Sylvania Platinum - Well set for robust long-term PGM prices
Sylvania’s Q223 results did not match the strong Q1, reflecting a blend of price, cost and fx moves. However, production guidance for the year was increased to 70–72koz, from 68–70koz. We have lowered our near-term platinum group metals (PGM) price outlook, with a weaker trend in rhodium and palladium over the next two to three years, but strengthening from FY26. We have increased our forward price estimates for platinum. On the back of this, we reduce our FY23 and FY24 PBT estimates by c 10% and 17% respectively. Management has announced that an updated mineral resource estimate (MRE) and scoping study combining the Volspruit North and South Body, to include rhodium, is expected in Q1 FY24. We see this as offering significant potential upside.
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