Southern Palladium Ltd. · ASX:SPD
Southern Palladium — Australian Gold Conference 2026
26 slides from Southern Palladium's conference presentation, October 2026
Slide 1: Southern Palladium: Material Update in Project Value via Updated PFS
ASX: SPD | JSE: SDL Southern Palladium: Material Update in Project Value via Updated PFS Bengwenyama PGM–Chrome Project | Eastern Limb | Bushveld Complex | SOUTH AFRICA 1 Corporate Presentation | Australian Gold Conference | Oct 2026
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: A Large, High-grade Resource Valued at Low EV/oz
A Large, High-grade Resource Bengwenyama screens favourably against listed PGM Valued at Low Ev/Oz peers on scale, grade and attributable resource value ~4.7g/t grade | Large attributable resource | ~A$6/oz EV/resource oz Potential for valuation re-rate as Bengwenyama advances through development 3
Slide 4: Bengwenyama Investment Highlights
World Class Prime PGM mining real estate: Eastern Limb; adjacent to established PGM operations and Bushveld Location Bengwenyama infrastructure. Investment Highlights >40 Moz 3PGE+Au resource base; UG2 Scale & Grade and Merensky reef optionality; 33-year mine life. Scale, grade, co-product exposure
Slide 5: South Africa: Reform is Gaining Momentum
Mining remains a major 469,765 direct mining jobs | ~5.8% of economic pillar GDP | ~R1.1tn industry turnover South Africa: Reform as Gaining Momentum Electricity reliability has improved, logistics reform is underway and private Key constraints are participation is increasing. The Minerals A globall
Slide 6: A Tier-1 PGM-Chrome Asset In The Heart Of The Bushveld
PGMs + Chrome + Ni-Cu-Au by-products A Tier-1 PGM-Chrome Asset In Eastern Limb The Heart Of The Bushveld Pretoria Johannesburg Bengwenyama Is Strategically Located On The Eastern Limb, Alongside Major Operating PGM Mines / Bengwenyama World-class Mining District established PGM Project production an
Slide 7: Corporate Overview
Corporate Overview Bengwenyama SOUTHERN PALLADIUM LIMITED (ASX:SPD, JSE:SDL) Community Share Price ASX/JSE A$1.66 ZAc2000 A$ USD Southern 6.1% Nurinox Total number of shares issued 132.33m Palladium Investments Market cap 1 220m 154m Limited (Pty) Ltd 2 Cash at Bank 25.3m 17.7m Enterprise Value 194.
Slide 8: Updated PFS: Project Value More Than Doubles
Updated PFS: Project Value More Than Doubles DFS-level metallurgy and a stronger price outlook lift post-tax NPV to US$1.96bn – almost six times peak funding US$1.96bn 39.1% 2.8 yrs US$329m Post-tax NPV (8% real) Post-tax IRR Payback period Peak funding requirement ▲ 129% vs OPFS US$857m ▲ from 26.4
Slide 9: Key Financial Outcomes
Key Financial Outcomes The Updated PFS delivers a step-change in value against the OPFS Updated PFS life of mine Life of mine 33 years Ore mined 41.9 Mt ~200 koz pa 6E grade delivered to Steady-state 6E 6.54 g/t rising to ~420 plant production koz pa Payback from first 2.8 years plant production Upd
Slide 10: Higher Margins, Lower Net Costs and Strong Price Leverage
Higher Margins, Lower Net Costs and Strong Price Leverage Chrome and base metal credits cut costs, while every 15% move in the basket price swings NPV by ~US$450m Post-tax NPV sensitivity to ±15% input change, US$m (base case 1,961) 57% 1,407 AISC incl. margin 6E head grade 2,516 OPFS 48% 1,508 6E P
Slide 11: Post Tax NPV sensitivity analysis
Post Tax NPV sensitivity analysis: • Commodity prices and exchange rates have been updated to September 2026 terms, based on a combination of Consensus Economics, Noah Capital, Minxcon and spot prices. • The Project is highly leveraged to the exchange rate, grade and PGM prices, and least sensitive
Slide 12: From Exploration To Development
From Exploration To Development Project substantially de-risked and A Track Record Of Delivery At Bengwenyama progressing toward development 2022–2024 2025 2026 Discovery & De-risking Studies & Funding Development 33,000m drilling 6.29Moz Reserve Mining Right 40.3Moz Resource US$857m NPV US$1.96bn N
Slide 13: Large, High-grade Resource with Reserve Conversion Already Demonstrated
Large, High-grade Resource with Reserve Conversion Resource & Reserve base established ahead of PFS Already Demonstrated 40.25Moz1 PGM Distribution Revenue share by commodity, updated PFS3 Mineral Resource in Orebody (6E) (combined UG2 & Merensky) Chromite, 19% Platinum, 25% 6.29Moz2 Nickel, 1% Prob
