Southern Palladium Ltd. · ASX:SPD
Southern Palladium — Resources Rising Stars Gold Coast Investor Conference 2025
22 slides from Southern Palladium's conference presentation, Sep 16, 2025
Slide 1: Southern Palladium to present at the Resources Rising Stars Gold Coast Investor Conference
16 September 2025 Southern Palladium to present at the Resources Rising Stars Gold Coast Investor Conference Southern Palladium (ASX:SPD and JSE:SDL), ‘Southern Palladium’ or ‘the Company’) is pleased to advise shareholders and investors that Executive Chairman Roger Baxter will present at the Resou
Slide 2: Media & investor relations inquiries
Media & investor relations inquiries: Sam Jacobs, Six Degrees Investor Relations: +61 423 755 909 Authorised for release by the Executive Chairman of Southern Palladium. Follow @SouthernPalladium on Twitter Follow Southern Palladium on LinkedIn 2
Slide 3: The Next Major PGM Development Opportunity
SOUTHERN PALLADIUM LIMITED THE NEXT MAJOR PGM DEVELOPMENT OPPORTUNITY PAGE 1
Slide 4: Disclaimer
DISCLAIMER The following disclaimer applies to this investor presentation (Presentation). You should read this disclaimer carefully before reading or making any other use of this Presentation or any information contained in this Presentation. By accepting this Presentation, you represent and warrant
Slide 5: Why Platinum Group Metals?
WHY PLATINUM GROUP METALS? CRITICAL MINERALS TO POWER MAJOR INDUSTRIES Strategic Relevance: PGMs (platinum, palladium, rhodium, ruthenium, iridium, osmium) are classified by all major economies as critical minerals due to their essential role in clean energy, automotive, and electronic industries. D
Slide 6: Global PGM Markets: Structural Deficit Developing
GLOBAL PGM MARKETS STRUCTURAL DEFICIT DEVELOPING Bengwenyama Prill Split and Revenue Split based on PFS Platinum: 40 m Waterberg Deposit 13 story stopes • Significantly deeper platinum market deficit than previously forecast.1 • Weaker recycling supply • Primary supply fell by 13% in the March quart
Slide 7: Tier-1 Platinum Group Metal (PGM) Asset
TIER-1 PLATINUM GROUP METAL (PGM) ASSET: IDEALLY LOCATED IN PRIME PGM MINING REAL ESTATE - AMONG WELL- ESTABLISHED MINING OPERATIONS WITH EXISTING SERVICES, SKILLS & INFRASTRUCTURE EASTERN LIMB + Ni+Cu+Cr2O3 / Bengwenyama Project / 300 km Pretoria Johannesburg PAGE 4
Slide 8: Corporate Overview
CORPORATE OVERVIEW Bengwenyama SOUTHERN PALLADIUM LIMITED (ASX:SPD, JSE:SDL) Community Share Price ASX/JSE A$0.59 ZAc700 A$ ZAR Southern Nurinox Total number of shares issued 106.95m 8% Investments 1 Palladium Market cap 63m 724m Limited (Pty) Ltd Cash at Bank 2 8.4m 96.2m Enterprise Value 54.3m 627
Slide 9: The Creation of a Tier 1 Project
THE CREATION OF A TIER 1 PROJECT ONE OF THE LARGEST REMAINING UNDEVELOPED PGM RESOURCES 82 drillholes SPD EV/oz : were completed 30,746m USD1.29/oz1 Mineral Resource The UG2 (M&l) Mineral ounces (M,I&I) Resource ounces 40.25Moz2 8.17Moz2 at a UG2 and grade of 9.89 g/t over Merensky Reef 73cm ENVIRON
Slide 10: Maiden Probable JORC Reserve of 6.29Moz (6E)
THE CREATION OF A TIER 1 PROJECT MAIDEN PROBABLE JORC RESERVE OF 6.29MOZ (6E) Maiden probable Ore Reserve of 3 6.29 Moz1,2 on 28 October 2024 Developers Producers 31.72Mt @ 6.17g/t 6E plus Cr2O3 @19.03% over LoM. 10,000m metallurgical and geotechnical drill programme has now commenced, marking deliv
Slide 11: Optimised Prefeasibility Study: Bengwenyama Key Project Results
OPTIMISED PREFEASIBILITY STUDY BENGWENYAMA KEY PROJECT RESULTS UG2 Reef OPFS based on the weighted basket PGM price used in the original PFS. The current spot basket prices is Stage 1 1.2Mtpa ~14% higher. Every 15% move in the PGM price Stage 2 2.4Mtpa basket equates to an approximate US$200 million
