Johnson Mathey typically issues a revised 2025 estimate in their November PGM report. This market will close on the first of November and resolve when the report is issued. If the revised 2025 estimate for primary production of rhodium in North American (only) exceeds 19 koz this market will resolve YES. If no report is issued by the end of 2025 the market will resolve N/A.

Resolution criteria

• Resolve YES if Johnson Matthey’s November 2025 PGM Market Report (or any JM “PGM Market Report” update published in November 2025) lists North America “Primary supply” of rhodium for 2025 above 19,000 troy ounces in the Rhodium supply and demand (troy ounces) tables. Use the value in the “North America” row; “primary supply” excludes recycling; “koz” = thousand troy ounces. Resolve NO otherwise. Source location: JM’s PGM Market Reports page; use the Rhodium tables as published in the November 2025 report. (matthey.com)

• If no JM PGM Market Report/update is published in November 2025, and none appears by December 31, 2025, resolve N/A per the creator’s rule. Note: JM states the report is published annually in May, so a November update may not occur. (matthey.com)

• Regional definition: “North America” in JM tables = USA and Canada (excludes Mexico). If JM changes table layout/labels, use the figure that corresponds to USA+Canada primary mine supply of rhodium for 2025. (matthey.com)

Background

• The latest JM PGM Market Report (May 2025) shows North America primary rhodium supply at 19 koz for 2025, with 19 koz also shown for 2023 and 2024. This implies the threshold requires an upward revision in a later JM update to resolve YES. See “Rhodium supply and demand — Troy ounces” table. (matthey.com)

• JM’s PGM Market Reports are accessible from their site; the 2025 edition was announced May 15, 2025. (matthey.com)

Considerations

• Because JM now indicates the PGM Market Report is “published annually in May,” a November 2025 update may not be issued; if none appears by year-end, this market resolves N/A. Traders should factor this procedural risk. (matthey.com)