Production guidance lifted again

Sylvania Platinum has increased its full-year 4E platinum group metals (PGM) guidance again, to 78,000–80,000oz. Positive developments at Millsell (a new column flotation cell), Lesedi (initiatives to improve feed source and profitability) and Lannex (optimisation efforts) are likely behind management’s increased confidence. Q325 results were healthy (largely in line, but for higher depreciation and royalties tax and lower finance income) and support our forecasts, which remain unchanged. The earnings outlook for FY26 remains strong. Due to the depreciation of the dollar to sterling, we have reduced our valuation by 7.5% from 99.6p/share to 92.1p/share, which is almost twice the current share price.