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 Zimbabwe (only) exceeds 44 koz this market will resolve YES. If no report is issued by the end of 2025 the market will resolve N/A.

Resolution criteria

• Resolves YES if Johnson Matthey’s 2025 PGM Market Report (or any official 2025 JM update) lists Zimbabwe’s 2025 primary rhodium production estimate > 44 thousand troy ounces (koz). Use the “Rhodium supply and demand: Troy ounces” table (Zimbabwe row). Direct PDF: matthey.com/.../PGM_Market_Report_25.pdf. (matthey.com)

• Resolves NO if the figure is ≤ 44 koz (44.0 counts as NO). (matthey.com)

• If no 2025 JM report/update is published by then, resolve N/A. Landing page: matthey.com/.../pgm-market-reports. (matthey.com)

• “Primary supply” follows JM’s definition (mine production by country; excludes recycling). (matthey.com)

Background

• JM publishes the PGM Market Report annually in May; the 2025 report was released May 15, 2025. (matthey.com)

• In that report, the Zimbabwe 2025 primary rhodium estimate is 44 koz (see Rhodium supply and demand table, Zimbabwe row). (matthey.com)