Host of Green Rush, Matt Watson, delves into the volatile world of palladium with Jonathan Butler, Head of Business Development at Mitsubishi Corporation International (Europe). They discuss recent price swings, the impact of global sanctions on the palladium market, the role of recycling, and the future of auto catalyst technologies. Get insights into how political changes and the introduction of new applications might shape the palladium industry.

Securing concentrate offtake agreements is the next major step for Platinum Group Metals Ltd., said Frank Hallam, the company's director, president, and CEO.

Last week, Hallam recorded an episode of Green Rush with Matt Watson, founder of Precious Metals Commodity Management.

Platinum Group Metals Ltd. (TSX: PTM) is the majority owner and operator of the Waterberg PGM Project in South Africa. The company is headquartered in Vancouver, British Columbia. An updated feasibility study on the project was published in September 2024. Discovered in 2011, approximately $89 million has been invested in the project.

A critical next step for the project is securing concentrate offtake agreements, either within South Africa or with potential partners in Saudi Arabia, which is positioning itself as a global mineral processing hub. Hallam emphasized that while the project is still a few years away from full production, it marks a significant shift in South Africa’s PGM mining landscape, with the northern limb likely to become the future focus of the industry.

Green Rush is brought to you by Revival Gold. Revival Gold is one of the largest, pure gold, mine developers in the United States. The Company is advancing engineering and economic studies on the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho. Revival Gold is listed on the TSX Venture Exchange under the ticker symbol “RVG” and trades on the OTCQX Market under the ticker symbol “RVLGF”. The Company is headquartered in Toronto, Canada, with its exploration and development office located in Salmon, Idaho.

The transition to electric vehicles and the hydrogen economy presents new opportunities for PGM recycling, said Andrew Farry, senior manager of precious metal refining at Tanaka Precious Metals. 

Last week Farry recorded an episode of Green Rush with Matt Watson, founder of Precious Metals Commodity Management.   

Tanaka Precious Metals is one of the five major precious metals processors globally. The company has a significant presence in the industrial precious metals market, with 70% of its revenue coming from industrial products.

While transition to electric vehicles and the hydrogen economy presents new opportunities for PGM recycling, challenges remain in terms of technology and the development of an efficient collection ecosystem.

Farray noted that the many of the platinum group metals are depressed due to energy transition and drop-off in catalytic converter demand. Recyclers are hanging onto PGMs, hoping for higher prices in the future

"There's quite a bit of hoarding going on, " said Farry. "Industry participants that can just put the converters aside say: 'I'll wait for a rainy day, and that's my retirement fund."

Gold is well supported with a number of factors supporting the metal, said Joe Cavatoni, senior market strategist for the Americas, World Gold Council. 

Last week Cavatoni recorded an episode of Green Rush with Matt Watson, founder of Precious Metals Commodity Management.   

Geopolitical concerns and strong central bank buying are some of the factors supporting gold. 

"You've got all the key elements of what's making up a really, really amazing picture for the gold market," said Cavatoni. "Central bank buying is pretty amazing, and it's pretty fundamental." 

Jewelry demand is currently under pressure due to high prices. The technology sector's demand is growing but still relatively small. Cavatoni said the WGC doesn't forecast gold prices, but he is seeing a lot of market expectations for $2,700 to $3,000 gold. 

"We see a very strong case to support those estimates in terms of the overall trajectory of the gold market."

Green Rush is brought to you by Revival Gold. Revival Gold is one of the largest, pure gold, mine developers in the United States. The Company is advancing engineering and economic studies on the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho.

Revival Gold is listed on the TSX Venture Exchange under the ticker symbol "RVG" and trades on the OTCQX Market under the ticker symbol "RVLGF". The Company is headquartered in Toronto, Canada, with its exploration and development office located in Salmon, Idaho.

Silver recycling will go up as the metal's price rises said Michael DiRienzo, president and CEO of The Silver Institute.

This week DiRenzo recorded an episode of Green Rush with Matt Watson, founder of Precious Metals Commodity Management.   

DiRenzo discussed the outlook for silver in the context of the current market and the growing industrial demand. He highlighted silver's increasing role as an industrial metal, especially in photovoltaics and electronics. 

DiRenzo believes that silver's price will rise due to this growing demand and that it has a lot more room to run. He also points out that silver's price is likely to be boosted by potential Fed rate cuts. While acknowledging that silver recycling rates are currently low, he believes that with higher prices, recycling will become more economically viable and contribute to meeting the growing demand.

As hydrogen adoption grows due to energy transition, platinum group metals usage will grow, said Andrew Hinkly, founding managing partner of AP Ventures. 

