TIDMSLP
RNS Number : 4673H
Sylvania Platinum Limited
27 July 2023
The following amendments have been made to the Fourth Quarter
Report to 30 June 2023 announcement released by Sylvania Platinum
Limited on 27 July 2023 at 07:00 under RNS No 3965H
In the Table following the Disclaimer in the "PGM Plant Feed
Grade(g/t)" Row under the ZAR table section (right side of table)
figures for Q4 and Q3:
The figure for Q4 FY2023 was changed from 2.98 to 2.89 and the
figure for Q3 FY2023 was changed from 2.89 to 2.98
All other details remain unchanged.
The full amended text is shown below.
27 July 2023
Sylvania Platinum Limited
("Sylvania", the "Company" or the "Group")
Fourth Quarter Report to 30 June 2023
Sylvania (AIM: SLP), the platinum group metals ("PGM") producer
and developer with assets in South Africa, announces its results
for the quarter ended 30 June 2023 ("Q4" 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 19,072 4E (24,383 6E) PGM ounces in Q4 (Q3: 17,926 4E (22,884 6E) PGM
ounces);
-- SDO produced 75,469 4E (95,965 6E) PGM ounces for FY2023 (FY2022: 67,053 4E PGM ounces; 85,659 6E PGM ounces)
-- Exceeded production forecast for the year, which had previously been increased from 72,000 to 74,000 4E PGM
ounces;
-- Paid first interim dividend of 3 pence per Ordinary Share on 6 April 2023;
-- SDO recorded $24.4 million net revenue for the quarter (Q3: $26.5 million);
-- Group EBITDA of $7.8 million (Q3: $9.8 million);
-- Group cash balance of $125.0 million as at 30 June 2023 (Q3: $144.2 million), the reduction primarily due to
periodic tax payments of $13.7 million, dividend payments of $9.9 million and share buybacks of $3.6 million
during the quarter;
-- Doornbosch achieved 11-years Lost-Time Injury ("LTI") free during June 2023;
-- Successful commissioning of Tweefontein MF2 improves metal recoveries;
-- Optimisation of blending improved results, especially at the Eastern operations; and
-- Pilot-scale work on Pelletizer project completed, the Company is currently engaging potential industry partn ers
to assess the commercial viability of the technology.
Outlook
-- Re-mining of Dam 6A at the Mooinooi Plant has commenced with the focus on optimising the blend to ensure the
planned grade profile is achieved;
-- The commissioning of the Lannex MF2 flotation circuit is expected to commence in Q1 FY2024, which will further
improve PGM recovery efficiencies;
-- Continuous operational performance improvements relating to the optimisation of feed sources, throughput,
recoveries, and cost saving initiatives implemented;
-- The updated Mineral Resource Estimate ("MRE") at Volspruit is expected to be completed during Q1 FY2024, and the
Preliminary Economic Assessment ("PEA") for the entire project is expected during Q3 FY2024; and
-- The Group maintains strong cash reserves to allow funding of expansion and process optimisation capital and
upgrading of the Group's exploration and evaluation assets with the potential to return value to shareholders.
Commenting on the Q4 results, Sylvania's CEO, Jaco Prinsloo
said:
"I am very pleased with the strong finish to the financial year
where the SDO achieved 19,072 ounces for the quarter. This
performance was achieved on the back of a solid production effort
from all operations, with all plants exceeding production
throughput targets, as well as the contribution of the Tweefontein
MF2 circuit that also added to our performance.
"The 18% lower PGM basket price received during the quarter
impacted both the 4E revenue as well as the sales adjustment for
the quarter. Consequently, revenues and profits were lower than in
Q3, but still resulted in a strong cash position after the payment
of taxes, first interim dividends, and share buybacks during the
period.
"On the cost front, SDO cash costs increased 1% in rand and
decreased 4% in dollar terms, benefitting from the higher ounces
produced and weaker exchange rate , but operations are still
navigating higher global cost inflation impacts and thus operating
cost focus remains a priority.
"Despite the challenging macro environment, I am pleased with
the significantly improved production performance of the SDO for Q4
which resulted in the Company achieving PGM production of 75,469
ounces for FY2023, exceeding our increased guidance for the
year."
