Palladium Stocks ASX: Producers and Developers Compared

No palladium mine of scale is listed on the ASX. The ASX names that investors search for are explorers and developers, led by Chalice Mining (ASX: CHN), whose Gonneville project in Western Australia has a pre-feasibility study but no mine, plus Southern Palladium (ASX: SPD), Galileo Mining (ASX: GAL) and Podium Minerals (ASX: POD). The companies that actually dig palladium today are Nornickel in Russia, Impala Platinum, Valterra Platinum, Northam Platinum and Sibanye-Stillwater, listed in Johannesburg, New York and elsewhere. This page lists both groups with dated facts from company filings and the US Geological Survey (USGS), so you can see which is which.

Palladium is a platinum-group metal (PGM). It is used mostly in the exhaust catalysts of petrol cars. Kitco quoted spot palladium at US$1,030 per troy ounce at 7:46 a.m. New York time on 26 October 2026, with a day range of US$1,018 to US$1,080. A troy ounce is 31.1035 grams. Prices move all day, so treat that as a dated snapshot. This page gives facts, not buy or sell advice, and it is not investment advice.

Palladium stocks on the ASX: producers, developers and explorers

An ASX palladium stock is not a palladium producer. The table shows what each of the four main ASX names reports in its own filings. Stage matters more than size: a pre-feasibility study (PFS) is an early engineering and cost study, a definitive feasibility study (DFS) is the later one banks rely on, and an Inferred resource is the least certain class of estimate under the JORC Code, the Australian reporting standard.

Sources: Chalice quarterly report to 31 March 2026; Business Day, 31 July 2026; Galileo quarterly report, 21 January 2026; Podium annual report, year to 30 June 2026. Details for each follow in the section on ASX developers below.

How we chose and ordered the companies

This is not a league table, because companies report in different units: Nornickel in ounces of palladium, Implats in six metals (6E), Sibanye-Stillwater in two metals (2E) for its US mines, Northam in four (4E). The companies are grouped by stage and then by the share of world palladium supply their home country holds, using USGS data. We included every company that meets one of two tests: it reports PGM mine output in a 2026 filing, or it holds a palladium project with a published study or resource and an ASX listing. Companies are listed with exchange and ticker where their own filings give them. Production numbers are from filings dated 2026 unless stated. No share prices are given, because they would be out of date within a day.

Where palladium is mined

Two countries supply most of the world’s palladium. USGS estimates 2025 world mine output at about 190 tonnes, with Russia at 84 tonnes, South Africa at 70, Canada at 16, Zimbabwe at 15 and the United States at 6.2 (Mineral Commodity Summaries 2026; figures are estimates). That puts Russia at about 44% of the world total and South Africa at about 37%, or roughly 81% between them.

Chart

Palladium mine output by country, 2024 and 2025

Tonnes of palladium; five largest producers

Output fell in 2025 in every large producing country. USGS notes that Russian output dropped because of lower ore grades and recovery, and that US output fell because one Montana operation stayed on care and maintenance. Reserves tell a different story from output. USGS puts South African PGM reserves at 63 million kilograms, against 11 million for Russia, 1.3 million for Zimbabwe, 590,000 for the United States and 310,000 for Canada, out of a world total above 76 million kilograms. These reserves are for all PGMs together, not palladium alone. Most of the South African metal sits in the Bushveld Complex, a layered igneous intrusion that also holds the world’s main platinum reserves.

The United States depends on imports. USGS records net import reliance for palladium of 57% of apparent consumption in 2025 (estimate), and shows that 2021 to 2024 palladium imports came 37% from South Africa and 36% from Russia. Canada ranks third in palladium production, according to Natural Resources Canada.

Palladium price: what it does to miners

The USGS annual average price for palladium was US$2,419 per troy ounce in 2021 and fell to about US$995 in 2024, with an estimate of US$1,100 for 2025. Prices then rose again: Chalice’s March 2026 quarterly report says palladium reached a three-year high of about US$2,160 an ounce in January 2026. Kitco’s spot quote on 26 October 2026 was US$1,030, so the metal has fallen back by more than half from that peak.

