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The £320m MCap today even with a further 5-6 million warrants issued in the year ahead is maybe a short term drag and a long term buying opportunity in this market. They managed to achieve their 40koz AuEq last year with cash costs at just below $500/oz AuEq and are on track to transition into a primary copper play by end of this year (similar story with Anglo Asian AAZ).

I think we are near bottom of the trading range now if copper moves back above $6/lb

All the latest developments regarding failed diplomacy, build up of US military (the largest in the region since 2003) and Iranian moves to counter the looming US threat point to conflict, the likes of which is likely to bring over states and groups into a broader regional war.

US-Iran war inevitable, Israel preparing for joint attack with US

Talks between Iran and the United States have stalled after two rounds failed to resolve disputes over uranium enrichment, missiles and sanctions relief. Regional officials said oil-producing Gulf states are making contingency plans for a confrontation they fear could spiral and destabilize the region.

https://worldisraelnews.com/us-iran-war-inevitable-israel-preparing-for-joint-attack-with-us/amp/

How Tehran may be preparing for larger conflict — fortification, naval drills, Shamkhani's appointment

https://www.livemint.com/news/world/trump-sends-great-hospital-boat-to-greenland-to-take-care-of-many-people-who-are-sick-its-on-the-way-11771719936084.html

Officials on both sides: Iran and the US are sliding towards war

Gulf countries and Israel now consider a conflict more likely than an agreement

https://en.ilsole24ore.com/art/iran-usa-tehran-makes-proposal-we-cannot-refuse-or-we-will-attack-AI4w0KYB

US evacuates hundreds of troops from Qatar, Bahrain amid Iran tensions

https://www.middleeastmonitor.com/20260221-us-evacuates-hundreds-of-troops-from-qatar-bahrain-amid-iran-tensions-report/

https://moderndiplomacy.eu/2026/02/21/quiet-talks-loud-guns-the-shifting-momentum-toward-us-iran-conflict/

https://invezz.com/za/news/2026/02/20/us-iran-conflict-risk-and-the-market-shock-investors-are-ignoring/

Indeed the price of Rhodium ($11,175) has returned to it's multi-year high almost today! The rest of the basket and related PMs all benefitting from the prevailing risk off sentiment in the wider market with US military action likely in the coming week

It was painful watching the shares slide from more than 20p down to 12p a couple of years ago. It's been an incredible ride ever since! Pan African has been one of the best performers in the market, if not the best in sector over the past three years (+1,300%)

Major it's case of PMs in vastly overbought territory, profit taking at record highs after an incredibly fast run and now the 'cascade effect' as everyone rushes for the exit. Speculators with paper positions are driving the volatility, nobody is dumping physical though.

Quiet here today as copper makes the headlines. Copper futures almost 10% higher today, I guess it's their turn.

A good chance to take stock here with platinum up another 6% today and the average basket price benefitting from a surge in the price of rhodium over the past month, $2,000 higher since the beginning of this quarter.

Platinum: $2,785

Palladium: $2,110

Rhodium: $11,100

Gold: $5,550

Sylvania's 4e Gross Basket price began the quarter around $3,000/oz and no surprise it's at another multi year high today of $3,625 there or thereabouts!

Incredible two day performance!

The gold price just surged to $5,625/oz in early morning trade in Asia! This comes after the price rose from $5,000/oz at the beginning of the week, a record high moving 12% in the past week!

Gold is now trading up 100% on the year by my reckoning!

I don't often use exclamation marks but how else to put into words the sentiment right now!

Volumes are way up these past few trading sessions and it's likely a result of the investment value driving interest here. Similar moves happening in primary investment funds like GPM, BRWM and MAFL.

Q2 Results summary

Operational highlights

Record production in Q2 exceeding previous record production last quarter

Q2 production: 24,642 4E (31,380 6E) PGM ounces (Q1: 24,522 4E (31,234 6E) PGM ounces)

PGM production guidance revised higher to 90,000 - 93,000 4E PGM ounces from initial guidance of 83,000 to 86,000 4E PGM ounces. Chrome concentrate target of 60,000 - 90,000 tons adjusted lower.

The centralised PGM Filtration Plant construction completed and fully operational; significant as it ensures consistent delivery of high-quality concentrate and the ability to meet or exceed smelter quality specifications.

Financial highlights

SDO Net Revenue of $54.8 million +21% (Q1 FY2026: $45.1 million)

Adjusted Group EBITDA of $29.8 million +35% (Q1 FY2026: $22.0 million)

Adjusted Net Profit of $21.9 million +29% (Q1 FY2026: $17.0 million)

Cash generated $30.0 million +35% (Q1 FY2026: $22.2 million)

Final dividend of 2 pence for FY2025 paid on 5 December 2025 ($6.8 million)

4E gross basket price $2,374/oz +22% (Q1 FY2026: 1,953/oz)

Group cash balance $54.0 million -14% (Q1 FY2026 $62.7 million).

