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Investing Guides
AIM Listing, Director & Broker Appointment and Drilling Update
October 17, 2021
Future Metals NL ("Future Metals" or the "Company", ASX | FME) is pleased to provide an update on its admission to trading on the AIM market of the London Stock Exchange ("AIM") and its operational progress.
Highlights
- Admission to AIM
- Admission to trading on the AIM market of the London Stock Exchange expected to take place at 8:00a.m. (London time) on 21 October 2021 under trading code 'FME' ("Admission")
- Highly respected UK-based company director, Elizabeth Henson, to be appointed to the Board as an Independent Non-Executive Director on Admission
- Appointment of W H Ireland Limited ("WH Ireland") as UK Broker with effect from Admission
- Operational update
- Drilling progressing as planned at Panton, with approximately 3,000m completed to date across thirteen holes
- Samples submitted for assaying for initial ten holes drilled with results pending
- Drilling is continuing and currently targeting shallow mineralisation across the B Zone and C Zone where the Company sees potential for broad mineralisation outside of the current Panton 2.4Moz JORC Mineral Resource Estimate ("MRE") (refer Appendix One)
Admission to AIM
It is expected that the Company's ordinary shares will be admitted to trading on AIM at 8:00a.m. (London time) on 21 October 2021. On Friday, 15 October 2021 the Company published an AIM Admission Document, which will be made available on the Company's website at www.future-metals.com.au from Admission.
In conjunction with Admission, the Company has secured the appointment of a highly credentialed UK-based director to augment the Company's existing board of directors. It is proposed that Elizabeth Henson will be appointed to the Board of Future Metals with effect from Admission.
Ms Henson was formerly a senior international private tax partner of PricewaterhouseCoopers (PwC) in London, having founded and led PwC's International Wealth business. She is an experienced company director and holds a Master of Laws and Tax from Queen Mary, University of London, along with a Bachelor of Laws (LLB) and Bachelor of Art from Rhodes University, South Africa.
FME:AU
13 February
Gold vs. Platinum: Which is the True Metal of Love?
Valentine’s Day is here again — the season of grand gestures, red roses and debates over the perfect gift.
Jewelry is a favorite choice, with engagement rings, bracelets and necklaces serving as timeless symbols of love. But when it comes to picking the ultimate metal of romance, is gold the champion, or does platinum reign supreme?
Both metals have a long history of adorning royalty, marking milestones and symbolizing love. But they offer very different qualities, from durability and symbolism to price and prestige.
If you’re planning to gift — or receive — a piece of jewelry this Valentine’s Day, here’s everything you need to know about the real heavyweight battle: gold vs. platinum.
Round 1: Strength and durability
Love is supposed to last forever, and so should your jewelry.
Here, platinum lands its first punch. It’s one of the most durable precious metals, allowing it to resist wear and tear and retain mass over time. That means an engagement ring or wedding band made of platinum will stay nearly the same for decades, even with daily use. Plus, it’s naturally white and never fades.
Gold, on the other hand, is softer. Pure 24k gold is too malleable for jewelry, so it’s mixed with other metals to create 18k or 14k gold. Even then, it’s still prone to scratches and thinning over the years, especially in rings worn daily.
White gold, which competes directly with platinum in color, requires rhodium plating to maintain its bright sheen — and that plating can wear off, meaning you’ll need occasional reapplications to keep it looking fresh.
Winner: Platinum. It’s tougher and ages gracefully — just like a strong relationship.
Round 2: Symbolism and romance
Gold has been the metal of love for centuries. Ancient Egyptians associated it with eternity, Romans crafted wedding rings from it and it’s been a staple in engagement rings for generations.
Its rich, warm hue is often linked to passion and commitment, making it the classic choice for romantics.
Platinum, however, is the modern-day love metal. It’s rarer, more exclusive and represents endurance and resilience — qualities many couples see as ideal in a relationship.
In the early 20th century, platinum became the go-to metal for high-end jewelry, and brands like Tiffany & Co. (NYSE:TIF) solidified its reputation as the luxury choice for engagement rings.
Winner: Tie. Gold is the traditional favorite, but platinum’s rarity and strength make it just as meaningful.
Round 3: Price and investment value
If your Valentine’s Day gift doubles as an investment, gold might be the safer bet.
Gold has been a recognized store of value for centuries, often increasing in price during economic uncertainty. The yellow metal is also easier to trade and sell, making it a more liquid asset.
Currently gold is priced at over US$2,900 per ounce, trading near its all-time high.
Platinum, while rarer than gold, doesn’t always hold its value as consistently. Its price fluctuates more due to industrial demand, particularly in the automotive sector (it’s a key material in catalytic converters).
Its highest price ever is US$2,290 per ounce, a level it hit in 2008; presently the metal is valued at US$1,035.
Winner: Gold. If you’re thinking about long-term financial value, gold’s track record makes it the better investment.
Round 4: Wearability and maintenance
Comfort is key when wearing jewelry every day.
Platinum is denser and heavier than gold, and while some love this substantial feel, others find too weighty. It also develops a natural patina over time — a slightly matte finish that some appreciate, but others might want to polish away.
