Platinum-Group Metals See Sharp Decline Amid Inflation, CPI; Rhodium Drops, Iridium Rises, Ruthenium Steady

[SMM PGM Flash] Southern Palladium released an updated prefeasibility study on 13 October for its 70%-owned Bengwenyama PGM-chrome project in South Africa. The study lifts modelled post-tax net present value, at an 8% real discount rate and on a 100% project basis, to US$1.96 billion from US$857 million in its July 2025 optimised study. It projects a 39.1% internal rate of return and a US$329 million peak funding requirement, up from US$279 million. No new ore reserve was declared. The increase reflects earlier metallurgical work, a revised plant design and stronger commodity-price assumptions, rather than new mined output. The study assumes 85.6% chromite recovery and envisages about one million tonnes a year of chrome concentrate at full Stage 2 output. About 30% of its life-of-mine tonnes are inferred resources. The definitive feasibility study and project funding remain outstanding, so the economic figures remain forecasts.

[SMM PGM Flash] Tharisa reported on 13 October that its South African mine produced 41,000 oz of six-element PGMs in Q4 FY2026, up 3.5% from the previous quarter. Full-year output reached 153,700 oz, 11% above FY2025 and within guidance. Its average contained-metal basket price was US$2,607/oz for the year, 61% higher year on year, although the Q4 average eased 5.4% quarter on quarter to US$2,535/oz. Rising annual output and a substantially higher basket price strengthen the revenue backdrop for the PGM-and-chrome operation, while the quarterly price decline shows continuing volatility. Tharisa set FY2027 PGM guidance at 150,000–170,000 oz. It also still targets first ore to the Karo mill in Zimbabwe for Q4 2027; that date and Karo’s planned output remain forecasts, not achieved production.