Cardiex Limited (CDX:AU) has announced CDX May Investor Presentation
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Uranium prices are on the rise after President Donald Trump signed a series of executive orders aimed at revitalizing the US nuclear industry — including measures to strengthen the domestic fuel supply and expand the nuclear workforce.
On Tuesday (May 27), the U3O8 spot price climbed to US$72 per pound, its first move above the US$70 mark since early February.
The positivity and Trump’s promise to fast track mine permits has also benefited uranium companies with projects in the US.
One of those companies is Anfield Energy (TSXV:AEC,OTCQB:ANLDF), which reported receiving federal approval from the US Department of the Interior for its Velvet-Wood uranium and vanadium project in Utah on Tuesday. The approval marks the first uranium mine greenlit under Trump’s emergency declaration to revive the domestic nuclear fuel cycle.
According to the statement, the Bureau of Land Management completed the environmental review in just 14 days, a timeline officials say reflects a broader shift toward prioritizing critical mineral projects.
“This approval marks a turning point in how we secure America’s mineral future,” said Secretary of the Interior Doug Burgum. “We’re reducing dependence on foreign adversaries and ensuring our military, medical and energy sectors have the resources they need to thrive.”
Shares of Anfield surged to a year-to-date high of C$0.115 following the news, and have since settled in the C$0.10 range.
Rising tide raises all ships
Although the US president’s latest round of executive orders have catalyzed prices in recent days, the uranium sector’s long term fundamentals have also offered support.
The growing demand from artificial intelligence data centers, paired with a push for carbon free energy sources makes a strong case for the expansion of nuclear energy capacity. As such, the current developments have added tailwinds to several uranium and nuclear sector players up and down the supply chain.
Over the past five trading days, enCore Energy (TSXV:EU,NASDAQ:EU) shares have risen 33.33 percent, from C$2.18 on May 22 to C$2.92 on Wednesday (May 28). The company holds a portfolio of various stage uranium projects located in Texas, Colorado, Wyoming and South Dakota. Currently, the Alta Mesa and Rosita projects in Texas are operational.
Uranium Energy (NYSEAMERICAN:UEC) has also seen its share price increase, adding 31 percent over the same five day period, to trade for US$2.89. Boasting a portfolio of 10 US uranium assets in various stages of development from exploration to near term production, the company also owns and operates the Hobson ISR processing plant in Texas, which is operational.
Ur-Energy (TSX:URE,NYSEAMERICAN:URG), which owns the producing Lost Creek mine and the construction-stage Shirley Basin project in Wyoming, is another company experiencing heightened investor interest this past week.
Shares of Ur-Energy rose 26.53 percent over the five day session, and are currently valued at C$1.24.
Diversified players like Western Uranium and Vanadium (CSE:WUC,OTCQX:WSTRF) were also buy targets following the president’s energy directive. The company, which is focused on advancing its past-producing Sunday mine complex in Colorado, saw its shares increase 28 percent since May 21, trading for C$1.14.
ASX-listed companies were also garnering attention, Boss Energy (ASX:BOE,OTCQX:BQSSF) in particular, which holds a 30 percent stake in the producing Alta Messa uranium mine. The joint venture partner for enCore saw its share price value grow 14.27 percent in the last five days, to AU$4.13.
While these companies were first to see Trump’s executive orders boost their share prices, there are many other US-focused uranium companies with projects all over the country now awaiting pro-nuclear upticks.
All share price information was obtained from TradingView on May 28, 2025. Data on project status was retrieved from Mining Data Online.
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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Group Eleven Resources Corp. (TSXV: ZNG) (OTCQB: GRLVF) (FSE: 3GE) (‘Group Eleven’ or the ‘Company’) is pleased to announce the appointment of Jasmine Lau, CPA, as Chief Financial Officer (‘CFO’) of Group Eleven, replacing Jeannine Webb, effective May 30, 2025.
Jasmine is a Vancouver-based Chartered Professional Accountant with over 16 years’ experience in the resource sector, having served as the Chief Financial Officer for several mineral exploration companies. She is currently the CFO of Minaurum Gold Inc, Forte Minerals Corp., and Cascadia Minerals Ltd. Prior to that, Jasmine also served as CFO to a various number of other private and public mineral exploration companies.
