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Geopolitical events (Venezuela, Greenland etc) over the weekend sends precious metal prices higher

Our average basket price has again risen to multi-year high.

Gross basket today: $3,075/oz

(Pt: $2,300, Pd: $1,780, Rh: $9,750 & Au: $4,450)

Yes absolutely! Given it was trading at less than $500/oz for a while it is well worth keeping track of now, trading almost 200% higher since the beginning of 2024

Happy New Year all, good times ahead! Just a quick mention for Rhodium which has risen 5% today. The ask is sitting just shy of $10,000 and will surely move through this level in the next week or two.

Platinum entering it's fourth year of deficits at multi-decade highs as pricing struggles to keep up with demand. There is evidently a crunch coming as big players including state funded commercial buyers stockpile precious metals for various reasons (national security amongst them). In Europe and the Middle East the Hydrogen economy (PEM Electrolyzers, fuel cells etc) and wider green initiatives are gathering pace with large scale projects due to begin development this year. Platinum lease rates have been trading very high for months on tight physical supply with short-term rates spiking significantly. The Chinese have ramped up open trade purchases with demand up 47% last year! They were already the number one 'consumer' of platinum in 2024 although mainly for investment and increasingly a store of value / hedge against currency depreciation.

Sylvania's second quarter figures due in about three weeks with what will be our best quarterly results in 3-4 years. The basket price jumped again, somewhere in the region of $2,400 (Q1 gross average basket: $1,953) and we begin this quarter with a basket price of just over $2,900 following a pullback from those December highs.

Incredibly volatile today which can probably be attributed to profit taking after the run platinum and palladium had last week. So far today they have given up all their gains over the past week. The price of rhodium has moved higher though, nearly 10% up with buyers paying over $9,000 for the first time in almost 3 years.

Hope we all had a lovely Christmas. Nice to see the basket price is over $3,000/oz today!

Platinum now 50% higher in the past month alone. The basket price has climbed so quickly it's exceeded every quarter going back to 2023 and even Q4 2022!

Platinum: $2,430 (64.6%)

Palladium: $1,960 (23.2%)

Rhodium: $8,250 (12%)

Gold: $4,550 (0.2%)

Sylvania's 4e Gross Basket price stands at $3,024/oz today and with 3 days to go until quarter end our basket price is set to be significantly higher than last quarter's average of $1,953oz (Q1 2026). Going into Q3 from January we begin with a basket averaging more than $3,000/oz alongside record group production with Thaba coming online and due to contribute meaningful PGM ounces as the year progresses as well as chrome ore revenues too.

Platinum has added 26% so far this week, 55% this month and has retaken the top spot for fastest rising commodity of 2025! It leads the way with a rise of more than 150% a rise not seen in over 50 years! Sylvania's average basket price has risen almost as high as silver and alongside rising production completely transformed margins which are set to make company records in every positive way imaginable. We couldn't have asked for a better way to see out 2025 and we have £1 by Christmas in the bag already ;)

We really aught to be seeing shares trading much higher by the next set of quarterly results on account of these recent moves and given how the gold sector has performed this year despite a slower (yet none too shabby) 72% increase in the gold price. It will take some media exposure and a couple of good back to back quarterly results but sooner or later buyers keen to benefit from the ever improving PGM fundamentals will take note.

Those numbers would have seemed quite extraordinary 6 month ago exceeding even our record FY 2021 results and yet we are probably going to see higher figures.

Early forecasts of Platinum returning to a tiny 20,000 ounce surplus next year look hopelessly optimistic and are contingent on some easing of trade tensions (tariff fears), profit taking from ETFs and a sizeable increase in physical platinum distribution from CME stock inventories into the market.

The recent interview with Edward Sterck at the World Platinum Investment Council (WPIC) suggests a platinum deficit of 400,000 ounces may materialise if ETF holdings remain elevated as they have done throughout this year and the anticipated CME inventory unwinding fails to materialise. His summary is pretty telling, that despite the price rally this year it has not solved the deficit and supply constraints will continue into next year and beyond.

