If one looks a bit beyond the short term, where PGMs are at the moment and suffering from nearly halving in basket price values over a two-year period.

Source: https://seekingalpha.com/article/4640232-jubilee-metals-group-plc-jubpf-q4-2023-earnings-call-transcript?source=feed_all_articles

Juan-Pierre Terblanche, chief survey statistician at the department, said on Tuesday that the platinum group metals (PGMs) and diamonds were the two biggest factors that mainly contributed to the production decline in January.

Source: https://www.canindia.com/s-africas-jan-mining-production-down-by-1-9-data/

So I guess given what is our actual long-term view on PGMs and Palladium, I guess specifically, and is it cyclical or structural?

Source: https://seekingalpha.com/article/4631896-sibanye-stillwater-limited-sbsw-q2-2023-earnings-call-transcript?source=feed_all_articles

Transitional minerals are key to the energy, mobility and digital transition and include platinum group minerals (PGMs), lithium, cobalt and copper.

Source: https://mg.co.za/thoughtleader/2023-08-08-communities-weigh-up-environmental-harm-with-social-benefits-when-it-comes-to-mining-licences/