Gold, being lighter, is generally more comfortable for everyday wear.
Yellow and rose gold don’t require extra maintenance, but white gold does — it needs regular rhodium plating to maintain its bright finish. If you’re not a fan of frequent upkeep, that’s something to consider.
Winner: Gold. It’s lighter and offers more color options. But platinum wins for those who don’t mind a bit of patina.
The verdict: Which metal should you choose?
So, which is the real metal of love? Well, it depends on what matters most to you.
- If you want durability and timeless strength, platinum is your best bet.
- If you value tradition, warmth and investment potential, gold is the classic choice.
- If you’re after a low-maintenance option, yellow or rose gold requires the least upkeep.
- If you want something rare and exclusive, platinum’s prestige is hard to beat.
At the end of the day, both gold and platinum have their own magic. Whether you go for the rich glow of gold or the cool resilience of platinum, the most important thing is the love behind the gift.
Because let’s be honest — when you’re in love, any jewelry will sparkle a little brighter.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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22 January
Platinum Price Forecast: Top Trends for Platinum in 2025
The platinum price fluctuated in 2024, trading between US$900 and US$1,100 per ounce.
Some of its gains were due to strong demand from the automotive sector, which reached a seven year high during the first quarter. Interest rate cut speculation in May also helped boost precious metals prices.
Platinum reached its year-to-date high of US$1,094 on May 17.
The price of the metal also benefited from a supply shortfall of more than 450,000 ounces for the year.
Platinum demand expected to stay flat
According to the most recent data from the World Platinum Investment Council (WPIC), overall platinum demand is expected to remain relatively flat in 2025, falling 1 percent to 7.86 million ounces.
The automotive sector will remain the largest price driver, but for how much longer remains to be seen.
Both platinum and palladium can be used in catalytic converters, which help eliminate toxic emissions from vehicle tailpipe gases. As their prices fluctuate, platinum and palladium tend to be swapped.
Currently, palladium is trading at a premium to platinum, and its price will likely need to be considerably lower before parts makers start retooling processes to swap between them.
Although light vehicle sales are expected to grow by 1.7 percent in 2025, an increasing number will be electric vehicles (EVs) that don’t require platinum or other platinum-group metals.
S&P Global Mobility projects that the global market share for EVs will rise to 16.7 percent over the next year, a significant increase from 7 percent in 2023. It sees 15.1 million EV units being sold.
Jewelry also provides significant demand for platinum. In 2025, the WPIC forecasts that demand will see a 2 percent rise to 1.98 million ounces, up from 1.95 million ounces the previous year.
Investment demand is also expected to grow in 2025, rising 7 percent from 2024 to 420,000 ounces.
The figures from the WPIC show that demand gains will be offset by a 9 percent decline in industrial demand, which is seen falling to 2.22 million ounces from 2.43 million ounces last year. The use of platinum in the production of glass is forecast to decline the most, 57 percent, to 286,000 ounces from 671,000 ounces in 2024.
Due to its high melting point, platinum is used to line vessels and coating equipment used in the production of glass, particularly glass used for liquid-crystal displays. In 2021, the use of platinum surged as display manufacturers increased furnace capacity and glass fiber production lines.
Small increase anticipated for platinum supply
Platinum supply is forecast to increase marginally by just 0.76 percent in 2025.
Supply is anticipated to come in at 7.32 million ounces, up slightly from the 7.27 million ounces produced in 2024. This sets the market up for a supply shortfall of 539,000 ounces this year.
Refined production is expected to contract by 1 percent, with 5.55 million ounces entering the market compared to 5.63 million ounces last year. South Africa is one location where output has fallen off.
The decline was acknowledged in August, when Paul Dunne, CEO of producer Northam Platinum Holdings (OTC Pink:NPTLF,JSE:NPH), said the “industry had entered into a phase of irreversible decline.” He suggested this was due to a combination of low prices and a challenging demand landscape as EV adoption gains traction.
Secondary supply from all recycling sources is expected to reach its highest level since 2021, rising 12 percent to 1.77 million ounces. Although platinum is predicted to be in a supply deficit for the third year in a row, this setup may not significantly impact prices owing to more than 3.01 million ounces held in aboveground stockpiles.
What is the platinum price outlook for 2025?
In a video outlook, Jeffrey Christian, managing partner at CPM Group, predicts that the platinum price will remain relatively flat in 2025, possibly facing downward pressure in the year ahead.
This would put the price for the precious metal in the US$900 to US$1,000 range.
With the platinum market expected to continue in deficit through 2025, Heraeus Precious Metals believes there will be some price support. However, like CPM, the firm doesn’t see much upside for the metal over the next year.
Heraeus predicts the metal's price will range from US$850 and US$1,220.
UBS Group (NYSE:UBS) echoed this sentiment with a price target of US$1,100 for the middle of the year.
The Swiss bank believes that real assets will be supported as the US Federal Reserve eases interest rates, though it suggests platinum is likely to lag behind gold until rates support higher industrial activity.
With all of that said, global geopolitical tensions remain high, and with the platinum price predicted to remain tight in 2025, it may not take much to upset that balance. An example of this came this past October, when the threat of further sanctions against Russia caused price rises for both platinum and palladium.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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17 December 2024
4 Platinum Uses for Investors to Know (Updated 2024)
Platinum may be rare, but it is the third most-traded precious metal in the world, behind gold and silver.