Disclaimer
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.
USD Unit Unaudited Unit ZAR
Q3 FY2023 Q4 FY2023 % Change Q4 FY2023 Q3 FY2023 % Change
----------------- --------- ------------- -------------- ---------
Production
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
575,973 702,236 22% T Plant Feed T 702,236 575,973 22%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
1.92 1.81 -6% g/t Feed Head Grade g/t 1.81 1.92 -6%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
PGM Plant Feed
322,366 359,658 12% T Tons T 359,658 322,366 12%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
PGM Plant Feed
2.98 2.89 -3% g/t Grade g/t 2.89 2.98 -3%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
PGM Plant
55.58% 57.01% 3% % Recovery(1) % 57.01% 55.58% 3%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
17,926 19,072 6% Oz Total 4E PGMs Oz 19,072 17,926 6%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
22,884 24,383 7% Oz Total 6E PGMs Oz 24,383 22,884 7%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
4E Gross basket
1,932 1,581 -18% $/oz price(2) R/oz 29,524 34,305 -14%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
Financials(3)
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
25,034 21,826 -13% $'000 Revenue (4E) R'000 407,707 444,488 -8%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
Revenue
(by-products
including base
3,193 3,454 8% $'000 metals) R'000 64,526 56,681 14%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
(1,717) (859) -50% $'000 Sales adjustments R'000 (16,056) (30,486) -47%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
26,510 24,421 -8% $'000 Net revenue R'000 456,177 470,683 -3%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
Direct operating
12,337 12,577 2% $'000 costs R'000 234,945 219,045 7%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
Indirect
operating
3,404 2,939 -18% $'000 costs R'000 54,899 60,434 -9%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
General and
administrative
733 701 -4% $'000 costs R'000 13,095 13,018 1%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
9,784 7,806 -20% $'000 Group EBITDA(5) R'000 145,816 173,764 -16%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
1,581 1,784 13% $'000 Net Interest R'000 33,325 28,079 19%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
6,112 3,136 -49% $'000 Net profit(5) R'000 58,580 108,549 -46%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
Capital
1,864 6,185 232% $'000 Expenditure R'000 115,537 33,106 249%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
144,182 124,983 -13% $'000 Cash Balance R'000 2,360,929 2,567,881 -8%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
R/$ Ave R/$ rate R/$ 18.68 17.76 5%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
R/$ Spot R/$ rate R/$ 18.89 17.81 6%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
Unit
Cost/Efficiencies
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
SDO Cash Cost Per
688 660 -4% $/oz 4E PGM oz(4) R/oz 12,319 12,219 1%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
SDO Cash Cost Per
539 516 -4% $/oz 6E PGM oz(4) R/oz 9,636 9,572 1%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
Group Cash Cost
Per
843 824 -2% $/oz 4E PGM oz(4) R/oz 15,392 14,972 3%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
Group Cash Cost
Per
660 645 -2% $/oz 6E PGM oz(4) R/oz 12,049 11,722 3%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
All-in sustaining
932 881 -5% $/oz cost (4E) R/oz 16,446 16,548 -1%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
1,007 1,159 15% $/oz All-in cost (4E) R/oz 21,642 17,883 21%
----------------- --------- ------ ------------------ ------ ------------- -------------- ---------
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.
(2) The gross basket price in the table is the June 2023 gross
4E basket used for revenue recognition of ounces delivered in Q4
FY2023, before penalties/smelting costs and applying the
contractual payability.
(3) Revenue (6E) for Q4, before adjustments is $25.1 million (6E
pill split is Pt 52%, Pd 17%, Rh 9%, Au 0%, Ru 17%, Ir 5%). Revenue
excludes profit/loss on foreign exchange.
(4) The cash costs include direct operating costs and exclude
indirect cost for example royalty tax and Employee Dividend
Entitlement Plan ("EDEP") payments.
A. OPERATIONAL OVERVIEW
Health, safety and environment
The Company is pleased to report that no significant
occupational health or environmental incidents occurred during the
quarter. The Doornbosch operation achieved 11 years LTI-free on 26
June 2023, which is a remarkable achievement by industry and global
standards, and management are exceptionally proud of the Doornbosch
team. Lannex achieved three years LTI free during the period and
Millsell and Tweefontein are now both LTI-free for more than a
year.
