[SMM Precious Metals Express]

On September 9, the World Platinum Investment Council (WPIC) released its Q2 2026 platinum report and updated its full-year 2026 forecast. The report shows that the platinum market posted a quarterly surplus for the second consecutive quarter in Q2, at 8 mt. Total supply was basically flat YoY at 59 mt (+1%); total demand fell 16% YoY (-10 mt) to 52 mt. Platinum ETF outflows of 7 mt led to net investment disinvestment of 4 mt.

ARM released its latest annual results. Core earnings rose 19% year-on-year to ZAR 3.2 billion, net cash increased by 54% to ZAR 10.2 billion, and the group declared a final dividend of ZAR 7 per share. The group’s cash generation capacity improved markedly. Tsundzukani Mhlanga, CFO of ARM, noted that cash inflows reached ZAR 4.2 billion in the reporting period, a sharp jump from only ZAR 45 million in the prior year. Phillip Tobias, CEO of ARM, also announced that the board has approved a ZAR 15.2 billion investment to develop the Bokoni PGM project. Hosting South Africa’s second-largest PGM resource base, the project is expected to have a payback period of around 6.3 years and serves as a key growth asset for the group’s PGM business.