The world’s platinum demand varies widely across many sectors. Most notably, platinum metal is used in autocatalysts and jewelry, as well as for medical and industrial purposes. Those interested in investing in platinum would do well to be aware of the many platinum uses. After all, by knowing which industries require platinum, it’s possible to understand supply and demand dynamics, and to be aware of how the precious metal’s price may move in the future.
With that in mind, here’s a list of the four main platinum uses. Scroll on to learn more about platinum’s key applications.
1. Autocatalysts
One of the main platinum uses is in the construction of autocatalysts. An autocatalyst is a “cylinder of circular or elliptical cross section made from ceramic or metal formed into a fine honeycomb and coated with a solution of chemicals and platinum group metals.” An autocatalyst mounted inside a stainless steel canister is known as a catalytic converter.
Catalytic converters are installed in a vehicle’s exhaust lines, between the engine and muffler, where they are used to moderate the dangerous qualities of exhaust. Specifically, the autocatalysts that vehicles contain convert over 90 percent of hydrocarbons and carbon monoxide into carbon dioxide, nitrogen and water vapor. They can also convert pollutants from diesel exhaust into carbon dioxide and water vapor, which is immensely helpful in reducing pollution.
Autocatalysts have been used in the US and Japan since 1974, and are now so common that over 95 percent of new vehicles sold each year have one. As a result, they are a significant source of platinum demand that is not likely to disappear in the future. Indeed, as pollution rules become more stringent, car companies are looking at creating even more efficient autocatalysts.
In 2024, platinum demand from the automotive sector was forecast to hit 3.17 million ounces, according to the World Platinum Investment Council (WPIC). It's expected to climb to an eight-year high of 3.25 million ounces in 2025.
2. Platinum jewelry
Platinum has many qualities that make it ideal for use in jewelry, and that is the second largest source of platinum demand. The metal is strong, resists tarnish and can repeatedly be heated and cooled without hardening or oxidizing.
When used to make jewelry, platinum is commonly alloyed with other platinum-group metals such as palladium, as well as copper and cobalt, so that it is easier to work with.
The history of platinum jewelry is long. More than 2,000 years ago, Indigenous people in South America made rings and ornaments out of platinum. Egyptians used platinum for decoration as early as the 7th century BCE. Meanwhile, Europeans began to use the metal in jewelry in the 18th century. Currently, China is the largest market for platinum jewelry.
In 2024, platinum demand for jewelry was expected to increase 5 percent year-over-year to 1.95 million ounces, and move up to 1.98 million ounces in 2025.
3. Industrial applications
Platinum’s industrial applications could fill a book all on their own. For instance, platinum catalysts are used to manufacture fertilizer ingredients, and the metal is a key component in silicones, hard disks, electronics, dental restoration, glass-manufacturing equipment and sensors in home safety devices.
Another platinum use is in the construction of hard drives with extremely high storage densities. And, because it is reactive to oxygen, oxides of nitrogen and carbon monoxide, platinum can be used to detect changes in the amount of those materials in vehicles and buildings. For the same reason, platinum is also used in medical sensors, particularly medical instruments that measure blood gases, to detect oxygen.
Industrial demand for platinum, including medical demand, was forecast to come in at 2.43 million ounces in 2024 before falling to 2.22 million in 2025.
4. Medical applications
Platinum is used in electronic medical devices like those mentioned above, as well as in catheters, stents and neuromodulation devices. It is ideal for these applications because of its durability, conductivity and biocompatibility. The metal is also inert within the body, making it safe for implantation.
To meet other medical needs, platinum can be formed into rods, wires, ribbons, sheets and micromachined parts. Further, it helps fight cancer in the drugs cisplatin and carboplatin, which are widely used to treat testicular cancer, as well as ovarian, breast and lung cancer tumors.
Medical demand for platinum has increased in recent years, and is forecast to rise to 303,000 ounces in 2024 and 314,000 ounces in 2025.
FAQs about platinum
How much is platinum worth?
Throughout 2024, the price of platinum has traded between US$900 and US$1,100 per ounce. Although the industry is facing a growing supply deficit, it is also dealing with lagging demand.
The shortfall in supply is related to a hangover from COVID-19 lockdowns, Russia's war in Ukraine and ongoing electricity shortages and railway issues in the top platinum producing country South Africa. Russia typically ranks as the world’s second largest platinum-producing country. Meanwhile, economic pressures worldwide have weighed on demand for platinum from the automotive industry. However, the same economic challenges have led to less demand for electric vehicles, which don't require platinum-laden catalytic converters.
Which is more valuable, gold or platinum? Why?
Platinum is 30 times rarer than gold, much harder to mine and in high demand due to its important industrial uses, but the gold price is more than double the price of platinum in 2024. Precious metal gold has long been valued as a form of currency and a store of wealth, yet platinum jewelry often has a higher price point than gold jewelry.
