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Yes with futures gaining throughout the day, I'd expect a bounce here tomorrow.

Platinum $1,576.80 (+3.78%)

Palladium $1,512.50 (+5.42%)

And the premium Platinum commands has narrowed to the lowest in percentage terms all year. I can't see Palladium moving higher than it's sister metal given reported shortages.

Interesting PM price action today, platinum and palladium have reversed intraday losses as commodities begin a comeback

It's an interesting dilemma now as PGM stocks have retreated on heavy profit taking and sizeable shorts at the top. The catalyst for this being credit risk in the market has been brushed aside by the wider market already so we should be looking at a bounce in affected producers once commodities find a floor.

Platinum and palladium prices have lost 2 weeks worth of gains and but for this correction are otherwise still having their best quarter. Valterra are down on the month and this looks fairly common across the precious metal sector in companies that had been outperforming the wider market.

Q1 2026 Sylvania Platinum Ltd Earnings Release is scheduled for Halloween next Friday

No problem trading part of the holding out at these highs with almost 1,000% profit to buy back once sellers have cleared. The volatility in what is otherwise a fundamentally sound investment has been rather lacking this year, not that long term holders are complaining :)

If the price of gold steadies around $4,100 by end of this week then most PM miners will begin to find a floor and those that have fallen further may bounce hardest. Still I suspect short term the best play is sitting on hands, trusting in patience and a lower re-entry.

Let's put to bed the baseless rumours there's something sellers know about this stock. There isn't. Sellers here and elsewhere are taking profits. The recent share price fall is mirrored across the sector and corrections like this are par for the course when the market has been on an incredible run all year. Investors are right to take profits / reduce into this but it's being driven by profit taking in the precious metals space. Mention of HOC and FRES holding up slightly better last week only to fall further this week isn't a sign of anything in particular. The wider markets are fairly calm today and once miners find a floor then buyers will return.

Putting the latest pullback in precious metals in context, gold is still 10% up on the month and 50% on the year and the fundamental drivers have not changed over the weekend. Two US rate cuts are expected this year now as the economy softens, uncertainty over global trade and tariffs remain, sovereign debt risk of the likes of the UK (govt borrowing out of control), France (credit downgrades, soaring debt, political chaos), US (dollar weakness, govt shutdown), Italy (debt to GDP 140%+), Germany (contracting but for massive govt spending on infrastructure and defence). The reasons for gold to remain elevated are not only valid but continue to strengthen.

Absolutely, Atalaya has an interesting outlook too, I'm holding some stock

Their £900m market cap worth approximately 4x what Anglo Asian are valued at shows the potential here

The financial forecasts which are being driven by prevailing metal prices alongside the new Thaba JV operations are the strongest they have been in almost three years. And if you strip out the spike in the price of Rhodium then this is the strongest position Sylvania Platinum has ever been in.

It is also less precarious, more sustainable and justified by the macro sector picture with physical platinum deficits worse than markets predicted a year ago and inflating metal prices running a reaction to USD and wider fiat debasement. The precious metals basket has risen in tandem, platinum, palladium and rhodium are all trading 50-70% higher than at the beginning of the year.

In terms of earnings Sylvania hasn't carried any meaningful debt for years, it is cash rich and has paid generous dividends even throughout the last couple of years whilst financing the new Thaba capital costs. Cash in hand of $60 million as of June 30th and a further $25-30 million owed to us by our JV partner.

Is Sylvania Platinum fairly valued? Unequivocally no, in my humble opinion. Take the PGM basket which has increased by a greater percentage than the gold price this year and yet investments in gold related producers have risen much further than the platinum group producers SLP, THS and VALT. In that period you have gold producers like Serabi, Thor, Altyn and so many others recording gains of 2-300% or more. Sylvania has by comparison only recorded 100% gain from lows.

We can excuse this in part because gold's trajectory has been slow and steady through the backend of 2024 whilst as mentioned here before PGM metals really began to move in early April, with palladium only recently making strong gains. It's also fair to point out Sylvania's cash reserves were reduced over consecutive quarters to fund the capital expenditure to bring Thaba online. Now that Sylvania are operating their first full quarter with Thaba operations, albeit ramping up still, company accounts will hopefully show cash reserves increased from the previous quarter as a result of the increased PGM basket margins beginning to filter through to receivables.

Less than two weeks to Q1 2026 update now and £1+

The company plans to transition to a mid-tier copper and gold producer by 2030, with forecast annual production of around 50,000 to 55,000 tonnes of copper.

Rhodium surged almost $300 overnight to year highs of $7,625!

The latest spread suggests buying at $7,850.00

For those of us following Sylvania's journey it's an ideal buying opportunity as large investors, likely household name funds reduce their positions into year highs as part of a wider strategy to reduce exposure in the country. Recently there have been large scale demergers, exits and 'scale backs' from the likes of Anglo American, HSBC, BNP Paribas, IG Group, Nielsen, Bain & Company and Shell. It's not all bad news though as there have been a number of new mining projects receive funding like Tharisa's $547 underground mine among major projects by Valterra Platinum's Mogalakwena underground mine (the largest platinum mine in the world), Ivanhoe Mines $700m development of it's Platreef mine, and Southern Palladium moving through development.

https://africa.businessinsider.com/local/markets/south-africa-drops-in-global-economic-rankings-as-fear-of-investors-exit-looms/nzzcl87

MM's short of stock now moving the Ask to 10p on relatively low volumes

SeisNav - thank you for sharing your forecasts, the low end estimates are based on recent analyst numbers. Each time they update markets with an amended forecast they increase their FY 2026 estimates higher so I too would expect the Q1 revenue and EBITDA numbers to be middle of the range or above as the PGM price increases begin to filter into company earnings.

