It is a quiet news day for the platinum group metals. The two fresh, verified developments both concern company disclosures rather than the metal price itself: a shareholder filing at Valterra Platinum and a new drilling campaign at an Australian PGM explorer.
The US strike that has driven Sibanye-Stillwater's production cut remains the main backdrop but produced no new facts today.
Top stories#
Valterra Platinum reports PIC stake slips below 20% threshold#
Valterra Platinum said in a regulatory filing dated 9 November 2026 that the Public Investment Corporation SOC Limited had reduced its beneficial interest in the company to 19.9920%, down from a previously disclosed 20.0690%, a decrease of about 0.08 percentage points.
The change was disclosed under section 122(3)(a) of South Africa's Companies Act, which requires notification of such changes in beneficial interest, and the company filed the required notices with the South African Takeover Regulation Panel.
The Public Investment Corporation, South Africa's state pension-fund manager, built its position in Valterra Platinum after Anglo American completed the demerger of the company on 31 May 2025 and later exited its own remaining stake.
The filing is a routine ownership disclosure rather than a strategic move, but it is closely tracked given how concentrated Valterra's register has become since the demerger.
Galileo Mining begins drilling new PGM targets near its Norseman discovery#
Australian explorer Galileo Mining said on 9 November 2026 that drill rigs had started turning at the Mission Sill prospect, part of its 100%-owned Norseman project in Western Australia, targeting a 2,000-metre reverse-circulation program.
The holes are aimed at shallow sulphide zones holding platinum, palladium and associated copper-nickel mineralisation, building on earlier intercepts in the same area.
Mission Sill sits near Galileo's existing Callisto deposit, which carries a mineral resource of 17.5 million tonnes grading 2.3 grams per tonne on a palladium-equivalent basis.
The company expects the current drilling to wrap up within about two weeks, with assay results due roughly six weeks after that, giving the market a dated catalyst heading into the new year.
Separately, Sibanye-Stillwater's five-week US strike and the resulting cut to 2026 US PGM production guidance, first reported on 5 November, continued to shape market commentary this week, though no new operational details were disclosed today.
Prices and market context#
Platinum was quoted at $1,549.00/oz, palladium at $1,021.00/oz and rhodium at $8,650.00/oz as of 01:39 UTC on 9 November 2026, according to Kitco spot prices; platinum and palladium were each up roughly 1% to 1.7% on the day, while rhodium was unchanged.
Both platinum and palladium remain far below their 2026 peaks: platinum's all-time high of $2,923/oz was set on 26 January 2026, according to WPIC.
The broader supply picture has also shifted this year: WPIC's Q2 2026 Platinum Quarterly, published 9 September 2026, turned its full-year 2026 platinum forecast to a 265,000oz surplus from the 297,000oz deficit it projected in Q1, while revising its estimate of the 2025 deficit to more than 1 million ounces and putting above-ground stocks at roughly 3.4 months of demand by the end of 2026.
Reduced South African and US mine output, including the impact of Sibanye-Stillwater's strike-hit Stillwater operations, remains a key variable in that balance heading into 2027.
What to watch#
- Assay results from Galileo Mining's Mission Sill drilling, expected roughly six weeks after the program wraps up, itself targeted for completion within about two weeks of the 9 November start.
- Any further changes to Valterra Platinum's shareholder register, after the Public Investment Corporation's stake moved to just under the 20% disclosure threshold.
For background on PGM fundamentals and pricing, see DailyPlatinum's pages on the platinum spot price, platinum price chart, rhodium price, and company profiles for Valterra Platinum and Sibanye-Stillwater.
Sources: ADVFN and Stockopedia (Valterra Platinum shareholder filings), Smallcaps.com.au and Discovery Alert (Galileo Mining Mission Sill drilling), Bizcommunity (Sibanye-Stillwater Q3 update), Kitco (precious metals prices).