Record-Breaking Revenue and Growth
The company posted $47.6 million in net revenue, a 17% increase compared to the previous year, and an EBITDA increase of 36% to $9 million. Production improved by 3% to 39,840 ounces, ranking among the top three half-year performances for the company.
Thaba JV Project Progress
The Thaba joint venture is on schedule, expecting first production by April-May 2025. It will contribute 6,800 ounces of PGMs and 210,000 tons of chromite annually, adding significant diversification and revenue potential.
Dividend and Share Buyback Commitment
Despite a challenging market, the company declared an interim dividend of $0.75 per ordinary share and conducted share buybacks, demonstrating a commitment to returning value to shareholders.
Operational Stability Achievements
Concluded a two-year wage deal and reported no Eskom-related load curtailment since March 24th, with higher-grade current risings enhancing production at Lesedi.
Positive Market Outlook
6% improvement in the PGM basket price and optimistic demand forecasts for rhodium and palladium due to hybrid vehicle growth, predicting a market deficit in 2025.