Operational performance
The SDO delivered 19,072 4E PGM ounces for the quarter. This 6%
improvement in PGM ounces was enabled by a 12% improvement in PGM
feed tons and 3% improvement in PGM recoveries , while the plant
feed head grade decreased 6% quarter-on-quarter.
The Tweefontein MF2 circuit has been optimised following
commissioning in Q2 FY2023 and continues to contribute to improved
recoveries. The commissioning of the Lannex MF2 flotation circuit
is expected to commence in Q1 FY2024 with the fine grinding circuit
to commence towards the end of Q2 FY2024. Progressive improvement
in recoveries is expected at Lannex from Q2 FY2024.
Load curtailment continued to impact the performance of the
Lesedi operation contributing to 221 hours downtime during the
first two months of the quarter, but fortunately no other
operations were materially affected. The procurement, installation
and commissioning of the back-up generator for Lesedi is expected
to be complete by the end of Q1 FY2024.
SDO operating cash costs per 4E PGM ounce increased 1% in rand
terms and decreased 4% in dollar terms to ZAR12,319/ounce and
$660/ounce (Q3: ZAR12,219/ounce and $688/ounce) respectively. The
average ZAR:USD exchange rate depreciated by 5% during the
quarter.
The Group incurred capital expenditure of ZAR115.5 million ($6.2
million), in line with planned capital project schedules. The main
contributors were ZAR25.6 million ($1.4 million) spent on Lannex
MF2, ZAR24.3 million ($1.3 million) on various Tailings Storage
Facilities, and ZAR3.1 million ($0.17 million) on exploration.
Operational focus areas
Overall operational performance has been excellent with
production guidance exceeded for the quarter and for the financial
year. Management continues to focus on optimisation of feed
sources, blending strategy and reagent regimes to further enhance
performance. ROM grades received from the host mine remain on
target and collaboration is ongoing regarding further improvements
in this area.
Water consumption at the Lesedi re-mining operations and the
re-mining operation of Dam 6A at the Mooinooi Plant that commenced
during the quarter remains a focus area, as well as optimal
blending to ensure the planned grade profile is achieved.
Focus also remains on final PGM concentrate quality through
optimisation of mass pull, concentrate grade and metal recoveries
to contribute positively towards the revenue stream of the
Group.
Operational maintenance has improved resulting in higher
equipment availabilities and throughput for the quarter, Roll-out
of the maintenance system is ongoing.
The decreasing metal prices and resultant impact on margins have
reinforced the importance of managing operating costs and prudent
capital spend. Operating costs continue to be reviewed on a regular
basis.
Operational opportunities
Continuous operational performance improvements relating to the
optimisation of feed sources, throughput, recoveries and cost
saving initiatives have been identified and are achievable. This
includes test work on optimising the reagent regimes on all
operations.
Construction of the Lannex MF2 Plant is on target to commence
commissioning in the latter part of Q1 FY2024, with commissioning
of the fine grinding circuit to follow during Q2 FY2024.
The Company's Pelletizer project, developed in partnership with
a 'binding technology' player, has progressed well. Pilot-scale
work has been completed and potential industry partners are being
engaged to assess the commercial viability of the technology.
B. FINANCIAL OVERVIEW
Financial performance
Revenue (4E) for the quarter decreased by 13% to $21.8 million
(Q3: $25.0 million) impacted by the 18% decrease in the basket
price recorded in June and applied to calculate revenue for ounces
produced and delivered in the quarter. These deliveries are
invoiced in the following quarter and revenue will be adjusted in
the month of invoice. The average 4E gross basket price for the
quarter was $1,581/ounce against $1,932/ounce in Q3, impacted
mainly by the drop in rhodium and palladium prices.
Net revenue for the quarter, which includes base metals and
by-products and the quarter-on-quarter sales adjustment, was $24.4
million (Q3: $26.5 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 3% in rand terms
from ZAR14,972/ounce to ZAR15,392/ounce. A 2% decrease in dollar
terms from $843/ounce in the previous quarter to $824/ounce was due
to the 5% depreciation in ZAR/USD average exchange rate quarter on
quarter.
