Nov. 26 at 10:28 PM
$PLG Annual results don’t change the core story: Waterberg is still pre-construction. PTM’s near-term goal is to reach a development + construction decision, but that only happens after they secure concentrate offtake and full project financing.
Right now the PGM smelter/BMR is still at the study/MOU stage (Saudi vs South Africa) and they openly say no offtake terms have been agreed yet. Stage-6 budget just keeps the pre-construction work going – it’s not the start of full mine build. Funding so far = ATM share sales, a base shelf, and JV partners (JOGMEC/Hanwa, HCI, etc.), while Implats has been partially diluted after pausing capex.
Bottom line: you’re still buying optionality on Waterberg + a possible smelter solution, not a shovel-ready, fully-funded mine with a construction date.