Platinum in general has historically traded on par or at a premium to gold, but since 2015 the two metals have diverged in price, with the gold taking the high road. This split has been attributed to gold’s safe-haven status and platinum’s reliance on the industrial and jewelry markets, which don’t fare well in times of economic uncertainty. This has led to increasing demand for platinum jewelry as a cheaper alternative to gold jewelry.
What’s the best investment, gold or platinum?
Both gold and platinum have wealth-generating potential, but it's important to determine which precious metals fit your investment strategy; consider looking at supply, demand and prices for each option before making a decision.
To learn more, check out: What is the Best Precious Metal to Invest In?
This is an updated version of an article originally published by the Investing News Network in 2014.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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04 December 2024
How to Invest in Platinum Stocks (Updated 2024)
Platinum is the third most traded precious metal in the world after gold and silver, and investment demand is growing.
It is also an industrial metal that is widely used in a variety of sectors. The four main uses of platinum are in catalytic converters for the automotive industry; as a material in jewelry; in industrial applications in various sectors including fertilizers, hard drives, electronics, and glass manufacturing; and in medical devices and pharmaceuticals.
The long-term outlook for platinum is strong, making the sector potentially compelling for investors. Here’s a brief overview of platinum supply and demand dynamics, as well as a look at a few different ways to start investing in platinum.
In this article
What is platinum?
Platinum is a silvery-white precious metal that is soft and ductile. It is highly prized for its durability and excellent catalytic properties, such as a high melting point, resistance to corrosion and simple acids, and ability to serve as a carbon monoxide oxidation catalyst. Platinum's symbol on the periodic table of elements is Pt.
Platinum is the most abundant and widely used of the platinum-group metals (PGMs), which also includes palladium, rhodium, iridium and other metals.
Platinum is not typically mined on its own, but rather alongside palladium and other PGMs within nickel and copper ores or chromitite.
Platinum demand trends
Platinum’s diversity of applications has helped to create a resilient market for this metal even in an economic downturn. Total platinum demand for 2024 is expected to come in at 7.95 million ounces, mostly on par with the previous year’s figure, according to the World Platinum Investment Council (WPIC), which provides quarterly market overviews. The WPIC is projecting a mere 1 percent decline in platinum demand for 2025 to 7.86 million ounces.
The four biggest demand sectors for platinum are automotive (40 percent), industrial (31 percent), jewelry (25 percent) and investment (5 percent).
For 2025, WPIC expects to see a slowdown in demand from the industrial sector to be mostly offset by increased demand for platinum coming from the automotive, jewelry and investment sectors.
Automotive
In the automotive industry, both platinum and palladium are used in catalytic converters for vehicle exhaust systems. Due to their differing properties, platinum is preferred for diesel engines and palladium is the metal of choice for gasoline engines.
In recent years, platinum has been increasingly substituted for palladium in gas-powered vehicles due to high prices for palladium. And although the price disparity has decreased, analysts expect that the substitution trend will continue for some time.
Another important factor impacting this segment of the market is the emerging market for electric vehicle (EVs), which do not require catalytic converters to control emissions. The global slowdown in EV sales and production has proven positive for platinum.
Demand from this sector is expected to decline by 2 percent year-on-year in 2024 to 3.17 million ounces as global auto sales and production are in decline, especially in Europe. For 2025, the WPIC is forecasting 2 percent growth to 3.25 million ounces, an eight-year high in platinum demand from the automotive sector.
Industrial
Demand from the industrial sector is forecast to have dropped 1 percent in 2024 to 2.43 million ounces due to a slowdown in chemical plant start-ups after “five years of aggressive capacity expansions in China.” Looking into 2025, the council sees “cyclically weak” platinum demand coming from the industrial sector, resulting in a forecasted 9 percent year-on-year decline largely caused by "negligible new glass capacity additions."
Jewelry
Global jewelry consumption is projected to grow by 5 percent in 2024 to reach 1.95 million ounces, followed by a 2 percent gain in 2025. Regionally, demand growth is centered in India and the United States as platinum becomes a much more affordable option compared to gold.
Investment
Looking over to investment demand for platinum, in 2024 WPIC expects a 1 percent drop in over the previous year to 393,000 ounces of the metal. However, that trend is set to reverse in 2025 for a growth rate of 7 percent on strong platinum ETF inflows and the launch of new products including platinum bars at Costco in the US and platinum coins by China Gold Coin Group in China.
Hydrogen
In recent years, the transition to a green economy and the growth of hydrogen technologies has created another growing market for platinum. The WPIC has noted that the hydrogen market, specifically proton exchange membrane electrolyzers and hydrogen fuel-cell electric vehicles, is expected to become "a meaningful component of global demand by 2030 and potentially the largest segment by 2040."
For now, the hydrogen sector represents 1 percent of total platinum demand in 2024, up from 0.4 percent in the previous year.
Platinum supply trends
The platinum market is destined to remain in a supply deficit for a third-straight year in 2025, according to WPIC estimates, with a shortfall of 539,000 ounces of the metal. However, the demand-supply imbalance in the platinum market is narrowing from a deficit of 759,000 ounces in 2023 as increased recycling production — up 14 percent — offsets 2 percent declines in mine output. Analysts are forecasting a net increase of 1 percent in total platinum supply for 2025 to 7.324 million ounces.
