Platinum perspective | Platinum demand in three major areas is different

1

Demand in the jewelry field will continue to decline

Although we predict that North America and Europe have a strong demand for platinum jewelry, China's platinum jewelry demand has been declining for many years. India is an important jewelry market, and its demand has changed impermanence, but the average demand in recent years has declined. Therefore, we expect that platinum demand in the jewelry field will continue to decline, although the decrease is lower than the recent year of epidemic interference.

2

The industrial field will continue to grow

Thanks to the unique catalytic performance and high temperature stability of platinum, we expect its industrial use to continue to expand. In addition, we use the historical demand growth rate of chemical, petroleum, electronics, medical care and other departments to predict platinum demand in the industrial field based on trends. We also estimate the platinum demand for proton exchange grooves used to produce green hydrogen hydrogen. This is the focus of special attention in Europe because the EU goal hopes to get rid of the dependence on Russia's natural gas. The prediction of proton exchange membrane electrolytic grooves is a database based on the International Energy Agency (IEA) global electrolytic tank project plan. Platinum estimates per MW of capacity and platinum in the future. Platinum demand for proton switching membrane electrolytes tends to erupt in 2030 and later, while platinum demand in this field in 2026 is only 143,000 ounces. After considering all factors, we expect that from this year to 2026, the total platinum demand in the industrial field will show a 3 % compound annual growth rate (CAGR), reaching 2.454 million ounces, which is still lower than the demand for the year 2021 of demand.

3

The investment field will be the same as the average number of history

Although the market insights of various factory partners in the world and regular interaction with investors help us have a detailed understanding of platinum demand in platinum investment, we still choose to use the average historical needs of ten years as the basis for prediction. This approach avoids the huge and positive impact of global platinum ETF (exchanges trading funds) demand in 2019 and 2020, as well as the equally strong demand for platinum currency in 2020 and 2021. In the end, we predict the investment demand for platinum bars and platinum coins of 310,000 ounces per year, and the demand for platinum ETFs of 250,000 ounces per year, totaling 560,000 ounces. At the same time, we assume that during the predicted period, the inventory held by the exchange changes to zero each year, because these flows are usually short -term to cope with the atypical development of the spot market and other factors. Movement between inventory.

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