quarter.
The impact of exchange rate fluctuations on cash held at the end
of Q2 FY2023 was $2.2 million profit due to the spot ZAR to USD
exchange rate at 31 December 2022 appreciating by 6%.
C. MINERAL ASSET DEVELOPMENT
Volspruit Project
During October 2022, the Company announced results of the
initial Scoping Study for the Volspruit exploration asset located
on the northern limb of the Bushveld complex and which focussed on
the North Body of the project area. The North Body constitutes
approximately 58% of the total project area and indicated a
positive investment return based on a conservative set of
assumptions used at the time. While the initial Volspruit Scoping
Study economics for the North Body do not meet the Company's
internal investment criteria and would not currently support a
formal investment decision, the inclusion of the rhodium resource,
which was excluded in the initial study due to classification of
available data at the time, and the inclusion of additional ore
from the South Body material could contribute upside potential.
In the first quarter of the current financial year the studies
continued on the basis of including the South Body and rhodium
resource in an updated Scoping Study. The relogging of the
Volspruit South Body commenced and is near completion and the
sampling of the historical core will be undertaken during the third
quarter to provide a full PGM assay (6E), which includes platinum,
palladium, rhodium, gold, ruthenium and iridium grades. The logging
and sampling data will be subject to a MRE during the fourth
quarter, with the results thereof becoming available during Q1
FY2024. Upon completion of these studies an updated MRE which
includes a rhodium resource, and a Preliminary Economic Assessment
("PEA") across both the North and South Bodies will be
published.
We continue to meet the investment and workstream requirements
relating to the permits under the existing Mining Right, with
specialist technical teams currently working on the authorisations.
These authorisations include the Water Use Licence for the mining
and on-site processing of the ore, updating of the Environmental
Impact Assessment ("EIA") and the finalisation of the amended
Social and Labour Plan ("SLP") which will update the Local Economic
Development
("LED") project that is included in the Mining Right held by the
Company.
Far Northern Limb Projects
Following the declaration of an updated JORC compliant Mineral
Resource over the La Pucella exploration asset, an initial target
area of the Aurora Project, and the exciting discovery of the
presence of the attractive near surface T-Zone, as announced during
October 2022, further resource optimisation work continues to
ensure future value can be captured from these assets.
A concept level mining study over the JORC compliant Mineral
Resource at La Pucella is currently in progress with initial
results identifying the potential to improve the project valuation
by increasing the volume of the Mineral Resource. The relogging of
boreholes in the strike extension immediately north of La Pucella,
into the Nonnenworth area, was completed during the quarter. A new
geological interpretation will now be completed with the aim of
increasing the mineral resource. An infill drilling programme is
planned to start during Q3 FY2023 on the approximately 2km of the
Nonnenwerth area to provide the required samples to subject the
increased area to an MRE. This will then allow for approximately
25% of the strike length held in Mining Rights by the Company to be
subject to an updated PEA rather than initial 12% for La Pucella
only. This is expected to be completed during Q2 in FY2024.
A re-assay programme will run concurrently with the infill
drilling programme to improve the analytical confidence for the
rhodium, copper and nickel deposits over the La Pucella study area.
The re-assay programme will further include the analysis of iridium
and ruthenium to ensure that a full range of metals is
considered.
The previous reported exploration results subjected to an MRE
has been completed for the Hacra Project where a maiden Inferred
Resource has been declared on the deep underground study area. A
relogging project of historical core commenced during Q2 FY2023 and
will be completed during Q3 FY2023. The relogged data will be
subject to an MRE during Q3 and Q4 FY2023 and will provide an
updated MRE for the Hacra Project including the maiden deep level
Inferred Resource completed and the near surface Mineral Resource
located in the south of the project area at the financial year
end.
D. CORPORATE ACTIVITIES
Cancellation of Ordinary Shares
The Company announced on 16 December 2022 that it had cancelled
1,155,657 ordinary shares of $0.01 each ("Ordinary Shares") held in
treasury.
Following the cancellation, the Company's issued share capital
is 279,000,000 Ordinary Shares, of which a total of 12,199,212
Ordinary Shares are held in treasury. Therefore, the total number
of Ordinary Shares with voting rights in Sylvania is 266,800,788
Ordinary Shares.
Interim financial results announcement
The Company will announce its interim results for the six months
ended 31 December 2022 on Tuesday 21 February 2023.
Analyst presentation
The Company will be hosting a webinar for analysts on the day of
release of its interim results. To register your interest, please
email sylvania@BlytheRay.com.
Online investor presentation
Sylvania's CEO, Jaco Prinsloo, and CFO, Lewanne Carminati, will
host a live investor presentation, via the Investor Meet Company
platform, on Wednesday 22 February 2023 at 12:00 GMT.
The Company is committed to ensuring that there are appropriate
communication channels for all elements of its shareholder base so
that its strategy, business model and performance are clearly
understood.
The presentation is open to all existing and potential
shareholders. Questions can be submitted pre-event via the Investor
Meet Company dashboard up until 09.00 GMT the day before the
meeting or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and
include Sylvania Platinum Limited via
https://www.investormeetcompany.com/sylvania-platinum-limited/register-investor
Investors who have already registered and elected to meet the
Company, will be automatically invited.