Chart

Palladium annual average price, 2021 to 2025

US$ per troy ounce; 2025 is a USGS estimate

A miner’s margin is the price it receives minus its cost to produce an ounce. Costs are usually quoted as all-in sustaining cost (AISC), which adds the capital needed to keep a mine running to the day-to-day operating cost. Because costs change slowly and prices change fast, a price move shows up in margin by a larger percentage. The calculator below lets you test that with your own numbers.

The price also decides which mines stay open. Implats said in July 2025 that it would close its Lac des Iles palladium mine in Ontario, which it bought with North American Palladium in 2019, citing sustained low palladium prices. In November 2025 the mine’s chief executive said higher prices allowed production to continue until the summer of 2027. The mine belongs to Impala Canada, a subsidiary of Implats.

Palladium mining stocks compared: the producers

These companies report palladium or PGM output from operating mines. The table gives their most recent reported figures. Output units differ, so compare the lines with care.

The sections below give the context for each line. Every number is from the cited filing, and 6E, 4E and 2E mean the group of metals each company counts.

Nornickel

Reuters, in a report carried by Kitco on 28 January 2026, called Nornickel the world’s largest palladium producer. It produced 2.725 million ounces of palladium in 2025, down 1% on 2024, and guides to 2.415 to 2.465 million ounces in 2026. That is a fall of roughly 10% at the midpoint. Johnson Matthey expects Russian mine output to drop in 2026 to its lowest level for at least two decades. Chalice’s quarterly report says the US Department of Commerce announced a 133% preliminary tariff on Russian palladium on 10 February 2026. Commerce’s final anti-dumping rate, announced on 28 April 2026, was 132.83%, but on 29 May 2026 the US International Trade Commission found that Russian palladium did not injure US industry, so no duty order will be issued.

Impala Platinum (Implats)

Implats reported on 3 September 2026 that group 6E production was stable at 3.50 million ounces in the year to 30 June 2026, with revenue up 58% to R135.1 billion and headline earnings of R22.9 billion. Its filing says deficits for platinum and palladium are expected to narrow in calendar 2026. The release gives a 6E total, not a palladium-only figure. Its Canadian arm, Impala Canada, runs Lac des Iles, described above.

Valterra Platinum

Anglo American Platinum changed its name to Valterra Platinum; the Platinum Group Metals Ltd filing calls it “previously Anglo American Platinum Limited”. Its second-quarter 2026 report shows 775,400 ounces of PGM production (5E plus gold), of which 525,700 ounces came from its own mines, and it kept 2026 guidance at 3.0 to 3.4 million ounces. Mogalakwena, its large open pit, produced 228,900 ounces. For the wider Anglo American group, see our note on the Anglo American and De Beers takeover.

Sibanye-Stillwater

Sibanye-Stillwater is the only name here with US palladium mines. Its results for the year to 31 December 2025 show US PGM underground production of 284,069 ounces of palladium plus platinum (2E), 33% lower than the year before, after the Stillwater West mine was suspended. The average 2E basket price in 2025 was US$1,195 per ounce. USGS also reports that one company in Montana mined and processed PGMs worth an estimated US$290 million in 2025. Our site covers the group’s Stillwater operations in the United States and its South African mining locations in more detail.

Northam Platinum

Northam’s voluntary update of 13 July 2026 reports record own-operation output of 938,754 ounces of 4E metal (platinum, palladium, rhodium and gold) for the year to 30 June 2026, plus a record 158,138 ounces bought from third parties. Zondereinde produced 333,050 ounces, Booysendal 531,668 and Eland 91,205. The release gives 4E totals, not palladium alone.