‘On behalf of Group Eleven and its Board of Directors, I am very pleased to welcome Jasmine to the team,’ stated Bart Jaworski, CEO. ‘Jasmine’s appointment brings a wealth of relevant experience and skills to the Company. I would also like to sincerely thank Jeannine Webb for her valuable contributions and dedication to the Company over the past three years.’
About Group Eleven Resources
Group Eleven Resources Corp. (TSXV: ZNG) (OTCQB: GRLVF) (FSE: 3GE) is a mineral exploration company focused on advanced stage zinc exploration in Ireland. Additional information about the Company is available at www.groupelevenresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Bart Jaworski, P.Geo.
Chief Executive Officer
E: b.jaworski@groupelevenresources.com | T: +353-85-833-2463
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/ reserves and geological interpretations. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located. All of the Company’s public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/253899
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E.l.f. Beauty announced on Wednesday plans to acquire Hailey Bieber’s beauty brand Rhode in a deal worth up to $1 billion as the cosmetics company looks to expand further into skincare.
The acquisition — E.l.f.’s biggest ever, according to FactSet — is comprised of $800 million in cash and stock, plus an additional potential $200 million payout based on Rhode’s performance over the next three years. The deal is expected to close in the second quarter of the company’s fiscal 2026 — or later this year.
“I’ve been in the consumer space 34 years, and I’ve been blown away by seeing this brand over time. In less than three years, they’ve gone from zero to $212 million in net sales, direct-to-consumer only, with only 10 products. I didn’t think that was possible,” CEO Tarang Amin told CNBC in an interview. “So that level of disruption definitely caught our attention.”
In a news release, Bieber said she’s excited to partner with E.l.f. to bring her brand to “more faces, places, and spaces.”
“From day one, my vision for rhode has been to make essential skin care and hybrid makeup you can use every day,” said Bieber. “Just three years into this journey, our partnership with e.l.f. Beauty marks an incredible opportunity to elevate and accelerate our ability to reach more of our community with even more innovative products and widen our distribution globally.”
Launched in 2022, Rhode has more than doubled its customer base over the past year and generated $212 million in revenue in the 12 months ended March 31. The company’s growth has primarily come through its website, but it plans to launch in Sephora stores throughout North America and the U.K. before the end of the year.
As part of the acquisition, Bieber will serve as Rhode’s chief creative officer and head of innovation, overseeing creative, product innovation and marketing. The brand was launched alongside two co-founders, Michael and Lauren Ratner, but it was Bieber’s influence and name that turned it into a billion-dollar brand.
Under her direction, Rhode last year became the No. 1 skincare brand in earned media value — or exposure through methods other than paid advertising — with 367% year-over-year growth.
Rhode is a solid match for E.l.f., which has seen growth skyrocket in recent years in large part to its digital prowess. The company has legions of online fans and is known for TikTok marketing that feels more natural to consumers.
The company is also looking to dig deeper into skincare, which has become more popular with all age groups, particularly E.l.f’s younger, core consumer. In 2023, it acquired skincare brand Naturium for $355 million. Its acquisition of Rhode will allow it to build on its skincare growth and reach a higher income consumer.
“E.l.f. cosmetics is about $6.50 in its core entry price point, Rhode, on average, is in the high 20s, so I’d say it does bring us a different consumer set to the company overall, but the same approach in terms of how we engage and entertain them,” said Amin.
E.l.f. made the announcement as it posted fiscal fourth quarter results, which beat Wall Street’s expectations on the top and bottom lines.
Here’s how the beauty retailer performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:
The company’s reported net income for the three-month period that ended March 31 was $28.3 million, or 49 cents per share, compared with $14.5 million, or 25 cents per share, a year earlier. Sales rose to $332.7 million, up about 4% from $321.1 million.
E.l.f.’s sales have increased rapidly in recent years, but investors have grown concerned as that growth started to slow and the threat of tariffs began weighing on its business. The company sources about 75% of its products from China, which currently faces a 30% duty on exports to the U.S. Last week, it announced plans to raise prices by $1 to offset higher costs from tariffs.
While U.S. duties on Chinese imports are 30% now, that could change as President Donald Trump negotiates with Beijing. As a result, E.l.f. said it isn’t providing a fiscal 2026 outlook “due to the wide range of potential outcomes related to tariffs.”