Platinum in "Deep Deficit" Again, Will Price Keep Rising in 2026?

https://youtu.be/M9FkBSlE1CY?si=5gBpWbj5zHDzd1xf

https://www.kitco.com/news/article/2025-12-19/over-50-retail-traders-predict-silver-will-repeat-top-metal-2026-experts

https://uk.fashionnetwork.com/news/Platinum-hits-17-year-high-as-tight-supply-doubles-price-in-2025,1792943.html

Sylvania's SDO average basket price is breaking out again, particularly if you follow the futures, achieving new multi-year highs this past week

Platinum: $1,860

Palladium: $1,640

Rhodium: $7,950

Gold: $4,320

4e Gross Basket price today stands around $2,535 (or around $2,330 net of fees).

Compare this to the basket price at the beginning of the year of $1,350 (net $1,240) assuming prices on 1st January 2025 (Platinum: $912 - Palladium: $916 - Rhodium: $4,575 - Gold: $2,640) it represents an 88% increase! Only pure silver producers have experienced a faster rise.

Recap: the fundamentals are aligning, reminiscent of the 2019-20 PGM price dynamics we witnessed. This time however Sylvania's operational and forward looking economics are even better:

- strong, stable SDO production continuing in 2026

- secondary revenue source now, Thaba Chrome / PGM coming online last quarter and ramping up

- CAPEX to build Thaba all but complete, JV partner loans I'm assuming complete ($30m owed to Sylvania at 11-12% interest due in next 12 months)

- 2024-25 quarter on quarter cash depletion to fund Thaba mine construction has finished, company now rebuilding cash position

- multi-year record high receivables and set to increase this quarter with higher basket prices and long anticipated Thaba first revenue

- higher operating margins as costs are stable and the PGM basket continues to rise

- at current margins with increased production we should comfortably beat FY 2022 financials (Net revenue: $152m; EBITDA $83m; Net profit $56m)

£1 by Christmas looking good ;)

Not at all, I am interested to hear different takes and no doubt the Mining Royalty helped massage the headline figures. However that said the company's Mining Royalty reversal was a $13.6 million reclassification to receivables after all said and done. They had already provisionally written down $56.8m according to their recent statement and the presentation. The sum being a charge to the cost of sales rather than taxable earnings.

Of course you and I could not have foreseen a resolution of the court dispute this year without insider knowledge however I wouldn't be so bold as to say the company had not anticipated this. Tharisa had previously recorded a provisional liability for the royalty amount on its balance sheet and would have been well aware of court hearings. It's difficult to say for sure whether anything was baked into their earlier forecasts but the removal of the liability was expected to boost earnings and the company were confident the courts would find in their favour.

In terms of H1 figures if you go back and check I believe you conceded at the time that the figures were better than you were predicting and we were discussing the breakout of PGM prices which have been stellar this year I agree!

Chrome continues to make up the majority of revenue although this is a falling percentage. Chrome revenues made up 68% of group total revenue in 2024 compared to 57% in the year to September and the trend suggests PGM revenues will soon make up the majority. PGM prices have continued to rise since Year End on fundamental supply shortages so the company are likely anticipating higher than forecast earnings first quarter. The supply shortages are only worsening, sparked by tariff fears, dwindling above ground stock and issues with South African mine supply in H125 it's no secret now NATO, the US and China have all added Platinum metals to their critical minerals vital for national defence, likely replicated by others including Russia and other nations.

Once Karo is part of the equation the company will be much more exposed to PGM prices as a percentage of revenue and earnings and unless you're bearish on PGMs this is a huge positive.

Mike1959 - earlier this year you cast doubt on company financial forecasts; "EBITDA $175 million for this current year is totally dead in the water, it will be less than half that number, I hope when the H1 result is out on Thursday that you will agree. My expected PBT for 2025 is $68 m."

