Earnings Call: H2 2025

Sep 9, 2025

Good afternoon, ladies and gentlemen, and welcome to the Sylvania Platinum Limited investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged. They can be submitted at any time via the Q&A tab that's just situated on the right-hand corner of your screen. Please simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and will publish our responses where it's appropriate to do so on the Investor Meet Company platform. Before we begin, we would just like to submit the following poll. If you give that your kind attention, I'm sure the company would be most grateful. I would now like to hand you over to the executive management team from Sylvania Platinum Limited. Jaco, good afternoon, sir. Good afternoon, Jake. Thank you everyone for joining us for this presentation. Myself and our CFO, Lewanne Carminati, will be taking you through the presentation to discuss the highlights of this past financial year and also hopefully to answer some questions at the end of the presentation. I think maybe just as an introduction for anybody who's maybe new to the company and a bit of background. Sylvania is a low-risk, cash-generative, dividend-paying material platinum mining company that's been in operation for just over 17 years now. At the heart of our business are the Sylvania Dump Operations, where we operate currently six chrome and PGM beneficiation plants on the igneous Bushveld complex in South Africa, where we treat a combination of both historic and current chrome tailings sources as well as chrome ore from our host mine partners. While our first six SDO operations were only generating a stable PGM revenue stream, our exciting new Thaba joint venture, which has just been commissioned during the past quarter, now will also introduce an attractive, diversified chrome revenue stream to our business. I will touch on a bit more detail on this later in the presentation. While we also own some greenfield PGM exploration assets that could offer some future growth optionality, the operational and financial performance that we will be discussing today relates purely to the production and revenue generated from the aforementioned Sylvania Dump Operations. If we just look at the results for the past financial year, I am very happy with a remarkable overall performance for the period under review. After revising our PGM production target twice during the past financial year, our Sylvania Dump Operations managed to deliver a new record PGM performance of 81,024 PGM ounces in 2025. That was higher than our ultimate guidance and also 11% improvement on the previous financial year. From a financial perspective, we saw a very encouraging improvement in the full year PGM basket price, especially during the past 4-6 months, bringing the average basket price for the year to about $1,507 per ounce, which is an increase of nearly 13% year-on-year. If you combine this higher PGM basket price with the higher PGM production, it enabled us to post a net revenue of $104 million for the year, a 28% improvement on the previous year. Together with group cash costs that were well controlled and a good revenue performance, we were also fortunate then to post 117% higher EBITDA for the year, of $29.3 million for the year. Now, once we take this very robust financial performance into account, our still attractive and positive cash balance that we have, and considering it in line with our dividend policy, I'm very pleased that the board has approved a final cash dividend of 2 pence per ordinary share that's been declared and to be paid during December, which results in a total dividend for the year of about 2.75 pence, if one considers also the interim dividend of 0.75 pence that we paid in February or declared in February this year. Comparing to the previous financial year, if we exclude the special dividend we paid with regards to the proceeds from Grasvally, this FY 2025 total dividend is higher than the FY 2024 financial year. Also materially higher than the minimum required under our dividend policy. Overall, a very good production and financial performance that we are proud of. Besides looking after our shareholders and returning value, we also have a significant focus on the well-being of our employees and also in terms of the communities where we operate. To that end, I am also very proud of our performance during the past year, where the company achieved the best overall safety performance in the history for 2025 in terms of the overall amount of injuries. It also includes some significant milestones like the Doornbosch operation that achieved 13 years lost-time injury-free during the period, as well as our entire Eastern Operations complex that achieved one year total injury-free. Not even a medical treatment case during the period. If we just for a moment look at the operational performance per se and what was driving the record PGM production performance, you'll see that the primary driver during the past financial year was primarily our 18% improvement in PGM feed grades. In particular there, what contributed was higher feed sources from our host mines, such as our Tweefontein and Mooinooi operations. The continuous treatment of higher grade third-party material we source and treated our Eastern Operations, as well as the new higher grade current arisings feed source that has been introduced at Lesedi since about October last year. That all contributed to the higher PGM grades. For the period, our PGM feed tons was marginally down, some of it impacted by the abnormal heavy rains on this Western Bushveld at the beginning of the year, as well as the intervention we had at Lesedi to get it ready for the new current arisings material. From