Slide 14: Robust Economics With A Lower-capital, Staged Development Pathway
Robust Economics With A Lower- Staged development reduces upfront capital exposure while preserving access to the full capital, Staged Development Pathway scale of the Bengwenyama resource. Stage 1 Stage 2 Construction and Ramp-up Ore tonnes (tpm) North Decline ~420koz South Decline pa ~200koz pa Pe
Slide 15: Conventional Processing with Two Saleable Product Streams
Conventional Processing with Simple | Proven | Optimised for dual-product recovery Two Saleable Product Streams DMS pre-concentration Coarser primary grind Interstage chrome Staged flotation Two saleable streams rejects waste before milling 30% passing 75 µm recovers liberated chromite primary + sec
Slide 16: DMS Pre-concentration Improves Feed Grade and Reduces Processing Load
DMS Pre-concentration Improves Feed Rejecting low-value material before milling supports Grade and Reduces Processing Load lower capital intensity and operating costs Run-of-mine feed DMS Upgraded Plant Feed Concentrator 5.2 g/t 24–31% 7.2 g/t < half RoM 3E PGM feed grade mass rejected upgraded 3E p
Slide 17: DFS vs PFS Metallurgy
DFS vs PFS Metallurgy DFS Metallurgy Materially Strengthens The PGM-Chrome Value Proposition Chrome recovery increases from 30% to 85.6%, with potential concentrate output increasing ~3x Metric PFS / OPFS DFS testwork Change Two numbers drive the reframe Chromite recovery % — PFS Chromite recovery 3
Slide 18: South Africa Dominates Global Chromite Supply
South Africa Dominates Home to ~72% of global chromite resources Global Chromite Supply and more than half of 2025 production 2025 chromite resources, by country 2025 chromite production, by country % of total South Africa 23M South Africa 72 Zimbabwe 12 Turkey 9M Kazakhstan 5 Kazakhstan 7M Finland
Slide 19: Clear Development Pathway to First Production
Clear Development Pathway Early development targeted from 2026, to First Production ahead of mine and plant build-out Today 2026 2027 2028 2029 2030 Site Clearance Site Access Roads Establishment Fence RFQ, Mobilisation Site Estalishment Contractor Contractor Site Establishment, Box Cut, Portal Supp
Slide 20: Near-term Catalysts to Advance Bengwenyama Toward Development
30-year Mining Right Granted on 7 August 2026 Permitting Waste management and water licences progressing DFS & Resource Updated PFS released Oct 2026: NPV US$1.96bn, IRR 39.1% Updated MRE statement due 4Q26 Studies Finalised DFS due 1Q27 Near-term Catalysts to Advance Bengwenyama Early Contracts to
Slide 21: Bengwenyama: Positioned for The Next Stage Of Development
Bengwenyama: Positioned for The Next Stage Of Development Major regulatory milestones substantially complete Updated PFS: US$1.96bn NPV, 39.1% IRR, with staged development optionality DFS fully underway Positioned for FID as PGM and chrome fundamentals strengthen 21
Slide 22: Contact Us
Johannesburg, South Africa Coldstream Office Park, Suite 6 2 Coldstream Street Little Falls, Roodepoort Johannesburg Sydney, Australia Level 1, 283 George Street, Sydney, NSW 2000 Contact Us Email: info@southernpalladium.com 22
Slide 23: Bengwenyama Project Resources and Reserves
Bengwenyama Project Resources and Reserves Combined UG2 and MR Mineral Resource as at 23 October 2024 Tonnes Thickness Pt Pd Rh Au Ir Os Ru 4E 7E Cu Ni Total Reef Resource Category Moz (4E) Moz (7E) Mt (m) (g/t) (%) Moz1 Merensky Indicated 25.11 2.02 1.62 0.64 0.10 0.12 0.03 0.03 0.21 2.49 2.76 0.04
Slide 24: Bengwenyama Project Resources and Reserves
Bengwenyama Project Resources and Reserves UG2 Ore Reserves Estimation as at 28 October 2024 Tonnes Pt Pd Rh Au lr Os Ru 4E 6E Cu Ni Cr203 Moz(4E) Moz(6E) Ore Reserve Category Mt (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (%) (%) (%) Probable 31.72 2.34 2.33 0.48 0.07 0.16 - 0.78 5.22 6.1
Slide 25: Appendix 1 - EV/OZ calculation
Appendix 1 - EV/OZ calculation Attributable EV Attributable Resource Grade (4E Name and Ticker Ticker Exchange Mkt cap (A$) Cash (A$) Debt (A$) EV (A$) resource M, I, (A$)/Resourc Sources Status EV (A$) 100% & I (4E Moz) g/tonne) e oz Annual report 2025, Quarterly MR granted 7/8/26, DFS Southern Pal
Slide 26: Compliance Statement
Compliance Statement JORC Compliance Statement 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) created on 23 O