Developers outside the ASX

Two projects are worth knowing. Platinum Group Metals Ltd (TSX: PTM; NYSE American: PLG) is advancing the Waterberg project on the northern limb of the Bushveld Complex; its filing describes it as a planned platinum, palladium, rhodium and gold mine, with no construction decision yet. Ivanhoe Mines (TSX: IVN) held the official opening of its Platreef mine in South Africa and produced its first concentrate on 18 November 2025; its January 2026 update describes the Phase 1 concentrator as still ramping up. For more companies in the sector see our guides to the largest platinum miners in South Africa and Canadian precious-metal stocks.

ASX-listed palladium developers in detail

Chalice Mining (ASX: CHN)

Chalice’s Gonneville project has a pre-feasibility study and a maiden Ore Reserve. Its March 2026 quarterly report states that the December 2025 PFS describes 220,000 ounces a year of palladium, platinum and gold, plus 7,000 tonnes of nickel, 8,000 tonnes of copper and 700 tonnes of cobalt a year, over a 23-year open pit. It reports A$4.7 billion of pre-tax cash flow after capital spending at “bottom of the cycle” prices, including palladium at US$1,300 an ounce, and a 2.7-year payback. The company expects a final investment decision (FID) in the first half of 2028, with first production in early 2030. The report describes no production before 2030.

Southern Palladium (ASX: SPD, also listed in Johannesburg)

Business Day reported in July 2026 that the DFS for Bengwenyama has been delayed to early 2027. The first phase targets more than 200,000 ounces of PGMs a year, rising to more than 400,000 with an expansion, and the project has a combined resource of 40.25 million ounces. The company held A$23.88 million of cash at the end of June 2026 and its mining right application was still pending at that date. Chrome, a by-product, now looks larger in the plan: test work lifted recovery to 85.6% from the 30% assumed in the PFS.

Galileo Mining (ASX: GAL)

Galileo’s quarterly report of 21 January 2026 describes the Callisto deposit as a 17.5 million tonne resource of palladium, platinum, gold, rhodium, nickel and copper sulphides, found in 2022. The company is drilling targets such as Mission Sill, where one aircore hole returned 1 metre at 13.7 g/t gold with 3.2 g/t palladium (g/t means grams per tonne, the usual unit of ore grade). There is no study or production plan in that report.

Podium Minerals (ASX: POD)

Podium’s annual report for the year to 30 June 2026 says Parks Reef holds an Inferred resource of 183 million tonnes containing 7.6 million ounces of 5E PGMs over a 15 km strike, with copper, nickel and cobalt. It also reported a maiden resource for the Range Well nickel project in March 2026. Inferred material cannot be converted to reserves without more drilling.

▶ Shows a survey where 59% of the anomalous ground sat under a town, a reminder that land access can block a good prospect. · 2:05

Palladium and platinum stocks: why the same companies appear

Searches for platinum stocks and palladium stocks lead to the same Bushveld and Norilsk producers, because the metals are mined together. USGS estimates 2025 South African mine output at 120 tonnes of platinum and 70 tonnes of palladium, while Russia produced 20 tonnes of platinum and 84 of palladium. The mix therefore differs by country: South African producers lean to platinum, Nornickel to palladium. Natural Resources Canada reports that palladium made up 74.5% of Canadian PGM mine output in 2024, with platinum at 25.0%. Platinum is a smaller part of this page because the question here is palladium exposure, but the 4E, 5E and 6E figures above all include platinum.

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PGM reserves by country

Thousand kilograms are shown as tonnes; all platinum-group metals together

Zimbabwe is a smaller third source: USGS estimates 15 tonnes of palladium and 18 of platinum in 2025, and Valterra’s Unki mine there produced 51,800 ounces of PGMs in the second quarter of 2026. Platinum and palladium prices also move apart. USGS puts the 2025 average platinum price at about US$1,200 an ounce, above palladium’s US$1,100, a reversal from 2021 when palladium averaged US$2,419 and platinum US$1,094.

What drives palladium supply and demand

Johnson Matthey’s 2026 PGM market report says palladium was in persistent deficit between 2012 and 2025 but could move into a small surplus in 2026. It forecasts demand down 9% as ETF investment turns negative and petrol-car output falls, and primary supply down sharply as Russian output falls, partly offset by recycling. Recycling is a large source: USGS estimates that about 140,000 kilograms of palladium and platinum were recovered globally from new and old scrap in 2025.