a growth point of view, I'm excited that our new Thaba joint venture operation is now completely commissioned, and we look forward to it to start contributing both in terms of PGMs but also in terms of chrome revenues during 2026, which will ultimately assist to take our overall attributable production to between 83,000 and 86,000 ounces full year in 2026, and 2027 once steady state is reached. I will deal a bit more later in the presentation on Thaba specifically. In terms of our focus areas, obviously, our primary focus for this next year is to ramp up and optimize the Thaba operation now post-commissioning. At the same time, we also continue to ensure that the existing Sylvania Dump Operations are looked after and further optimized where possible. Just maybe some of the most significant of these are the Lesedi optimization as the host mine run-of-mine feed and current arisings continue to ramp up, which we expect during the second quarter of this financial year. Various other technical initiatives that is aimed at improving PGM concentrate quality and process efficiencies for both PGM and chrome recovery. I'm going to hand over to Lewanne now to just take us through some of the financial highlights, and then I will talk some more on the market outlook and our growth projects. Thanks, Jacques. This year's been quite a successful year for the company, both operationally and financially. The improvement in the basket price, although only in the latter part of the financial year, had a significant impact on the profitability of the company and highlights once again just how sensitive the industry is to the PGM basket price. Sylvania had the benefit of the record production as well as the price improvements, which has translated into year-end financial results, which have exceeded our initial estimates. Our net revenue of $104 million is 28% higher than the prior year, and our costs are up 14%. Royalty tax reduced as a result of the additional CapEx allowances, reducing the percentage payable. The other expenses reduced 35% year-on-year, and this cost is mainly general and admin costs at a corporate level, and the reduction from the prior year is as a result of the interest that was written off in 2024 on the settlement of the Grasvally transaction. Our corporate income tax is charged at 27% on taxable profits, which is generated in South Africa. The tax expense line also includes the movement in deferred tax and any dividend withholding taxes incurred on dividends, which are declared from the operational entities in South Africa up to the parent, Sylvania Platinum. For the year, our earnings per share was $0.0773 against $0.0226 in the prior year. If we look at our revenue in a little more detail, you'll see that the improvement in the metal price contributed 16% to our revenue and the higher production, additional 12% to our revenue for the financial year. The 6E revenue split has remained fairly consistent, with a slight shift between the palladium and rhodium contributions of about 2%. Our EBITDA for 2025 more than doubled from the prior year and exceeded our previous estimates at half year. The major contributor again being the increase in the metal prices and the increased production. Looking forward to the new financial year, the EBITDA is forecast to increase quite significantly based on the latest consensus pricing, the slightly higher PGM ounces that we're forecasting, as well as the introduction of chrome revenue. Moving on to the operational costs. Our current tailings retreatment operations incurred a cash cost of $759 per PGM ounce. Although the total operating costs were higher than the prior year, the cost per ounce remained in line with 2024 due to the higher ounces. Costs for the current year included a full year of third-party material. This was initially only planned up until June 2025, but this contract was extended in March with new pricing terms, and therefore, the slightly increased operational costs will continue into 2026. Although this does impact costs, the additional material does extend the life of the operations, and the high-grade material increases ounce production. The other significant contributors to operational costs include labor being our largest cost, followed by the power and consumables. Our all-in sustaining costs reduced by 3% on the prior year, but the all-in cost for 2025 increased 14%. This was however in line with our capital spend for the year on tailings dams and the Thaba JV. The 2026 tailings dams' capital will result in the all-in cost remaining at around the $1,300 level, but then it will taper off to approximately $1,000-$1,100 from 2027. As you'll see, the company has maintained its strong balance sheet with a net asset value of $244 million, and a cash balance of $60 million at 30 June. During the year, the operations generated cash flows, after tax of just under $20 million. The total tax paid out was $2.9 million, but we also received a refund from the prior year of $1.56 million. So the net effect of tax outflows was $2.2 million. Dividends actually paid out to shareholders in the financial year totaled $5.8 million. This was the final dividend from 2024, as well as the interim for 2025. In addition to the dividends paid, the company also spent $1 million on share buybacks. Our capital cash outflow for the year totaled $31 million, and this includes $16.6 million attributable spend on the Thaba JV, $7 million on tailings dams, and $6 million on business improvements and strategic projects, which includes the filtration plant as well as the collision avoidance system. The capital forecast for 2026 is at similar levels to the past financial year, around $32 million, with the