Southern Palladium Ltd. · ASX:SPD
Southern Palladium — Non-Deal Roadshow (October 2024)
24 slides from Southern Palladium's roadshow presentation, Oct 31, 2024
Slide 1: Non-Deal Roadshow Presentation
31 October 2024 Non-Deal Roadshow Presentation Southern Palladium Limited (ASX Code: SPD and JSE Code: SDL) releases the Company’s Non-Deal Roadshow Presentation. Authorised by the Company Secretary. For further information, please contact: Johan Odendaal Managing Director Southern Palladium Phone:
Slide 2: Bengwenyama Prefeasibility Study Results
BENGWENYAMA Prefeasibility Study Results Maiden JORC Ore Reserve of 6.29Moz ASX: SPD JSE: SDL PAGE
Slide 3: 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 4: Prime Platinum Group Metal (PGM) Asset
PRIME PLATINUM GROUP METAL (PGM) ASSET: IDEALLY LOCATED AMONG WELL-ESTABLISHED MINING OPERATIONS. EASTERN LIMB / Bengwenyama Project / 300 km Pretoria Johannesburg PAGE 3
Slide 5: The Bengwenyama Project: In Elephant Country
THE BENGWENYAMA PROJECT: IN ELEPHANT COUNTRY Company (Market Cap) Mine: Resource Ounces (4E) & Annual Production1 Impala Platinum2 Marula: 13.2Moz UG2 reef US$6.1 billion Market Cap Total resource ounces 19.7Moz Amplats3 / ARM4 Modikwa: 50.0Moz UG2 reef US$11.2 / US$2.3 billion Market Cap Total reso
Slide 6: Corporate Structure and Directors
CORPORATE STRUCTURE AND DIRECTORS BOARD OF DIRECTORS – SOUTHERN PALLADIUM (SPD) Bengwenyama NON-EXECUTIVE DIRECTORS Community Mike Stirzaker NED MUM Daan van Heerden NED MUM Lindi Nkosi Chairperson MUM Southern 9% Nurinox Rob Thomson Palladium Investments Roger Baxter Johan Odendaal Managing Directo
Slide 7: Corporate Overview
CORPORATE OVERVIEW Shareholders SOUTHERN PALLADIUM LIMITED (ASX:SPD, JSE:SDL) Share Price ASX/JSE A$0.70 ZAR3.75 A$ USD Total number of shares issued 89.75m Market cap 63m 41m Cash at Bank (30 Septenber 2024) 5.2m 3.4m Enterprise Value 57.3m 37.7m Performance Rights (Founder Deferred Shares)* 1.2m O
Slide 8: Why Our Project?
BENGWENYAMA PROJECT WHY OUR PROJECT? Total Resource (MI&I) 40.25Moz (7E) Total Reserve (Probable) 6.29Moz (6E) Medium term (2025-2035) critical Matrix4 CRITICAL MINERALS UNIQUE Foundation upon which modern Last remaining significant technology is built: shallow real estate on the 40 m Waterberg Depo
Slide 9: PFS Study Results
Measured Resource – 2.30 Moz @10g/t Indicated Resource – 5.86 Moz @ 9.85 g/t BENGWENYAMA PROJECT Over the first 10 years of the project, 94% of PFS STUDY RESULTS ore production will come from JORC PLAN VIEW Measured and Indicated resource PAGE PAGE 8
Slide 10: PFS Study Results Contribution to Revenue
BENGWENYAMA PROJECT PFS STUDY RESULTS COMMODITY LEVERAGE OVER LOM Contribution to Revenue Pt | Platinum Pd | Palladium 2.86Moz 2.85Moz Other 6% Chromite Platinum 12% 26% Iridium 4% 40 m US$11.2bn Rh | Rhodium 13 story stopes Ru | Ruthenium Waterberg Deposit 590Koz 960Koz Rhodium 28% Palladium 24% Ir
Slide 11: Hybrid Mining – Establish Downstream Beneficiation
BENGWENYAMA PROJECT PFS STUDY RESULTS HYBRID MINING – ESTABLISH DOWNSTREAM BENEFICIATION 2.4Mtpa UG2 Reef @ 6.1g/t (6E) MF2 Plant: Coarse Tails Primary & Secondary stages Coarse and Tails Fine Fine Tails 85% PGM Recovery 120ktpa 100g/t ~350ktpa 42% PGM Conc. Chrome Conc. ~400 Kozpa 6E Local Smelters
Slide 12: PFS Study Results Highlights
BENGWENYAMA PROJECT PFS STUDY RESULTS HIGHLIGHTS 2.4 Mtpa UG2 reef at steady Peak funding requirement NPV8% (post-tax) state US$450 million (incl. ~15% US$1.060billion² contingency) Annual steady state IRR (post-tax) production EBITDA (LoM average) 28% 400Koz p.a. 6E US$300 million p.a. 150Koz p.a.