Slide 12: Optimised Prefeasibility Study: Staged Process
OPTIMISED PREFEASIBILITY STUDY STAGED PROCESS • 2024 PFS confirmed that SPD can establish a Tier 1 project on the UG2 with a LoM of more than 20 years. • Next logical step was to align the base case with alternative funding options • Strong focus on achieving full production capacity as quickly as p
Slide 13: Optimised Prefeasibility Study: Highly Attractive Option
OPTIMISED PREFEASIBILITY STUDY HIGHLY ATTRACTIVE OPTION • Stage 1: Peak funding requirement of US$279m – representing a 38% reduction (US$173m) to the peak funding total set out in the PFS (US$450m) • Stage 2: expansion capital to be funded through cashflow Stage 1 Stage 1 & Stage 2 Peak Funding: US
Slide 14: Optimised Prefeasibility Study: Ore Production Ramp Up
OPTIMISED PREFEASIBILITY STUDY ORE PRODUCTION RAMP UP Stage 1 Stage 2 Construction and Ramp-up North Decline South Decline PAGE12
Slide 15: Optimised Prefeasibility Study: Production Profile
OPTIMISED PREFEASIBILITY STUDY PRODUCTION PROFILE Stage 1: Initially from South Decline Stage 2: South and North Decline 100ktpm,@5.97g/t Head Grade 200ktpm,@6.54g/t Head Grade 85% Recovery > 200 000 oz pa 85% Recovery > 400 000 oz pa PAGE13
Slide 16: Definitive Feasibility Study: Diamond Drilling Campaign Begins
DEFINITIVE FEASIBILITY STUDY ADVANCING PROJECT CONFIDENCE: DIAMOND DRILLING CAMPAIGN BEGINS 10,000m diamond drilling programme commenced to: • Complete detailed metallurgical and geotechnical study work. • Undertake resource infill drilling to improve confidence in the planned early access areas. PA
Slide 17: Pathway to Development
PATHWAY TO DEVELOPMENT KEY NEAR-TERM MILESTONES TO UNLOCK VALUE FID Mining Right Granting 2026/Jun Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Options Studies 100% Optimised PFS 100% Pitting for surface Geotech studies Drilling for detailed Met, Geotech Studies and Resources infill DFS DFS Study work Independent Tec
Slide 18: Why Invest in Southern Palladium?
WHY INVEST IN SOUTHERN PALLADIUM? BENGWENYAMA IS A TIER-1 PGM PROJECT IN A PREMIER MINING JURISDICTION WORLD-CLASS MINERALISATION CORPORATE AND SOCIAL RESPONSIBILITY • Large resource / reserve base (40Moz/6.3Moz 6E) • Long standing relationship with a single • High grade probable reserve (6.2g/t) of
Slide 19: Contact Us
CONTACT US Johannesburg, South Africa Coldstream Office Park, Suite 6 2 Coldstream Street Little Falls Roodepoort Johannesburg Sydney, Australia Level 1, 283 George Street, Sydney, NSW 2000 Email: info@southernpalladium.com The information in this presentation relating of Resources and Reserves is e
Slide 20: Platinum Group Metals Resources - Projects
PLATINUM GROUP METALS RESOURCES - PROJECTS Name and Ticker - Project Exchange Project Sources Status FY2024 Annual Report, Dec 2024 Quarterly Activities Scoping Study Podium Minerals Limited (POD) ASX Parks Reef Report Scoping Study, PreFeasibility Study (PFS) targeted for completion in 2024 Annual
Slide 21: Bengwenyama Project Resources and Reserves
BENGWENYAMA PROJECT RESOURCES AND RESERVES Combined UG2 and MR Mineral Resource as at 23 October 2024 Tonnes Thickness Pt Pd Rh Au Ir Os Ru 4E 7E Cu Ni Total Reef Resource Category Moz (4E) Moz (7E) Mt (m) (g/t) (%) Moz1 Merensky Indicated 25.11 2.02 1.62 0.64 0.10 0.12 0.03 0.03 0.21 2.49 2.76 0.04
Slide 22: Compliance Statement
COMPLIANCE STATEMENT • Page 7 – Mineral Resource Ounces: The information in this presentation relating to: • Resources is extracted from the report titled “Bengwenyama Mineral Resource Update: Total (UG2 & MR) Mineral Resource now 40.25Moz, Merensky Reef Indicated Resource +17% to 2.23Moz (7E) creat
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