Southern Palladium Ltd. · ASX:SPD
Southern Palladium — Africa Down Under Conference 2026
25 slides from Southern Palladium's conference presentation, September 2026
Slide 1: Bengwenyama PGM–Chrome Project
ASX: SPD | JSE: SDL Bengwenyama PGM–Chrome Project A Tier-1 Development in the Bushveld Complex Eastern Limb | Bushveld Complex | SOUTH AFRICA 1 Corporate Presentation | Africa Down Under Conference, Perth | Sep 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: 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. >30-year mine life. Scale, grade, co-product exposure
Slide 4: Corporate Overview
Corporate Overview Bengwenyama SOUTHERN PALLADIUM LIMITED (ASX:SPD, JSE:SDL) Community Share Price ASX/JSE A$1,96 ZAc22,48 A$ USD Total number of shares issued 132,33m Southern 5.7% Nurinox 1 Market cap 260m 184m Palladium Investments Cash at Bank 2 24,3m 17,3m Limited (Pty) Ltd Enterprise Value 235
Slide 5: From Exploration to Development
From Exploration to Development Project substantially de-risked and progressing toward development A Track Record Of Delivery At Bengwenyama Maiden PFS & Environmental Optimised Mining A$19m Raised In IPO Submit Mining MRE Update 6.2moz PFS: A$28m Early Decline June 2022 Drilling Starts Right 40moz
Slide 6: South Africa: Reform is Gaining Momentum
Mining remains a major 469,765 direct mining jobs | ~6% of economic pillar GDP | ~R1.1tn industry turnover South Africa: Reform is Gaining Momentum Reforms in electricity and rail are delivering results. Electricity supply is now Key constraints are reliable and in surplus. Rail performance A global
Slide 7: 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 6.2Moz Reserve Mining Right 40Moz Resource US$857m NPV DFS & optimisa
Slide 8: A Large, High-grade Resource Acquired at Low EV/Oz
A Large, High-grade Resource Bengwenyama screens favourably against listed PGM Acquired at Low Ev/Oz peers on scale, grade and attributable resource value ~5g/t grade | Large attributable resource | ~A$6/oz EV/resource Potential for valuation re-rate as Bengwenyama advances through development 8 Not
Slide 9: 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 10: Large, High-grade Resource with Reserve Conversion
Large, High-grade Resource with Reserve Conversion Resource & Reserve base established ahead of PFS Already Demonstrated 40.25Moz1 PGM Distribution Attractive PGM Basket with Mineral Resource in Orebody (6E) Meaningful By-Product Credits 2 (combined UG2 & Merensky) 6.29Moz2 Probable Ore Reserve 31.7
Slide 11: Robust Economics With A Lower-capital, Staged 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 North Decline 400koz pa South Decline 200koz pa Peak funding requirem
Slide 12: 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 13: 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 14: 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 15: Chrome Emerges as a Material Co-product Opportunity
Chrome Emerges as a Material DFS Testwork Supports ~3x Higher Chrome Output Co-product Opportunity While Maintaining A 42.2% Cr203 Concentrate Grade The Largest Metallurgical Value Shift Chromite recovery PFS assumption 42.2% ~1.0 Mtpa 30% Cr203 concentrate grade Stage 2 chrome conc. DFS testwork 85
Slide 16: 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 17: High-grade PGM Concentrate Supports Offtake Potential
404.4 g/t 443.6 g/t 3E PGM concentrate grade 4E PGM concentrate grade High-grade PGM Concentrate Supports Offtake Potential 505.9 g/t 1.2% DFS testwork delivers strong concentrate grades, 6E PGM concentrate grade concentrate mass pull with final specification optimisation underway Issues to close Op
Slide 18: 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 19: Near-term Catalysts to Advance Bengwenyama Toward Development
30-year Mining Right Granted on 7 August 2026 Permitting Waste management and water licenses progressing DFS & Resource Updated MRE statement due 4Q26 Studies Finalised DFS due 1Q27 Near-term Catalysts to Advance Bengwenyama Early Contracts to be awarded 4Q26 Toward Development Development Early box
Slide 20: Positioned for The Next Stage Of Development
Bengwenyama: Positioned for The Next Stage Of Development Major regulatory milestones substantially complete Robust PFS economics with staged development optionality DFS and early development work fully underway Positioned for FID as PGM and chrome fundamentals strengthen 20
Slide 21: 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 21
Slide 22: 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 23: 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 24: EV/OZ calculation
EV/OZ calculation EV Attributable Resource Attributable 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 Palladium SPD/SD
Slide 25: 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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