Sibanye is the largest PGM producer with significant gold and battery metals optionality (Keliber lithium, Sandouville nickel). PGM prices are recovering on autocatalyst demand stabilization and hydrogen economy emergence (palladium, platinum, iridium for electrolyzers). The Stillwater US palladium mine provides Western supply security premium. Balance sheet stress is moderating as PGM basket prices recover above $1,400/oz.
Signals scoped to ZA · Company-specific tagging coming soon.