3 Global Palladium Market Supply Dem and W W W G R IDM E TA L S C O R P C O M TSX V G R D M F R A NKF U R T NJ F 1 3 Th er e h as b e en a gr o wi n g sup p ly d e fi c it r e fl ec tin g i n c r ease d d em a n d f or Pd b ased au t oc a t aly s ts N eit h er p rimar y m ine su p p ly n or r ec y c ling ap p e ar ab le to c lo se th e s u p p ly d e fi c it in th e m ed ium t erm P la ti n u m p r od u c e r s in S o ut h Af ric a ar e b alan c ing th e ir P GM p r odu c tion bas k e ts th r ough ac q u isi tions of th e only tw o N or th Ame ric an p rimar y p alladiu m ass e ts S iba y ne s S ti llw a t er Acquis it ion Apr il 2 0 1 7 Im pala s NAP Acquis it ion D ec emb er 2019 Sib an y e acqu ir ed St illw a t er M in in g in Ap ril 20 17 f or U S2 2B n Imp ala acqu ir ed N or t h Ame ric an P allad iu m i n D ecemb er 20 19 f or 1 b illio n