Strategy & Value Creation

Strategy & Value Creation

Free

cash flow

generation

• Production of approximately 76koz to 78koz/year from current operations¹
• Low cash costs target < $600oz

Optimisation

of value

from current resources and infrastructure

• Implementation of secondary milling and flotation at operations through Project ECHO based on proven metallurgical performance and operating technology

Opportunistic

growth

through further tailing treatment deals

• Continuously exploring and evaluating potential surface resources and projects

Preserve

option value

in other assets and realise when possible

• Would consider outright disposals, joint ventures, or spin-offs to maximise value to Sylvania's shareholders

Shareholder-friendly use of cash

Only commit

capital to growth projects

when internal hurdle rate is met

• Funding Project ECHO from cash resources

Opportunistic

buy back of shares

when share price is lower than internal company valuation

• Satisfy Sylvania Share Option Scheme exercises and bonus share awards to prevent any dilution to shareholders, or cancel shares to enhance shareholder returns

Future

shareholder dividends

when liquidity and cash flow requirements for the business are met as per revised dividend guidelines

• See dividend policy

¹ Steady state capacity including Project Echo modules, and subject to ore supply from the host mine FY2021 production target = 70,000oz 4E PGM