Note: On lower cash the company highlight much higher outflows of $25.5 million during the quarter namely;

- Tax during Q2 of $5.7 million

- Final Dividend FY2025 of $6.8 million

- Group capex of $7.3 million

- An additional $5.7 million loan advanced to the Thaba JV partner (the total Sylvania have lent now standing at around $37 million).

In addition receivables increased to $13.3 million “due to the higher basket price in the second quarter, of which the benefit will be realised during the third quarter of FY2026 due to the contractual quotational period between delivery and invoicing, provided that the basket price remains at the same level.”

Catalysts

Interim financial results on 24th February 2026 (increased media activity with scheduled webinars and shareholder meetings)

Higher PGM prices - Q3 average basket price currently +20% higher than Q2

Revenues and Earnings expected to be significantly higher in second half

Thaba JV project: higher chrome concentrate production in H2 as ramp up reaches full operational capacity by end of Q4 FY2026

Good to read other’s notes and expectations for Q2 2026 to December 31st, it being another stellar quarter for precious metal producers! Despite a decent share price performance since September Sylvania has underperformed relative to it's peers or at least in my expectations given how far the price of Platinum and the basket metals have risen!

Q2 FY2026 notes

Revenue (4E): in the ballpark of $38-42 million, net $50+ million with a gross basket price: $2,400 averaging 20% higher than Q1 FY2026: $1,953.

Group EBITDA for SDO alone should be in the region of $25 million (Q1 FY2026 $22 million).

Higher operating cost environment more than mitigated by rising commodity prices with cash generated from operations of roughly $26-30 million.

Cash outflow last quarter remained high as Sylvania continues to ‘contribute’ to the Thaba JV project through a loan to the JV partner, or in other words we are covering the upfront capital. The Thaba JV partner is due to begin repaying in the next financial year, possibly around the end of 2026. The loan total stands at more than $30m and is accruing 11% interest.

Group cash balance should increase substantially by around $10-15 million (Q1 FY2026 $62.7 million) with those record numbers booked last quarter finally received and depending on continued capital outflows (JV loan).

SDO delivering around 21,000 4E PGM ounces would be in line with expectations, more is possible given the company’s hint of “continued sourcing and treatment of higher-grade 3rd party material at Eastern Operations”. Last quarter’s record 24,522 4E PGM ounces is unlikely to be surpassed although company are continuing to source higher grade 3rd party material.

With the inclusion of Sylvania’s half of Thaba JV 4E PGM production it will very likely amount to another record in terms of ‘total quarterly production’ and I would hope that’s highlighted.

Last quarter Sylvania highlighted improving concentrate quality and grade with “continued emphasis on plant stability” that contributed positively to the recovery improvements achieved across the operations and both the Eastern and Western Operations exceeding their respective business plan quarterly ounce targets. The indications were for continued improvements carrying over so it’s not inconceivable that operations once again exceeded forecast ounce targets.

Thaba commissioned last quarter with first concentrate dispatched after quarter end. Production ramp-up was ongoing (albeit slightly delayed) with Thaba “expected to reach full operational capacity by Q3 FY2026.” Assuming only positive things Thaba are operating at or close to full operational capacity (420,000t p/a Chromite Concentrate). It’s anyone’s guess how well Thaba performed in Q2 FY2026.

Remember the day silver futures over $100/oz!

Gold futures $12 short of $5,000 :)

Good shouts, also holding MKA and GGP in my portfolio. Those who took the initiative to go heavier into precious metals and continue to be overexposed to the sector have been and will continue to be best positioned for the strongest gains in the coming months IMO.

UK listed PM stocks of interest worth holding for greater diversification in sector :FRES, PAF, HOC, VALT, EDV, WPM, GPM, GFM, JMAT, PRE, THS, SLP, THX, SRB, MTL, ALTN, GLDP, RBW, MAFL, CMCL

Absolutely motoring now, FRES basically flat

Goldman Sachs raises forecasts up from $4,900 per ounce in their previous forecast

A strong update to start the new year and building on the achievements made in 2025! Best performing primary copper major in my portfolio over 12 months over 200% up and expecting further value unlocked as they upgrade production with the inclusion of Florence Copper to around 140-150 million pounds copper production this year, achieving steady nameplate annual production in 2027.

https://www.tasekomines.com/_resources/presentations/November-2025-Corporate-Presentation.pdf

Well if it was tanking this morning it's surging this afternoon! The price is back to even for the day. Certainly geopolitical concerns are driving increased demand for precious metals and that's been the case most of last year.

With the 1-2% intraday dip in the price of Platinum off it's multi-year highs (145% higher over 12 months) alongside similar moves in the other precious metals it's par for the course and a good opportunity to snap up sector bargains (HOC, FRES added this morning).

