Valterra Platinum: Possible '27 Volume Step Change, But Current PGM Price Concerns

Valterra Platinum Limited could see nice volume increases from the Sandsloot investment decision in 2027, maybe as much as a 25% overall increase. However, that's a best-case scenario, and the drawdown in PGM prices could continue on macro pressures. While operationally Valterra can't much be faulted, it is ultimately a PGM price bet, and we see more headwinds than tailwinds, including on technical effects around the debasement trade. The issue here is direction, so we are cautious about ANGPY shares.

Valterra Platinum Limited (ANGPY) is looking quite interesting in several respects. There have been considerable improvements to existing mines, where grades are likely to continue to rise, thereby supporting production, and then at most mines, including in-pit projects, there appears