CONTACT DETAILS
For further information, please
contact:
Jaco Prinsloo CEO
Lewanne Carminati CFO +27 11 673 1171
Nominated Adviser and Broker
Liberum Capital Limited +44 (0) 20 3100 2000
Richard Crawley / Scott Mathieson
/ Kane Collings
Communications
BlytheRay +44 (0) 20 7138 3205
Tim Blythe / Megan Ray / Rachael sylvania@BlytheRay.com
Brooks
CORPORATE INFORMATION
Registered and postal Sylvania Platinum Limited
address:
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
SA Operations postal PO Box 976
address:
Florida Hills, 1716
South Africa
Sylvania Website : www.sylvaniaplatinum.com
About Sylvania Platinum Limited
Sylvania Platinum is a lower-cost producer of platinum group
metals (PGM) (platinum, palladium and rhodium) with operations
located in South Africa. The Sylvania Dump Operations (SDO)
comprises six chrome beneficiation and PGM processing plants
focusing on the retreatment of PGM-rich chrome tailings materials
from mines in the Bushveld Igneous Complex. The SDO is the largest
PGM producer from chrome tailings re-treatment in the industry. The
Group also holds mining rights for PGM projects in the Northern
Limb of the Bushveld Complex.
For more information visit https://www.sylvaniaplatinum.com/
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse regulation (EU) no.596/2014 as amended by the
Market Abuse (Amendment) (EU Exit) Regulations 2019.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of the Company by Jaco Prinsloo.
ANNEXURE
GLOSSARY OF TERMS FY2023
The following definitions apply throughout the period:
4E PGM ounces include the precious metal elements Platinum,
4E PGMs Palladium, Rhodium and Gold
6E ounces include the 4E elements plus additional Iridium
6E PGMs and Ruthenium
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AGM Annual General Meeting
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AIM Alternative Investment Market of the London Stock Exchange
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All-in sustaining Production costs plus all costs relating to sustaining current
cost production and sustaining capital expenditure.
--------------------------------------------------------------------
All-in sustaining cost plus non-sustaining and expansion
All-in cost capital expenditure
--------------------------------------------------------------------
Fresh chrome tails from current operating host mines processing
Current risings operations
--------------------------------------------------------------------
DMRE Department of Mineral Resources and Energy
--------------------------------------------------------------------
EBITDA Earnings before interest, tax, depreciation and amortisation
--------------------------------------------------------------------
EIA Environmental Impact Assessment
--------------------------------------------------------------------
EIR Effective interest rate
--------------------------------------------------------------------
EMPR Environmental Management Programme Report
--------------------------------------------------------------------
ESG Environment, Social and Governance
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GBP Pounds Sterling
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IFRIC International Financial Reporting Interpretation Committee
--------------------------------------------------------------------
IFRS International Financial Reporting Standards
--------------------------------------------------------------------
JORC Australian Joint Ore Reserves Committee
--------------------------------------------------------------------
LSE London Stock Exchange
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LTI Lost-time injury
--------------------------------------------------------------------
LTIFR Lost-time injury frequency rate
--------------------------------------------------------------------
MF2 Milling and flotation technology
--------------------------------------------------------------------
MPRDA Mineral and Petroleum Resources Development Act
--------------------------------------------------------------------
MRA Mining Right Application
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MRE Mineral Resource Estimate
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NWA National Water Act 36 of 1998
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Platinum group metals comprising mainly platinum, palladium,
PGM rhodium and gold
--------------------------------------------------------------------
PDMR Person displaying managerial responsibility
--------------------------------------------------------------------
PEA Preliminary Economic Assessment
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Pipeline ounces 6E ounces delivered but not invoiced
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Revenue recognised for ounces delivered, but not yet invoiced
Pipeline revenue based on contractual timelines
--------------------------------------------------------------------
Pipeline sales Adjustments to pipeline revenues based on the basket price
adjustment for the period between delivery and invoicing
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PFS Pre-Feasibility Study
--------------------------------------------------------------------
Project Echo Secondary PGM Milling and Flotation (MF2) program announced
in FY2017 to design and install additional new fine grinding
mills and flotation circuits at Millsell, Doornbosch, Tweefontein,
Mooinooi and Lesedi.
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Revenue (by products) Revenue earned on Ruthenium, Iridium, Nickel and Copper
--------------------------------------------------------------------
Rh Rhodium
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ROM Run of mine
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SDO Sylvania dump operations
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Sylvania Sylvania Platinum Limited, a company incorporated in Bermuda
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TRIFR Total recordable injury frequency rate
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TSF Tailings storage facility
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UNSDGs United Nations Sustainability Development Goals
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USD United States Dollar
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WULA Water Use Licence Application
--------------------------------------------------------------------
UK United Kingdom of Great Britain and Northern Ireland
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ZAR South African Rand
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IR WPUMUGUPWUQU
(END) Dow Jones Newswires
January 30, 2023 02:00 ET (07:00 GMT)
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