Valterra Platinum Fair Value Raised to ZAR 1,373.14 as Analysts Split

The fair value estimate for Sibanye Stillwater has been raised to ZAR52.19 from ZAR49.77, a modest reset in how analysts frame the stock's long-term potential. The revision reflects a mix of optimism over organic growth and balance sheet work against concerns about capital intensity, commodity exposure and project risk. Citi initiated coverage of Sibanye Stillwater with a Buy rating and a US$13.50 price target, citing a prudent shift away from acquisition-led growth toward organic growth and a discount to peers. BMO Capital cut its price target on the stock to US$12 from US$14 while keeping a Market Perform rating, pointing to a subdued near-term outlook for Platinum Group Metals and questions over elevated capital spending, brownfield PGM expansions, UG2 development and future Keliber cash flows. Behind the fair value change, the revenue growth assumption moved to 3.85% from 6.93%, the net profit margin assumption to 22.56% from 17.85%, the future P/E multiple to 6.16x from 8.63x, and the discount rate to 20.23% from 20.13%.

Sibanye-Stillwater confirmed Wednesday that its workforces at the Stillwater East mine and Columbus metallurgical facility in Montana ratified a new collective bargaining agreement with the United Steelworkers through May 2029. The agreement provides a wage increase of 4.5% in year 1, the greater of 3.5% or the Consumer Price Index in year 2, and the greater of 3% or the CPI in year 3. The ratification ends the strike notice and strike action since September 3, and employees are expected to resume their duties starting October 9. The workforce of the East Boulder mine in Montana also ratified a new collective bargaining agreement with USW on September 30, effective retroactively on August 1 and lasting through July 2029. CEO Richard Stewart said the labor agreement sets a pathway for lowering costs through mechanization at the company's US platinum group metal operations, but the company will need time to rebuild from the disruption, adding that the strike lasted longer than expected and forced a difficult conversation about fundamentally changing the business.

Johnson Matthey's central fair value estimate has been lifted from about £23.87 to about £28.97, with analyst targets now clustered between £23.30 and £25.00. Deutsche Bank raised its price target on the London-listed company from £24.00 to £25.00, while Jefferies reinstated coverage with a Buy rating and a £23.30 target, saying the focus following the Cormetech acquisition has shifted to execution rather than deal risk. Kepler Cheuvreux moved to Hold with a £24.50 price target, a more cautious stance on upside relative to the updated fair value. The revised valuation reflects a net profit margin change from about 9.83% to about 9.92%, a future P/E move from about 14.4x to 17.3x, and a discount rate adjustment from 8.62% to about 8.54%, while revenue growth assumptions remain at a decline of about 40.09%.

Greenland Mines Ltd announced the successful completion of its more than two-month 2026 field program at the Skaergaard Project in southeast Greenland, a campaign the company describes as one of the largest and most comprehensive modern multidisciplinary efforts undertaken at the site. The program completed 4,480 meters of diamond drilling across 17 holes, including the first large-diameter HQ core ever recovered at Skaergaard, and extracted more than 105 tons of bulk material from mapped and channel-sampled gold and palladium-platinum mineralized horizons, an unprecedented scale-up from the two approximately 800-kilogram historical mini-bulk samples. The company's July 2026 S-K 1300 Mineral Resource Estimate reported 15.00 million ounces PdEq in Indicated Mineral Resources and 17.49 million ounces PdEq in Inferred Mineral Resources, covering only approximately one-quarter to one-third of the intrusion hosting the defined precious-metal horizons. Greenland Mines said potential vanadium-bearing titanomagnetite, iron and gallium value streams are being evaluated alongside the palladium-platinum-gold flowsheet, with gallium occurring throughout Skaergaard's mineralized horizons, though no economic credit is currently assigned to these potential by-products. The campaign also delivered the first integrated mining-oriented geotechnical, structural, LiDAR, high-resolution aeromagnetic, ground-penetrating radar and environmental baseline programs across priority development areas, with the data intended to advance Skaergaard toward metallurgical flowsheet development, mine planning and an Initial Assessment, the S-K 1300 equivalent of a Preliminary Economic Assessment.