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SDL at R16.00 is trading at a discount to Impala Platinum, which makes sense given the smaller resource base, but the yield story looks thinner too. If palladium prices stay under pressure, the auto catalytic demand weakness could sting smaller players harder than the majors.
Worth reading the latest operational update on palladium volumes
SDL sitting at R11.97 and honestly until they announce something real with offtake or a major customer, it's just treading water. Palladium demand is there but the market doesn't care about exploration stories, they want production and contracts. Let's get a deal done, once the deals start then it will run, simple as that.
palladium spot prices holding strong and sdl sitting at r11.97, pre-revenue explorer with real assets in the platinum belt. compare that to how lithium plays traded before they had a single tonne produced. if they nail the development story this could be massive, but yeah the market's impatient right now.
Palladium recovery from the lows has been solid but SDL still sitting cheap relative to peers with actual ore in the ground. Put an order in at R11.50 last week, got filled on that dip. Long term if autocatalyst demand holds up and rand stays weak this prints money, not selling at these prices.
SDL sitting at R11.99 but palladium's been under pressure, mining capex is brutal right now. Question is whether they can even fund dev without diluting shareholders to death, ngl.
palladium prices have been getting hammered but SDL still sitting at R11.99 which isnt terrible given the sector. problem is theyve been burning cash on exploration for years and spot price would need to rip hard for this to work. long term if platinum actually gets out of the dog house this catches the express train but thats a big if.
Palladium recovery is still weak but SDL's costs are under control compared to peers. Last set of results showed they're not burning cash which matters when commodity is struggling. Need to see production ramp and maybe a offtake agreement to get momentum, let's get a contract and once the deals start then it will run, simple as that.
SDL sitting at R13.00 and palladium's been quiet, so nobody's paying attention. Thing is, if you're holding PGM exposure you're basically waiting for either a rand collapse or someone to actually need the stuff again. Longer term the metal's still scarce, mining's expensive as hell in SA, so supply stays tight. Question is whether the company can survive the wait without diluting the hell out of shareholders.
SDL sitting at R13.00 and palladium's been decent but the real question is whether they can actually scale production without another capex round killing the share price. PGM guys are always one rand move in the metal away from panic so I'm watching, not buying yet.
do you think SDL can justify R13 when theres still no revenue coming in. palladium price has been weak too. where are they actually mining from right now, or is it all still exploration.
palladium cycle turning man, SDL sitting at R13 is a steal if you look at what happened to Impala last cycle. volumes picking up on the exploration side too, they're not just sitting around. R150 minimum this week mark it.
palladium price action has been rough with fed staying higher for longer, but SDL's cost base in ZAR actually benefits when rand weakens. long-term view hasn't changed, just watching the macro noise settle before the pgm cycle turns again.
sdl at r13 is interesting but palladium prices have been all over the place, makes it hard to know where production costs really sit. the platinum belt stocks always have that rand headwind too so weak currency actually helps but load-shedding can wreck margins. long term the metals are there and demand isnt dying, just gotta wait for better visibility on output costs ngl
Been reading the latest on SDL's palladium hedging, interesting moves there
sdl sitting at r13 is still cheap compared to where the big pgm boys trade, especially if they can actually bring production online. palladium's been under pressure but that's exactly when you want exposure imo, not when everyone's chasing it. long game here, not a quick flip.
Do you think the palladium price needs to hold above $900/oz for SDL to actually turn cash flow positive, or are we just hoping for a lucky break here. Rand weakness helps but not if volumes stay thin like this.
honestly SDL at R13.51 is looking thin on volume lately, palladium prices have been weak and that's just reality for the sector right now. comparing to other pgm plays we're not seeing the same conviction buying, feels more like people are sitting on the sidelines waiting for a proper catalyst. long term platinum story is still there but need to see some actual production news or a rand move to get excited again.
palladium prices have been under pressure but fundamentals in the pgm space aren't broken, just cyclical. SDL's got solid assets in the platinum belt and at R13.51 this looks like a decent entry for a patient holder, not a quick flip. ngl the rand weakness helps exporters here so there's a tailwind if you can sit tight through the noise.
Current R 16,25 — 50% of range
Fundamentals sourced from JSE disclosures. Updated quarterly.