Amin said E.l.f. paid more than 145% in duties before Trump agreed to slash the levies on Chinese goods, but those costs didn’t come through during the quarter and will show up when the company reports its fiscal 2026 first-quarter earnings.
E.l.f. shares dropped more than 13% in extended trading Wednesday.
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Boeing’s airplane deliveries to China will resume next month after handovers were paused amid a trade war with the Trump administration, CEO Kelly Ortberg said Thursday, as he brushed off the impact of tit-for-tat tariffs with some of the United States’ largest trading partners this year.
Ortberg had said last month that China had paused deliveries.
“China has now indicated … they’re going to take deliveries,” Ortberg said. The first deliveries will be next month, he told a Bernstein conference on Thursday.
Boeing, a top U.S. exporter whose output of airplanes helps soften the U.S. trade deficit, has been paying tariffs on imported components from Italy and Japan for its wide-body Dreamliner planes, which are made in South Carolina, Ortberg said, adding that much of it can be recouped when the planes are exported again.
“The only duties that we would have to cover would be the duties for a delivery, say, to a U.S. airline,” he said.
Regarding the rapidly changing trade policies that have included several pauses and some exemptions, Ortberg said, “I personally don’t think these will be … permanent in the long term.”
He reiterated that Boeing plans to ramp up production this year of its best-selling 737 Max jet, which will require Federal Aviation Administration approval.
The FAA capped output of the workhorse planes at 38 a month last year after a door plug that wasn’t secured when it left Boeing’s factory blew out midair in the first minutes of an Alaska Airlines flight.
Ortberg said the company could produce 42 Max jets a month by midyear and assess moving up to 47 a month about half a year later.
The company’s long-delayed Max 7 and Max 10 variants, the largest and smallest planes in the narrow-body family, are scheduled to be certified by the end of the year, he said.
Many airline executives have applauded Ortberg’s leadership since he took the reins at Boeing last August, tasked with stemming years of losses and ending reputational and safety crises, including the impact of two fatal Max crashes.
CEOs have long complained about delivery delays from the company that left them short of planes during a post-pandemic travel boom.
“I do think Boeing has turned the corner,” United Airlines CEO Scott Kirby told CNBC’s “Squawk Box” earlier Thursday. He said supply chain problems are limiting deliveries of new planes overall.
“We over-ordered aircraft believing the supply chain would be challenged,” he said.
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Nvidia shares jumped on Thursday after posting a positive set of earnings, sparking a rally in global semiconductor stocks.
Shares of Nvidia were 6% higher after the company posted better-than-expected earnings and revenue on Wednesday, even as it took a hit from U.S. semiconductor export restrictions to China.
Nvidia has been seen by investors as a bellwether for the broader semiconductor industry and artificial intelligence-related stocks, with its latest strong numbers sparking a rally among global semiconductor names.
Nvidia’s earnings helped boost other chip names, with Taiwan Semiconductor, AMD and Qualcomm all up about 1%.
In Japan, Tokyo Electron closed more than 4% higher, while SK Hynix, which is a supplier of high bandwidth memory to Nvidia, was nearly 2% up at the close of markets in South Korea.
In Europe, ASM International, BE Semiconductor Industries and ASML were all in positive territory.
The semiconductor industry has faced a number of headwinds from uncertainty around tariff policy in the U.S. and chip export restrictions to China.
Companies such as ASML, which makes machines that are critical for manufacturing the most advanced chips, have seen billions wiped off their value as a result.
Nvidia on Wednesday said it wrote off $4.5 billion of H20 chip inventory that it couldn’t ship to China because of export curbs, saying it also calculated $2.5 billion of lost revenue as well.
The restrictions on China do not seem to be going away.
The U.S. has ordered a number of companies, including those producing chemicals and design software for semiconductors, to stop shipping goods to China without a license, according to a Reuters report on Thursday.
Despite this, Nvidia still managed to post financial results for the April quarter that beat market expectations, allaying fears that demand for its graphics processing units, which have become key for training huge AI models, is dwindling.