Quarterly results here in less than 10 working days with a much anticipated update on Thaba Chrome and PGM output alongside highest quarterly revenue and EBIT since 2023 I expect

Nice surprised to hear the company hosting the President of Azerbaijan Ilham Aliyev during an official visit which will help draw the media's attention to the company's recent achievements (Demirli entering production and it's first copper concentrate sales) and the government support for it's planned growth in the coming years with a further two mines in development.

Q4 2025 - RECORD QUARTERLY COPPER PRODUCTION, strong operational progress and exceptional cash generation not to mention the company turned net cash positive last quarter

· Copper production of 4,439 tonnes: 94% q-o-q increase

· Net cash inflow in Q4 2025 of $16.7 million

· Sales proceeds in Q4 2025 of $57.3 million

· Net cash of $2.5 million at 31 December 2025 (turned net cash positive)

· First sales of Demirli copper concentrate made from newly established logistics centre

· Second filter press installed at Gedabek and upgrades to the flotation plant started to increase capacity and process high grade Gilar ore

· 53,190 tonnes of Gilar ore grading 1.8 grammes of gold and 3.58 per cent. of copper now stockpiled at Gedabek

FY 2025 - transformation to multi-asset producer completed

· Copper production of 7,915 tonnes lower than revised guidance of 8,100 to 9,000 tonnes due to maintenance of the Demirli ball mill

· FY 2025 Demirli production was 3,128 tonnes compared to guidance of 3,500 to 4,100 tonnes

· Ball mill scheduled to be operational by end of Q1 2026 following installation of a new spindle

· Gold production of 25,061 at the lower end of the revised guidance of 25,000 to 28,000 ounces

· Inventory at 31 December 2025 includes concentrate containing 2,457 tonnes of copper valued at $12,504 per tonne

Reza Vaziri, CEO of Anglo Asian Mining commented:

"2025 was a truly transformational year for Anglo Asian, during which time we became a multi-asset producer in line with our growth strategy, and achieved considerable momentum within our copper operations. In addition to bringing the Gilar and Demirli mines into production, we continued to invest in improving our operations such as the ongoing upgrade to the Gedabek flotation plant.

"We were disappointed to slightly miss our copper production guidance as a result of the maintenance required to the Demirli ball mill. However, this was offset by excellent sales and favourable metal prices. I was especially pleased with our cash performance and that we closed the year with net cash. This turnaround in net debt in 2025 has been a remarkable achievement.

"We enter the year in a very strong position. Demirli and Gilar are now both operating in line with our expectations and metal prices remain favourable. We are also making encouraging progress at our exciting copper growth projects, the Xarxar and Garadag deposits. I look forward to reporting on our progress throughout the rest of the year."

Hold RFX as a defensive play having exposure to the rising price of precious metals with reduced volatility and risk attached. If PM prices pull back this is a decent place to store some of those gains for a time.

@lse1111 - it's only a matter of time before the market takes interest as Luna alludes to.

The overall basket price has increased from $1,356/oz to $1,953/oz over the past 12 months to Q1 2026 (30th September) which translates to around a 44% rise on paper. Cash costs have been flat or slightly lower resulting in gross margins (excluding Thaba capex) rising more than 150% in the period. The last quarter to December was even stronger and we can expect to see some of those platinum gains feeding into the financials. Worth remembering that receivables can take 8-12 weeks to be realised which tends to mean profits booked in one quarter aren't received until the next.

Top stock ideas for 2026 that offer solidity and growth

Sylvania Platinum is not another Covid float – the only stock in this quartet not to be. It is a South African company producing platinum-group metals (PGMs) such as platinum, palladium, and rhodium. As a result of the commodity prices being volatile, Sylvania’s profits and share price are both also prone to wild fluctuations.

For example, net profit was $99.8 million in 2021 and $7 million in 2024. But platinum has hit highs not seen since 2013, while palladium has fallen from $3,000 in 2022 to $1,350 in 2025, via a low of $850 in 2024. The company’s balance sheet is strong, with net cash of $60.9 million and management has a proven record of returning cash to shareholders via dividends and share buybacks.

Panmure Gordon has pencilled in $52 million of profit before tax for the year to 30 June 2026, and if we’re now entering a new bullish phase for palladium and platinum, as the recent strong price action indicates, then Sylvania’s cash and profits could be growing further in the coming years.

https://moneyweek.com/investments/stocks-and-shares/top-stock-ideas-that-offer-solidity-and-growth

Note: that $52 million PBIT forecast quoted is far too conservative which just goes to show how far behind the curve most retail investors are. For comparison Edison estimates were $83m PBIT for 2026 as of last November and given the PGM basket has risen considerably over the past two months we can expect this estimate to be upgraded next time they share an update.