Quarterly Report for Quarter Ending June 30, 2025 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations

This information should be read in conjunction with the financial statements and notes to the financial statements included in Item 1 of Part 1 of this Form 10-Q. The discussion and analysis that follows may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and within the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements may relate to the Trust's financial condition, operations, future performance and business. These statements can be identified by the use of the words "may", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential" or similar words and phrases. These statements are based upon certain assumptions and analyses the Sponsor has made based on its perception of historical trends, current conditions and expected future developments. 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 reflect a change in management's expectations or predictions.

Introduction

The Trust is a common law trust, formed under the laws of the state of New York on December 30, 2009. 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 physical 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 "PPLT".

Valuation of Platinum and Computation of Net Asset Value

On each day that the NYSE Arca is open for regular trading, as promptly as practicable after 4:00 p.m. New York time on such day (the "Evaluation Time"), the Trustee evaluates the platinum held by the Trust and determines the NAV of the Trust.

At the Evaluation Time, the Trustee values the Trust's platinum on the basis of that day's London Bullion Market Association ("LBMA") Platinum Price PM. If no LBMA Platinum Price PM on any day, the Trustee is authorized to use the LBMA Platinum Price AM announced on that day. If neither price is available for that day, the Trustee will value the Trust's platinum based on the most recently announced LBMA Platinum Price PM or LBMA Platinum Price AM. Realized gains and losses on transfers of platinum, or platinum distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average cost of platinum transferred.

The LME is responsible for the administration of the electronic platinum price fixing system ("LMEbullion") that replicates electronically the manual London platinum fix processes previously employed by the LPPFCL, as well as providing electronic market clearing processes for platinum bullion transactions at the fixed prices established by the LME pricing mechanism. LMEbullion, like the previous London platinum fix processes, establishes and publishes fixed prices for troy ounces of platinum twice each London trading day during fixing sessions beginning at 9:45 a.m. London time (the "LBMA Platinum Price AM") and 2:00 p.m. London time (the "LBMA Platinum Price PM").

Once the value of the platinum has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees accruing for such day on which the valuation takes place that are computed by reference to the value of the Trust or its assets), expenses and other liabilities of the Trust from the total value of the platinum and all other assets of the Trust (other than any amounts credited to the Trust's reserve account, if established). The resulting figure is the adjusted net asset value (the "ANAV") of the Trust. The ANAV of the Trust is used to compute the Sponsor's Fee.

All fees accruing for the day on which the valuation takes place that are computed by reference to the value of the Trust or its assets are calculated using the ANAV calculated for such day. The Trustee subtracts from the ANAV the amount of accrued fees so computed for such day and the resulting figure is the NAV of the Trust. The Trustee also determines the NAV per Share by dividing the NAV of the Trust by the number of the Shares outstanding as of the close of trading on the NYSE Arca (which includes the net number of any Shares created or redeemed on such evaluation day).

Any estimate of the accrued but unpaid fees, expenses and liabilities of the Trust for purposes of computing the NAV of the Trust and ANAV made by the Trustee in good faith shall be conclusive upon all persons interested in the Trust and no revision or correction in any computation made under the Trust Agreement will be required by reason of any difference in amounts estimated from those actually paid.

The NAV of the Trust is obtained by subtracting the Trust's liabilities on any day from the value of the platinum owned and receivable by the Trust on that day; the NAV per Share is obtained by dividing the NAV of the Trust on a given day by the number of Shares outstanding on that day.

The Quarter Ended June 30, 2025

The Trust's NAV increased from $1,064,605,134 at March 31, 2025 to $1,617,369,872 at June 30, 2025, a 51.92% increase for the quarter. The change in the Trust's NAV resulted primarily from an increase in the price per ounce of platinum, which rose 35.95% from $993.00 at March 31, 2025 to $1,350.00 at June 30, 2025 and an increase outstanding shares, which rose from 11,750,000 Shares at March 31, 2025 to 13,150,000 Shares at June 30, 2025, as a result of 1,700,000 (34 Baskets) being created and 300,000 Shares (6 Baskets) being redeemed during the quarter.

The NAV per Share increased 35.75% from $90.60 at March 31, 2025 to $122.99 at June 30, 2025. The Trust's NAV per Share rose slightly less than the price per ounce of platinum on a percentage basis due to the Sponsor's Fee, which was $1,825,265 for the quarter, or 0.60% of the Trust's NAV on an annualized basis. as well as the timing of the subscriptions and redemptions compared to the timing of the change in price per ounce of platinum.

The NAV per Share of $126.83 at June 26, 2025 was the highest during the quarter, compared with a low of $83.93 at April 9, 2025.

The increase in net assets from operations for the quarter ended June 30, 2025 was $402,319,604, resulting from a realized gain of $30,504 on the transfer of platinum to pay expenses, a change in unrealized gain on investment in platinum of $405,275,902, offset by a realized loss of $1,161,537 on platinum distributed for the redemption of Shares and the Sponsor's Fee of $1,825,265. Other than the Sponsor's Fee, the Trust had no expenses during the quarter ended June 30, 2025.

The Six Months Ended June 30, 2025

The Trust's NAV increased from $1,018,947,768 at December 31, 2024 to $1,617,369,872 at June 30, 2025, a 58.73% increase for the period. The change in the Trust's NAV resulted primarily from an increase in the price per ounce of platinum, which rose 47.86% from $913.00 at December 31, 2024 to $1,350.00 at June 30, 2025 and an increase in outstanding Shares, which increased from 12,200,000 Shares at December 31, 2024 to 13,150,000 Shares at June 30, 2025, as a result of 1,950,000 Shares (39 Baskets) being created and 1,000,000 Shares (20 Baskets) being redeemed during the period.

The NAV per Share increased 47.26% from $83.52 at December 31, 2024 to $122.99 at June 30, 2025. The Trust's NAV per Share rose slightly less than the price per ounce of platinum on a percentage basis due to the Sponsor's Fee, which was $3,386,777 for the period, or 0.60% of the Trust's ANAV on an annualized basis.

The NAV per Share of $126.83 at June 26, 2025 was the highest during the period, compared with a low of $83.52 at January 1, 2025.

The increase in net assets from operations for the period ended June 30, 2025 was $487,162,392, resulting from a realized gain of $2,673 on the transfer of platinum to pay expenses and a change in unrealized gain on investment in platinum of $491,701,916, offset by a realized loss of $1,155,420 on platinum distributed for the redemption of Shares and the Sponsor's Fee of $3,386,777. Other than the Sponsor's Fee, the Trust had no expenses during the period ended June 30, 2025.

Liquidity & 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 June 30, 2025, the Trust did not have any cash balances.

Off-Balance Sheet Arrangements

The Trust is not a party to any 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. Refer to Note 2 to the Financial Statements for further information on accounting policies.