Updates

Sylvania Platinum

October 2021

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Final results showed Sylvania achieving target production of 70,000 PGM oz and with average gross PGM basket price rising 83% to US$3,690, that translated to a 108% rise in EBITDA to US$144m. Both PGM grades and recoveries fell, largely reflecting the increased proportion of stored tailings rather than the fresh material, as host chrome mining partner, Semancor, was forced to down tools due to the pandemic. Nevertheless, even with all-in costs rising 38% to US$981 / oz (including a significant rise to US$100 / oz for royalty taxes), the profit mark-up was a massive 276%!With net cash rising to US$106m, Sylvania declared a 4p final dividend (ex-div 28th October) and flagged a potential “supplemental” early next year. ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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