General and administrative costs decreased from $0.73 million to
$0.70 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 $7.8 million (Q3: $9.8 million)
and net profit was $3.1 million (Q3: $6.1 million), the decrease
was primarily a result of the lower basket price and higher
costs.
The Group cash balance for the quarter was $125.0 million (Q3:
$144.2 million). Dividend withholding tax of $1.3 million,
provisional income tax of $9.9 million and mineral royalty tax of
$2.5 million were paid to the South African Revenue Services during
Q4. The Company paid its first cash interim dividend of 3 pence per
Ordinary Share amounting to $9.9 million on 6 April 2023 to all
shareholders on the register at the close of business on 3 March
2023. A further $3.6 million was spent on the share buyback
programme during the quarter. The Group spent $6.2 million on
capital during Q4 (Q3: $1.9 million), comprising of $0.2 million on
exploration projects and $6.0 million on improvement and stay in
business capital. The increase in capital spend is mainly due to
the work on tailings dams at various plants as well as the MF2
project at Lannex and was in line with planned capital project
schedules.
Cash generated from operations before working capital movement
was $7.8 million. Net changes in working capital amounted to $4.1
million, which is mainly due to the decrease in trade debtors of
$4.9 million as a result of lower commodity prices in Q4.
The impact of exchange rate fluctuations on cash held at the end
of Q4 FY2023 was ZAR37.6 million ($2 million) loss as a result of
the weakening 6.1% of the ZAR to USD at 30 June 2023.
C. MINERAL ASSET DEVELOPMENT
The Group holds approved and executed Mining Rights for various
mineral asset projects on the Northern Limb of the Bushveld Igneous
Complex located in South Africa which are currently in the
exploration and optimisation stage. Detailed studies are underway
on both the Volspruit and Far Northern Limb PGM project areas to
determine how best to optimise the respective projects. Continued
progress has been made in understanding the approach of unlocking
the mineral potential on these projects to generate value for
shareholders.
Volspruit Project
Following the release of the Exploration Results and Resource
Statement in October 2022, the scope for the remainder of FY2023
was to optimise the reinterpreted Mineral Resource on the North
Body which included a complete relogging programme, metallurgical
drilling for recovery test work and sampling for the inclusion of
rhodium ("Rh"), ruthenium ("Ru"), and iridium ("Ir"). In addition,
further work is being conducted on the South Body resource, which
has the potential to increase overall tonnages by up to 40%. All
relogging of the existing core over the North and South Body is
complete. All required samples have been submitted for 6E PGMs
assay with results expected imminently. The updated MRE is expected
to be completed during Q1 FY2024, and the PEA for the entire
project expected during Q3 FY2024. This marks a slight delay from
the previous reporting schedule as further sampling and additional
assays were required to validate the existing dataset.
The permitting requirements under the Mining Right as
communicated in the interim report continues. The Water-Use
Licence, updating of the Environmental Impact Assessment and
finalisation of the Social and Labour Plan are all included within
these activities. Submission of the application will commence in
the first quarter of FY2024 with the process expected to take up to
14 months for finalisation from the relevant authorities.
Far Northern Limb Projects
Optimisation studies to determine the continuation of the newly
discovered T-Zone as reported in the Exploration Results and
Resource Statement in October 2022 continues. Relogging of
historical core from the farms La Pucella, Nonnenwerth and Harriets
Wish has been completed confirming the geological re-interpretation
along two thirds of the full strike length of the project area.
Exploration programmes are currently being designed to maximise the
potential of the project area.
MRE studies for the Hacra North underground Target are under
review, while the relogging of the near-surface mineralisation
located in the south of the property is currently undergoing
validation and will be subject to ongoing study during the first
half of FY2024.
D. CORPORATE ACTIVITIES
Share Buyback and Cancellation
During the period, the Company conducted a Share Buyback and
bought back a total of 3,624,275 Ordinary Shares at an average
price of 79.36 pence per share, equating to $3.6 million in
aggregate. The purpose of the Share Buyback was to reduce the share
capital of the Company.
