Platinum & Palladium Producers

Palladium traded above platinum for years as gasoline autocatalyst demand outstripped a supply base concentrated in Russia and South Africa, then collapsed as substitution and the electric vehicle transition undercut it. This inversion and its unwinding is the defining event in modern PGM markets.

Operating margin for the most recent fiscal year. The compression here is the price downcycle showing up directly in the accounts, and it is the sharpest margin stress anywhere in this sector. Margins are ratios, so the rand filers remain comparable.

Six years of operating margin. The arc from the palladium squeeze to the subsequent downcycle is visible directly in company profitability, several years after it appeared in the metal price.

USGS estimated 2025 mine production of palladium and platinum, kilograms of metal content. South Africa dominates platinum. Russia dominates palladium. That two-country concentration is the PGM supply risk, independent of the autocatalyst demand cycle.

FY 2024 and FY 2025 ounces as each company reports them. Valterra (former Anglo American Platinum) demerged in May 2025. Implats is a June fiscal year on a 6E basis. Sibanye SA 4E and US 2E are not added together on this chart.

Sibanye-Stillwater's two PGM businesses on the bases it discloses. US 2E fell to 284 koz in 2025 after the Q4 2024 Stillwater restructuring. SA 4E and US 2E are different metal baskets and are not additive.

Implats stock-adjusted unit cost in rand per 6E ounce and Valterra unit cost in rand per PGM ounce, as printed. These are rand unit costs from the companies, not gold AISC and not USD. They stay in rand because converting at an invented rate would fake precision.

WPIC Platinum Quarterly Q4 2025, Metals Focus. 2025 demand of 8,297 koz was the highest in nine years. Supply of 7,215 koz left a 1,082 koz deficit, the largest in the WPIC series back to 2013. 2026f is still forecast in deficit as demand normalises off the 2025 investment spike.

WPIC 2025 demand split. Automotive still takes the most ounces but is no longer the only story. Jewellery, industrial and investment are the other three slices. Recycling is a supply line, not a demand line, and is not on this chart.

Operating cash flow minus capex, USD. Sibanye, Implats and Valterra report in rand, so they are omitted rather than converted. Platinum Group Metals is pre-revenue. If this chart is nearly empty, that is the point: the producing PGM names do not file in dollars.