The projects, strategies, and realities shaping PGM access.

Valued for industrial durability and catalytic properties, platinum group metals have entered a new phase of strategic importance as shifting supply chains, geopolitical pressures, and advancing technologies reshape demand. Concentrated production in a handful of regions continues to expose vulnerabilities, prompting the United States and allies to pursue stable, traceable sources both domestically and through trusted partnerships. At stake is not just resilience in the automotive, energy, and defense sectors, but the ability to align future technologies with reliable supplies of these vital metals.

Comprising six rare and highly durable metals – platinum, palladium, rhodium, iridium, osmium, and ruthenium – platinum group metals are produced primarily as byproducts of nickel, copper, and chromite mining, with South Africa and Russia accounting for most of the global supply.

Found in deposits that are geologically concentrated and challenging to process, these metals require intricate, capital-intensive refining that further constrains production and limits flexibility in global capacity.

This combination of concentrated supply, technological complexity, and rising demand from hydrogen technologies, advanced electronics, and catalytic systems has heightened attention on PGMs within broader supply chain security strategies.

In response, governments and industries are diversifying through domestic exploration, targeted recycling, and strengthened partnerships with friendly jurisdictions to reduce dependence on concentrated supply.

Initiatives underway include U.S. federal support for recycling technologies and exploration in states such as Montana, where Sibanye-Stillwater Ltd. operates the Stillwater and East Boulder mines and the Columbus Metallurgical Complex, and Stillwater Critical Minerals Corp. advances its Stillwater West exploration project; as well as in Minnesota, where the U.S. Geological Survey is mapping nickel-copper-PGM prospects in the Duluth Complex.

In Canada, nickel-copper-PGM projects advancing supply diversification include Impala Canada Ltd.'s Lac des Iles operation, which incorporates assets formerly owned by North American Palladium Ltd .; Generation Mining Ltd.'s Marathon project in Ontario, where construction permits have been secured; Nickel Creek Platinum Corp.'s Nickel Shäw project in Yukon; and GT Resources Inc. (formerly Palladium One Mining Inc.) with its Tyko and Canalask exploration projects.

Building on these resource-level initiatives, coordinated efforts through allied forums are advancing evaluations of refining capacity, offtake agreements, and long-term supply chain mapping. Meanwhile, automakers such as General Motors Co. and hydrogen developers, including Plug Power Inc., are pursuing partnerships to align future production with traceable, secure PGM sources.

National laboratories and the U.S. Department of Energy are also supporting programs to recover PGMs from spent catalysts and industrial scrap, working alongside research institutions to scale domestic recycling technologies and reduce reliance on overseas refining.

Governments and industries are navigating technical, economic, and regulatory challenges as they strive to diversify supply chains, build domestic and allied capacity for mining, refining, and recycling, and reinforce resilience across sectors that rely on these vital metals for energy, transportation, technology, and defense.

Six PGMs

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Platinum – This PGM namesake is valued as a primary catalyst for scrubbing harmful emissions from automotive and industrial exhaust, chemical production, and petroleum refining. In recent years, platinum has also become essential to hydrogen technologies, serving in fuel cells and water electrolyzers. The majority of supply originates in South Africa, which accounts for approximately 70 to 75% of global production, with Russia contributing around 10 to 15%, and smaller quantities produced as byproducts in North American nickel-copper mines. Supply remains vulnerable to geopolitical tensions, export controls, and labor-related disruptions, placing sectors from hydrogen energy to automotive and chemical manufacturing at risk of interruption.

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Palladium – Serving as the dominant catalyst in gasoline engine exhaust systems, palladium is also integral to hydrogenation processes in the chemical industry and features in electronics plating and ceramic capacitors. The metal is sourced chiefly from Russia, responsible for about 40 to 45% of global output, and South Africa, with Canada providing an allied supply through operations such as Lac des Iles and Sudbury. Palladium's heavy concentration in Russian production makes it one of the most exposed PGMs to geopolitical risk, with potential disruptions threatening global automotive catalyst production in particular.

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Rhodium – Critical to reducing nitrogen oxide emissions in automotive exhaust systems, rhodium is also used in glass manufacturing and select chemical catalysts. With no viable large-scale substitutes for its emissions control function, efforts have centered on improving rhodium dispersion within catalytic coatings to lower metal usage. Sourced primarily from South Africa, with minor byproduct output from Russia and Canada, rhodium faces significant supply risk tied to South Africa's mining stability and potential export restrictions. Disruption would severely impact automakers' ability to meet emissions regulations.

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Iridium – Traditionally used in high-performance electronics, spark plugs, and crucibles, iridium has become increasingly vital as a catalyst in proton exchange membrane electrolyzers for green hydrogen production. Research is focused on reducing iridium loadings through nanostructuring and alloying without compromising efficiency. Sourced almost entirely as a minor byproduct from South African PGM mines, iridium supply is limited and poses a bottleneck risk to scaling up green hydrogen infrastructure. Any disruption would significantly slow hydrogen deployment plans.

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Ruthenium – Employed in electronics such as resistive memory, chemical catalysis, and emerging hydrogen technologies, ruthenium is often used in combination with platinum or iridium to reduce overall precious metal loadings. Its supply comes primarily as a byproduct from South African and Russian mines, with minimal global output. Disruption would mainly impact niche electronics and hydrogen sectors, where ruthenium enables cost reduction in catalyst formulations.