Slide 13: Scoping Study
BENGWENYAMA PROJECT PFS STUDY RESULTS Scoping Study PAGE12 Source: Adapted from Rene Hochreiter (NOAH Capital Markets & Sieberana Research, 2024)
Slide 14: Price Deck and Sensitivities
BENGWENYAMA PROJECT PFS STUDY RESULTS PRICE DECK AND SENSITIVITIES Commodity Unit of Measure Long term Real Pt USD / oz 1,200 Pd USD / oz 1,100 Au USD / oz 1,950 Rh USD / oz 4,650 Cu USD / t 8,708 Ni USD / t 18,249 Chrome Conc. 42% USD / t 225 EXCHANGE RATE USD/ZAR 19.58 Bearish Base Case Bullish (M
Slide 15: Annual and Cumulative Cash Flow - USD
BENGWENYAMA PROJECT PFS STUDY RESULTS ANNUAL AND CUMULATIVE CASH FLOW - USD (REAL TERMS) PAGE14
Slide 16: Corporate and Social Responsibility
BENGWENYAMA PROJECT PFS STUDY RESULTS CORPORATE AND SOCIAL RESPONSIBILITY Long standing relationship with Social and Labour Plan Mining Right app the Bengwenyama developed in line with the application submitted with Community a single Mining Charter and MPRDA granting expected early Community and ou
Slide 17: Pre-development Project Timelines
BENGWENYAMA PROJECT PFS STUDY RESULTS PROJECT TIMELINES FID Today 2024 2025 2026 2027 2028 2029 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Prefeasibility Study DFS Drilling Pre-development Supporting Infra. Processing Mining Financial Analysis DFS Reporting Study Update BFS Phase
Slide 18: Investment Summary
BENGWENYAMA PROJECT INVESTMENT SUMMARY MANAGEMENT ATTRACTIVE PGM POTENTIAL GEOLOGY COMMUNITY LOCATION TEAM VALUE Advanced PGM Tier 1 Project: In partnership Prime location: Experienced PFS study Opportunity: 40Moz Resource with a single local among Tier 1 management validates robust confirmed resour
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: Appendix
Appendix PAGE 19
Slide 21: PGM Dynamics Are Experiencing a Change
PGM DYNAMICS ARE EXPERIENCING A CHANGE • Decline in primary mine production: South Africa’s PGM production profile likely to decline marginally over the next few years as older deep level shafts face closure • Decline in Recycling: Recycling rates have been decreasing for several years, further tigh
Slide 22: Platinum Group Metal Industry - 2024
PLATINUM GROUP METAL INDUSTRY -2024 Platinum Supply - 5,681koz Palladium Supply – 6,454koz Rhodium Supply - 704koz Secondary Supply – 1,335koz Secondary Supply – 2,919koz Secondary Supply – 295koz A’ Platinum Demand – 7,614 koz Palladium Demand – 9,731koz Rhodium Demand – 1,064koz PAGE21 Source: Joh
Slide 23: Platinum Group Metal Industry - 2024
PLATINUM GROUP METAL INDUSTRY -2024 Platinum Palladium Supply Rhodium Supply Platinum Demand Palladium Demand A’ Rhodium Demand PAGE22 Source: Johnson Matthey PGM Market Report 2024
Slide 24: Resources and Reserves
BENGWENYAMA PROJECT PFS STUDY RESULTS 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
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