Sylvania Platinum : 20223Annual Report

ANNUAL REPORT

30 June 2023

CONTENTS

3	Reporting Scope
4	Corporate profile
5	Vision, mission, values
6	Chairman's letter
10	CEO's review
16	ESG: Supporting Our Strategy
22	Governance report
25	Directors' report
31	Corporate Governance Statement
34	Audit Committee Report
36	Directors' Responsibilities in the preparation of the Financial Statements
37	Independent auditor's report
42	Consolidated statement of profit or loss and other comprehensive income
43	Consolidated statement of financial position
44	Consolidated statement of changes in equity
46	Consolidated statement of cash flows
47	Notes to the consolidated financial statements
87	Additional information for listed public companies
88	Glossary of terms
90	Corporate directory

2

REPORTING SCOPE

This 2023 annual report presents a review of the financial, operational and non-financial performance of Sylvania Platinum Limited (Sylvania, the Company or the Group) for the 12 months ended 30 June 2023. The report seeks to provide a comprehensive overview of the Company's financial performance, operational achievements and non-financial performanceto elucidate the Company's business model and investment proposition, demonstrating how capital is strategically deployed in the value creation process.

The reporting scope extends beyond financial data, encompassing sustainability efforts, corporate governance practices, and the Company's commitment to environmental and social responsibility. The report includes extensive information regarding the Company's sustainability goals, performance metrics and initiatives, demonstrating the Company's dedication to creating long-term value for shareholders while simultaneously contributing to a more sustainable and equitable future. This annual report is intended to serve as a valuable resource for our stakeholders, enabling them to assess our organization's financial health, operational efficiency, and our ongoing commitment to responsible business practices. The Company's non-financial performance reporting is guided by the parameters of the Global Reporting Initiative (GRI), the United Nations Sustainable Development Goals (UNSDGs) and the Sustainability Accounting Standards Board (SASB).

The consolidated financial statements, set out on pages 42 to 86, were approved on 6 September 2023. They include the Company's financial results and were prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The consolidated financial statements represent the ongoing activities of the Sylvania Group.

Throughout the report, financial data is reported in United States Dollars ($/USD), unless otherwise stated. The Company is quoted on the London Stock Exchange's Alternative Investment Market (AIM), and in accordance with the AIM Rules for Companies (the AIM Rules), has chosen to adopt the Quoted Companies Alliance (QCA) Corporate Governance Code 2018 for Smaller Companies. In accordance with the AIM Rules, this was adopted and implemented from September 2018, and a summary is available on the Company's website (www.sylvaniaplatinum.com). The corporate governance statement may be found on page 31 of this report.

3

CORPORATE PROFILE

Sylvania Platinum Limited is a producer of platinum group metals (PGMs) including platinum, palladium and rhodium. The Company's core business is the retreatment of PGM bearing chrome tailings material. The Company also holds mining rights for a number of PGM projects on the Northern Limb of the Bushveld Igneous Complex in South Africa.

The Sylvania cash generating subsidiaries are incorporated in South Africa with the functional currency of these operations being South African Rand (ZAR). Revenues from the sale of PGMs are received in USD and then converted into ZAR.

The Group's reporting currency is USD as the holding company is incorporated in Bermuda. Corporate and general and administration costs are incurred in USD, Pounds Sterling (GBP) and ZAR.

In order to strengthen the Company's position as a low-risk specialist in the lower cost production of PGMs, Sylvania operates according to the following business priorities:

• Identifying projects that strike a balance between minimal operational and financial risk while holding the potential for substantial profit margins.
• Ensuring that management teams are consistently well-equipped with the appropriate blend of skills.
• Concentrating on generating cash flow, particularly during periods of economic uncertainty.
• Continuously embracing relevant practices and technology to sustain the Company's position as a lower quartile producer.

A predominant emphasis of the Company is placed on cash generation, which facilitates the distribution of capital returns to shareholders in line with the new Dividend Policy introduced in the first half of the 2023 financial year. In line with this policy update, the Board has declared a final dividend of five pence per Ordinary Share, to be paid on 1 December 2023. This follows the interim dividend of three pence per Ordinary Share declared in February 2023 and paid in April 2023 bringing the total annual dividend to eight pence per Ordinary Share.

The Annual General Meeting (AGM) is to be held on 24 November 2023.

4

VISION, MISSION AND VALUES

Vision:Being the best mid-tier platinum and associated metals producer in the world.

Mission: To grow our low cost and efficient business by leveraging our existing asset base, and continuing innovation through existing and future strategic partnerships, whilst proactively considering commodity and geographic diversification. Creating value for stakeholders by being an innovative, agile and sustainable operator of choice.

Values: We value the safety and health of all:

• Employees are at the heart of our Company and we place their safety and health above all else in everything we do.

We value the fundamental rights of people:

• We treat all people with dignity and respect.

We value honesty and integrity:

• We act honestly and show integrity by continuously striving towards "doing what we say we are going to do" and showing commitment towards our accountabilities of delivering high performance outcomes, thus projecting an image of professionalism and meeting the expectations of our colleagues, investors, business partners and social partners.

We respect the environment:

• We act in a manner that is sustainable and environmentally responsible, applying professional and innovative methods.

We value the culture, traditional rights and society in which we operate:

• Our actions will support the communities in which we work while honouring their heritage and traditions.

5