largest spend being that on tailings dams of approximately $21 million. This tapers down to just under $10 million from 2027, when all the required tailings dams have been completed. Returning value to our shareholders through maintaining a sustainable business while also paying dividends and buying back shares is a priority for the board. As Jaco mentioned, a GBP 2 pence final dividend for the year was declared, bringing our annual dividend to GBP 2.75 pence. Including this final dividend, the company's returned $117 million to shareholders since 2018, and we've also bought back 65 million shares since 2015, of which 26 million have been canceled. The company's capital allocation framework provides a balance for allocating capital to sustain our operations, drive long-term growth, and consistently return value to our shareholders. I'll now hand back to Jaco for the company and market outlooks. Thank you, Lewanne. I think now that we have discussed over the past period's performance and also hopefully demonstrated how we are adding significant return and value to our shareholders, it's important also how we consider how we aim to continue growing the business so that we can sustain the attractive returns also into the future. From a growth perspective, we basically have two ways of approaching growth in terms of our strategy. Firstly, we continuously look at how we can unlock further potential and value from our existing suite of assets. These include our current dump operations as well as our various exploration assets. I think we've done that very successfully over the years. Growing our production profile from about 10,000 ounces in the initial stages to more than 80,000 ounces achieved this year. Secondly, we are looking to create value from external growth opportunities where we can replicate our proven operating model and leverage our successful track record and expertise. One such opportunity is the Thaba joint venture operation that we have embarked on in collaboration with our partners at Limberg Chrome Mine. Just before giving you an update on the current project progress, let me maybe briefly give you a quick recap of what the project is about. The Thaba JV project represents a significant and exciting diversification for the company in terms of our product portfolio, in the sense that it now adds significant chromite concentrate revenue to the business, whereas our current Sylvania operations only generate a PGM revenue stream. It further combines the proven expertise in PGM recovery of Sylvania with our JV partner's extensive experience in chrome operations. That assists us to leverage the strength of both companies to the maximum benefit of the JV. From an attributable point of view, the Thaba JV will increase Sylvania's existing full PGM production profile by about 9% at steady state, and also introduce about 210,000 tons of attributable chrome revenue to Sylvania. Chrome product, and it's attractive revenue stream once at steady state. I think the total revenue for the project at steady state is about $33 million a year, of which about 75% originates from the chrome production and about 25% from our PGM sales, based on the current pricing assumptions. Based on the current PGM and chrome price assumptions, this will also equate to around $18-$20 million of attributable EBITDA for the group. I think it's maybe just important to note here, because this is a mining operation, our waste stripping costs from the mining is capitalized, and therefore, we've included the all-in sustaining cost graph at the bottom. There's about $67 million of sustaining capital that will go towards stripping to be taken into consideration in terms of the EBITDA. Overall, a very attractive project still with a gross profit margin of 35%-40%, depending on metal prices. As we said, within a 3-4 year simple payback on the operation. If we look in terms of project execution and operational readiness, I'm very pleased that the plant construction and commissioning phases are now complete and that we're currently in the operational ramp-up phase. Unfortunately, like many projects of this nature and complexity, we also had some challenges. One of which include the impact of abnormally high rainfall over the months of November 2024 to January 2025 that affected the critical path of the project and ultimately caused some delays during the final construction phases. We also had a safety-related incident during June, with an electrical injury that resulted in suspension of electrical work that impacted on the final commissioning phase of the project. Ultimately, also during recent months, as we were ramping up the production towards full capacity throughput, there were some challenges emerging on our interim power supply agreement, arrangement, while our new primary Eskom substation is still under construction, and that resulted in us adjusting our ramp-up schedule slightly. We did, however, put some mitigation measures in place with additional generators brought on site, which we've commissioned over the past weekend in order to reduce our reliance on the current old rural Eskom power supply line and improve our power stability so that we can ramp up the project. We also look forward to the completion of the new primary supply facility towards the end of October. We now expect the operation to reach steady state during the third quarter of 2026. However, despite the revised ramp-up plan, as I mentioned earlier, the project investment fundamentals remain robust. It's got a very attractive project that is on track to become a significant revenue contributor for the company as it reaches full operational capacity. These are just some pictures from the operation