We now know EBITDA was above forecast, despite issues faced in Q1 at $187.3 million (2024: $177.6 million) and Profit before tax of $117.6 million (2024: $117.7 million) thanks primarily to the rising basket of PGM prices which are exceeding analyst expectations.

Good write up by Mining Weekly, nice to see the company engaging with media to raise awareness

The Thaba JV is expected to reach full operational capacity by the first quarter of 2026, supported by the completion of permanent power infrastructure and ongoing optimisation of plant throughput.

“The collaboration draws on Sylvania’s PGM processing expertise and LMC’s proficiency in fine-chromite beneficiation. With an expected internal rate of return above 20% and a cash payback period of less than three years from commissioning, the JV is positioned to deliver strong financial returns while broadening Sylvania’s commodity base,”

Add to this the JV partner Limberg Mining Company (LMC) £30m loans owed to Sylvania due to begin repayments in the next 12 months.

https://www.miningweekly.com/article/major-milestone-achieved-with-first-production-from-thaba-jv-2025-12-12

Those shorts came off fast! HOC top riser among the PM stocks todays, long may it continue.

Congratulations with your gains! Personally I am still adding to my gold miner positions including Pan African although yet to add above £1. Following yesterday's rate cut to 3.5% and the Fed on course to cut the cost of borrowing further next year the price of gold should remain supported for some time. Add to that the increased threat of an emboldened Russia following the US ultimatum I can't see investors piling into the USD at the moment. Commodities, particularly those facing shortages like Platinum, Silver and Rhodium are performing better than others but all should continue to attract higher prices. I think people will look back in a years time and wonder why they didn't hold on for much greater gains, that's despite the run we have enjoyed over the past two years. Of the London listed major gold producers this is one of the top performers over 12 months and the top performer over two years for good reason.

Or more likely ACG can't afford to pay..

Copper stocks in warehouses monitored by the LME have been declining since July, reaching their lowest level, which is attributed to strong U.S. demand for copper amid concerns over tariffs on non-ferrous metal imports expected in 2026.

Yes it is flying under radar.

Improved Third Quarter Financial and Operational Results

- Adjusted EBITDA* of $62 million

- Revenues of $174 million from the sale of 26 million pounds of copper and 421 thousand pounds of molybdenum

- Gibraltar copper production significantly improved over the previous two quarters producing 27.6 million pounds of copper, which includes 895 thousand pounds of copper cathode, and 558 thousand pounds of molybdenum

- Mill throughput in line with nameplate capacity of 85,000 tons per day

- Both grade and recoveries were markedly higher than the previous two quarters and are expected to increase again in the fourth quarter

- Molybdenum grades, which typically track copper grades, were also higher than the previous quarters resulting in much improved production

- Total operating cost was $2.87 per pound, lower than the previous quarter and expected to continue to trend downward in the fourth quarter

- Florence Copper commissioning of key processing circuits has begun with first copper cathode production anticipated early next year

- $173 million equity financing successfully completed in October strengthened balance sheet, paying off the $75 million corporate revolver and increasing the working capital available for Florence Copper for a smoother take off

- Fundamentals of copper remain strong as demand from electrification increases in 2026 and constrained mine supply adds support to current prices

- Gold production for the first nine months of 2025 of 32,634 ounces (9 month period 2024: 27,499 ounces)

- Record Q3 production of 12,090 ounces, 27% higher than Q3-2024, driven by grade improvements at both the Palito Complex and Coringa. A year ago, plant feed grades were averaging 5.43 g/t Au, whereas in YTD Q3-2025, grades are almost 7.0 g/t Au.

- Company on track for full year guidance of 44,000 – 47,000 ounces gold.

- Cash held at 30 September 2025 of $38.8 million (31 December 2024: $22.2 million).

- Net cash at quarter-end of $33.0 million (Q2-2025: $24.6 million).

- EBITDA for the nine-month period of $48.2 million (corresponding nine-month period of 2024: $24.7 million).

- Post-tax profit for the nine-month period of $34.9 million (corresponding nine-month period of 2024: $17.8 million).