The projected 2 percent decrease in mined platinum supply is attributed to expected lower production out of South Africa and North America.
South Africa is by far the leader in terms of mined platinum production and reserves, according to US Geological Survey data, accounting for about 67 percent of global output. The country's Bushveld Complex is the largest PGM resource in the world. However, ongoing electricity shortages and transport line disruptions have restrained platinum mine output from the country in recent years.
Russia, Zimbabwe, Canada and the United States round out the top five platinum-producing countries. Check out INN’s list of the top palladium and platinum countries by production to learn more about the platinum-mining activities in these nations.
How to invest in platinum
Investors who believe the above market dynamics will eventually result in a higher platinum price may be interested in investing in the metal. There are several ways to invest in platinum, from platinum mining stocks and platinum ETFs to physical bars and coins and platinum futures.
Platinum stocks
One way to invest in platinum is to own shares of a platinum-mining company. Depending on your risk tolerance, both major platinum miners, junior exploration companies offer an easy entry point.
Major platinum mining stocks
Anglo American Platinum (OTC Pink:AGPPF,JSE:AMS)
Anglo American Platinum, or Amplats, is a leading primary producer of PGMs, supplying mined and recycled platinum products. The company operates the Mogalakwena mine, Amandelbult complex and Mototolo mine in South Africa’s Bushveld Complex. Its parent company, Anglo American (LSE:AAL,OTCQX:AAUKF), is planning to demerge Amplats in mid-2025 as part of its ongoing restructuring efforts, after which Amplats will list on the LSE.
Eastern Platinum (TSX:ELR,JSE:EPS)
Eastern Platinum, or Eastplats, has a number of directly and indirectly owned PGM assets in the Bushveld Complex of South Africa. In addition to its ongoing work recovering chrome from historical tailings, Eastplats is now ramping up production of PGM and chrome concentrates at Crocodile River's new Zandfontein underground mine. The company expects PGM revenue to make up at least 65 percent of its revenue in 2026.
Impala Platinum Holdings (OTC Pink:IMPUF,JSE:IMP)
Impala Platinum Holdings, or Implats, is one of the most prominent platinum producers in the world. The company has majority ownership or joint ventures in four PGM mining operations in South Africa along with a refining facility, two PGM mining operations in Zimbabwe along with a concentrator, and one PGM mine in Ontario, Canada.
Tharisa (OTC Pink:TIHRF,LSE:THS,JSE:THA)
Tharisa is a vertically integrated PGM company, and through its subsidiaries its operations span from exploration through to production, beneficiation and distribution. Tharisa's PGM assets include the Tharisa platinum-chrome mine in South Africa's Bushveld Complex and the Karo platinum mine, which is now under construction in Zimbabwe.
Sibanye Stillwater (NYSE:SBSW)
Sibanye Stillwater has a diverse metals mining portfolio and is one of the world's largest primary platinum and palladium producers. It recently adopted a circular economy business model that includes platinum recycling. The company has numerous PGM operations in South Africa and the United States. Its US Stillwater and East Boulder operations are in Montana's Stillwater Complex, the country's largest source of PGMs.
Junior mining stocks
Bravo Mining (TSXV:BRVO,OTCQX:BRVMF)
Bravo Mining is advancing its wholly owned Luanga PGM-gold-nickel exploration project in the Carajás Mineral Province of Brazil. The project has a maiden mineral resource estimate showing indicated resources of 4.1 million ounces of palladium equivalent at 1.75 grams per metric ton (g/t) and inferred resources of 5.7 million ounces at 1.5 g/t.
Canada Nickel (TSXV:CNC,OTCQX:CNIKF)
Canada Nickel Company is advancing its wholly owned flagship Crawford nickel-cobalt sulfide project located in the Timmins-Cochrane mining camp of Ontario, Canada. The project also hosts significant platinum and palladium mineralized zones.
Canada North Resources (TSXV:CNRI,OTCQX:CNRSF)
Canada North Resources wholly owns the late-stage Ferguson Lake exploration project in the Kivalliq Region of Nunavut, Canada. The polymetallic project hosts base metals nickel, copper and cobalt as well as PGMs.
Chalice Mining (ASX:CHN,OTC Pink:CGMLF)
Chalice Mining owns the Gonneville development project in Western Australia. The project hosts a mix of metals, including platinum, palladium, nickel, cobalt and copper. The Western Australia government has designated Gonneville a Strategic Project in recognition of the project’s importance for the country’s critical metals industry.
Clean Air Metals (TSXV:AIR)
Clean Air Metals is focused on its wholly owned exploration-stage Thunder Bay North critical minerals project in the Thunder Bay region of Ontario, Canada. The project hosts platinum, palladium, copper and niobium mineralization.
Lifezone Metals (NYSE:LZM)
Lifezone Metals has developed a hydrometallurgical processing technology, which it calls Hydromet Technology, as a cleaner alternative to smelting for base and precious metals refining. The company has a joint venture partnership agreement with Glencore (LSE:GLEN,OTC Pink:GLCNF); Lifezone will use its Hydromet Technology to recycle platinum, palladium and rhodium in the United States, and Glencore will act as the offtaker and marketer. Lifezone also owns the Kabanga nickel-copper-cobalt project in Tanzania.