for information. I think at the top left shows a nice view of the chrome primary ROM and secondary fine chrome spiral plants. The bottom left is our primary and secondary mills, also some flotation cells and our thickener states. Overall, certainly a very impressive and a world-class project that we have constructed. If we look at growth beyond Thaba, we also currently busy investigating a number of alternative opportunities with the aim of either increasing the existing PGM ounce profile or to add alternative revenue streams like chrome, like we've done for the Thaba JV. Alternatively, exploring how to extend life of existing operations. While this slide does include Thaba and also the Lesedi current arisings and the third-party source material I already mentioned, I'm just maybe focusing on one or two initiatives not mentioned earlier. One being our new Eastern Limb treatment facility that is currently under investigation. We have initiated a pre-feasibility study during the past financial year to determine if we should focus on either just a dump only or a dump and run-of-mine materials, similar like the Thaba JV, and when and how to progress with the feasibility study and execution. We expect to have the outcome of the pre-feasibility study towards the end of this financial year. Finally, we continue with ongoing technical and commercial due diligences on various complementary projects and opportunities. We specifically look at those opportunities and projects that align with our current skill set and expertise, and especially where there is a co-production potential like Thaba with the chrome and PGMs. We're quite confident that we will continue to grow the company's production profile going forward. If we look at just a bit on the market overview and what has happened on PGMs during the past year and especially recent months, I think it's worth standing still for a moment just considering the industry PGM cost curve. There's the latest one is compiled by Nedbank Corporate and Investment Banking. I think when we compare this to the same cost curves of about six months ago, we can see that there's been some much-needed relief for PGM producers. Six months ago, nearly half the industry or sometimes even more of the producers were loss-making from a cash cost plus capital point of view. With the recent improvement in PGM prices, only about 20% of the industry seems to be loss-making at the current PGM basket price. Certainly, a significant improvement and creating a bit of breathing space for PGM producers. I think also noteworthy from this graph is that Sylvania is still very nicely positioned in the bottom quarter of the PGM cost curve. What that means for us is that when prices are subdued or tough, like it's been for two years, Sylvania is able to still generate attractive cash in a down cycle to fund both our growth aspirations and return value to our shareholders. When we have a positive price environment, it enables us to capitalize further on this and generate additional cash either for distribution to our shareholders or to reinvest in growth of the company. Before I maybe just move on to the supply and demand fundamentals, just on the left of this slide is reminding you about Sylvania's PGM basket composition or the prill split. In our prill split, specifically for Sylvania, we have about 12% rhodium and 65% platinum, and this makes up more than 74% of our total 6E revenue. While palladium at 23% is also still significant. I think especially what we're starting to see as there's been significant price movements is that the minor by-products like iridium and ruthenium is becoming more significant and added about 14% of our 6E revenue during the past year. Looking at the PGM market per se, from a demand perspective, autocatalysts still is one of the biggest drivers of demand and the most significant aspects for us to consider, especially from palladium and rhodium, that's primarily autocatalyst consumption. Also, we've seen some interesting movements in platinum over the years. While the estimated sales for 2025 outlook is about 91-92 million units. It's slightly down from the beginning of the year before some of the tariff rates from the U.S. The outlook was probably closer to 94 million vehicles, but still a good improvement on recent years. Combining that with the fact that plug-in hybrid electric vehicles and range extender vehicles growth rate is outpacing that of the pure battery electric vehicles, means that there's still a good demand for autocatalysts. Overall, we remain confident of that. I think finally also, there's been some increase in the loadings per vehicle in China following a long period where they lagged international peers. Certainly on the auto cats, some interesting developments. From other demands in the industry, platinum in particular has seen quite an interesting demand increase in jewelry, and that comes especially when gold jewelry and the current gold price, the price parity between gold and PGMs is such that consumers are now buying a lot more platinum jewelry. Platinum obviously also has very good applications and future in terms of the energy transition and hydrogen economy, and then also in the glass-making industry. Strong fundamentals for platinum. I think rhodium may be noteworthy as, and we've seen quite a recovery in the rhodium price during recent months. Part of that is with the reintroduction or increasing of rhodium in the glass makers' bushings. When rhodium was at all-time high, some of the glass makers were eliminating or reducing the rhodium content. Considering durability of the bushings and manufacturing process, they are reintroducing rhodium to a larger extent. From a supply