The geology of the basal-structural Loypishnyun low-sulfide Pt–Pd deposit is characterized, including its mineral composition and the peculiarities of its PGE and chalcophile-element distribution in ore. The deposit is situated in the northeastern part of the Monchetundra basic massif and is localized in its lower norite–orthopyroxenite zone, intensely injected with late gabbroic rocks. Two ore zones are distinguished within the deposit. Ore zone 1 has been traced by drilling for about 1.5 km at a thickness from 10–15 to 120 m and incorporates from two to nine separate lenticular–sheetlike orebodies 0.5–25 m in thickness. Ore zone 2 has been traced for 550 m and is represented by one orebody 5–35 m thick. The internal structure of the orebodies is characterized by alternation of low-grade (Pt + Pd = 0.5–0.9 gpt), ordinary (Pt + Pd = 1.0–1.9 gpt), and high-grade (Pt + Pd > 2 gpt) interlayers of various thickness. The ores are spatially and genetically related to sulfide mineralization (pentlandite–chalcopyrite–pyrrhotite) in an amount of 1–5 vol %. The PGE distribution in ores normalized to primitive mantle is characterized by fractionation of easily fusible platinoids with a positive Pd anomaly. The spectra of chalcophile elements normalized to primitive mantle are notable for elevated Te, Bi, As, and Se contents with respect to Sn, Hg, and Pb, which reflects the significant contribution of Te, Bi, and As in the formation of platinum group minerals (PGM), whereas Se, which is devoid of proper mineral phases, most likely is an admixture in the composition of sulfides. The S/Se value in ore of the Loypishnyun deposit varies from 31 to 814. The platinum group elements (PGE) in ore are represented by 45 noble metal minerals. Ore zone 1 is characterized by lateral mineral zoning, which is expressed as replacement of a bismuthotelluride–sulfide PGM assemblage by an assemblage of copper–PGE compounds and alloys. In ore zone 2, a mineral assemblage of tellurides, copper–PGE compounds and alloys predominates, with native gold, silver, and palladium, as well as sulfides and bismuthotellurides, playing a subordinate role. The formation of PGM ore proceeded under variable sulfur fugacity conditions, beginning with the late magmatic stage at temperatures of 900–700°C and ending with hydrothermal transformation at a temperature of <500°C.