This weekend Simply Wallstreet increased their consensus EPS estimates again, good timing on the eve of the Q1 update. In their latest update they have increased revenue forecasts from US$154.3m to US$162.3m with net income forecast to grow 168% this year. The consensus price target has increase again from 98p to 106p but bare in mind this is was 78p back in June the trend looks set to continue as market participants play catch up.

Sylvania's Q1 2026 update due in about four weeks should be an exceptionally strong as a result of the rising record basket price of precious metals, a full quarter of Thaba's Chrome and PGM operations albeit not yet at full capacity, a substantial jump in receivables booked last quarter, the reduction in capital expenditure (both Thaba mine and JV partner loans) and Final Dividend plus guidance for additional shareholder rewards later in the year.

Assuming Sylvania achieve stated production targets rather than beating it which they have done recently * twice * increasing guidance...

My expectations for Q1 2026 to September 30th are:

· Sylvania Dump Operations produce a conservative 20,000-21,000 4E PGM ounces (Q4 2025: 21,114 4E PGM ounces)

· SDO generates $35-45 million revenue (Q4 2025: $30.3 million) with additional sums from Thaba PGM and chrome operations likely not yet booked, receipt of those amounts coming in Q2 2026

· Substantial jump in Group EBITDA of $17-23 million (Q4 2025: $12.9 million)

· Cash balance as at 30 September 2025 roughly $70 million (Q4 FY2025 $60.9 million). Conservative estimate this time with the assumption reduced Capex, no further loan advancements to Limberg. Owing to the 8-10 week lag reported in receivables the cash build will hopefully have begun during early Q1 and continued throughout the previous quarter. Given the substantial increase in margins the cash build will begin rising at a much faster pace, particularly this quarter and next assuming metal prices plateau... although they look to be heading much higher.

Outlook / Guidance

- Further details on 2026 guidance surrounding the PGM contribution from Thaba JV and estimated 200,000t gross 'metallurgical grade chromide' which will likely be lower owing to delays in ramp up (50/50 revenue split)

- Construction of the centralised PGM filtration plant at Lesedi due to complete in Q2 around November-December time following a period of ramp-up now the crushing plant is operational; mention of steady state production expected this quarter (Q2 FY2026)

- Improved dividend / buyback initiatives during FY 2026 and in particular an increase in the Final Dividend likely. The company normally announce their Final Dividend at this time and I’d expect it to jump to at least two pence, with guidance for further increases and possibly a special dividend later this year pending status of Thaba JV ramp up and the continued strength in the PGM basket.

- In Q4 Sylvania booked around $9.5 million in non-recurring costs (albeit on a quarterly comparison) namely the $3.6m loan to Limberg our Thaba JV partner, $3.4m tax and $2.5m Interim dividend. There should be a reduction in one off items impacting cash build during the first. Even the capital expenditure on Thaba of $3.6m should be much reduced on a sustaining basis.

Yes it's been a long time coming. I remember a few years ago willing the price to move up when it kept sliding to low teens. That was a tough time to be a shareholder, incredible how fortunes turn around :)

Interesting analysis of markets right now, Mike McGlone seems to be losing his bottle at current levels. Can only see gold pushing on through $4,000/oz next year with the way things are going. Sovereign debt and no solution to rising yields will surely debase fiat and devalue the Dollar's safe haven status further whilst low O&G energy prices should help cushion any softness in the global economy.

https://www.youtube.com/watch?v=65SVS0GkxQw

Off the radar and nicely ticking up. Still a long way behind most small cap gold producers in terms of value recognition this year so I wouldn't be surprised if it suddenly did breakout into the teens. Cash build at the next update will hopefully be the catalyst

In line with Anglo Asian's improving outlook. To me those results were pretty good, we've just risen very quickly in recent months and it's okay to let off some steam on news. It happens especially after a run like we have enjoyed of late. The fundamentals remain strong, copper supply is a little tighter off the back of copper miner PT Freeport Indonesia's shutdown this week and obviously the gold price speaks for itself. A buying opportunity for the savvy long term investor no doubt!

The FT and anyone else predicting less than £1 over the next 12 months will be proven wrong in due course.

Platinum futures are up almost 3.5% today which makes for a 60% rise so far this year! The fastest rising precious metal with Rhodium not too far behind.

Gold producers have risen 2-300% this year alongside the rising gold price. Over a similar timeframe therefore Sylvania should match this performance on the rising basket price alone, nevermind the Thaba JV project coming online last quarter and ramping up to commercial production, alleviating cash burn (mine build costs) and adding a substantial amount of new group revenues going forward (Chrome price $278 / PGM basket similar to the SDO operation).

£1 by Christmas prediction looks like it will be achieved early and by next summer why not £2+

The cyclical drivers for gold including continued weakening in US labour market, US tariffs and global growth concerns alongside structural issues notably sovereign debt affordability, perceived safety of the dollar and other fiat all point to stronger gold demand. Safe hold and still looks the best game in town as it has been all year.