perspective, I have mentioned that there's been recently some relief for PGM producers, but I think what is important to consider is that the short-term relief we've seen in the price so far is not enough to overturn the impact of the significant decline in capital investment and production cuts that have been instituted and evolved over the past decade. Certainly, South African PGM supply on the long term, in terms of Platinum, Rhodium, and then also Ruthenium, is expected to tighten. Outside of South Africa, obviously, the North American Palladium supply is still under pressure with Palladium really low prices and low margins. There's been quite a bit of restructuring and production cuts at many of the North American operations. What does that mean for our outlook on PGMs overall? I think we know that platinum, palladium, and rhodium are in deficit for 2025. Platinum and palladium still in 2026. There's a small swing of rhodium in 2026 and 2027. With rhodium having so much lower volumes, and a small change in the market can easily swing it from a surplus to a deficit. I think that's why the rhodium price is always volatile, and we still maintain a robust outlook on rhodium as well. From a chrome perspective, I'm not going to talk in too much detail about it, just that we know the bulk of the consumption for ferrochrome is in the stainless steel industry, and we know the stainless steel industry is consistently growing at 4%-6% per annum. While we acknowledge that the global economic growth rates and also some of the tariff threats and uncertainty from the U.S. do impact short-term consumer trends and industrial development, the long-term demand is robust. From a supply point of view, so Africa is the largest chrome ore producer in the world. Obviously, with a number of chrome operations and the growing PGM demand, we believe that there would be a tight balance in terms of supply and demand going forward. We maintain a favorable outlook in terms of chrome prices going forward. Mm-hmm. Overall, we're quite positive in both the PGM and the chrome markets. Before closing, I'm going to just add back or transfer back to Lewanne to just talk us through a brief overview of our ESG performance, and then I'll close the presentation. Just yeah, as Jack said, briefly on the ESG, I think over the years, we've demonstrated that sustainability is more than just regulatory compliance for Sylvania, and we're quite proud of the ongoing progress that we've made in all aspects of ESG. On the environmental side, excuse me, management of the tailings dams under our control is critical to our business, and we ensure compliance with the South African regulatory requirements and align the management of these with the GISTM through ongoing monitoring and annual audits. We also understand water stewardship is very important given the increasing scarcity of this resource. We're continuously improving our measurement accuracy at the operations, enabling more reliable tracking of flows and losses. We are also now able to monitor the use of recycled water more efficiently, reducing the need for fresh top-up water. Our revegetation program is progressing well, and we are planning the first full-scale rehabilitation of a tailings dam in the new financial year. Under the social and governance banners, as Jaco mentioned, we're exceptionally proud of our safety records and achievements, especially the Doornbosch's operation achieving 13 years LTI free. The board and management are committed to diversity and equity throughout the group, and we continue to train and develop our employees through various platforms. We've also made significant contributions to the South African economy where we operate, and this is through the payment of taxes, the use of local suppliers, and remuneration payments to our employees. We'll obviously continue to build on these key sustainability focus areas, and we are publishing our annual ESG report in October, so please do look out for that. Thank you, Lewanne, for that as well. I think maybe just then, what's next? What can we expect for 2026 and beyond? I think just briefly, I've mentioned earlier, our primary focus at the moment is to ramp up the Thaba JV operation, and you can expect steady state production to be achieved at Thaba during the third quarter, and that's what we're aiming towards. We also expect the host mine's new rock crushing plant, Lesedi, to continue ramping up, and is likely to achieve steady state by December this year. We expect a continued strong performance from our existing SDO operations. We believe that a lot of the positive momentum from this past record year is being carried through into the next financial year, and we have a positive outlook. Therefore, we have a production target of 83,000-86,000 ounces of 4 PGMs for the year. We are also estimating 100,000-130,000 tonnes of chromite concentrate from Thaba to be added to our production for the year. Which will ultimately 2027 onwards increase to around 200,000 tonnes of steady state. We further expect the PGM metal prices to be stronger than 2025, and our current forecast pricing equate to about $1,800 an ounce, $1,809 for 2026, increasing up to about $1,890 in 2027, compared to $1,500 per ounce in 2025. We also, while you consider the current spot price is sitting at about $1,900-$1,960, we do think that is realistic. The solid bars on the EBITDA represent those price outlooks. What we do is always illustrate what a 10% movement in either chrome or PGM price would have on the PGMs. Overall, a positive outlook for us on the year, both in terms of production and EBITDA. I think in closing, I'm very happy with the performance for the past year, both from a production