Platinum Group Metals (TSX:PTM,NYSE:PLG)
Platinum Group Metals is working to bring into production its advanced-stage Waterberg palladium and platinum deposit in South Africa. First discovered by Platinum Group Metals, the project is now a joint venture with key partners that include Implats at 14.86 percent. Platinum Group retains a 50.16 percent position in Waterberg and will be the majority operator.
Ramp Metals (TSXV:RAMP)
Ramp Metals’ flagship project is the early-stage exploration Rottenstone SW property in Saskatchewan, Canada. It is situated adjacent to a northeast-southwest geological formation connected to the historic Rottenstone mine, which produced nickel, PGMs and gold.
Platinum bars and coins
Another investment option is the direct purchase of physical platinum bars or platinum coins through a bullion dealer.
One example is BullionVault’s online physical platinum market, which is supported by the WPIC, and gives private individuals access to vaulted platinum for the same prices currently paid by institutional investors. The market is open 24 hours a day, seven days a week.
Investors in the United States can also now buy 1 ounce platinum bars and coins at Costco, an option you can learn more about here.
Platinum ETFs
Those interested in platinum can also gain exposure via platinum exchange-traded funds (ETFs) and exchange-traded notes (ETNs). Here are a few to get you started.
iShares MSCI Global Metals & Mining Producers ETF (NYSE:PICK)
The iShares MSCI Global Metals & Mining Producers ETF provides investors with access to the global mining industry through an international basket of companies engaged in the extraction and production of metals, including platinum. Its holdings include Implats, Anglo American and Sibanye Stillwater. It has the lowest expense ratio on this list at 0.39 percent.
Aberdeen Physical Platinum Shares ETF Trust (ARCA:PPLT)
The Aberdeen Physical Platinum Shares ETF is designed to reflect the performance of the price of physical platinum less the trust’s expenses and holds platinum bars in a secure vault. It has an expense ratio of 0.6 percent.
Sprott Physical Platinum and Palladium Trust (ARCA:SPPP)
The Sprott Physical Platinum and Palladium Trust is another option that provides access to the physical platinum bullion market while allowing the flexibility of an exchange-traded security. It has the highest expense ratio on this list at 1.12 percent.
GraniteShares Platinum Trust (ARCA:PLTM)
The GraniteShares Platinum Trust tracks the spot price of platinum less trust expenses, and holds a physical portfolio of platinum ingots kept in a vault in London, UK. It has an expense ratio of 0.5 percent.
Global X Physical Platinum (ASX:ETPMPT)
Global X Physical Platinum provides Australian investors access to platinum held in JP Morgan storage facilities. It has a management fee of 0.49 percent.
Platinum futures
Another option for those looking to invest in platinum is platinum futures, a derivative instrument tied directly to the price of the actual metal. Futures are a financial contract between an investor and a seller. The investor agrees to purchase an asset from the seller at an agreed-upon price based on a date set in the future.
Rather than intending to take possession of the material asset, investors speculating in the futures market are instead making bets on whether the price of a particular commodity will rise or fall in the near future.
For example, if you buy a platinum futures contract believing the price of metal is set to rise, and your prediction proves correct, you could gain a return on your investment by selling the now more valuable futures contract before it expires. However, be advised that trading futures contracts is not for the novice investor.
Platinum futures are available for trade on the New York Mercantile Exchange (NYMEX), which is part of the CME Group.
This is an updated version of an article first published by the Investing News Network in 2017.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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27 November 2024
WPIC: Platinum Market Facing Third Consecutive Deficit in 2025 as Supply Constraints Persist
The global platinum market is projected to face its third consecutive deficit in 2025 with a shortfall of 539,000 ounces, according to the latest quarterly report from the World Platinum Investment Council (WPIC).
Demand across key sectors remains robust, outpacing mine production and recycling efforts.
The projected 2025 deficit will come after an expected shortfall of 682,000 ounces in 2024, driven by steady demand of 7,951,000 ounces against constrained supply of 7,269,000 ounces.
For 2025, the WPIC forecasts only slight changes, with demand set to come in at 7,863,000 ounces — representing a marginal 1 percent year-on-year decline — and supply increasing by 1 percent to 7,324,000 ounces.
Platinum supply still facing challenges
Platinum supply rose by 7 percent year-on-year in Q3, but still remains constrained.
Overall, mine supply is projected to grow by just 1 percent in 2024 to 5,683,000 ounces, a level reflective of ongoing industry challenges, such platinum's rangebound price level and restructuring activities.
Looking ahead to 2025, mine output is forecast to contract by 2 percent to 5,550,000 ounces.
Watch Edward Sterck, director of research at the WPIC, discuss the organization's latest report.
Meanwhile, platinum recycling — a key component of supply — is showing signs of recovery.
A 3 percent year-on-year improvement is expected in 2024, bringing recycled volumes to 1,587,000 ounces. In 2025, recycling is projected to increase by 12 percent to 1,774,000 ounces, 8 percent below pre-pandemic averages.
