Southern Palladium Ltd. · ASX:SPD
Southern Palladium — Non-Deal Roadshow (July 2025)
20 slides from Southern Palladium's roadshow presentation, Jul 15, 2025
Slide 1: Bengwenyama Optimised Pre-Feasibility Study Non-Deal Roadshow Presentation
15 July 2025 Bengwenyama Optimised Pre-Feasibility Study Non-Deal Roadshow Presentation Southern Palladium Limited (ASX Code: SPD and JSE Code: SDL) releases the Company’s Bengwenyama Optimised Pre-Feasibility Study Non-Deal Roadshow Presentation. Authorised by the Executive Chairman. For further in
Slide 2: Bengwenyama Optimised Pre-Feasibility Study
BENGWENYAMA OPTIMISED PRE-FEASIBILITY STUDY Improved fundability through staged development Non-deal Roadshow ASX: SPD 15-18 July 2025 JSE: SDL PAGE 1
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: Tier-1 Platinum Group Metal (PGM) Asset
TIER-1 PLATINUM GROUP METAL (PGM) ASSET IDEALLY LOCATED AMONG WELL-ESTABLISHED MINING OPERATIONS WITH EXISTING INFRASTRUCTURE EASTERN LIMB + Ni+Cu+Cr2O3 / Bengwenyama Project / 300 km Pretoria Johannesburg PAGE 3
Slide 5: Corporate Overview
CORPORATE OVERVIEW Bengwenyama Community Share price ASX/JSE A$0.6 ZAc649 A$ ZAR Southern Nurinox Total number of shares issued 106.95m 8% Palladium Investments Market cap 1 65m 747m Limited (Pty) Ltd Cash at bank (9 July 2025 – unaudited) 10.3m 119.7m Enterprise value 53.9m 627m Miracle Upon Option
Slide 6: 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 7: Ore Production Ramp Up
OPTIMISED PREFEASIBILITY STUDY ORE PRODUCTION RAMP UP Stage 1 Stage 2 Construction and Ramp-up North Decline South Decline PAGE 6
Slide 8: 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 PAGE 7
Slide 9: Bengwenyama Key Project Results
OPTIMISED PREFEASIBILITY STUDY BENGWENYAMA KEY PROJECT RESULTS UG2 Reef Stage 1 1.2Mtpa Stage 2 2.4Mtpa Peak funding requirement NPV8% (post-tax) US$279 million Steady state production Stage 1 38% less than PFS Stage 1 Economically viable on its own Stage 1 200koz pa funded through cash generated vi
Slide 10: 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 11: Global PGM Markets: Structural Deficit Developing
GLOBAL PGM MARKETS STRUCTURAL DEFICIT DEVELOPING Bengwenyama Prill Split and Revenue Split based on PFS Market in structural deficit Chromite, 12% Platinum Palladium Rhodium Nickel, 2% Demand 2025 7.7Moz 9.4Moz 1.0Moz Copper, 0% Platinum, 26% Iridium, 5% Hybrid Cars winning – Growth Massive 26% Auto
Slide 12: 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 13: Key Take Aways
OPTIMISED PREFEASIBILITY STUDY KEY TAKE AWAYS • Stage 1 is expected to be strongly cash-generative in its own right, making it well-suited to attract traditional, market-related project debt financing • Stage 2 could potentially be funded from cash flows generated during Stage 1 • The option to util
Slide 14: Contact Us
CONTACT US Johannesburg, South Africa Coldstream Office Park, Suite 6 2 Coldstream Street The information in this presentation relating of Resources and Reserves is extracted from Little Falls the report entitled “Prefeasibility Study Results: Project NPV8 of USD1.059bn Roodepoort Maiden JORC Ore Re
Slide 15: Appendix
APPENDIX 14 PAGE
Slide 16: Corporate Structure and Directors
CORPORATE STRUCTURE AND DIRECTORS BOARD OF DIRECTORS – SOUTHERN PALLADIUM (SPD) NON-EXECUTIVE DIRECTORS Mike Stirzaker NED MUM Bengwenyama Daan van Heerden NED MUM Community Lindi Nkosi Chairperson MUM Rob Thomson Johan Odendaal Southern Nurinox Roger Baxter COMPANY SECRETARY 8% Managing Director Pa
Slide 17: Platinum Group Metal Industry – 2025
PLATINUM GROUP METAL INDUSTRY – 2025 Platinum Supply - 5,542koz Palladium Supply – 6,372koz Rhodium Supply - 691koz Secondary Supply – 1,385koz Secondary Supply – 3,058koz Secondary Supply – 303koz Platinum Demand – 7,663koz Palladium Demand – 9,447koz Rhodium Demand – 1,033koz PAGE PAGE16 Source: J
Slide 18: Platinum Group Metal Industry – 2025
PLATINUM GROUP METAL INDUSTRY – 2025 Platinum Palladium Supply Rhodium Supply Platinum Demand Palladium Demand Rhodium Demand Source: Johnson Matthey PGM Market Report 2025 PAGE17
Slide 19: Platinum Group Metal Industry – 2025
PLATINUM GROUP METAL INDUSTRY – 2025 Ruthenium Supply – 950koz Iridium Supply – 242koz Ruthenium Demand – 1,224koz iridium Demand – 239koz PAGE18 Source: Johnson Matthey PGM Market Report 2025
Slide 20: Economic Input Parameters
OPTIMISED PRE-FEASIBILITY STUDY ECONOMIC INPUT PARAMETERS Macro-economic Forecasts and Commodity Prices over the Life of Project Commodity Unit Basis 2025 2026 2027 2028 Long-term Platinum USD/oz Real 1,114 1,147 1,143 1,151 1,200 Palladium USD/oz Real 1,020 975 922 978 1,100 Rhodium USD/oz Real 5,4