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In this video, Joe analyzes which sectors to focus on when selecting new stocks. He demonstrates how to use the 18-period simple moving average (SMA) on monthly, weekly, and daily charts to identify the strongest stock patterns and the best timeframes to trade. He then provides chart analysis on the QQQ, IWM, and Bitcoin, before reviewing this week’s symbol requests submitted by viewers.
The video premiered on May 28, 2025. Click this link to watch on Joe’s dedicated page.
Archived videos from Joe are available at this link. Send symbol requests to stocktalk@stockcharts.com; you can also submit a request in the comments section below the video on YouTube. Symbol Requests can be sent in throughout the week prior to the next show.
Strategic financing deepens alignment with industry leader as Quimbaya advances drill-ready Colombian gold portfolio
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Quimbaya Gold Inc. (CSE: QIM) (OTCQB: QIMGF) (FSE: K05) (‘Quimbaya Gold’ or the ‘Company’) is pleased to announce that it intends to complete a non-brokered private placement of up to 5,714,286 units of the Company (each, a ‘Unit’), at a price of C$0.35 per Unit, to raise gross proceeds of up to approximately C$2,000,000 (the ‘Offering’), including a lead order of C$500,000 from Mr. Serafino Iacono, an influential figure in Colombian mining, Co-founder of Gran Colombia Gold Corp. (now Aris Mining Corporation) and Executive Chairman of Denarius Metals Corp.
Each Unit will be comprised of one common share in the capital of the Company (a ‘Share‘) and one common share purchase warrant (a ‘Warrant‘). Each Warrant will entitle the holder to acquire one Share at a price of C$0.60 per Share for a period of 36 months from the issuance date of the Offering. The remaining Units issued under the Offering will be limited to other strategic investors with deep experience in Latin American exploration and project development.
‘Seeing our hard work over the past few years recognized by industry leaders like Serafino Iacono is a real validation of our strategy and our assets,’ said Alexandre P. Boivin, CEO of Quimbaya Gold. ‘With strong exploration results, a drill-ready portfolio, and the right people around the table, we’re incredibly excited about what lies ahead, especially as we prepare to kick off drilling at Tahami South. This is a pivotal moment for Quimbaya, and we’re just getting started.’
Strategic Alignment and Validation
The participation of Mr. Iacono, who played a pivotal role in the revival of the Colombian gold sector, signals high conviction in Quimbaya’s assets and leadership. His investment marks a strong endorsement of the Company’s solid Portfolio and in particular its drill-ready Tahami Project in the Middle Cauca Belt, one of Colombia’s most prolific gold districts.
‘I believe Quimbaya is uniquely positioned at the intersection of geology, timing, and leadership. The team is aligned, the land is exceptional, and in this rising gold environment the moment is now,’ said Mr. Iacono. ‘I’m excited to support a company that understands what it takes to build a real gold story in Colombia.’
The net proceeds raised from the sale of the Units will be used for general exploration expenses and for general working capital purposes. Completion of the Offering is subject to applicable regulatory approvals. All securities issued pursuant to the Offering will be subject to a four-month and one-day hold period in accordance with applicable securities laws. The Offering is expected to close on or about June 6th 2025.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company in the United States, nor shall there be any sale of such securities in any State in which such offer, solicitation or sale would be unlawful.
About Quimbaya
Quimbaya aims to discover gold resources through exploration and acquisition of mining properties in the prolific mining districts of Colombia. Managed by an experienced team in the mining sector, Quimbaya is focused on three projects in the regions of Segovia (Tahami Project), Puerto Berrio (Berrio Project), and Abejorral (Maitamac Project), all located in Antioquia Province, Colombia.
Contact Information
Alexandre P. Boivin, President and CEO apboivin@quimbayagold.com
Jason Frame, Manager of Communications jason.frame@quimbayagold.com +1-647-576-7135
Quimbaya Gold Inc.
