2026年第一季度铂金季度报告

FOREWORD ThisPlatinum Quarterlypresents platinum supply and demand movements for the first quarter of 2026, and an updated forecastfor 2026f. It also provides WPIC’s views on relevant issues and trends for investor exposure to platinum as an investment asset,and an update on how we continue to meet investors’ needs through our product partnerships. ThePlatinum Quarterlydata and Platinum markets are projected to be undersupplied in 2026, recording a fourth consecutive annual deficit. However, Q1 2026 sawa market surplus as investment demand eased, initially on momentum coming out of the price rally, and later in the quarter on the Platinum market records its first surplus in six quarters •Total platinum supply increased by 18% year-on-year to 1,736 koz during Q1 2026. Mine supply rose by 22% year-on-year as prioryear flooding did not reoccur, while recycling increased by 7% year-on-year on higher prices. •Total platinum demand of 1,468 koz in Q1 2026 was dragged down by 225 koz of net investment outflows. Elsewhere, recoveringindustrial demand was offset by weaker automotive and jewellery demand. Platinum market to remain in deficit during 2026 •Several of the first quarter’s trends are expected to reverse through the rest of 2026. On a full year basis, total platinum supplyis forecast to increase by 2% in 2026f versus 2025. Supply from recycling is set for 9% growth year-on-year as higher prices •Total platinum demand is forecast to decrease by 9% year-on-year to 7,674 koz in 2026f, with industrial demand growth of 9%being offset by 12% and 54% declines in jewellery and investment demand, while automotive demand falls by a modest 2%. The platinum investment case – physical supply tightness comes to the fore The Iran war has dominated the global landscape since the US and Israel launched their first strikes on 28 February 2026. Althoughthe direct conflict has eased somewhat, the Strait of Hormuz, and more specifically transiting the Strait, has been drawn into a wider Brent crude oil prices have increased by 55% since 28 February while, platinum and gold prices are 16% and 13% lower respectively.At the outset of the conflict, precious metals sold off as investors sought liquidity with the US dollar regaining some of the groundit had lost over 2025. However, a larger headwind to precious metals has been the reduction in investor holdings as a drawn-outconflict is creating upside risks to inflation from higher energy prices, which in turn raises interest rate expectations and weakensthe attractiveness of non-yielding precious metals. These factors have underpinned some platinum ETF disposals, which together The uncertainty surrounding the Iran war is underpinning heightened forecast risks and should the Strait remain restricted, platinumdemand may face further downward revisions. While the Middle East is not a large direct platinum market, platinum demand ismore likely to be impacted by the effects of weaker economic growth or indirect factors such as semiconductor production which is Through the context of a doubling in prices over the past year, the broad narrative is that supply is struggling to respond meaningfully Touching on supply, in 2026 mine supply is expected to be stable compared to 2025. In South Africa, Ivanhoe’s Platreef minerepresents the first greenfield project to be commissioned since Styldrift in 2019, highlighting the challenges miners face in quicklyresponding to prices. Therefore, supply growth is expected to be limited to recycling in the near-term. While recycling supply didincrease by 9% year-on-year in Q1 2026, the rate of growth arguably remains benign in the context of price movements. During thequarter, recyclers cited an increase in receipt of lower grade spent autocatalysts as constraining output. Declining grades would Looking at demand, platinum continues to play a critical role in decarbonisation and emerging technologies. Whilst the electrificationof the drivetrain is an ongoing trend, automotive PGM demand is proving resilient and should find further support as Euro 7, US Tier4 and China 7 emission legislation each require more PGMs. Notably, China’s 15thfive-year plan out to 2030 has doubled the fuelcell electric vehicle target to 100k units, which may add much needed impetus to the roll-out of the hydrogen economy. A longer-term Taken in aggregate, platinum’s market fundamentals support its compelling investment case. Despite the uncertain externalenvironment, platinum has found price support at US$2,000/oz highlighting that despite a narrower projected platinum market deficitof 297 koz in 2026 versus a record 1.2 moz deficit in 2025, the cumulative impact of four consecutive annual shortfalls has left the Platinum supply and demand update Investors took profits in Q1’26 on heightened external uncertainty The platinum market recorded a 268 koz surplus in Q1’26. Platinum’s first quarterly surplus since Q3’24 was underpinned by two keyfactors, namely, net