Overview of key data presented in the latest Platinum Quarterly: This transcript incorporates activity in the third quarter of this year, FY 2025 and first 2026 Forecast. • Third consecutive significant platinum market deficit in 2025 forecast at 692 koz • Supply remains constrained, declining 2% year-on-year to 7,129 koz in 2025 • Forecast 2025 automotive demand is 10% above prior five-year average • Jewellery demand growth of 7% to 2,157 koz in 2025 boosted by first-half spike in China • Total bar and coin investment to record 47% year-on-year growth in 2025 led by surging demand in China • Platinum market is expected to move to being in balance in 2026, with a forecast 20 koz surplus, dependent upon an easing of tariff fears, allowing a forecast 150 koz outflow from stocks held on exchange, and a higher platinum price prompting 170 koz of profit taking from ETFs
