Quarterly Report for Quarter Ending September 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 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 values 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 March 31, 2022 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 September 30, 2025

The Trust's net asset value increased from $85,206,010 on June 30, 2025 to $129,274,099 on September 30, 2025, a 51.7% increase. The Trust's net asset value increased due to the positive change in the price of platinum, which moved from $1,350.00 on June 30, 2025 to $1,571.00 on September 30, 2025, or 16.37%, as well as an increase of 2,000,000 shares outstanding, resulting from 41 baskets created and 1 basket redeem (each basket is equal to 50,000 shares) or 30.53%.

The 16.22% increase in the Trust's net asset value per share, from $13.01 on June 30, 2025 to $15.12 on September 30, 2025 is directly related to the 2.67% price went up need updated language 16.37% increase in price of platinum decrease 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 $116,861 for the quarter, or 0.5% of the Trust's average weighted net assets of $93,201,357 during the quarter. The net asset value per share of $15.29 on September 29, 2025 was the highest during the quarter, compared with a low during the quarter of $12.54 on August 01, 2025.

The net increase in net assets resulting from operations for the quarter ended September 30, 2025 was $15,776,940, resulting from an unrealized gain on investment in platinum bullion of $15,733,856, a gain of $159,945 on metal sold to cover redemption orders and Sponsor's fees, and the Sponsor's fees of $116,861. Other than the Sponsor's fees the Trust had no expenses during the quarter.