Aim-listed Sylvania Platinum’s Sylvania Dump Operations (SDO) and Thaba Joint Venture (JV) delivered combined record production of 25 971 oz of platinum, palladium, rhodium and gold (4E) platinum group metals (PGMs) in the first quarter of the company’s 2027 financial year.

At the Thaba JV, ongoing mining performance and run-of-mine (RoM) feed quality issues were offset by the sourcing of third-party ore alongside improved plant stability, increased run times and higher processing throughput resulting in a significantly improved quarterly chrome production, increasing by 67%, to 29 799 t for the quarter ended September 30.

The group generated $62.9-million in net revenue for the quarter, a 30% increase quarter-on-quarter, owing to the higher PGM production and an increase in the 4E gross basket price.

Adjusted group earnings before interest, taxes, depreciation and amortisation (Ebitda) for the period was $24.7-million, a 47% increase quarter-on-quarter, primarily driven by the higher net revenue.

Group cash balance increased by 19% quarter-on-quarter to $79.7 million.

Sylvania is targeting production of 85 000 to 95 000 4E PGM ounces a year and 110 000 t to 140 000 t of attributable chrome concentrate for the full 2027 financial year.

“I am pleased to report that the company had another record quarter at the SDO, with the declared production of 25 971 oz of 4E, compared with 23 868 oz of 4E in the fourth quarter of the 2026 financial year, with no lost-time injuries across operations, reflecting our continuous focus on safe, profitable production,” says Sylvania CEO Jaco Prinsloo.

Prinsloo notes that the Thaba JV also delivered an improved processing performance during the quarter, in line with the company’s forecast for the period.

He adds that improved plant stability, increased run times and higher processing throughput contributed to a substantial increase in chrome concentrate and PGM production during the quarter, supported by the sourcing of third-party ore while the host mine continues to underperform against plan.

Prinsloo says the company is engaging extensively with its JV partner, Limberg Mining Company, regarding action plans to improve overall mining performance and RoM feed quality delivered to the plant, as well as potential revised terms of supply to mitigate the impact of current RoM quantity, cost and quality.

From a financial perspective, Prinsloo says the average 4E gross basket price increased by 6% in US dollar, and 4% in rand, terms, while chrome sales of $3.6-million were recorded during the period.

Consequently, net revenue increased by 30% to $62.9-million and adjusted group Ebitda increased by 47% to $24.7-million, owing to a combination of the 6% increase in 4E gross basket price and a 9% increase in group 4E PGM production.