Member Info for artrader

I'm sure that 1up was talking about the SP and not the dividend £1.20 is far too low a call.

With regards to the interim results I'm not expecting a crowd pleaser unless the production figures are on par with Q1 as the guidance was unchanged;

"Following an impressive quarter, guidance for FY2026 remains unchanged at 83,000 to 86,000 4E PGM ounces with chromite concentrate target of 100,000 to 130,000 tons." but we all know that he is keeping something in the tank to increase the guidance in the next report.

31,0000oz in Q1 included some 'bought in' material with higher yields but also with higher costs so the margin in Q1 was diluted because of this and higher taxes. I expect Q2 to show a much lower AISC and if they hit 22,000 oz with the basket price of $2300 it will be on par but if they keep up the production levels of Q1 it will blow all estimates.

Then taking into account todays basket prices 4E $3150 and 6E $3000 - The 6E basket price has jumped so imagine 31,000 oz at $3000 ?????

Maybe then a 12p divi but an SP nearer £2

The start up production of Chromite in Q1 appears to be 4,500 tons however we are not sure when they actually started production as training was taking in that period too so difficult to judge how that's going but the guidance is unchanged at 100,000-130,000 tons so all is looking good for production in Q2 of 30,000 tons bearing in mind there are only 3 quarters left to achieve the guidance.

Here's one not in Warren buffets larder of clever phrases ''Keep your eye on the ball not the player" Platinum price being the ball and day traders being the players. The ball is up 38% this month and 136% year.

It went up 9% yesterday and down 7% today so its still up 2% but meanwhile Rhodium went up and stayed up as did Ruthenium and Iridium

So its all up .......... except the SP naturally because your not keeping your eye on the ball

Happy New Year

and lets also give a big shout out to the forgotten Ruthenium that shot up 40% since christmas having sat at $910 for months it decided to join the party at $1275 /oz with physical sales of $1400 and remember it is 17% of the 6E basket so an extra $3m a quarter more in revenue for this hardly mentioned star.

Anyone else notice that Galllium went up 25% today ......... hopefully that got rid of a few newbies?

In the mean time I sold out of SLP at 109 before Christmas as it was my target price but then someone whispered in my ear Rhododendrons and I wondered how they knew that I spent all of last summer digging out our overgrown Rhododendron bushes. I said but they are pests and don't belong in woodlands and then realised they didn't mean the flower they mean Rhodiums. That got my ear ... go on? ''We have gone massive (bought) on Rhodium and no one has realised it as Rhodium was fairly well fixed at a 'happy' 7950. Rhodium never moved until yesterdays crash when all about were losing their heads RH STOOD STRONG AND CLIMBED 8% to me me it was massive and against the market situation, why did Rhodium escape the carnage? hmm no one overbought it or oversold it ? Not knowing or caring I bought back into slp today at 107 so I'm already 2p up on my 109 sale (feels like a profit already) and Ive got some insider too!.

My trouble is that the Q2 basket value is too low to show off this asset I think it was quiggers who said wait for the next set of figures? the problem is the average basket for Q2 is like Q1 a dull history. Q2 average basket is $2300 but today its $2900 (was $3000 but as the man said it was over bought) so Q2 figures will not reflect reality again. However with adjustments of $4m it does mean something, even though I expect not many people get the invoice adjustment practise? If you haven't paid your invoice you pay todays price and not the price you were invoiced at.........scary for the buyer in these days.

So now we have to calculate Q3 at $3000 4e baskets at 20,000- 22,ooo tonnes equal circa $66m ! a quarter plus adjustments plus the Ruth and iRID stuff that's worth more than gold. $70m a quarter in the 2nd half ? Goops Ive missed that new stuff we JV'd help me out here Cobalt? Chalk? Carbon? I know it begins with C ah perhaps Cake? I'm thinking why did they bother as Rhododendrons will carry us forever. All I can say is keep your Gallium this is real Go Go Ga wawawa

Sorry I got it wrong it wasn't 007 it was James Bord looking to put a bid in for The Owls

Meanwhile AI suggests SLP is worth £1.5 billion based upon what they are sitting on net assets and Q2 profits

I've heard a rumour that 007 is going to make them an offer they can't refuse....

