South African Mining "PGM & Gold Mining Conference Feedback" Friedman

Research evidence excerpt

South African Mining "PGM & Gold Mining Conference Feedback" Friedman

Global Research

17 June 2026ab

South African Mining Equities

South AfricaPGM & Gold Mining Conference Feedback

Mining & Metals

Steve Friedman

Two days in Cape Town hosting SA-listed PGM and Gold miners Analyst

We hosted management teams from South Africa’s leading precious metals producers steve.friedman@ubs.com

over two days in Cape Town. Discussions centred on physical platinum market dynamics, +27-11-322 7252

capital allocation discipline, jurisdictional developments and the sustainability of future Myles Allsop

growth. While management teams remain constructive on commodity fundamentals, Analyst

investors are increasingly focused on execution, capital intensity and the quality of future myles.allsop@ubs.com

ounces, rather than headline production growth. +44-20-7568 1693

Daniel Major

Physical PGM markets appear tighter than headline balances suggest Analyst

The most consistent theme across PGM discussions was evidence of ongoing tightness daniel.major@ubs.com

+44-20-7568 3472

in physical markets. OEMs continue to request incremental metal supply, while producer

volumes remain heavily contracted. Investors remain focused on whether recent price Joni Teves

weakness reflects underlying demand or inventory-driven effects, particularly given Strategist

uncertainty around recycling flows and the impact of US policy incentives. Management joni.teves@ubs.com

+65-6495 6851

teams broadly challenged assumptions around accelerating recycling growth, while

BASF’s need to replace lost Russian supply was highlighted repeatedly. Ndumiso Lushaba

Associate Analyst

Capital allocation remains disciplined despite stronger commodity prices ndumiso.lushaba@ubs.com

+27-11-322 7094