Core global PGM demand ran at 565 tons in 2023, which remains c6% lower than the all-time peak demand of 600Tpa in 2019. We model a recovery to 700 Tpa of demand for platinum, palladium and rhodium in 2030, then a long run decline to 350Tpa if EVs ultimately reach 90% of vehicle sales by 2050. Numbers can be stress-tested in this model.