Don't worry about working out the year end result yet wait until Rhodium has made its big move and Platinum keeps rising until June 26

Net £100m is my lowest estimate

Never 100? It's looking like 200 by June when Rhodium comes into play

The Good News

Dividend payment tomorrow 2p

Q2 looking like an interim dividend play

Management culture is attracting fair deal traders and women - latest ESG report

PGMs continue to remain high

Simply Wall Street admit they were stupidly wrong about this share

The Bad News

Sheffield Wednesday deducted 6 points but if they win their next 3 matches they'll still be bottom with -1 points

PSG continues to remain high (and they beat Spurs)

Https://platinuminvestment.com/investment-research/perspectives/the-removal-of-vat-exemptions-on-platinum-imports-will-increase-the-cost-of-platinum-in-china

They don't have to keep rising to meet my current Conservative forecast of $240m but they will ........China had just opened up equal vat status For platinum imports and demand is outstripping supply .... there's a short squeeze on platinum and Rhodium is on the edge of a huge rise whilst palladium is pushing its weight. Regardless of any PGM rise the current 4E basket is enough to beat all records in SLP history at current production levels and don't get me started on Chrome...... todays situation is an absolute arbitrage with dividend cherries on top

Its just dawned on me what an amazing result Q1 was and how this is going to be pivotal in the history of this share. I'll take you back to 2021 (also known as the year of Rhodium) back then 18k oz were being processed per quarter but they had the most imbalanced baskets of $3000 with Rhodium at $28k it was a way bit lopsided but resulted in a revenue of $206m and an EBITDA OF $143m and a special dividend.

Q1 showed a production of 24k oz with a basket of somewhere around $1900 .... a pathetic basket price but due to the increase in production it showed that you shouldn't mind the quality but should feel the width. That was Q1 and we turned $45m for a $22m profit but when we hit Q2 (we are half way there) we have a basket of $2350 and if the production continues at the same rate we are in for a $65m quarter ....... with the rise of PGM's and the increased production I see the year spinning out at $240m -$250M with an EBITDA of

Guidance for FY2026 83,000 to 86,000 4E PGM ounces with chromite concentrate target of 100,000 to 130,000 tons

Bore idly

I take it you are not a new member and just have a new name and this is all a wind up ...... great game you are playing but time to come clean.

SeisNav

Chrome sold post period

"At the end of the Quarter, approximately 1,550 4E PGM ounces and 4,545 chrome tons remained in work-in-progress. These PGM ounces and chrome tons were produced, but not yet delivered by 30 September 2025, and were dispatched post Period-end."

More pessimism? this has taken 3 years to get to here with Chromium to be added in Q2 which incidentally has a 12% higher basket price average for October and is higher spot.

Too early to pencil in an upgrade.....Not what the Xperts say 'Berenberg raises Sylvania Platinum price target to 109 (106) pence - 'buy''

Back to the glory days even without a $28000 Rhodium price.

Fantastic company

Absolutely smashed it

Seems the sellers didn’t know anything and the doubters are now in no doubt that the knowledge and enthusiasm on this board is well placed.

Well done all we tried to tell them “we knew”

Rhodium just added to todays 4E basket price making it $2350 again

So today the 4E Basket price is 15% higher than my reckoning on the Q1 26 average basket which should be roughly $2000 this was 18% up on Q4 25 which was 14% up on Q325 and 3% up on Q2 25 ............anyone spot the trend here?

The basket is 65% up on a year ago .

Dividend still available 2p .... hurry though

Q1 figures are not the only good news

PGMs prices may slip on their way up (nowt goes up in a straight line, even Elons rockets) but no one should say they've slipped when they are up 70% year on year YOY (never knew what that meant until now). Math lesson; 5% of 8000 is 400 whilst 10% of 1600 is 160 so the basket price rises because Rhodium at $8000 went up by $400 and Platinum at $1600 went down by $160 an actual gain of $240 ... we all knew that didn't we? speak up sellers (panic in the high street is my daughters favourite band) ....

Nothings down and everything is up, the basket is full and its ready to cash out .... I couldn't get on at 87P all day long as they are storing up all these sales until xd day and then the next set of figures on xd day +1 ....... forget bonfire night its going to seem that Christmas has come early at Haloween and has tricked all the sellers but treated the holders. Maybe then one holder could then afford to buy out Sheffield Wednesday or was I just thinking about an old TV series called the Six Million Dollar Man who could rebuild anything?. ..... except Farah F and SWFC ......Back to the subject matter the 4E basket is WAWAWA higher than last year say $2350 if you times that by 80,000 oz and you may get $188m but remember remember by the 5th of November people will be adding, Ruthenium, iridium and Chrome which have all plotted to add 4-5 $ millions to the 1st quarter and not to mention if everything remains at the current level then a big percentage of past sales get upped (that's a word I hope) its true if customers buy with credit terms then they pay the current price when they settle (pay).

Wawawa imagine say $20m invoiced sales from last month being sent an extra bill for another $4m .... Ive got $20m net profit for the 1st Quarter and I'm so lazy i haven't worked out the Chrome profit or if they are still producing more efficiently ... hey lets go

I was at Greenwich Market, London today (working on a stall) and heard harmonious chants coming from the pub ..... Owls supporters on their way to Charlton it was like a Welsh choir (nobody understood the lyrics but hey they loved the music) shame about the result but i'm guessing it was a great day out

were you there?