and a financial perspective. I think we again illustrated that we are a very attractive company in terms of delivering on what we set out to do and promise to the market. Delivering on our performance targets and consistently delivering still a strong value and returns for our shareholders. Thank you again for everybody's support and also, we're looking forward to the year ahead. I think maybe just finally, I want to mention and maybe as we end the presentation, I'll put my screen up. I think if Lewanne is there, she can also put her camera back on. I think I also want to take the opportunity, as many of you have seen that we have announced that Lewanne, after 16 years with the company, have decided to step down from her position as CFO and also director of the board at the end of November, the 30th of November, to pursue some personal aspirations and objectives. We thank Lewanne for the valuable contribution over the 16 years with Sylvania, and also for being an integral part of our senior management team and the executives. She's been an integral part of the team for a long time and contributed significantly to the management team, to myself in my role, and also to the board. I'm also happy to announce that, Ms. Ronel Bosman, our current Chief Financial Officer, who's been with the company since 2021 and has been an integral part of our senior management team at Sylvania, will be taking over the reins from Lou-Anne on the 1st of December. I also welcome Ronel and congratulate her for being selected for the role, and I expect a seamless transition in that regard. I just thought it's worth thanking Lou-Anne as well for her contributions to date. Yeah, well, with that, Jake, I'll maybe hand back to you. Sorry. No, go ahead. If I may. Thank you, Jacques. Thanks for the kind words. I just also wanted to thank you and the whole team from Sylvania for the past 16 years. It has been an incredible journey of growth, learning, and teamwork, and I think it has been an extraordinary privilege to serve as CFO of Sylvania and as a director. I'm extremely proud of everything that we've accomplished as a company and a team over the 16 years. I also wanted to just take this opportunity to thank all the investors for the trust and support over the years and to reassure them that the company is in excellent hands, as Ronel steps into the role in December. I'm really, really excited for what lies ahead for the company, and I'm quite confident that Sylvania will keep building on its success and delivering value to its shareholders. Thank you. Thank you, Lou-Anne. Perfect, guys. If I may just jump back in there. Thank you very much indeed for your presentation this afternoon. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab that's situated on the right-hand corner of your screen. But just while the team take a few moments to review those questions that have been submitted already, I'd just like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can all be accessed via your investor dashboards. Guys, as you can see there, we have received a number of questions throughout your presentation this afternoon. Thank you to all of those on the call for taking the time to submit their questions. Jacques and Lou-Anne, at this point, if I may just hand back to you just to read out those questions and give your responses where it's appropriate to do so. If I pick up from you at the end, that'd be great. Thank you. Thank you, Jake. Yeah. If I look at the questions, I think maybe the first one is about PGM markets, and specifically in terms of the price of rhodium, that they've risen significantly during the year. Somebody's just asked for the main reasons. I think I've mentioned the fact that the reintroduction and the increase of rhodium loadings in the glassmaking industry has improved. That's one of the aspects. What I probably did not touch on a lot was what we have seen on both, well, on all three metals, platinum, palladium, and rhodium, is that the current above-surface stocks are also significantly lower. They're between the five and seven-year lows at the moment. I think if people look at the supply-demand balance and considering that the surface stocks have been reducing, there has been some additional buying and then also price movement in rhodium. That, I think, is in terms of rhodium. The second question also deals with rhodium and somebody has asked, they said, "Given the change in the cycle of precious metal in recent months, and the share buybacks from the company seems to have been to the benefit of shareholders, may I ask that during the sudden downturn in rhodium price over the last year, has the company withheld some of the reserves to sell at a time like this to take advantage of the sudden cycle, the upcycle? And if not, what was the reasoning behind not holding onto reserves during downturn? I understand that the cash reserves have been mostly maintained and used through the joint venture. I would hope that this action was also done with the reserves of the precious metals in the company's possession during those periods. May I also ask what the timeframe is for holding reserves and what percentage is permitted by the company, if there is a legal requirement to do so? Many thanks for your time. Okay, I think maybe two things is, due to the nature of the PGM product that we produce and our offtake with our smelters, we are not able to hold back reserves in the company. I think it also comes to a question that some investors asked us before about does the company hedge any of our products? We don't have a policy of hedging any products, and we don't have intentional policy of holding back any reserves or stock. Yes, unfortunately, we don't