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 7 koz this market will resolve YES. If no report is issued by the end of 2025 the market will resolve N/A.

Resolution criteria

• This resolves on publication of Johnson Matthey’s PGM Market Report released in November 2025 (if any). Check the “Rhodium supply and demand – Troy ounces” table and read the 2025 figure in the “Others” row under “Primary supply.” Resolve YES if this value is strictly greater than 7 (‘000 oz, i.e., >7 koz); otherwise NO. Use the first version posted by Johnson Matthey. If no Johnson Matthey PGM Market Report is issued by December 31, 2025, resolve N/A. Source for where the report will appear: Johnson Matthey “PGM market reports” page. (matthey.com)

Background

• Johnson Matthey states the PGM Market Report “is published annually in May,” so a November 2025 update may not be published. (matthey.com)

• In the May 2025 PGM Market Report, the 2025 “Others” primary rhodium supply is listed as 7 (‘000 oz). Any November revision would need to exceed 7 to resolve YES. Table location: “Rhodium supply and demand – Troy ounces,” p. 27 of the May 2025 PDF. (matthey.com)

• Johnson Matthey defines primary supply as sales of primary PGM allocated to the region where mining took place (use JM’s regional categories as presented in the table). (matthey.com)

Considerations

• If Johnson Matthey changes the label “Others” (e.g., to “Rest of World”), use the category that aggregates all regions not listed separately (South Africa, Russia, North America, Zimbabwe).

• If multiple JM documents are published in November, use the main PGM Market Report tables, not press releases or blogs.

• “Exceed” means strictly greater than 7.0; a value of 7.0 resolves NO.