Sylvania Platinum Share Discussion Threads

[glennborthwick] 21/8/2017 07:49

Results out.

[master rsi] 15/8/2017 15:30

There was a chance earlier on to buy at 9.24p as a seller of 200K @ 9p got a MM move the offer to 9.25p to get buyers for the lot.

Plenty did buy on small sizes till the MM run out of the stock and move from the offer and gone to the bid, so now 3 at bid 9p for 3 at offer 9.50p

[ashbox] 09/8/2017 15:14

Interesting developments over at Jubilee Platinum where they have secured a $50m funding agreement to expand their metals recovery business, essentially the same type of business as Sylvania, although they mention other metals other than PGM's.
That funding is almost as much as their entire market cap.

[master rsi] 09/8/2017 00:01

10p +0.50p

with the price moving to 10p and crossing up the 50 days MA, is a bullish signal

[h0me] 08/8/2017 14:59

Good volume. Time for more news. Need to hold over 10.

[master rsi] 08/8/2017 14:25

Downtrend
Floor
Uptrend

[master rsi] 08/8/2017 11:28

on the move up to 10p , as is now on UPTREND

Tramlines broken out over a couple weeks ago - 20 Jul '17

[master rsi] 08/8/2017 10:28

Some large buys, has got the MMs short of stock, so most had to move prices up.
Bullish Level 2 of 3 v 1

spread 9.50 v 10p

[jimmmy] 08/8/2017 10:03

Could be right time to move up

[h0me] 07/8/2017 10:42

Due an uplift here soon. It's been too long...

[utrecht_00] 05/8/2017 20:59

anyone know if slp's current ops are 24 hours 7 days a week?

[russman] 05/8/2017 10:49

I have marked Phoenix as a big punt on platinum.Without this we will not get a divi soon.

[seagreen] 04/8/2017 11:44

terry is a good egg and has stayed loyal to this project from the heady days when we were being courted by AQP etc and is slowly building value back from the depths of the share price....I remain a huge fan and 30p will do for me in a few years time ayee

[utrecht_00] 04/8/2017 00:21

theres a buyer for a reason- if they dont do another acquisition they should have market cap in cash at bank in a year. What this needs is the major shareholder to force it to put itself on the block. If the management cannot unlock value then sell the damn thing. I am recently into this stock - my target is 15p. Its probably worth 30p in a $1500 pop scenario. One thing it is is a pretty safe investment- in a market downturn this will be resilient.

[novicetrade68] 03/8/2017 13:16

Looks like there is a seller and a big buyer out there getting mates rates.

[mnomis] 03/8/2017 12:01

Russman, don't think can be a punt on PGM prices, because shareholders have been told that the company could not pay dividends due to the PGM market (despite generating cash in current environment).

Anyone got any views on the shareholder calling the shots?

I see this share price getting weaker.

[ashbox] 03/8/2017 11:35

Hopefully the company will share this information with shareholders once the deal has gone through, however, despite all the in-depth analysis posted earlier, SLP really is a punt on the PGM basket price. The bald fact is that market cap was 5X current when total production was 25K oz. With 70k oz production the market cap has the potential to sky-rocket in a higher PGM price environment but the last 7 years have been threadbare for shareholders.

[russman] 03/8/2017 10:08

Any ideas how SLP could get Phoenix into profit.
Doubt efficiencies would make a large difference.
Looks like a punt on Platinum price or a cheap source of future feedstock.

[rougepierre] 02/8/2017 16:14

watch out if platinum carries on flying tonight...SLP is way behind the curve...could spike tomorrow...?

[rougepierre] 02/8/2017 15:12

platinum price tanked on apple earnings that took the Dow through 22,000, but....

it has rebounded to a 2 month high over $950...

so I had to double up at 9p...would have been rude not to...

[mnomis] 02/8/2017 11:50

I would like to see dividends full stop. Revising dividend policy to say if higher sustained PGM prices to me was a big cop out ... i.e. they are lowest cost producer, so was not necessary - and if they have so little confidence in PGM prices, they why are they buying a loss-making operation for nearly half their cash? Really what they were saying was, we doubt shareholders will be willing to finance any of our "growth projects", so we will hold onto shareholder funds.

What I would prefer is pay out a proper dividend, and if a compelling opportunity comes along, then finance it then.

[redtrend] 02/8/2017 11:02

Mnomis - the dividend policy was again revised in 2016 to simply state "Pay shareholder dividends when higher sustained PGM prices are achieved".

However I do think with cash costs coming down and a sustained basket price >$925, using the $8m rule it would be good to see a dividend early next year.

After Phoenix acquisition, cash position would be back to $8m and we then have around $10m left of Project Echo to fund (admittedly spread over next 3yrs). There will no doubt be some Capex with incorporating and optimising Phoenix into SLP operations too.

However based on current production and basket price, cash build-up after costs should be anywhere from $4m to $6m per quarter, so sure come early next year cash position will continue to be very robust in the teens again. Unless another opportunistic acquisition is planned, would be good to see a dividend then.

[mnomis] 02/8/2017 10:22

@ Redtrend - re point b), SLP cash is above $15m. Valuation discount could surely be reduced by paying dividends, rather than an acquisition when the market attributes such a low market rating on SLP? So yes, operationally, company has done great. Strategically it is a different story - the share price / valuation multiple does not lie ...

[redtrend] 02/8/2017 07:28

To say things have not changed is rather simplistic. Who knows why Audley have sold their shares, maybe he hasn't got the insurance money through for arson on his palatial mansion.

a) SLP management did divest the iron ore assets as recommended by major shareholders and provided a substantial dividend “in specie” in Aug 2012. Sale of the iron ore assets to Ironveld Plc for $22m

b) 2013 onwards, SLP did have a dividend policy provided the resultant company cash balance following the payment of any dividend was greater than $8m. Due to collapse in price of precious metals, high cash costs in 2013-2015, this condition could not be met.

c) Production has ramped up from 2010 to now as follows (with cash costs reducing significantly in 2016 and also set to continue for 2017 based on Quarterlies):

2010 - 25K Oz
2011 - 42K Oz
2012 - 46K Oz
2013 - 44K Oz
2014 - 54K Oz
2015 - 58K Oz
2016 - 61K Oz
2017 - 71K Oz (unaudited as per last Q report)

SLP is in a far stronger position now since spending on Capex and organically growing, than it would have been spending spare cash on dividends. We are also now in a strong position to acquire assets in a depressed PGM market on the cheap whiles others are struggling, in the hope of a long-term turnaround in the PGM space.

With the acquisition of Phoenix, in longterm SLP can likely maintain 70K Oz per year, whereas steady state was going to fall back to 60K. As per the RNS I'm sure SLP can realise synergies that PAF could not, as it fits better into their operations. Increase production and reduce cash costs more in line with their base of sub $500.

They have bought an asset in a depressed PGM market and because SLP market cap is also undervalued at present, don't think comparing it as a % of SLP provides an indicator to whether or not it was a good acquisition. Time will tell

[ashbox] 01/8/2017 15:40

Things have not changed that much since 2011...



I think the promise of a dividend is just a sop to shareholders, as was the share buy back which is now just shares held in treasury for management awards. Audley have sold the majority of their shares so they realised who the company is being run for....