The platinum price has increased by 1.04% today (3 September) to US$1782.10 ($2,486.98) per ounce, according to Trading Economics.
This increase comes despite a 3.77% weekly decrease, while the price remains up 29.33% year to date.
Platinum is forecast to rise to US$1,830.24 per ounce by the end of this quarter. In 12 months’ time, Trading Economics expects the metal to trade at US$2,157.90 per ounce.
The metal falls under the platinum group metals (PGM) category of minerals. Other PGMs include ruthenium, rhodium, palladium, osmium, and iridium, according to Geoscience Australia.
PGMs are critical minerals, often used in industrial catalysts, pollution control, and luxury jewellery.
The elements are primarily mined in South Africa, Russia, and Zimbabwe.
One Australian PGM explorer is Future Metals (ASX:FME), which owns 100% of its Panton Project in the East Kimberley of Western Australia.
Panton covers three mining leases, hosting a JORC-compliant resource estimate of 82.3 million tonnes (Mt) grading 1.6 grams per tonne platinum equivalent (PtEq) for 4.24 million ounces PtEq, comprising 40.0Mt indicated and 42.3Mt inferred.
At the project, mineralisation occurs within the Panton intrusion, which is a layered mafic-ultramafic body.
Future Metals says mineralisation crops out at surface and remains open at depth.
Last month, Future Metals announced that it had received firm commitments to raise around $3.6 million through a placement.
Proceeds will be used to advance the Panton Project, as well as a potential acquisition of the nearby Savannah plant in WA.
Workstreams to be supported by this capital raise include environmental baseline studies, an independent expert report, post-Scoping Study improvement initiatives, as well as continued exploration across the Alice Downs Corridor.
Also in WA, Terra Metals (ASX:TM1) is focused on its Southwest PGM discovery within the Dante Project.
Last week, the company shared that it had extended PGM mineralisation by more than 1,100m at the Southwest discovery.
Diamond-tail holes SWRD055 and SWRD057, together with SWDD018, have confirmed broad, continuous mineralised packages hosting multiple ‘high-grade’ reefs.
At one hole, mineralisation was extended by around 360m along strike, returning 392m of combined PGM-copper-nickel mineralisation, including 52m @ 0.96 grams per tonne platinum-palladium-gold (3E) and 0.11% copper (Cu) from 51m, with a ‘higher-grade’ zone of 32m @ 1.36g/t 3E, 0.14% Cu, and 0.10% nickel from 58m.
The company describes its Dante Project as “the first of its kind in Australia”, hosting multiple, large-scale mineral systems in one singular project, containing copper, gold, PGMs, vanadium, and titanium.
Terra Metals is an Australian explorer focused on advancing its wholly owned Dante Project in Western Australia’s West Musgrave region, alongside its portfolio of critical mineral assets across the state.
Write to Maddison Elliott at Mining.com.au
Images: Future Metals
