Was R145, Now Above R400

Research Notes January 2026 > https://www.unum.capital/post/rjan2026

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• In less than 15 months, Northam Platinum has rallied from R145 to above R400 today.

• The move is reflective of our view via a report on Monday, 28 October in which we specifically highlighted the MONTHLY CANDLE that reflected strong buy and the start of a longer term move.

• As noted as the time, the move was 'FAR FROM OVER'.

• Today, the share traded over R400 - it's highest level ever.

• Well done to clients who have participated in this massive Precious Metals bull run.

• The original slide is shown below:

Lester Davids

Senior Investment Analyst: Unum Capital