do that in terms of the metals. I don't think there's necessarily legislation that prevents you from doing it, but the practicalities of handling and being able to store stock and also the security aspects around that, means that it is not something that is commonly done in the industry. If I may move to the next question. Somebody just asked what the current 4E basket price is for August. I think between August and now, we range between $1,900-$1,960 per ounce 4E. It is significantly higher than what we closed the past financial year on. It is also higher than what the consensus forecast that we use for our forward-looking annual statements. Another question to ask, if the board will consider a new buyback program. Luanne-Marie, you can just touch briefly on the capital allocation policy, and also how we discuss the buybacks. We've recently formalized our capital allocation framework, and as I said during the presentation, we prioritize maintaining a sustainable business, long-term growth, and then returns to shareholders. This is mainly through dividends, and there is no formal policy around buybacks. The Board does review this at every Board meeting and does implement share buybacks on an opportunistic basis, when the share price moves through certain thresholds and there is surplus cash. Yes, certainly the Board will consider further buybacks, but it will be very dependent on other cash requirements as well as what the market is doing at the time. Thank you, Lewanne. Somebody also asked. Oh, thanks. They thought the question was impressive. Thank you very much for that. Also asked, what is the platinum price that we're using in the revenue forecast. We have attached in the back of the presentation, in the appendix, our metal price assumptions. Just to guide you, the platinum price forecast is $1,319, and it's the consensus forecast for 2026. That forms part of the total price. As I said, $2,809 is the 4E basket price. We do have a breakdown per year and per element of the metal prices used in our EBITDA revenue forecast in the presentation. That is there. Another question about further buybacks, but I believe Lewanne answered that one. I think the last question that I can see on the screen here is just saying, with the current metal prices, could we see a significant increase in the earnings per share in 2026? I think we have illustrated with the amounts of shares in issue and the EBITDA rising. Yes, there would be an increase in the earnings per share, and we do include that in the outlook slide. There's one last question that's just come in as I've been talking, say if platinum spikes to $2,500, would the company please consider locking in some production revenue via hedging? Thank you. I think it ties back to maybe the previous question where we had to say there's not a formal hedging policy in place. Certainly, as I said, I think, if we get to those prices, it should hopefully be very attractive returns to our shareholders. Jake, I think that is handling all the questions. Sorry. Just as I said that, I'll handle this. There's another one that's just come in to say, how familiar are the analysts following the stock with the chromite impact on the company in the coming 2-3 years? Look, I think quite a few of the analysts that are covering us and looking at our business model are also familiar, for instance, with a model of Tharisa Minerals that is chrome and PGMs, and also listed on the LSE here in London. I do think that there is good experience and understanding of how the chrome and PGMs impact the revenue streams. Yeah, I think that is the bulk of the questions that we have. Jake, let me hand back to you. Perfect guys. That's great. Thank you very much indeed for being so generous with your time, then addressing all of those questions that came in for investors this afternoon. Of course, if there are any further questions that do come through, we'll make these available to you immediately after the presentation has ended. Jaco, perhaps before really now just looking to redirect those on the call to provide you with their feedback, which I know is particularly important to yourself and the company, if I could please just ask you for a few closing comments just to wrap up with, that'd be great. Thank you, Jake. Look, as I mentioned earlier, I'm very thankful to the contribution of our management, all our employees and our staff who this past year contributed towards a very successful year that we've just completed. As I said, I hope we can demonstrate to our shareholders that we remain an attractive company to invest in, to support, and that we can continue to generate very attractive cash from our operations, both the existing as well as the Thaba JV that will be ramping up in the new year. There's, I think, a couple of very exciting things to look out for the company. We certainly remain committed despite having still some significant capital allocation to our tailings dams and growth projects as we've communicated. We still remain very committed to maintain very good returns to our shareholders through a balance of dividends and share buybacks. I hope that we can continue to do that for well into the future. Thank you very much for your time. Thank you for your support and I'll leave it at that. Jaco, that's great. Thank you once again for updating investors this afternoon. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can really better understand your views and expectations. This will only take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the management team of Sylvania Platinum Limited, we would like to thank you for attending today's presentation. That now concludes today's session, so good afternoon to you all.