Total aboveground stocks of platinum are forecast to decline significantly, falling by 16 percent in 2024 and 15 percent in 2025, which the WPIC said highlights the ongoing supply/demand imbalance.
Auto sector demand to hit eight year high
The automotive industry is set to be a key driver of platinum demand in 2025, with consumption from the sector projected to hit 3,245,000 ounces, marking an eight year high.
This growth contrasts with a 2 percent decline in 2024 to 3,173,000 ounces. According to the WPIC, this decrease was largely due to revised vehicle production forecasts in Europe amid economic challenges.
The anticipated rebound in 2025 reflects increased use of platinum in hybrid vehicles, as well as substitution of platinum for palladium in catalytic converters. These trends are supported by stricter emissions regulations and the sustained production of internal combustion engine vehicles as electric vehicle adoption lags.
Meanwhile, the WPIC anticipates that global jewelry demand for platinum will rise steadily both this year and next, driven by strong fabrication growth in key markets like India, Japan and North America.
In 2024, jewelry demand is forecast to increase by 5 percent year-on-year to 1,951,000 ounces. This upward trajectory is set to continue into 2025, with a further 2 percent increase to 1,983,000 ounces.
Indian demand remains a key growth driver, supported by innovative designs and cultural trends, while the North American and Chinese markets are expected to show modest gains.
Industrial demand to decline, investment demand to grow
Industrial demand for platinum is projected to decline by 9 percent in 2025 to 2,216,000 ounces.
This follows a period of strong growth fueled by expansions in sectors like glass and hydrogen production. The slowdown in 2025 is largely attributed to reduced demand in the glass sector as capacity expansions taper.
However, other industrial applications, including chemical and hydrogen sectors, are expected to show growth, as platinum's applications in emerging technologies continue to diversify.
In contrast, investment demand for platinum is projected to remain a key component of the market in 2025, marking the third consecutive year of net positive growth, as per the WPIC.
Total investment demand is forecast to rise by 7 percent in 2025 to reach 420,000 ounces, supported by increased interest in platinum bars and coins, particularly in China.
Exchange-traded funds are also expected to see growth, with US investors turning to platinum as part of broader investment strategies tied to industrial metals.
Platinum price showing resilience
With a variety of factors driving the platinum outlook, WPIC CEO Trevor Raymond expressed optimism that the metal’s growing industrial and investment uses will soon translate to a more stable market.
“At a time when the global economy is uncertain, one might expect an industrial metal like platinum to perform poorly. However, as we see in today’s findings, platinum demonstrates its resilience due to its diverse end-uses even in the current environment,” he explained in the WPIC's report.
One such area is platinum's growing role in green hydrogen and emissions-reduction technologies. The metal’s strategic importance is expected to rise, offering opportunities for long-term investors and industry stakeholders.
Furthermore, the increased availability of physical platinum — including retail giant Costco’s (NASDAQ:COST) initiative to sell platinum bars and coins — is set to serve as a tailwind for the sector's future outlook.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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29 October 2024
Top 5 Palladium and Platinum Countries by Production
Platinum-group metals (PGMs) include platinum, palladium, rhodium and other metals, all of which are prized for their durability, resistance to corrosion and excellent catalytic properties.
The automotive industry is the world’s largest consumer of these metals, which among other things are used in catalytic converters for vehicle exhaust systems. A rebound and continued growth in auto production is projected in the coming years, particularly in developing markets, and this should increase demand for PGMs, especially when it comes to platinum and palladium. On the supply side, the platinum market is expected to slide into a significant deficit in 2024 and beyond.
But where do platinum and palladium come from? The list of the world’s top palladium- and platinum-mining countries is a short one, and most PGMs come from South Africa and Russia.
Russia's ongoing war in Ukraine and electricity shortages in South Africa are expected to seriously hamper the ability of these nations to bring PGMs to market. So what other countries are platinum and palladium producers, and which countries hold the most platinum and palladium reserves? Below is a list of the five top producers in 2023, as per the latest data from the US Geological Survey.
1. South Africa
Platinum production: 120,000 kilograms
Palladium production: 71,000 kilograms
PGM reserves: 63 million kilograms
South Africa is top of the list of the world’s top platinum producers, with production of 120,000 kilograms in 2023. The country is also a major producer of palladium, taking second place globally with 71,000 kilograms last year. South Africa also holds the largest-known reserves of PGMs globally at 63 million kilograms.
According to the US Geological Survey, 2023 production of PGMs in South Africa "decreased compared with that in 2022 owing to disruptions to the supply of electricity and multiple issues related to rail transport. Declining prices also contributed to decreased production."
The Bushveld complex is the largest PGMs resource in the world, and represents a large majority of annual global production of platinum and palladium. Impala Platinum Holdings (OTCQX:IMPUY,JSE:IMP), commonly called Implats, is a significant producer in the complex, which hosts the company's Impala Rustenburg mine, Marula mine, Bafokeng and Two Rivers joint venture.
2. Russia
Platinum production: 23,000 kilograms
Palladium production: 92,000 kilograms
PGM reserves: 5.5 million kilograms
Despite being the world’s second biggest platinum-mining country, Russia’s annual production trails behind South Africa’s by a large margin, coming in at 23,000 kilograms for 2023. That said, Russia was the top palladium producer, putting out 92,000 kilograms last year — 21,000 kilograms higher than South Africa’s output.
