It is a quiet day for platinum group metals news. Platinum spot eased on Tuesday morning after gold and silver had rallied a day earlier, while the main fresh industry development came from an Australian explorer's drilling update at a PGM-nickel-copper project.
Sibanye-Stillwater's US output cut, first reported on 5 November, remains the week's most significant PGM story but is not new today.
Top stories#
Terra Metals reports project-best PGM grades at Southwest#
Terra Metals (ASX: TM1) said its latest diamond drilling at the Southwest discovery, part of the 100%-owned Dante Project in Western Australia's West Musgrave region, returned the best grades recorded at the project so far.
One hole, SWDD133, cut through four separate mineralised zones across a 452 metre interval, with a 31.9 metre section grading 3.96 g/t 3E and a narrower 1.1 metre interval assaying 72.71 g/t 3E alongside nickel and copper, according to a company update carried by TipRanks on 9 November.
The company said the result helps build a geological model for the discovery and that more drill core from the site, over 35,000 metres' worth, is still awaiting assay results, with four rigs still turning.
For a market watching where new primary PGM-nickel-copper supply might emerge outside the Bushveld and Sudbury basins, a high-grade 3E intercept of this size is a notable, if early-stage, data point rather than a resource estimate.
Readers can track the benchmarks this project is targeting on our platinum price page and rhodium price page, and background on comparable PGM reef geology at our Sudbury Basin page.
Prices and market context#
Platinum spot traded at $1,546.00/oz as of 07:07 EST on 10 November, down $27.00 or 1.72% on the day, according to Kitco. Palladium stood at $1,013.00/oz, down $9.00 or 0.88%, while rhodium was last quoted at $8,650.00/oz as of 18:00 EST on 9 November, unchanged.
The move in platinum came a day after gold and silver had climbed: Kitco reported that bullion prices gained ground in late Monday trading as the dollar softened and oil prices dropped sharply on hopes for easing US-Iran tensions.
By Tuesday morning some of that strength had faded, with gold last quoted down 1.55% at $4,075.20/oz and silver down 1.97% at $52.26/oz, a reminder of how quickly sentiment across the precious metals complex can turn on macro headlines.
For broader PGM market context, the World Platinum Investment Council's Platinum Quarterly for Q2 2026, published 9 September, revised its 2026 platinum market outlook to a 265,000 oz surplus, down from the 297,000 oz deficit it had forecast for Q1, while putting the 2025 deficit at more than 1 million ounces and above-ground stocks at roughly 3.4 months of demand by the end of 2026.
That balance remains the key backdrop against which company and project-level news, including Terra Metals' drilling results, should be read.
Sibanye-Stillwater's cut to its 2026 US PGM production forecast after a strike at its Montana operations, first reported on 5 November and already covered by DailyPlatinum, is still the most consequential PGM supply story of the past week, though there is no new verified detail to add today.
Investors tracking physically backed exposure to the metals can compare options on our platinum ETF and PPLT pages, and current contract specifications on our platinum futures page.
What to watch#
Heraeus is expected to publish its 2027 Precious Metals Forecast in the coming weeks, continuing the November cadence it followed with the 2026 edition, which was published in November 2025.
Terra Metals has indicated that more than 35,000 metres of assay results from its Southwest drilling programme are still outstanding, with drilling ongoing, so further grade updates from the Dante Project are likely in the near term.
Sources
- Kitco, Precious Metals spot prices, https://www.kitco.com/price/precious-metals
- TipRanks, Terra Metals Reports Project-Best PGM Grades at Southwest, https://www.tipranks.com/news/company-announcements/terra-metals-reports-project-best-pgm-grades-at-southwest