Sylvania Platinum reported record quarterly revenue of US$78.7m in Q326, with healthy 4E platinum group metals (PGMs) production (22,853oz, down 7% on the Q226 record), strong PGM prices and a growing chrome contribution. The company expects to achieve or exceed FY26 4E PGM production guidance, but lowered its chrome production guidance due to further weather-related and other challenges as the Thaba joint venture (JV) ramps up to full production. Q326 saw high cost growth, affected by dollar weakness and higher royalty tax. We have cut our FY26e EPS by 19.6% to 28.3 US cents, largely due to the US$12.3m impairment of exploration assets during H126. Our FY27 and FY28 EPS forecasts have been lifted by 1.5% and 2.5% respectively. Our valuation is unchanged at 195p per share.

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.