Sylvania Platinum Limited announced the updated Mineral Resource Estimates for its Volspruit Project located on the Northern Limb of the Bushveld Complex in South Africa. The results include revised MREs for the Volspruit North and Volspruit South ore bodies, including for rhodium and ruthenium, both of which had previously not been assayed. The MRE is in line with the JORC (2012) Standard as a whole.

Highlights: Volspruit North: Volspruit North JORC MRE (Indicated): 16.42 million tonnes at a 4E (4E includes platinum, palladium, Rh and gold grade of 2.52 grams per tonne; 1.33 million 4Eounces at a grade of 2.52 g/t; 21.94 million pounds of copper at a grade of 0.07%; 61.50 million lb of nickel at a grade of 0.18%; The MRE represents a 10% increase in the indicated tonnage from the previously reported MRE (October 2022) resulting from a more defined geological modelling exercise that has also resulted in the 4E grade improving by 4%; and The addition of Rh estimates has improved the overall grade by approximately 7%. Volspruit South: Volspruit South JORC MRE (Inferred): 10.60 Mt at 4E grade of 2.11 g/t; 14.83 million lb of Cu at a grade of 0.06%; 46.96 million lb of Ni at a grade of 0.20%; This MRE is the first one completed since the mineralised zones have been redefined and, as expected, it reports approximately a third of the tonnages at almost double the grades previously reported by Integrated Geological Solutions (Pty) Ltd. in 2012. Next Steps: The Company has embarked on a Preliminary Economic Assessment of the Volspruit Project in order to assess what value the addition of the Volspruit South resources, and the Rh and Ru resources might add to the overall project.

Metallurgical test work is being undertaken on fresh core that was drilled during the course of the 2023 calendar year. Based on the results of the scoping study and metallurgical test work that is expected during Fourth Quarter FY2024 a decision will be made on progressing the project to a pre-feasibility study phase during FY2025.