This week Hinkly recorded an episode of Green Rush with Matt Watson, founder of Precious Metals Commodity Management.    

Hinkly is investing in the hydrogen economy. He discussed his investment strategy and portfolio companies in the clean energy transition. AP Ventures has three funds totaling over $600 million. The portfolio contains 29 companies divided into four categories: energy, shipping, steel, and chemicals/aviation.

As the hydrogen economy grows, Hinkly said demand could spike for platinum group metals, which will be needed as catalysts. 

"Liquid organic hydrogen carriers are big users of platinum and palladium," said Hinkly. "In my mind that is a huge opportunity for demand growth within the hydrogen industry."

A wave of end-of-life automobiles that are set to be recycled could flood markets with palladium, warned Matt Watson, founder of Precious Metals Commodity Management.    

This week Watson recorded an episode of Green Rush with Mohammad Doostmohammadi, CEO  and founder of pH7 Technology. 

While palladium prices could be depressed, the growing hydrogen sector could benefit platinum, said Watson. 

PH7 Technologies is a clean tech company that focuses on extracting critical metals from various sources, including spent catalysts, electronic waste, and printed circuit boards. They use a proprietary closed-loop process that combines organic, inorganic, and electrochemistry to extract metals without generating wastewater or harmful emissions.

The company's technology can recover various metals such as platinum, palladium, rhodium, iridium, copper, gold, silver, and tin. 

PH7 is currently building a pilot plant for their e-waste process and plans to commercialize it next year. They are also working with mining partners to develop onsite operations for extracting copper from sulphide ores, potentially doubling the copper supply from these mines.

Platinum group metals have a key role to play as the world undergoes energy transition, noted Margery Ryan, industrial market research & strategy manager, Platinum Group Metals, Johnson Matthey. 

This week Ryan recorded an episode of Green Rush with Matt Watson, founder of Precious Metals Commodity Management.    

Ryan said the world faces a "polycrisis," a term referring to interconnected global challenges like environmental issues, resource scarcity, and energy insecurity. She said the issues are interconnected, and policy fixes must be coordinated.

While renewable energy sources like batteries and electrification are promising, they are not the sole solution for energy transition. The mining of critical minerals required for these technologies presents challenges in terms of supply, cost, and environmental impact.

Ryan emphasizes the importance of critical metals efficiency and finding a balance between energy efficiency and resource conservation. She also discusses the potential of platinum group metals (PGMs) in addressing these challenges. PGMs are used in various applications, including hydrogen production, fuel cells, and sustainable aviation fuels. The recycling and reuse of PGMs present a significant opportunity for innovation and resource optimization.

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Green Rush is brought to you by Revival Gold. Revival Gold is one of the largest, pure gold, mine developers in the United States. The Company is advancing engineering and economic studies on the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho.

Buyers of physical gold should understand their motivation for holding precious metals, said Jon Potts, managing director at FideliTrade. 

This week Potts recorded an episode of Green Rush with Matt Watson, founder of Precious Metals Commodity Management.   

FideliTrade is a precious metals firm and authorized mint distributor. The company provides trading, custody, shipping and investment services.

Watson and Potts discussed motivations for owning precious metals, preferred bullion denominations and the distinction between physical bullion and ETFs. They also explored central bank buying trends, the performance of gold and silver in 2024, and the growing industrial demand for silver. 

Some investors want to have their gold at hand, while others don't want to worry about the security risks that arises from holding the metal. 

"There's not a right or wrong answer," said Potts. "They just view risk very differently. And that kind of plays into it: what is the motivation for owning it? And what is the motivation for storing it or taking delivery of it?"

The palladium market will be over-supplied, said Oliver Krestin, managing director of Hensel Recycling. 

This week Krestin recorded an episode of Green Rush with Matt Watson, founder of Precious Metals Commodity Management LLC. 

Headquartered in Germany, Hensel Recycling Group is a precious metal recycling business that has been operating since 1998. The company has over 240 employees. Hensel recycles automotive and industrial catalytic converters, oxygen sensors, e-scrap, and critical raw materials from the hydrogen economy. 

Watson and Krestin talked about the automotive industry and internal combustion engines, which rely on catalytic converters made from platinum group metals. 

"We're harvesting so much palladium in the years to come," said Krestin. "This will have an impact on the price. So even if the market is growing, the margins will go significantly down, because the value of the catalyst will decrease."

Watson also noted that all the investment in artificial intelligence and semiconductors will result in a lot of electronic waste for recyclers. The waste contains trace amounts of precious metals.