Sylvania Platinum’s production in Q226 remained strong at 24,642oz for 4E platinum group metals (PGMs), slightly up on the previous record in Q126. PGM prices started rallying in December 2025, ahead of our expectations. Our new PGM forecasts are between 50% and 90% higher for FY26, driving earnings upgrades. We upgrade FY26 EPS by 52% to 35.2 US cents, FY27 EPS by 133% to 64.8 US cents and FY28 EPS by 143% to 69.0 US cents. Allowing for PGM prices to reverse from FY29 towards our long-term assumptions has resulted in a 24.8% increase in our valuation to 195p per share.

Sylvania’s production in Q126 continued to accelerate, reaching a record high of 24,522oz for 4E platinum group metals (PGMs) and 31,234oz for 6E. Net profit continued to recover thanks to record production, a rising PGM basket price and healthy unit cost control. We lift our FY26 4E forecast to 92,000oz, ahead of company guidance, and as a result upgrade our FY26 EPS by 7.3% to 23.18 US cents. We also introduce small earnings upgrades for FY27 and FY28 and increase our valuation by 2% to 156p/share.

Sylvania’s strong FY25 production and a higher platinum group metals (PGM) basket price resulted in 2.9x higher EPS of 7.7 US cents versus our forecast of 5.1 US cents. Our outlook for the Sylvania Dump Operations (SDO) is largely unchanged, except for a slight (3.3%) increase in cost forecasts due to a weaker dollar. The outlook for the Thaba joint venture (JV) has improved, thanks to attractive chrome prices, despite a slower ramp-up to steady-state production. We reduce our FY26 EPS by 6% to 21.6 US cents to allow for a slower ramp-up and a weaker dollar, with longer-term forecasts benefiting from a higher chrome price forecast. Our valuation is unchanged at 152.9p/share, with a 3.2% lower SDO valuation (weaker dollar) offset by a higher JV valuation (on higher chrome forecasts).