Southern Palladium Ltd. · ASX:SPD
Southern Palladium — Shareholder Meeting (November 2025)
10 slides from Southern Palladium's shareholder meeting presentation, Nov 28, 2025
Slide 1: Managing Director's Presentation to Annual General Meeting
28 November 2025 Managing Director’s Presentation to Annual General Meeting Southern Palladium Limited (ASX Code: SPD and JSE Code: SDL) releases the Managing Director’s presentation to the Company’s Annual General Meeting which is to be held today. Authorised by the Company Secretary. For further i
Slide 2: Annual General Meeting
ASX: SPD JSE: SDL ANNUAL GENERAL MEETING November 2025 PAGE 1
Slide 3: Our Achievements and Goals
OUR ACHIEVEMENTS AND GOALS PROJECT DELIVERY ON-TIME AND ON-BUDGET – KEY MILESTONES A$19m raised Submit Mining Completed Environmental OPFS Drilling MRE Update A$8m A$20m in IPO June Right PFS Reserve Authorisation Placement NPV Commenced 40Moz Placement 2022 Application 6.2Moz Granted USS857m Jun 20
Slide 4: Project Overview
PROJECT OVERVIEW TIER-1 JURISDICTION, LONG MINE LIFE • 70% interest in Bengwenyama Project PGM Distribution in Orebody and Revenue Split based of PFS Prices Mineral Resource ounces (M,I&I) SPD EV/oz : USD2.71/oz1 40.25Moz2 UG2 and Merensky Reef Maiden Probable Ore Reserve of 6.29 Moz1,2 SPD EV/oz :
Slide 5: Global PGM Markets
GLOBAL PGM MARKETS MARKET EXPECTED TO REMAIN IN STRUCTURAL DEFICIT Platinum Palladium Rhodium Primary Supply 2025 5.5Moz 6.4Moz 0.7Moz SA 70% of primary supply: SA share of supply likely to be down ~3% at 3.6 SA 35% SA 80% Moz in 2025 Demand 2025 7.7Moz 9.4Moz 1.0Moz Automotive Hybrid sales continue
Slide 6: Optimised Prefeasibility Study
OPTIMISED PREFEASIBILITY STUDY BENGWENYAMA KEY PROJECT RESULTS OPFS based on the weighted basket PGM price used Exchange Rate (ZAR/USD) 13.70 14.68 15.66 16.64 17.61 18.59 19.57 in the original PFS. The current spot basket is ~32% 6E Basket UG2 Reef Price (USD/oz) % Change -30% -25% -20% -15% -10% -
Slide 7: DFS Progress
DFS PROGRESS KEY NEAR-TERM MILESTONES TO UNLOCK VALUE Mining Right Granting subject to endorsement FID letter from Municipality 2026/Jun Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2025 2026 Options Studies 100% Optimised PFS 100% Pitting for surface Geotech studies Drilling for detailed Met, Geotech Studies and Res
Slide 8: Summary and Outlook
SUMMARY AND OUTLOOK • Regulatory derisking complete • Strong PFS economics • Well-funded for DFS and early-stage development • DFS completion in 2026 • Mining Right expected 2025/26 • Preparing for FID and early works PAGE 7
Slide 9: 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 PAGE 8
Slide 10: 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
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