SA Rocks: Who would have thought...

Research evidence excerpt

SA Rocks: Who would have thought...

Idea

July 23, 2026 11:01 PM GMT

RMB Morgan Stanley Proprietary Limited+MSA Rocks | Europe Brian Morgan

Equity Analyst

Who would have thought... Brian.Morgan3@rmbmorganstanley.comChristopher Nicholson +27 11 587-0803

Equity Strategist and Analyst

Christopher.Nicholson@rmbmorganstanley.com +27 11 587-0816

… that PGMs could be a humanoids play.

EEMEA - Metals & Mining

Exhibit 1: Platinum's potential use in humanoid silicone skin is a 2030+ story, but Europe

Industry View In-Line

its worth thinking about the market opportunity now

SA Gold: Looking for catalysts (20 Jul 2026)

Platinum demand scenarios from humanoids Sasol Ltd: FY26 earnings preview (14 Jul 2026)

1,600,000 Metals & Mining: Synchronicity to Idiosyncrasy

1,400,000 (8 Jul 2026)

1,200,000 SA PGMs: Fire and ICE (8 Jul 2026)

1,000,000 SA Diversified Mining: Updating estimates (8 Jul

800,000

2026) Ounces

600,000

metal&ROCK: The Price Deck – 3Q26: Micro

400,000

Narratives, But Macro Matters (8 Jul 2026)

200,000

SA PGMs: Shanghai feedback day 2 (7 Jul 2026)

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SA PGMs: Shanghai feedback notes (6 Jul 2026)

Sibanye-Stillwater: SA operations CMD (24 Jun

Low end High end 2026)

Exxaro Resources Limited: 4 points from the

Source: Morgan Stanley Research estimates CMD (22 Jun 2026)

Platinum's industrial demand drivers have come into sharp focus in the last few Anglo American Plc & Teck Resources: Copper at

months. Aggregate demand from industrial users of metal, ie excluding automotive the Core (22 Jun 2026)

and jewellery consumers totals 2.6Moz, 36% of total demand. Over the past 30

years, industrial demand has grown at a CAGR of 4%, ebbing and flowing, but

nonetheless exhibiting clear growth exceeding global GDP growth. The uses are

ubiquitous, meaning no 1 single driver dominates.