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Osmium – The least consumed of the PGMs, osmium, finds use in specialty alloys, fountain pen nibs, and medical isotope production. With no major substitution efforts due to its small market role, osmium supply depends entirely on its recovery as byproduct at South African and Russian PGM mines. While not a priority in strategic supply discussions, osmium availability reflects the broader fragility of the PGM supply chain.

Canada's PGM supply

As the U.S. and its allies intensify efforts to reduce reliance on foreign sources of PGM, particularly those vulnerable to geopolitical and operational risks, Canada has emerged as a crucial partner, offering both active production and significant future potential across nickel-copper-PGM districts.

Impala Canada's Lac des Iles mine in Ontario remains the country's primary palladium producer, with more than 25 years of output and ongoing investments to sustain and modestly expand production.

While Lac des Iles provides a steady allied source, Canada's greatest PGM supply diversification potential lies in its pipeline of advanced-stage projects.

Generation Mining Ltd.'s Marathon project, situated on the north shore of Lake Superior in Ontario, secured its final construction permits in 2025, positioning the project for development pending final financing.

With a projected 13-year mine life, Marathon is expected to produce an average of 168,000 ounces of palladium annually, along with platinum, copper, and gold – a meaningful contribution to North American supply chains targeting cleaner transportation technologies. However, financing challenges in a volatile metals market and delays in securing long-term offtake agreements have slowed final investment decisions, leaving the project in a holding pattern despite regulatory readiness.

In the Yukon, Nickel Creek Platinum's Nickel Shäw project continues to advance prefeasibility updates on its approximately 7 million oz PGM resource. Promoted as a potential source of nickel and co-product PGMs for battery and hydrogen technologies, Nickel Shäw faces the familiar hurdles of remote infrastructure and high capital costs.

Meanwhile, GT Resources remains focused on exploration at its Tyko project in Ontario and Canalask project in Yukon, seeking to delineate sufficient resources to advance to development-stage financing and permitting.

Although Canada possesses substantial nickel-copper operations yielding PGM byproducts – including Vale and Glencore's mines in Sudbury and Raglan – the majority of concentrate is shipped abroad for refining, and domestic PGM refining capacity remains minimal.

To address this gap, the Canadian government has combined federal funding through programs like the Critical Minerals Infrastructure Fund with bilateral efforts under the U.S.-Canada Joint Action Plan on Critical Minerals to support both resource development and downstream processing. Yet, permitting timelines, infrastructure constraints, and the challenge of attracting sufficient private capital have tempered near-term expectations for a rapid expansion of Canadian PGM output.

Even so, Canada's strategic position, stable governance, and alignment within broader allied critical minerals frameworks continue to make it central to efforts to build a more secure and resilient PGM supply chain.

Sibanye-Stillwater Ltd.

Located in Montana's Stillwater Valley, the Columbus Metallurgical Complex plays a central role in U.S. PGM supply, refining material from Sibanye-Stillwater's nearby mines and recovering platinum and palladium from recycled catalytic converters.

Stagnant domestic capacity

While the U.S. remains heavily reliant on imports to meet its PGM needs, ongoing domestic efforts are aimed at strengthening upstream capacity and advancing critical supply chain resilience.

Sibanye-Stillwater's operations at the Stillwater and East Boulder mines in Montana, along with the Columbus Metallurgical Complex, continue to represent the nation's only primary source of mined PGMs and a major center for recycling spent catalytic converters.

In 2024, these operations produced approximately 8 metric tons (257,200 oz) of palladium and 2 metric tons (64,300 oz) of platinum, modest volumes that highlight the scale of the gap between domestic output and national demand, with U.S. consumption exceeding 83 metric tons (2.7 million oz) of palladium and 71 metric tons (2.3 million oz) of platinum that same year.

The Columbus complex and other recyclers recovered an estimated 45 metric tons (1.4 million oz) of palladium and 8.5 metric tons (273,300 oz) of platinum from spent materials, further emphasizing the importance of secondary recovery in meeting domestic needs.

Stillwater Critical Minerals' Stillwater West project, located adjacent to the active mining complex in Montana, represents one of the most significant PGM-nickel-copper exploration plays in the U.S.

Targeting a large-scale resource comparable in style to South Africa's Platreef deposits, Stillwater West completed expansion drilling programs in 2025 and is advancing toward a preliminary economic assessment.

The project's timeline remains contingent on securing financing and offtake agreements, as well as navigating permitting frameworks that, while improved under recent reforms, still present complex hurdles for large-scale mine development.

Beyond Montana, USGS and state geological agencies continue mapping resource potential in regions such as Minnesota's Duluth Complex, aiming to better characterize nickel-copper-PGM potential in underexplored districts.

Furthermore, while early-stage nickel-copper-PGM occurrences are known in regions such as Alaska and parts of the Appalachian range, no exploration-stage projects have advanced far enough to factor into current supply planning or allied diversification strategies.

Ultimately, no other significant primary PGM mining projects have moved beyond early exploration, and the bulk of U.S. domestic PGM recovery derives from secondary sources, particularly recycling.

Federal funding through the Defense Production Act, Infrastructure Investment and Jobs Act, and other initiatives have increasingly supported recycling technology development and small-scale refining pilots to reduce dependence on overseas processors.

Despite these efforts, domestic production remains a fraction of consumption, and technical, regulatory, and market challenges continue to delay the scale-up of primary PGM mining and refining capacity.

Nonetheless, the U.S.'s stable investment environment, technological expertise, and alignment with allied critical mineral strategies ensure that domestic initiatives remain integral to broader supply chain security planning.