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Today the US administration announced a 50% tariff on copper imports due to take effect by end of July and the copper price has responded by moving 10% higher in the previous session, an unprecedented intraday rise for the yellow metal!

In the US copper prices jumped more than 12% to a record high above $12,330 per metric ton, widening the premium for copper prices on COMEX which had already begun to pull away from LME prices following Trump's February announcement that tariffs on copper were a possibility.

Taseko are nicely positioned in that their wholly-owned, low-cost Florence Copper operation based in Arizona is expected to commence production by the end of this year!

Florence Copper will produce LME Grade A copper metal on-site with operating costs projected to be in the lowest quartile among global copper producers. With a 22 year life of mine projected to support more than 800 jobs in the region this is exactly what Trump's stated mission objective is and today's tariff news only strengthens the economic case for Florence and the investment rationale going forward.

Taseko already operates the Gibraltar copper-molybdenum mine located in British Columbia - the second largest open-pit copper mine in Canada.

The article below hypothesises the potential for 'market adjustments' or price fixing on metal exports given South African accounts for 70-80% of global platinum reserves.

https://www.itweb.co.za/article/sa-tech-sector-dodges-major-hit-from-trump-tariffs/j5alrMQAVp9MpYQk

Exempting precious metals from 30% tariffs may encourage the South African government to intervene. The article below hypothesises the potential for 'market adjustments' or price fixing on metal exports given South African accounts for 70-80% of global platinum reserves. The South African economy looks set to weaken further especially with these tariffs being all but confirmed come August

https://www.deloitte.com/us/en/insights/topics/economy/emea/africa-economic-outlook.html

Quite right my mistake quoting CNN lol

Only a slight market correction today on tariff news, although they have until August to strike a deal before 25% tariffs come into effect.

More importantly for the PGM space Trump announced new tariffs on South Africa of 30% which will take effect later this year. Trump has also threatened an additional 10% tariff on any country aligning itself with the "anti-American policies" of BRICS nations - those are Brazil, Russia, India, China and South Africa and whose members also include Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.

So that's a 40% cumulative tariff on US imported supply coming soon. Even if the market has been positioning ahead of today (platinum is almost 40% higher since the beginning of the year) there remains weakness in the supply of physical platinum which could worsen between now and August 1, especially if other major players, institutions or hostile nations, drive up the price of platinum in the interim period. This is more likely to hurt US consumers and impact inflation as well as other economic drivers although it's contained mainly within the auto and industrial chemical industry.

South Africa are the largest supplier of platinum to the US with exports making up roughly half of the US imported supply so a 40% effective increase in price going forward will ultimately support the price remaining elevated in the months ahead IMO

https://iol.co.za/news/south-africa/2025-07-07-trumps-slaps-sa-with-30-tariffs-demands-local-companies-move-manufacturing-to-the-us/

Board has approved a share buyback programme to purchase up to ZAR 200 million (approximately £8.2 million) of shares with effect from 1 July 2025, whereby purchases of Shares will take place both on the LSE and the JSE.

The Board believes that at the current Share price, the Company’s Shares offer significant value given the quality and profitability of the Group’s existing operations and growth projects. The Board has therefore taken the decision to implement Programme as part of the Company's broader strategy to deliver value to its shareholders.

Cobus Loots, CEO of Pan African commented:

"In our recent operational update we noted a substantial reduction in gearing with net debt of US$155 million expected as at 30 June 2025, a reduction of US$72 million or 32% compared to 31 December 2024 as well as an expectation that the Group will be fully de-geared during FY2026. From this position of strength, we feel it is appropriate to return additional capital to our shareholders and this buyback programme recognises both the significant value in the Shares as well as the positive outlook for the business.”

Thanks for highlighting, that's an ambitious target!

Dividends to jump five fold to 8.82c which at current levels generates a yield of 14%

One can only hope :)

Gotabesirius I'd say that's where we are at today with margins as they are and on a forward looking basis.

This is for SDO operations alone. If we add in Thaba JV then EBITDA in the year ahead from this point will probably exceeding $80m which puts us on a par with FY 2022 earnings

Looking at prices today alongside the basket composition (based on H1 prill split) I'm say the gross 4e basket price is a little over $1,800/oz.

They knock off associated fees to the tune of around 8% I think before reporting so it would probably be equivalent to around $1,665/oz today - a decent rise on the last quarter average.

Platinum: $1,390 (64.6%)

Palladium: $1,100 (23.2%)

Rhodium: $5,425 (12%)

Gold: $3,330 (0.2%)

Platinum group metals are experiencing a notable resurgence with South African fund managers surveyed by Bank of America (BofA) Securities said on Tuesday that investors have become overweight on platinum. This represents one of the biggest shifts as the fund managers positioning on platinum shifted from underweight to overweight.

