Southern Palladium Ltd. · ASX:SPD
Southern Palladium — Africa Down Under (September 2025)
17 slides from Southern Palladium's conference presentation, Sep 1, 2025
Slide 1: Southern Palladium Limited: The Next Major PGM Development Opportunity
SOUTHERN PALLADIUM LIMITED THE NEXT MAJOR PGM DEVELOPMENT OPPORTUNITY PAGE 1
Slide 2: 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 3: 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 4: 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 5: Tier-1 PGM Asset Ideally Located in Prime PGM Mining Real Estate
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 6: Corporate Overview
CORPORATE OVERVIEW Bengwenyama Share Price ASX/JSE A$0.59 ZAc636 Community A$ ZAR Total number of shares issued 106.95m Southern Nurinox Market cap 1 63m 721m 8% Palladium Investments Cash at Bank 2 9.1m 103.7m Limited (Pty) Ltd Enterprise Value 53.6m 617m Options with exercise price of A$0.875 expi
Slide 7: 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 USD1.46/oz1 Mineral Resource The UG2 (M&l) Mineral ounces (M,I&I) Resource ounces 40.25Moz2 8.17Moz at a UG2 and grade of 9.89 g/t over Merensky Reef 73cm ENVIRONM
Slide 8: Maiden JORC Reserve of 6.29Moz (6E)
THE CREATION OF A TIER 1 PROJECT MAIDEN JORC RESERVE OF 6.29MOZ (6E) EV/oz Attributable Reserve (4E) - Listed South Maiden Ore Reserve of African PGM Developers and Producers 6.29 Moz1,2 on 23 October 2024 Developers 158.44 Producers 141.14 31.72Mt @ 6.17g/t 6E plus USD/oz Reserve Cr2O3 @19.03% over
Slide 9: 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, which is now ~13% lower than Stage 1 1.2Mtpa current spot prices. Every 15% move in the PGM price Stage 2 2.4Mtpa basket equates to an approximate US$200 mill
Slide 10: 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 11: 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 12: 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 13: 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 14: Pathway to Development: Key Near-Term Milestones
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 15: 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 reserve (6.2g/t) of the UG2
Slide 16: 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 17: 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 Report Scoping Study Podium Minerals Limited (POD) ASX Parks Reef Scoping Study, PreFeasibility Study (PFS) targeted for completion in 2024 Annual
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