Electric vehicles use no exhaust catalysts, so a shift to them cuts demand for the metal; Johnson Matthey cites lower petrol-car production in its 2026 demand forecast. The Lac des Iles closure notice above was a price decision. Treat any single-number price forecast with care and look for the forecaster’s name, date and assumptions.

Palladium stocks to screen: a checklist for investors

This checklist works for any company on this page and does not depend on today’s prices.

1. Producer or developer? Look for tonnes mined and ounces sold in the latest quarterly report. A study or a resource is not production.
2. Which metals? Find the unit (2E, 3E, 4E, 5E, 6E) and the palladium share of the basket. Some companies earn more from platinum, rhodium, nickel, copper or chrome.
3. Cost against price. Find AISC per ounce in the report and compare it with the spot price on the same day, using the calculator on this page.
4. Resource class. For developers, check whether the resource is Measured, Indicated or Inferred, and whether a PFS, DFS or reserve exists.
5. Country and permits. Check mining rights, power supply, labour and trade rules. Southern Palladium, for instance, listed its mining right as pending in mid-2026.
6. Funding. For developers, check cash at the end of the last quarter against the planned spend.

What satellite imagery can and cannot show about a mine

Company reports lag by a quarter. Satellite images can show a pit, a tailings dam or a stockpile growing between reports, and analysts use that to cross-check claims about activity. Imagery cannot show grade, recovery or cost, so it complements a company’s own filings rather than replacing them. Farmonaut maps licence areas from space and ranks ground as an exploration target.

▶ Explains the three jobs an AI mining tool does: find places to look, plan the mine and run it. · 3:52

Frequently asked questions

Which palladium stocks are listed on the ASX?

The main names are Chalice Mining (CHN), Southern Palladium (SPD), Galileo Mining (GAL) and Podium Minerals (POD). Their filings describe a pre-feasibility study, a feasibility study under way, or exploration. None reports palladium production.

Is there an ASX palladium producer?

None of the four companies above reports palladium output from a mine. To own a producer you look at companies listed in Johannesburg, New York or elsewhere, such as Sibanye-Stillwater, which trades on the NYSE.

Who is the largest palladium producer?

Nornickel, according to a Reuters report carried by Kitco in January 2026. It produced 2.725 million ounces in 2025.

Which countries mine the most palladium?

USGS estimates 2025 output at 84 tonnes in Russia, 70 in South Africa, 16 in Canada, 15 in Zimbabwe and 6.2 in the United States, out of about 190 tonnes worldwide.

What is the palladium price today?

Kitco showed US$1,030 per troy ounce at 7:46 a.m. New York time on 26 October 2026. Check Kitco or another live source, as the price changes every minute.

Are there palladium mining stocks in the United States?

Sibanye-Stillwater mines palladium and platinum in Montana and trades on the NYSE under SBSW. USGS reports that one company in Montana mined and processed PGMs in 2025.

Is Lac des Iles owned by Newmont?

No. Implats bought North American Palladium in 2019, and Lac des Iles is run by Impala Canada. It was planned to close by May 2026, and its chief executive said in November 2025 that production would continue until the summer of 2027.

Why did the palladium price fall from its level?

USGS annual averages dropped from US$2,419 in 2021 to about US$995 in 2024. Press reports on the Lac des Iles closure linked low prices to weaker demand from carmakers as electric vehicles spread.

Does the United States depend on imports of palladium?

Yes. USGS puts net import reliance at 57% of apparent consumption in 2025 (estimate), with imports in 2021 to 2024 coming 37% from South Africa and 36% from Russia.

Is palladium in deficit or surplus?

Johnson Matthey says the market was in deficit from 2012 to 2025 and could be in small surplus in 2026. Its report is dated May 2026.

Are palladium stocks a good investment?

This page does not judge that. It reports facts from filings. Prices, costs and permits change, so speak to a licensed adviser.