Follow on X @quimbayagoldinc
Follow on LinkedIn @quimbayagold
Follow on Instagram @quimbayagoldinc
Follow on Facebook @quimbayagoldinc
Cautionary Statements
Certain statements contained in this press release constitute ‘forward-looking information’ as that term is defined in applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, but not always, forward-looking statements and information can be identified by the use of forward-looking terminology such as ‘intends’, ‘expects’ or ‘anticipates’, or variations of such words and phrases or statements that certain actions, events or results ‘may’, ‘could’, ‘should’, ‘would’ or ‘occur’. Forward-looking statements herein include statements and information regarding the Offering, including its timing, intended closing date, intended use of proceeds and intended gross proceeds, any expected issuance of the Units or the Shares and Warrants which comprise them, a commitment by any person to purchase Units pursuant to the Offering, receipt by the Company of any applicable regulatory approval, the future plans for the Company, future expectations for the gold sector generally, the Colombian gold sector more particularly, or how global or local market trends may affect the Company, intended exploration on any of the Company’s properties and any results thereof, the strength of the Company’s mineral property portfolio, aims and goals of the Company, and other forward-looking information. Forward-looking information by its nature is based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Quimbaya to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These assumptions include, but are not limited to, that the Offering as described herein will close on terms materially similar to the terms described herein. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: future planned development and other activities on the Company’s mineral properties; an inability to finance the Company; obtaining required permitting on the Company’s mineral properties in a timely manner; any adverse changes to the planned operations of the Company’s mineral properties; failure by the Company for any reason to undertake expected exploration programs; achieving and maintaining favourable relationships with local communities; mineral exploration results that are poorer or better than expected; prices for gold remaining as expected; currency exchange rates remaining as expected; availability of funds for the Company’s projects; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; the Offering proceeds being received as anticipated; all requisite regulatory and stock exchange approvals for the Offering are obtained in a timely fashion; investor participation in the Offering; and the Company’s ability to comply with environmental, health and safety laws. Although Quimbaya’s management believes that the assumptions made and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. Readers are cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Quimbaya as of the date of this news release and, accordingly, is subject to change after such date. Except as required by law, Quimbaya does not expect to update forward-looking statements and information continually as conditions change.
Neither CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/253731
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In what is believed to be the largest European pre-seed funding round of the year, UK fintech startup Velocity has emerged with US$10 million in early backing to develop a stablecoin infrastructure platform.
The initiative is aimed squarely at large enterprises grappling with outdated cross-border financial systems.
The round, led by US-based Activant Capital, brings together global investors and fintech insiders, underscoring growing confidence in stablecoins as a practical tool for enterprise-grade settlement — not just crypto speculation.
Founded by payments veterans Tom Greenwood (Volt, IFX) and Eric Queathem (Worldpay, McKinsey & Company), Velocity aims to modernize the back-end plumbing of global money movement.
Rather than displacing traditional finance, the startup sees itself as a connective layer between banks and the blockchain, offering modular infrastructure that enables businesses to operate seamlessly across fiat and digital currencies.
“We’re not chasing crypto hype,” Greenwood, who serves as CEO, said in a statement. “We’re leveraging stablecoins to remove friction, accelerate settlement, and drive improved performance in real-world financial operations.”
That friction remains a massive challenge in today’s corporate finance landscape.
Large businesses routinely rely on patchwork systems for international payments, liquidity and currency management — often involving multiple banking partners, outdated software and opaque fees.
Velocity says it is addressing that complexity with a programmable, artificial intelligence-enabled platform that integrates stablecoins into traditional financial operations without requiring companies to overhaul their existing systems.
Greenwood and Queathem bring decades of experience to the table. Greenwood previously founded Volt, a fintech firm focused on real-time payments, and IFX, a foreign exchange and payments firm. Queathem spent nearly 10 years at Worldpay, where he led global strategy during its expansion into both legacy and crypto-enabled markets.
“We’ve experienced first-hand the financial complexity of operating a global business — the fragmentation of providers, the lack of transparency, and the workarounds,” said Queathem, who holds the position of president.
“Velocity is built to eliminate that friction with infrastructure that scales, adapts, and solves the real-world problems large enterprises face every day when moving and managing money around the world.”
Their pitch appears to have resonated with investors who see a broader shift underway. Fuel Ventures (LSE:FVV), Triton Capital, Fabric Ventures, Commerce Ventures and Preface Ventures all joined the round, alongside strategic angels from companies like Visa (NYSE:V), PayPal (NASDAQ:PYPL), Circle and Alphabet (NASDAQ:GOOGL).
For lead investor Activant Capital, the startup’s timing aligns with what it sees as a generational opportunity to reshape how capital flows. “Tom and Eric bring the rare technical depth and regulatory fluency needed to build and scale a product like this,” said Andrew Steele, partner at Activant, in Wednesday’s (May 28) release.
