Result of AGM
Updated : 07:02
2 December 2024
Sylvania Platinum Limited
("Sylvania", the "Company" or the "Group")
Result of Annual General Meeting
Sylvania (AIM: SLP), the platinum group metals ("PGM") producer and developer with assets in South Africa, today confirms that at the Company's Annual General Meeting ("AGM") held on Friday 29 November 2024, the final annual dividend in the amount of 1.0 pence per Ordinary Share of $0.01 was declared payable on 6 December 2024 to Members of record as at 1 November 2024. In addition, PriceWaterhouseCoopers Inc will continue to be appointed as auditors for the Group, for a term expiring at the 2025 AGM of the Company.
The Directors of Sylvania advise that the following special resolutions, as set out in the Notice of Meeting and placed before shareholders at the AGM of the Company held in Bermuda on 29 November 2024, were voted on a poll as follows:
No. | Resolution | For + Discretion (votes) | Against (votes) | Votes Withheld |
1. | Waiver of laying of standalone Financial Statements | 53,534,242 | 218,946 | 79,401 |
2. | Waiver of Appointment of Auditor of the standalone Company | 53,558,444 | 218,946 | 55,199 |
Pursuant to Section 88 of the Companies Act 1981 and Bye-laws 71 and 76 of the Company's Bye-laws which require that the resolutions be passed unanimously, at the conclusion of such poll, the resolutions were accordingly not passed.
For the avoidance of doubt, the special resolutions above relate only to the Group's Bermudan entity and have no impact on the production and publication of the Group's consolidated financial statements for FY2025.
CONTACT DETAILS
For further information, please contact: |
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Jaco Prinsloo CEO Lewanne Carminati CFO | +27 11 673 1171 |
Nominated Adviser and Broker | |
Panmure Liberum Limited | +44 (0) 20 3100 2000 |
Scott Mathieson / John More / Joshua Borlant Kieron Hodgson | |
Communications | |
BlytheRay | +44 (0) 20 7138 3204 |
Tim Blythe / Megan Ray |
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CORPORATE INFORMATION
Registered and postal address: | Sylvania Platinum Limited |
| Clarendon House |
| 2 Church Street |
| Hamilton HM 11 |
| Bermuda |
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SA Operations postal address: | PO Box 976 |
| Florida Hills, 1716 |
| South Africa |
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Sylvania Website: www.sylvaniaplatinum.com
About Sylvania Platinum Limited
Sylvania Platinum is a lower-cost producer of platinum group metals ("PGMs") (platinum, palladium and rhodium) with operations located in South Africa. The Sylvania Dump Operations ("SDO") is comprised of six chrome beneficiation and PGM processing plants focusing on the retreatment of PGM-rich chrome tailings materials from mines in the Bushveld Igneous Complex ("BIC"). The SDO is the largest PGM producer from chrome tailings re-treatment in the industry. In FY2023, the Company entered into the Thaba Joint Venture ("Thaba JV") which comprises chrome beneficiation and PGM processing plants, and which will treat a combination of run of mine ("ROM") and historical chrome tailings from the JV partner, adding a full margin chromite concentrate revenue stream. The Group also holds mining rights for PGM projects in the Northern Limb of the BIC.
