Key Points Palladium (Pd) demand to grow 26% over the next decade Production dominated by Russia and South Africa Russian production sustainability under question Virtually all global Pd production is via by-product Significant price rises required to incentivise additional supply We have been questioned about our EV commodity chain

Key Points Global platinum demand declined ~18% in the past decade Consumption nadir will be reached during 2025 Decline in diesel vehicle sales have plateaued Industrial/chemical demand to exceed autocatalyst by 2035 Platinum prices to remain flat for foreseeable future Anyone who suggests that forecasting commodity prices is easy,

KEY POINTS Legitimate demand exists for baseload power at remote mining/industrial sites and disconnected population centres.  SMRs are a realistic cost-effective alternative, especially in regions with limited or no infrastructure; SMRs will face many of the same political, and safety concerns that plague their traditional counterparts, which will delay

Widespread misunderstanding of what constitutes a currency Financial Bubbles are typically associated with technological innovation Cryptocurrencies have no collateral/assets Forecast a number of current crypto platforms to collapse “Trust” is fickle; history littered with currency failures Second generation stablecoins will be more resilient Gold is the only medium/currency that

71% of current Lithium demand is allocated toward batteries Forecast global Li Demand to grow 100% over the next decade By 2030, EVs will consume 61% of all Li-ion battery demand 2020 BEV sales in EU, US and China totalled 2.31m Forecast global 2021 BEV sales at ~3m Continued

Global population forecast to peak at 9.7Bn in 2064 Decreasing arable land implies increasingly higher fertiliser consumption Global transition from wheat/rice, toward proteins and fruit/vegetables 30-50% of modern crop yields reliant on natural and/or synthetic fertilisers Global potash demand over the past six years ~ 3.1% CAGR 26-year seaborne