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The Hybrid Boom Is Bringing Palladium Back | Luis Azevedo - Bravo Mining

The Deep Dive Jul 13, 2026

Summary

Palladium, a platinum-group metal used mainly in car catalytic converters, has lagged gold's bull market, but rising hybrid sales could restore demand.

The guest argues automakers often prefer palladium over platinum because it is cheaper and more resistant in catalytic equipment.

Bravo Mining's Carajas project has grown from 5 million to 15 million ounces (measured, indicated, and inferred), with $97 million still in the treasury.

The guest expects the upcoming PFS (preliminary feasibility study) to beat a PEA that showed $1.86 billion NPV against $700 million capex.

Brazil is presented as a stable, pro-mining jurisdiction where junior listings have grown from about 50 to over 150 in a decade.

Steve Hyland's takeaways

  • Top takeaway The host frames Brazil as the candidate to replay 'Mexico 25 years ago' for junior mining investors, asking the guest to argue Brazil's case against jurisdictions like Morocco and Peru.
  • He draws out the thesis that palladium's outlook depends less on gold-style investment demand and more on whether future vehicles are hybrid or electric.

Luis Azevedo's takeaways

  • Top takeaway The guest argues palladium is set for a much better future because EV-led pessimism is fading: EV penetration has fallen off over the past two years while hybrids gain share, and he says end users prefer palladium to platinum on both price and equipment durability.
  • He presents Bravo's Carajas project as possibly the second-largest open pit in the world for platinum and palladium, grown from 5 million to 15 million ounces in about three years.
  • He argues the investment case keeps strengthening: with the metal basket price up almost 30% since the PEA, he expects a stronger PFS within two to three months and describes the DFS promised for the last quarter of 2027 as a very robust case.
  • He frames China as the key market for palladium, saying it produces large volumes of both conventional and hybrid cars as hybrids penetrate worldwide.
  • On Brazil, he argues the jurisdiction offers stability and pro-mining policy, citing mining at about 30% of the country's exports and a junior mining sector grown from roughly 40-50 companies to more than 150 over the past decade.