For more information visit https://www.sylvaniaplatinum.com/
ANNEXURE
GLOSSARY OF TERMS FY2025 | ||
The following definitions apply throughout the period: | ||
3E PGMs | 3E ounces include the precious metal elements Platinum, Palladium and Gold |
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4E PGMs | 4E PGM ounces include the precious metal elements Platinum, Palladium, Rhodium and Gold |
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6E PGMs | 6E ounces include the 4E elements plus additional Iridium and Ruthenium |
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AGM | Annual General Meeting |
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AIM | Alternative Investment Market of the London Stock Exchange |
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All-in cost | All-in sustaining cost plus non-sustaining and expansion capital expenditure |
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All-in sustaining cost | Production costs plus all costs relating to sustaining current production and sustaining capital expenditure. |
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Attributable | Resources or portion of investment belonging to the Company |
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BCM | Bank cubic metres |
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CLOs | Community Liaison Officers |
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Company | The purely equity holding entity registered in Bermuda, Sylvania Platinum Limited, with its entire share capital admitted on AIM. |
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DMRE | Department of Mineral Resources and Energy |
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EBITDA | Earnings before interest, tax, depreciation and amortisation |
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EA | Environmental Authorisation |
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EAP | Employee Assistance Program |
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EDEP | Employee Dividend Entitlement Programme |
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EEFs | Employment Engagement Forums |
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EIA | Environmental Impact Assessment |
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EIR | Effective interest rate |
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EMPR | Environmental Management Programme Report |
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ESG | Environment, Social and Governance |
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GBP | Pounds Sterling |
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GHG | Greenhouse gases |
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GISTM | Global Industry Standard on Tailings Management |
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GRI | Global Reporting Initiative |
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Group | The Company and its controlled entities. |
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IASB | International Accounting Standards Board |
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ICE | Internal combustion engine |
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ICMM | International Council on Mining and Metals |
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IFRIC | International Financial Reporting Interpretation Committee |
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IFRS | International Financial Reporting Standards |
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Lesedi | Phoenix Platinum Mining Proprietary Limited, renamed Sylvania Lesedi |
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LSE | London Stock Exchange |
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LTI | Lost-time injury |
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LTIFR | Lost-time injury frequency rate |
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MF2 | Milling and flotation technology |
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MPRDA | Mineral and Petroleum Resources Development Act |
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MRA | Mining Right Application |
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MRE | Mineral Resource Estimate |
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Mt | Million Tons |
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NUMSA | National Union of Metals Workers of South Africa |
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NWA | National Water Act 36 of 1998 |
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PGM | Platinum group metals comprising mainly platinum, palladium, rhodium and gold |
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PDMR | Person displaying management responsibility |
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PEA | Preliminary Economic Assessment |
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PFS | Preliminary Feasibility Study |
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Pipeline ounces | 6E ounces delivered but not invoiced |
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Pipeline revenue | Revenue recognised for ounces delivered, but not yet invoiced based on contractual timelines |
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Pipeline sales adjustment | Adjustments to pipeline revenues based on the basket price for the period between delivery and invoicing |
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Project Echo | Secondary PGM Milling and Flotation (MF2) program announced in FY2017 to design and install additional new fine grinding mills and flotation circuits at Millsell, Doornbosch, Tweefontein, Mooinooi and Lesedi |
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Revenue (by products) | Revenue earned on Ruthenium, Iridium, Nickel and Copper |
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ROM | Run of mine |
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SDO | Sylvania dump operations |
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SHE | Safety, health and environmental |
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Silly Season | The 'Silly Season' campaign is historically where a high number of accidents at mines are reported during the last quarter of the calendar year. This period is often challenging from a health and safety perspective and is commonly known as 'Silly Season/ Critical Season' |
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SLP | Social and Labour Plan |
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Sylvania | Sylvania Platinum Limited, a company incorporated in Bermuda |
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Sylvania Metals | Sylvania Metals (Pty) Limited |
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TCFD | Task Force on Climate-Related Financial Disclosures |
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tCO2e | Tons of carbon dioxide equivalent |
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Thaba JV | Thaba Joint Venture |
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TRIFR | Total recordable injury frequency rate |
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TSF | Tailings storage facility |
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UNSDGs | United Nations Sustainability Development Goals |
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USD | United States Dollar |
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WULA | Water Use Licence Application |
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UK | United Kingdom of Great Britain and Northern Ireland |
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VAT | Value Added Tax |
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ZAR | South African Rand |
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Zero Harm | The South African mining industry is committed to the shared aspiration of achieving the goal of Zero Harm, which aims to ensure that mineworkers return home from work healthy and unharmed every day |
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