Russia-focused Norilsk Nickel (MCX:GMKN) is the world’s largest palladium producer, and it plans to invest US$35 billion in infrastructure upgrades between 2021 and 2030, which will ultimately result in higher metals output.
There have been questions about how Russia's war in Ukraine could impact the Russian mining sector. The USGS reports that for 2023, "Production in Russia, the world’s leading producer of palladium, increased owing to higher metal grades and ore recovery as well as increased processing of inventory." In October 2024, as the war continued, the US suggested that Group of Seven countries sanction Russia's palladium production, leading prices to jump significantly on supply concerns.
3. Zimbabwe
Platinum production: 19,000 kilograms
Palladium production: 15,000 kilograms
PGM reserves: 1.2 million kilograms
Zimbabwe is a major producer of both platinum and palladium, producing 19,000 and 15,000 kilograms of the precious metals respectively in 2023. Zimplats (ASX:ZIM,OTC Pink:ZMPLF) is the biggest platinum miner in the country, and it is 87 percent owned by Implats.
In October 2022, Zimbabwe introduced a policy that allows it to stockpile physical metals, including PGMs. A change to the country's existing cash royalties on miners, the rules require mining companies to pay royalties based on their production in a combination of cash and refined physical metals.
The policy currently applies to PGMs, gold, diamonds and lithium. However, it is dynamic, with the option to add or subtract affected metals and change royalty percentages based on factors such as geological scarcity and demand trends. For example, Zimbabwe doubled its royalties for platinum miners to 5 percent this past January, and intends to up the royalties for lithium as well.
4. Canada
Platinum production: 5,500 kilograms
Palladium production: 16,000 kilograms
PGM reserves: 310,000 kilograms
Canada’s strong palladium production of 16,000 kilograms was the third highest globally in 2023. Canada's platinum production is also significant, with 5,500 kilograms. The North American country's palladium and platinum production were nearly both on par with the previous year.
The country only holds 310,000 kilograms of known PGMs reserves — the lowest total reserves on this list — but companies continue to explore for PGMs in Canada in search of more deposits.
Canadian PGMs production takes place mainly in the province of Ontario, but PGMs output also comes out of Québec and Manitoba. The country has one primary PGMs-producing mine, the Lac des Iles mine in Western Ontario, which is owned by Implats Canada. The remainder of the country's production is as a by-product of Canada’s primary nickel mines.
5. United States
Platinum production: 2,900 kilograms
Palladium production: 9,800 kilograms
PGM reserves: 820,000 kilograms
The United States produced 9,800 kilograms of palladium in 2023 alongside 2,900 kilograms of platinum.
Sibanye Stillwater’s (NYSE:SBGL) Stillwater Complex in Montana is the only primary producer of PGMs in the US. The company also maintains a smelter, refinery and laboratory in Montana and recovers PGMs from spent catalyst material.
Low palladium prices have forced Sibanye Stillwater to curtail production and layoff about 700 employees at the Stillwater Complex in 2024. The company has pointed to Russia flooding the palladium market to depress prices. In response, Montana's two US senators introduced a bill calling for a ban on imports of Russian palladium.
FAQs for investing in palladium and platinum
What is platinum?
Platinum is the namesake of the PGMs category and is also a precious metal. Signified by the symbol Pt and atomic number 78 on the periodic table, platinum has a silverish-white hue.
What is platinum used for?
Platinum plays a large role in the auto industry for its ability to reduce emissions. Additionally, platinum is in high demand for jewelry and as an investment metal.
Platinum is also benefiting from growing demand from the hydrogen fuel cell sector. The metal is a key catalyst in the process that converts hydrogen into electricity.
What is palladium metal?
Palladium fits into the precious metals category and is a PGM. It is represented by the symbol Pd and atomic number 46 on the periodic table of elements. Palladium has a silvery-white color and is prized for its rarity.
What is palladium used for?
The automotive sector is the primary end user of palladium. The metal is a key component in the catalytic convertors of internal combustion engine vehicles, where it is used to reduce emissions.
Like platinum, palladium is used in jewelry and valued as an investment. It has other smaller-scale uses, and is consumed in various ways by the medical and dental fields, among others.
What is the best way to invest in palladium?
While there is no single best way to investing in palladium, those interested in gaining exposure to this market have a variety of options. Investors who prefer more tangible assets can add physical palladium to their portfolios, including palladium bullion and coins. Palladium exchange-traded funds such as the Sprott Physical Platinum and Palladium Trust (ARCA:SPPP) and the Aberdeen Standard Physical Palladium Shares (ARCA:PALL) offer another route. Palladium-focused stocks are yet another option, with pure-play palladium miners including Sibanye-Stillwater and Impala Platinum Holdings.
Why are metals like gold, platinum and palladium so expensive?
Precious metal gold has long been valued as a form of currency and a store of wealth, all of which have built up its high intrinsic value. Platinum and palladium are 30 times rarer than gold, much harder to mine and are in high demand due to their important industrial uses.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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