Jul. 15 at 11:56 AM
$PLG At current platinum (XPT 1413 USD) and palladium (XPD 1243 USD) price levels, the Waterberg project already generates significant theoretical revenue. With a low cash cost of 658 USD/oz and an all-in sustaining cost of 761 USD/oz, the project’s operating margin is substantial—estimated at around 700 USD per ounce. At initial production levels of ~353,000 oz 4E per year, this translates to over
$240 million in gross operating profit annually. Once the mine reaches full capacity (~432,000 oz 4E/year), the profit potential increases even further. Even when factoring in total sustaining costs, the annual margin remains over
$200 million. These figures confirm Waterberg’s status as one of the lowest-cost PGM projects globally. Over its 50-year mine life, it could deliver well over
$6–7 billion in free cash flow, even under conservative pricing assumptions.