Additionally, during the period, the Company acquired 116,250
Ordinary Shares of $0.01 each in the Company ("Ordinary Shares")
from employees. The Ordinary Shares were purchased at the 30-day
VWAP price of 90.4148 pence per Ordinary Share and placed into
Treasury.
Post year-end, on 14 July 2023, the Company announced that
3,624,275 Ordinary Shares held in Treasury had been cancelled.
Following this share cancellation, the Company's issued share
capital is 275,375,725 Ordinary Shares, of which, a total of
12,315,461 Ordinary Shares are held in Treasury. Therefore, the
total number of Ordinary Shares with voting rights in Sylvania is
263,060,264 Ordinary Shares.
Notice of Annual Results: Investor presentation
The Company confirms it will announce its Final Results for the
year ended 30 June 2023 on Thursday, 7 September 2023.
Sylvania's CEO, Jaco Prinsloo, and CFO, Lewanne Carminati, will
host a live investor presentation, via the Investor Meet Company
platform, on 7 September 2023 at 12:00 BST.
The presentation is open to all existing and potential
shareholders. Questions can be submitted pre-event via your
Investor Meet Company dashboard up until 9.00am the day before the
meeting or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add
to meet Sylvania via:
https://www.investormeetcompany.com/sylvania-platinum-limited/register-investor
Investors who already follow Sylvania on the Investor Meet
Company platform will automatically be 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 sylvania@BlytheRay.com
CORPORATE INFORMATION
Registered and postal address: Sylvania Platinum Limited
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
SA Operations postal address: PO Box 976
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/
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
--------------------------------------------------------------------
AGM Annual General Meeting
--------------------------------------------------------------------
AIM Alternative Investment Market of the London Stock Exchange
--------------------------------------------------------------------
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
--------------------------------------------------------------------
EDEP Employee Dividend Entitlement Plan
--------------------------------------------------------------------
EIA Environmental Impact Assessment
--------------------------------------------------------------------
EIR Effective interest rate
--------------------------------------------------------------------
EMPR Environmental Management Programme Report
--------------------------------------------------------------------
ESG Environment, Social and Governance
--------------------------------------------------------------------
GBP Pounds Sterling
--------------------------------------------------------------------
IFRIC International Financial Reporting Interpretation Committee
--------------------------------------------------------------------
IFRS International Financial Reporting Standards
--------------------------------------------------------------------
JORC Australian Joint Ore Reserves Committee
--------------------------------------------------------------------
LSE London Stock Exchange
--------------------------------------------------------------------
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
--------------------------------------------------------------------
MRE Mineral Resource Estimate
--------------------------------------------------------------------
NWA National Water Act 36 of 1998
--------------------------------------------------------------------
Platinum group metals comprising mainly platinum, palladium,
PGM rhodium and gold
--------------------------------------------------------------------
PDMR Person displaying managerial responsibility
--------------------------------------------------------------------
PEA Preliminary Economic Assessment
--------------------------------------------------------------------
Pipeline ounces 6E ounces delivered but not invoiced
--------------------------------------------------------------------
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
--------------------------------------------------------------------
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.
--------------------------------------------------------------------
Revenue (by products) Revenue earned on Ruthenium, Iridium, Nickel and Copper
--------------------------------------------------------------------
Rh Rhodium
--------------------------------------------------------------------
ROM Run of mine
--------------------------------------------------------------------
SDO Sylvania dump operations
--------------------------------------------------------------------
Sylvania Sylvania Platinum Limited, a company incorporated in Bermuda
--------------------------------------------------------------------
TRIFR Total recordable injury frequency rate
--------------------------------------------------------------------
TSF Tailings storage facility
--------------------------------------------------------------------
UNSDGs United Nations Sustainability Development Goals
--------------------------------------------------------------------
USD United States Dollar
--------------------------------------------------------------------
WULA Water Use Licence Application
--------------------------------------------------------------------
UK United Kingdom of Great Britain and Northern Ireland
--------------------------------------------------------------------
ZAR South African Rand
--------------------------------------------------------------------
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END
DRLFLFIEDTIDFIV
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