Sylvania Platinum Limited’s H125 results provided insightful disclosure around the Thaba joint venture (JV) accounting treatment and guidance on the outlook. We have taken the opportunity to recalibrate our modelling to allow for the meaningful pick-up in capital expenditure, the updated cost outlook and the treatment of Sylvania’s loan to the JV partner, Limberg Mining Company. Considering the current uncertain global environment, we have increased the conservatism in our forecasts, which has resulted in a 6.8% lower valuation of 99.6p/share, which is well ahead of current trading levels. Sylvania's meaningful gearing to a PGM recovery, especially in rhodium prices, remains.
18 March 2025
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