[SMM Precious Metals Express]

In its latest annual results briefing, Northam Platinum unusually identified artificial intelligence, data storage, electronics and robotics as key new sources of future platinum-group metals (PGM) demand, sending a notable signal to the PGM market. Chief Executive Officer Paul Dunne said the company remains bullish on platinum, rhodium, iridium and ruthenium, citing declining supply from South African mines and still-supportive autocatalyst demand, alongside growing new applications in AI and high-tech industries. He noted that the PGM market remains in supply deficit, while industrial demand stays robust driven by emerging applications.

Tharisa launched fixed-income investor meetings on September 2, planning to issue a five-year senior secured bond with an initial size of USD 300 million through its wholly-owned subsidiary Arxo Finance. The proceeds will primarily fund remaining capital expenditure at the Karo Platinum mine in Zimbabwe and for general corporate purposes. DNB Carnegie and HSBC act as joint bookrunners, with Absa as co-manager. It should be noted that whether the bond will be formally issued, as well as the final coupon rate and size, remain subject to investor meeting outcomes and market conditions, and should therefore be viewed as a financing arrangement rather than a completed fundraising.

Sibanye-Stillwater released its financial results for the first half of 2026. Driven by stronger PGM and gold prices, stable production and improved cost discipline, the company delivered a notable uplift in earnings and cash flow. H1 revenue climbed 65% year-on-year to a record ZAR 90 billion, while adjusted EBITDA surged 111% year-on-year to ZAR 31.8 billion. The company also declared an interim dividend totaling ZAR 5.7 billion.