It is a quiet news day for the six PGMs. The only fresh, verifiable company development is a small-cap metallurgical trial in Tanzania targeting osmium and iridium as byproducts of gold tailings, while platinum and palladium both continue to trade well below their 2026 highs.
Top stories#
Amigo Resources reports osmium and iridium in a trial collector ingot from Tanzanian gold tailings#
London-listed Amigo Resources PLC said on 12 October that trial processing of historical gold tailings in Tanzania had produced a 10 kg cast copper-rich ingot carrying concentrated platinum group metals, with preliminary readings of 0.519% osmium and 0.095% iridium, a combined 0.614%, according to the company's regulatory filing on Investegate. Copper, iron and gold were also recovered in the same trial run from the tailings feedstock, as part of a pyrometallurgical process the company has been developing since at least September 2026.
Amigo was explicit about the preliminary nature of the result: the filing states that these are preliminary readings and independent representative assays, including suitable PGM methods, are required before treating osmium, iridium or gold quantities as confirmed metal inventory. Executive Chair Craig Ransley called the ingot "an encouraging milestone in Amigo's metallurgical development programme," while stressing that gold doré output at the company's Mojimoto and Kabete operations remains its core focus. Amigo said it is in discussions with marketing partners on potential pricing, refining charges and off-take for the copper-PGM intermediate product.
For a market that rarely sees new sources of osmium and iridium discussed in public filings, this is a notable data point even at trial scale: see DailyPlatinum's background on osmium density and iridium pricing for context on two of the rarest PGMs.
Prices and market context#
Platinum traded at $1,673.00 per troy ounce as of 10:45 a.m. ET on Monday, 12 October, down $12.00 on the day, according to Kitco. That follows a decline earlier in the week: platinum futures settled at $1,623.70 on Wednesday, 7 October, down 5.01% on the day, within a 52-week range of $1,481.20 to $2,915.00, according to Investing.com historical data.
Palladium traded at $1,136.00 per ounce as of 8:29 a.m. ET on 12 October, little changed on the day, according to Kitco. The metal remains far below its 2022 peak: palladium's all-time high is $3,429.50 per ounce, set on 7 March 2022, according to Kitco.
Both metals' current levels sit well below their 2026 highs. Platinum's record high of $2,923/oz was set on 26 January 2026, according to the World Platinum Investment Council (WPIC). The WPIC's Q2 2026 Platinum Quarterly, published 9 September, swung its full-year 2026 forecast to a 265 koz surplus from the 297 koz deficit projected in its Q1 edition. See DailyPlatinum's platinum price page, platinum price chart and palladium price page for live levels, and the PGM market overview for supply-demand context.
What to watch#
- Amigo Resources said it will pursue independent assay work, process optimization and mass-balance studies on its osmium-iridium collector metal, with further updates expected as material developments occur.
- Platinum remains closer to its 52-week low of $1,481.20 than to its January 2026 record of $2,923/oz; watch for any stabilization in NYMEX platinum trade in the sessions ahead.
- DailyPlatinum will continue tracking PGM supply developments from Southern Africa and Russia, the two regions that dominate primary mine output for rhodium and ruthenium.
Sources: Amigo Resources PLC / Investegate RNS, 12 October 2026 (https://www.investegate.co.uk/announcement/rns/amigo-holdings--amgo/integrated-copper-pgm-recovery-/9817621); Kitco platinum price chart (https://www.kitco.com/charts/platinum); Kitco palladium price chart (https://www.kitco.com/charts/palladium); Investing.com Platinum Futures Historical Data (https://www.investing.com/commodities/platinum-historical-data)