“We’ve shared this vision for years — and now is the time to bring it to life.”
Far from being a headwind, Velocity sees that regulatory movement as validation that the infrastructure moment for stablecoins has arrived. While Velocity hasn’t disclosed specific clients or product launch dates, early pilot programs are underway, with large enterprises exploring digital treasury functions and cross-border liquidity optimization.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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The platinum price has surged over 20 percent year-to-date, propelled by a sharp rebound in Chinese demand and a tightening global supply picture that analysts say may signal a prolonged market deficit.
On May 23, platinum closed at US$1,098.40 per ounce, its highest level since May 2023, and a 22 percent increase from its year-to-date low US$892, seen on April 8. The rally, which has accelerated in recent weeks, comes amid renewed investor interest in precious metals, stark supply-side constraints and a changing global demand profile.
China has emerged as a key force behind platinum’s surge, with imports in April jumping 47 percent month-on-month to 10 metric tons, the highest in a year, according to Chinese Customs data.
“In the first quarter of this year alone, given the exceptionally high gold price, gold jewelry sales in China were down 32 percent year-on-year, and platinum jewelry sales were up 26 percent,” he emphasized.
Gold touched US$3,500 per ounce last month, pricing many Chinese buyers out of the market. Platinum, currently trading at a significant discount, is increasingly being seen as an attractive alternative, both for investment and jewelry.
“China’s a market that can pivot really quickly,” Sterck added, noting that platinum bars, coins and jewelry are now being marketed aggressively across social media platforms like TikTok.
This renewed Chinese interest aligns with broader structural issues in the platinum-group metals (PGMs) market, as detailed in a recent report by research firm Metals Focus. It notes that all five PGMs — platinum, palladium, rhodium, iridium and ruthenium — ended last year in physical deficit. Platinum alone saw a second consecutive year of shortfall, with Metals Focus placing total global production at 5.77 million ounces, still well below the 2010 to 2021 annual average.
Behind the deficit lies a mix of supply disruptions, weak mine productivity and building demand.
Sterck underscored the severity of the shortfall seen in Q1, saying it was the largest in six years. It was driven by flooding in South Africa, smelter outages in Zimbabwe and operational restructuring in North America.
Even though South African output rose above 4 million ounces for the first time since 2021, much of that gain was attributed to the release of built-up work-in-process inventories rather than fresh production.
The constrained supply has had ripple effects across investment channels. Platinum secondary supply — which primarily comes from recycled jewelry and autocatalysts — rose just 1 percent last year.
In Asia, jewelry recycling volumes fell, and while autocatalyst recycling improved 9 percent due to higher scrappage rates and incentives in China, it remained insufficient to close the gap.
When it comes to demand, the auto sector, traditionally the largest consumer of PGMs, saw overall fabrication demand fall 4 percent to 12.14 million ounces in 2024. This decline marked the first drop since the COVID-19 pandemic, and was largely due to a 2 percent decrease in catalyzed vehicle production amid the rise of battery electric vehicles.
Industrial demand, on the other hand, was under pressure, falling 2 percent year-on-year. The biggest hit came from a 27 percent drop in chemical applications, particularly in China’s paraxylene sector, a key component in plastic production.
Against this backdrop, speculative positions in platinum have also helped drive recent price movements.
Sterck explained that in the first quarter of 2025, a confluence of market expectations and policy shifts — particularly related to US import tariffs — created arbitrage opportunities for traders.
“There was a lot of uncertainty as to whether tariffs would apply to platinum and other PGMs,” he explained, adding that the flow of metal into the US caused strong contangos in NYMEX futures markets, boosting Q1 investment figures.
Although aboveground stocks of platinum remain elevated, they are being gradually drawn down, and continued mine cutbacks could eventually tip the market further into deficit territory.
Sterck tempered this outlook with caution: “It feels like, as that range is pinching out, we’re definitely getting to a point where it seems highly likely the price will begin to reflect the underlying deficits. So we’ll have to wait and see.”
Metals Focus projects an average platinum price of US$970 for 2025 — a modest increase from last year’s average — but notes that volatility could return if investor sentiment sharpens or supply disruptions worsen.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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