Sylvania Platinum pays interim dividend, upgrades FY23 guidance

2 min read | July 06, 2023 07:00 PM EDT | By Team Kalkine Media

Sylvania Platinum pays interim dividend, upgrades FY23 guidance — Image source: Shutterstock.com

Highlights

Sylvania Platinum (LSE:SLP) is a producer of platinum group metals.

The company paid an interim dividend of GBX 3.0 per share in April 2023.

For FY2023, SLP has updated the annual PGM production guidance to between 72,000 and 74,000 4E PGM ounces.

FTSE AIM 100 Index listed company Sylvania Platinum Limited (LSE:SLP) is involved in production of the platinum group metals (PGMs). The retreatment of PGM bearing chrome tailings material is the core business of the company. It owns mining rights for multiple platinum group metals projects on the Northern Limb of the Bushveld Igneous Complex.

Even amid the rising interest rates scenario, the company is debt-free as registered for the first half of the fiscal year (H1 FY23). Furthermore, the company paid an interim dividend of GBX 3.0 per share in April 2023, following the new dividend policy for FY23.

In the most recent announcement, the company revealed that it has acquired 571,593 ordinary shares at an average price of GBX 79.40 under the buyback announcement made previously.

Future prospects

As highlighted in the company’s Q3 report to 31 March 2023, SLP has increased the annual PGM production guidance to between 72,000 and 74,000 4E PGM ounces for FY2023.Sylvania is expecting the Lannex MF2 project to be commissioned towards the first half of the year FY24. This is likely to boost the recovery efficiencies of the platinum group metals.

Top 10 Shareholders
The top 10 shareholders collectively form ~36.93% of the total shareholdings. Africa Asia Capital, Ltd. holds the maximum number of shares with ~10.36% shareholding, followed by Premier Asset Management Ltd with ~8.84% shareholding, as depicted in the chart below.

Stock Price Performance

The stock has witnessed a fall of ~20.02% in the three months. The stock has a 52-week high and 52-week low of GBX 115.00 and GBX 66.00, respectively.

Data Source: EODHD/Others, Analysis done by Kalkine Group

Please note markets are trading in a highly volatile zone currently due to certain macro-economic and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 06 July 2023. The reference data in this report has been partly sourced from EODHD/Others.

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