“Biggest gain in platinum sector positioning,” said BofA in its June 2025 South Africa fund manager survey.

Investor sentiment towards South African platinum miners has also improved recently buoyed by the significant rise in platinum prices.

We are still in the earliest phase of recovery here. Platinum prices were much lower last quarter and will only have begun to had a marginal effect by the end of this quarter.

Remember Thaba JV first production of chrome was last month, Thaba PGM production likely already to have commenced earlier this month with the project planned to be fully commissioned by the end of June.

The numbers represent incredible value assuming no major dilution of stock or control to get Dokwe to production but there always tends to be a period of share price destruction during the build stage especially if delays occur. The good thing is they have been successful before and have a history of bringing on board project partners to reduce initial capital costs.

Platinum price rises 5% to more than $1,400

The highest price in 10 years by some margin now. The fundamentals specifically the supply side deficit are growing stronger by the day, the market is looking increasingly cornered!

Now the fastest rising precious metal of 2025 up more than 50%

* receive repayment of capital loans from our JV partner (around $16m)

The investment case is looking particularly strong now.

These are the kind of figures the market simply isn't aware of even at this stage. It really does pay to crunch the numbers when the fundamentals shift and be in before the herd. We had a substantial uplift from lows following first rhodium and then platinum's awakening and even now there are people doubting the moves will be sustained.

The same thing happened with Thor THX a couple of months ago as it transitioned from debt to cash and unfortunately for the doubter they missed out on the shares rising 150% in 3 months. There were plenty of doubters on the Tharisa THS chat up until recently too.

The last reported chrome production estimates were Thaba operating costs at $120/t vs current chrome price of $280/t so it will be immediately cash generative.

Alongside the increasing profits from PGM margins mentioned Sylvania will begin to receive repayment of capital loans to our JV partner (around $16m) from 2027. It is currently accruing 11% interest p.a.

Sell down prior to perceived Israeli military response.

https://www.aljazeera.com/news/2025/6/12/iran-doubles-down-as-us-signals-israel-could-strike-during-nuclear-talks

Hold for platinum. Thaba JV PGM production coming online in the next couple of weeks. Multi-bag in the making if you've been following over the past 6 months! FWIW Sylvania is now my largest precious metal holding again and I'm confident even after recent gains the market value will continue to rise much higher in the months ahead!

$4,000 gold seemed implausible this time last year when the price was only around $2,400/oz.

However we have a fiat system on it's knees, global growth forecasts being paired back thanks in large part to the US administration ending the status quo of the past 50+ years as it goes hell for leather to devalue the Dollar. The Trump administration are set on protectionist measures which combined with wider supply constraints and the pending impact this will have on businesses the world over (some already beginning to take effect) is set to bring in a new period of global recession. And to cap it all, developed countries are borrowing more piling on the national debt, paying the highest sums in interest on record. When the shock hits all stocks will be hit, even gold producers like Pan African but it should be a less painful experience in the short term as gold producers stand to benefit from higher prices (and margins) as well as the impressive forecast production over the next two years. Keep some powder dry for the inevitable IMO

Strongest performing UK listed small cap gold producer over two years from lows of around 20p - there aren't many that swing 750% and that's before accounting for trading peaks and troughs!

A quick comparison of precious metal prices today and how far they have risen since the beginning of the year. What is interesting to note has been the rise in the price of platinum is now of equal measure in percentage terms to the rise in the price of gold! Not many will be aware of that today as it's the first time this has happened this year and for many years.

If the current trend continues which I believe the fundamentals support then platinum will become the fastest rising precious metal of 2025. The trade war is ramping up, there is a growing deficit of physical platinum supply and more tariffs are coming.

Price movements since 1st January 2025

+27% Platinum: $1,174

+11% Palladium: $1,033

+21% Rhodium: $5,550

+27% Gold: $3,385

There's more than enough fuel to get us there I think, just a matter of time and patience.

A quick comparison of prices today and how far they have risen since the beginning of the year. What is interesting to note has been the rise in the price of platinum is now of equal measure in percentage terms to the rise in the price of gold! Not many will be aware of that today as it's the first time this has happened this year and for many years.

If the current trend continues which I believe the fundamentals support then platinum will become the fastest rising precious metal of 2025. The trade war is ramping up, there is a growing deficit of physical platinum supply and more tariffs are coming.

Price movements since 1st January 2025

+27% Platinum: $1,174

+11% Palladium: $1,033

+21% Rhodium: $5,550

+27% Gold: $3,385