Mar. 18 at 2:05 PM
$PLG Yes, the
$60M ATM offering stings short-term. Dilution is never fun. But let's zoom out — because what this capital actually does is the whole thesis.
Why I'm still long and adding conviction:
1. The ATM funds the Waterberg project — that's the entire bull case. Waterberg is one of the largest undeveloped palladium-dominant deposits on the planet, sitting in South Africa's Bushveld Complex. Every dollar raised isn't burn — it's advancing a multi-decade asset toward production reality.
2. Palladium & PGM fundamentals remain tight. South Africa supplies ~40% of the world's palladium. Supply disruptions, mine depletion, and the EV transition timeline (ICE vehicles still need catalytic converters for years) keep PGM demand structural, not cyclical.
3. The ATM is a controlled, disciplined raise — not desperation.
$60M spread across the rest of 2026 limits single-event dilution shock. Management chose ATM over a block offering specifically to minimize price impact.
