Platinum stocks are those that have significant exposure to platinum production. With inflation weighing on the global economy and questions about new tariffs unsettling investors' nerves, some have been turning their attention to precious metals. The S&P GSCI Precious Metals index (comprising gold, silver, palladium, and platinum) was up more than 47% from the end of 2024 through the third quarter of 2025. Platinum prices, specifically, rose about 72% during the same period.
As demand for electronic and industrial equipment remains strong, prices of materials used in the production of hardware, including platinum, could remain elevated for a long time. That’s why investing in platinum stocks might make sense for some people.
Top platinum stocks in 2026
Platinum is more than just a precious metal. It also has multiple industrial uses. For example, platinum may be used for:
- Electric car batteries.
- Fuel cells used in the energy grid.
- Some semiconductors and electrical components.
- Medical devices.
- Industrial chemical production.
You can get portfolio exposure to any of these products by investing in companies that mine and refine platinum.
Stocks of metal miners can be highly volatile, though. You can also consider a platinum exchange-traded fund (ETF) if buying individual stocks in this space doesn't hold any allure. But if platinum mining is what you're after, here are the top three largest producers traded on U.S. stock exchanges:
| Name and ticker | Market cap | Dividend yield | Industry |
|---|---|---|---|
| Valterra Platinum (OTC:ANGP.Y) | $25.7 billion | 0.28% | Metals and Mining |
| Impala Platinum (OTC:IMPUY) | $17.0 billion | 0.50% | Metals and Mining |
| Sibanye Stillwater (NYSE:SBSW) | $12.2 billion | 0.00% | Metals and Mining |
1. Valterra Platinum
OTC: ANGP.Y
Key Data Points
After its announcement in April 2025, Anglo America (NGLOY -1.52%) completed the demerger of its subsidiary Anglo America Platinum the following month into the company now known as Valterra Platinum (ANGP.Y -7.03%).
The global leader in the production of platinum group metals, Valterra primarily operates in South Africa, though it also operates one mine in Zimbabwe. Demonstrating its interest in maximizing the value of its assets, Valterra is conducting a feasibility study (which is expected to be completed in the first half of 2027) for the Sandsloot underground project located at Mogalakwena. The project is part of management's goal to grow metals production 10% to 50% at Mogalakwena while achieving a 10% to 20% reduction in all-in sustaining costs.
Valterra projects platinum group metals production of 3 million to 3.4 million ounces for both 2025 and 2026. For conservative investors, the company's cautious approach to leverage will be alluring. At the end of the second quarter of 2025, Valterra had a 0.3 net debt-to-earnings before interest, taxes, depreciation, and amortization (EBITDA) ratio.
2. Impala Platinum Holdings
OTC: IMPUY
Key Data Points
The world's second-largest producer of platinum, Impala Platinum Holdings (IMPUY -4.34%), operates primarily in South Africa and neighboring Zimbabwe. Shares are listed in South Africa, but they can also be traded over the counter in the U.S.
Impala Platinum completed a takeover of fellow platinum producer Royal Bafokeng Platinum (RBPlat) in May 2023, when it hiked its stake in RBPlat to 55.46%. Impala Platinum believes that combining RBPlat with its own operations will unlock value for the precious metal producers as the platinum industry consolidates.
The company's platinum operations are lucrative. In 2025, for example, Impala Platinum reported 2.4 billion South African rands, or about $138 million in free cash flow.
Impala Platinum also pays a dividend for investors looking for income. Notably, the company ended fiscal 2025 with a net cash position of 8.1 billion South African rands (about $466 million) and has ample cash to fund its operations.
3. Sibanye Stillwater
NYSE: SBSW
Key Data Points
Sibanye Stillwater (SBSW -2.67%) is another South African mining company and is a top play in platinum and palladium. It's also a top producer of gold and has interests in lithium mining projects, both of which are basic materials used in manufacturing electric vehicles and electronics.
In March 2024, Sibanye Stillwater strengthened its position as a leading platinum producer with the acquisition of U.S.-based Reldan Group, a recycler of electronic and industrial waste. Processing 23 million pounds of waste in 2022, Reldan produced 25,000 ounces of platinum as well as a variety of other metals: 145,000 ounces of gold, 1.9 million ounces of silver, 3.4 million pounds of copper, and 22,000 ounces of palladium.
Sibanye Stillwater reported record revenue and earnings in 2021 as demand for precious metals rose with inflation. However, sales and profits ebbed in 2022 and 2023 from their 2021 peaks as inflation cooled.
When it reports earnings, the company often pays a dividend, which it targets to be 25% to 35% of normalized earnings. Due to global political uncertainty, however, the company elected against paying a dividend in the first half of 2025, though it plans to reevaluate this position at the end of the year.
Further illustrating its attention to remaining on a strong financial footing, Sibanye Stillwater doesn't overly rely on leverage; its net debt-to-adjusted EBITDA ratio at the end of the first half of 2025 was 0.9. This, along with $2.6 billion in liquidity, puts the company in a great position for a capital-intensive business such as mining.
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Factors to consider when choosing platinum stocks
Investing in precious metal producers such as platinum mining stocks is appealing, given the inflationary forces ravaging the global economy. However, bear in mind that mining investments are cyclical, and stocks can be incredibly volatile. Their fortunes are highly dependent on the supply and demand of the materials they produce. Therefore, investors with low risk tolerances who are not comfortable riding out the volatility associated with dips in the prices of the metal should avoid platinum stock investments.
How to invest in platinum stocks
For investors ready to dig into platinum stocks, there are only a few simple steps they need to take in order to get started.
- Open your brokerage app: Log in to your brokerage account where you handle your investments.
- Search for the stock: Enter the ticker or company name into the search bar to bring up the stock's trading page.
- Decide how many shares to buy: Consider your investment goals and how much of your portfolio you want to allocate to this stock.
- Select order type: Choose between a market order to buy at the current price or a limit order to specify the maximum price you're willing to pay.
- Submit your order: Confirm the details and submit your buy order.
- Review your purchase: Check your portfolio to ensure your order was filled as expected, and adjust your investment strategy accordingly.
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