Platinum Heads for Weekly Loss After Sharp Rally Reverses, Palladium Also Weaker

[SMM Flash] Amigo Resources reported independent laboratory results from selected Tanzanian material showing combined PGM values of 6.94–7.07 ppm, alongside residual gold values of 3.27–3.47 ppm. The company said it is assessing the integration of proprietary PGM concentration technology into its processing flowsheets to target recovery from gravity tailings and other residual material. Amigo is also evaluating a pyrometallurgical copper-matte treatment route and has mobilised a small-scale furnace for further testwork.​ The programme could potentially establish PGMs as a recoverable by-product from Amigo's Tanzanian polymetallic material if subsequent metallurgical work demonstrates viable recoveries. However, the reported grades relate to selected test material and processing studies and do not constitute a compliant Mineral Resource, reserve or evidence of commercial-scale PGM production. Further metallurgical testing will therefore be important in determining whether the reported PGM content can translate into an economically recoverable product stream.

[SMM Flash] Pan Global Resources has reported additional drilling results from its 100%-owned Cármenes Project in northern Spain, identifying platinum and palladium within a broader gold-copper-nickel-cobalt mineralised system. Hole PVD15 intersected 15 m grading 3.90 g/t gold, 0.04% copper, 0.11% nickel and 0.12% cobalt from surface, including an 8 m interval grading 0.50 g/t platinum and 0.28 g/t palladium. Within this interval, one metre returned 1.39 g/t platinum and 0.74 g/t palladium, equivalent to 2.13 g/t Pt+Pd. The mineralisation extends beyond the historical Providencia mine workings and remains open along strike and at depth, according to the company. The results provide further evidence of PGM mineralisation within the Cármenes polymetallic system and could potentially add platinum and palladium credits to the project's mineral inventory. However, the reported intersections are exploration results and do not represent a Mineral Resource, reserve or future production estimate.

Sibanye-Stillwater released a notice, initiating Section 189A labour consultations for the Kwezi shaft at its Rustenburg mine in South Africa to assess mine restructuring plans. The mine has been in operation for years with declining ore grades. It sustained losses in 2024-2025 and is expected to return to losses in H2 2026. The consultation involves 1,114 personnel, including 781 permanent employees and 333 outsourced workers. At present, only the statutory consultation process is underway, and mine closure has not been confirmed. The 4E PGM output of this mine accounts for less than 3% of the company’s total South African PGM production. If production cuts are finally implemented, the overall supply impact will be limited.