Summary

· In this report I have analysed every platinum group metal (PGM) mine, project, and company worldwide. Particularly, I have analysed their production and production capacity long term.

· I have also gathered data on the average global PGM grade, and the depth of mines going back to the 1800s. In addition to this, I have created a supply and demand model that should predict PGMs for the next 25 years. Building a S&D model was the aim of this report.

· There is plenty of production and production capacity today and for the long term. However, there is no incentive to produce PGMs at these prices, particularly due to the low quality of current mines.

· This situation resembles the one I found in 2017, but with a different commodity: Uranium. There was (and is) plenty of production capacity from uranium miners, but there was no incentive to produce it.

· The strategy that worked best for uranium was the one I followed: Buying the highest quality developers. That is what I am doing with PGMs. I own shares in Generation Mining (TSE: GENM) and Bravo Mining (CVE: BRVO).

· For those of you overseeing a portfolio too big to invest in Generation or in Bravo: Johnson Matthey PLC (LON: JMAT) has leverage to PGM prices as they recycle these metals, while offering a sustainable dividend. Another option is the Sprott Physical Platinum and Palladium Trust (NYSEARCA: SPPP) for physical metals.

Any feedback is more than welcome in the comments, or you can send me a message on Substack or through my twitter (X) account @AAGresearch.

As always, I want to thank my girlfriend Yeimy, who has helped me a lot while I was writing this by myself. This report and this blog would not be possible without her. Thank you.

I hope this finds you well,

Alberto Álvarez González.

For the full report you can visit my free blog at: https://open.substack.com/pub/albertoag/p/platinum-group-metals-a-comprehensive?r=3hhq06&utm_campaign=post&utm_medium=web&showWelcomeOnShare=false

Disclaimer: I assume no liability for any and all of your actions, whether derived out of or in connection with this information or elsewhere, and you hereby warrant and represent that any and all actions that you take or that you may take at a later date in connection with this information shall remain your sole responsibility and, in case, I shall not be held liable for any such actions.