GraniteShares Platinum Trust: Form 10-Q for the period ended Dec 31, 2025

This information should be read in conjunction with the financial statements and notes to the financial statements included in Item 1 of Part I of this Form 10-Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. Except as required by applicable disclosure laws, neither the Sponsor, nor any other person assumes responsibility for the accuracy or completeness of any forward-looking statements. Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

Introduction

The Trust is a common law trust, formed under the laws of the state of New York on January 11, 2018. The Trust is not managed like a corporation or an active investment vehicle. It does not have any officers, directors, or employees and is administered by the Trustee pursuant to the Trust Agreement. The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act. It does not hold or trade in commodity futures contracts, nor is it a commodity pool, or subject to regulation as a commodity pool operator or a commodity trading adviser in connection with issuing Shares.

The Trust holds platinum and is expected to issue Baskets in exchange for deposits of platinum, and to distribute platinum in connection with redemptions of Baskets. Shares issued by the Trust represent units of undivided beneficial interest in and ownership of the Trust. The investment objective of the Trust is for the Shares to reflect the performance of the price of platinum, less the Trust’s expenses. The Sponsor believes that, for many investors, the Shares will represent a cost-effective investment relative to traditional means of investing in platinum.

The Trust issues and redeems Shares only with Authorized Participants in exchange for platinum and only in aggregations of 50,000 Shares or integral multiples thereof. A list of current Authorized Participants is available from the Sponsor or the Trustee.

Shares of the Trust trade on the New York Stock Exchange (the “NYSE”) Arca under the symbol “PLTM”.

Valuation of Platinum; Computation of Net Asset Value

On each business day, as soon as practicable after 4:00 p.m. (New York time), the Trustee evaluates the platinum held by the Trust and determines the net asset value of the Trust and the NAV. The Trustee values the platinum held by the Trust using that day’s LBMA Platinum Price PM. If there is no announced LBMA Platinum PM on a business day, the Trustee is authorized to use that day’s LBMA Platinum Price AM. Having valued the platinum held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of the Trust from the value of the platinum and other assets of the Trust. The result is the net asset value of the Trust. The Trustee computes the NAV by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.

Liquidity and Capital Resources

The Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s Fee.

The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s platinum as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor. The Trustee will not sell platinum to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of platinum to the Sponsor. At September 30, 2023 the Trust did not have any cash balances.

Off-Balance Sheet Arrangements

The Trust has no off-balance sheet arrangements.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. Below, the Trust describes the valuation of platinum bullion, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position. In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.

Results of Operations

The Quarter Ended December 31, 2025

During the quarter the Trust’s net asset value increased by 80.9% from $129,274,099 on September 30, 2025, to $233,824,339 on December 31, 2025. The increase in the Trust’s net asset value was due to (i) an increase in the price of platinum from $1,571.00 on September 30, 2025, to $2,027.00 on December 31, 2025, and (ii) an increase in the number of Shares outstanding from 8,550,000 on September 30, 2025, to 12,000,000 on December 31, 2025. The net 3,450,000 shares increase was the result of 71 creation orders and 2 redemption orders (50,000 shares per creation and redemption).

The 28.9% increase in the Trust’s net asset value per share from $15.12 on September 30, 2025, to $19.49 on December 31, 2025, is directly related to the 29.0% increase in the price of platinum.

The Trust’s net asset value per share increase slightly less than the price of platinum on a percentage basis due to the Sponsor’s fees, which were $194,905 for the period, or 0.13% of the Trust’s average weighted net assets of $154,675,188 during the period. The net asset value per share of $22.06 on December 24, 2025, was the highest during the period, compared with a low during the period of $14.64 on November 21, 2025.

The net increase in net assets resulting from operations for the quarter ended December 31, 2025, was $39,182,189, resulting primarily from an unrealized gain on investment in platinum bullion of $38,888,573, increased by a gain of $488,521 on metal sold to cover redemption orders and Sponsor’s fees but negatively affected by the Sponsor’s fees of $194,905. Other than the Sponsor’s fees the Trust had no expenses during the quarter.

Six Months Ended December 31, 2025

The Trust’s net asset value increased by 174.4% from $85,206,010 on June 30, 2025, to $233,824,339 on December 31, 2025. The increase in the Trust’s net asset value was due to an increase in the number of Shares outstanding from 6,550,000 on June 30, 2025, to 12,000,000 on December 31, 2025. The net 5,450,000 shares increase was the result of 112 creation orders and 3 redemption orders (50,000 shares per creation and redemption). The Trust’s net asset value was also positively impacted by the price of platinum, which increased 50.1% from $1,350.00 on June 30, 2025, to $2,027.00 on December 31, 2025.

The 49.8% increase in the Trust’s net asset value per share from $13.01 on June 30, 2025, to $19.49 on December 31, 2025, is directly related to the 50.1% increase in the price of platinum.

The Trust’s net asset value per share increased slightly less than the price of platinum on a percentage basis due to the Sponsor’s fees, which were $311,766 for the period, or 0.25% of the Trust’s average weighted net assets of $123,699,082 during the period. The net asset value per share of $22.06 on December 24, 2025, was the highest during the period, compared with a low during the period of $12.54 on August 01, 2025.

Net increase in net assets resulting from operations for the six-month period ended December 31, 2025, was $54,959,128, resulting primarily from an unrealized gain on investment in platinum bullion of $54,622,429, increased by a gain of $648,465 on metal sold to cover redemption orders and Sponsor’s fees but negatively affected by the Sponsor’s fees of $311,766. Other than the Sponsor’s fees the Trust had no expenses during the period.

Disclosure Controls and Procedures

The duly authorized officers of the Sponsor, performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report. Such disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange Act of 1934, as amended, are recorded, processed, summarized and reported, within the time period specified in the applicable rules and forms, and that such information is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers to allow timely decisions regarding required disclosure.

Internal Control over Financial Reporting

There has been no change in the internal control over financial reporting that occurred during the fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

You should carefully consider the factors discussed in Part I, Page 13 “Risk Factors” in our prospectus dated February 23, 2023, filed pursuant to Rule 424(b)(3) under the Securities Act of 1933, as amended, with the U.S. Securities and Exchange Commission, file number 333-276531, which could materially affect our business, financial condition or future results. The risks described in the prospectus are not the only risks facing the Trust. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.