- Profit per share of 46.10 cents (corresponding nine-month period of 2024: 23.55 cents).

- Net cash inflow from operations for the nine-month period (after mine development expenditure of $4.1 million) of $34.3 million (corresponding nine-month period of 2024: $18.2 million inflow, after mine development expenditure of $4.9 million).

- Average gold price of $3,244 per ounce received in first 9 months compared to $2,338 a year earlier.

- Cash Costs are lower accounting for inflation at $1,429 per ounce compared to $1,405 per ounce over the same 9 month period in 2024.

- All-In Sustaining Cost for the nine-month period to 30 September 2025 of $1,816 per ounce vs 2024: $1,790 per ounce.

- The ore sorter at Coringa has now been operational for nine months and has performed exceptionally during this period with production from Coringa expected to exceed the original plan for the year.

- During Q3 ramp up of Coringa continued with the Galena zone prepared, the Galena zone is expected to contribute significant development ore during 2026.

- Brownfield exploration consists of three active drill rigs at the Palito Complex and three at Coringa, 30,000 metres of drilling targeted this year.

- Significant resource growth on the Serra orebody anticipated and the successful extension of the Meio zone trend is ongoing.

"Exploration and resource development drilling continued across both the Palito Complex and Coringa, with approximately 27,937 metres completed year to date. Early results are encouraging, supporting the Company’s objective of increasing resources to the 1.5-2.0Moz range in the oncoming years as part of Phase 2 of our growth strategy."

Well we are all laughing at you so fair is fair XD

There is a cap of 8 million Euros on the value of shares that they could issue at the subscription price of 48p. The scaling back resulted in a total of 10,867,374 Ordinary Shares issued at 48p.

The 3.72 million shares you're referring to are the number of 'Outstanding Subscription Rights' not taken up by shareholders and not factored into the above scaled back subscription total. In essence, left-overs from the Subscription Rights offer that could only be sold to "Qualified investors (as defined in section 86(7) of the Financial Services and Markets Act 2000 (as amended))".

The placing price of 83p was around 5-6% discount to the share price. The following details are in the December 2nd RNS update but to summarise if more people had subscribed for the rights then the scaling back percentage would have been closer to 65-70% and fewer outstanding rights therefore subsequently sold into the market.

'Applications were not received in respect of Subscription Rights representing a total of 3,718,555 Ordinary Shares after the Scaling-back Ratio is applied.

In accordance with the terms and conditions on which the Subscription Rights were issued, the Company has appointed a trustee (the "Subscription Trustee"). If the Subscription Trustee is of the opinion, having consulted Cavendish Capital Markets Limited ("Cavendish"), the Company's broker, that the net proceeds of sale of the Ordinary Shares arising on exercise of the outstanding Subscription Rights (after deduction of all costs and expenses incurred by, and any fee due to, the Subscription Trustee) will exceed the aggregate costs of subscription, the Subscription Trustee will exercise either (i) all the Subscription Rights which have not been exercised or (ii) at the Subscription Trustee's discretion such number of Subscription Rights as will, in the Subscription Trustee's opinion, result in the Ordinary Shares arising from such exercise being sold in the market for such net proceeds as will exceed the costs of exercising such Subscription Share Rights and the costs and expenses of sale.

It is intended that, subject to demand, the 3,718,555 Ordinary Shares that would arise from the exercise of the outstanding Subscription Rights, after the Scaling-back Ratio is applied, (the "Rump") will be sold by Cavendish by way of a secondary market placing executed at the maximum available, single clearing price.

Definitely struck a nerve there, missing the boat perhaps. What a snowflake you are GoldGeezer, I have no qualms calling you out on your deramping. You were spouting the same lines at the beginning of 2025 while ramping ORR and GRL, the former having gone nowhere and the latter down 72%. If people had followed you then they would have missed out on a 175% rise in the past year alone. I'm sure you'll be here posting about the licence in another 6 months when the share price is sitting above 300..