Southern Palladium Ltd. · ASX:SPD
Southern Palladium — Australian Gold Conference 2026
27 slides from Southern Palladium's conference presentation, Oct 15, 2026
Slide 1: Southern Palladium presents to Australian Gold Conference
For personal use only 15 October 2026 Southern Palladium presents to Australian Gold Conference Southern Palladium (ASX:SPD and JSE:SDL), ‘Southern Palladium’ or ‘the Company’) is pleased to advise shareholders and investors that Executive Chairman Mr Roger Baxter will present at the Australian Gold
Slide 2: Material Update in Project Value via Updated PFS
rsonal use only 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 3: Disclaimer
rsonal use only 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 repre
Slide 4: 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 rsonal use only ~4.7g/t grade | Large attributable resource | ~A$6/oz EV/resource oz Potential for valuation re-rate as Bengwenyama advances throug
Slide 5: Investment Highlights
World Class Prime PGM mining real estate: Eastern Limb; adjacent to established PGM operations and Bushveld Location Bengwenyama infrastructure. rsonal use only Investment Highlights >40 Moz 3PGE+Au resource base; UG2 Scale & Grade and Merensky reef optionality; 33-year mine life. Scale, grade, co-p
Slide 6: South Africa: Reform as Gaining Momentum
Mining remains a major 469,765 direct mining jobs | ~5.8% of economic pillar GDP | ~R1.1tn industry turnover rsonal use only South Africa: Reform as Gaining Momentum Electricity reliability has improved, logistics reform is underway and private Key constraints are participation is increasing. The Mi
Slide 7: A Tier-1 PGM-Chrome Asset in Eastern Limb
PGMs + Chrome + Ni-Cu-Au by-products A Tier-1 PGM-Chrome Asset In Eastern Limb rsonal use only 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 Proje
Slide 8: Corporate Overview
Corporate Overview Bengwenyama SOUTHERN PALLADIUM LIMITED (ASX:SPD, JSE:SDL) Community rsonal use only 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 Enter
Slide 9: 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 rsonal use only US$1.96bn 39.1% 2.8 yrs US$329m Post-tax NPV (8% real) Post-tax IRR Payback period Peak funding requirement ▲ 129% vs OPFS US$
Slide 10: Key Financial Outcomes
Key Financial Outcomes The Updated PFS delivers a step-change in value against the OPFS Updated PFS life of mine rsonal use only 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 plan
Slide 11: 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% rsonal use only 1,407 AISC incl. margin 6E head grade 2,516 OPF
Slide 12: 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. rsonal use only • The Project is highly leveraged to the exchange rate, grade and PGM prices, and
Slide 13: From Exploration To Development: A Track Record Of Delivery
From Exploration To Development Project substantially de-risked and A Track Record Of Delivery At Bengwenyama progressing toward development rsonal use only 2022–2024 2025 2026 Discovery & De-risking Studies & Funding Development 33,000m drilling 6.29Moz Reserve Mining Right 40.3Moz Resource US$857m
Slide 14: 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 rsonal use only 40.25Moz1 PGM Distribution Revenue share by commodity, updated PFS3 Mineral Resource in Orebody (6E) (combined UG2 & Merensky) Chromite, 19% Platinum, 25% 6.29Moz2
Slide 15: 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. rsonal use only Stage 1 Stage 2 Construction and Ramp-up Ore tonnes (tpm) North Decline ~420koz South Decline
Slide 16: 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 17: 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 rsonal use only 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 reject
Slide 18: DFS Metallurgy Materially Strengthens The PGM-Chrome Value Proposition
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 rsonal use only Metric PFS / OPFS DFS testwork Change Two numbers drive the reframe Chromite recovery % — PFS Chr
Slide 19: 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 rsonal use only % of total South Africa 23M South Africa 72 Zimbabwe 12 Turkey 9M Kazakhstan 5 Kazakh
Slide 20: Clear Development Pathway to First Production
Clear Development Pathway Early development targeted from 2026, to First Production ahead of mine and plant build-out rsonal use only Today 2026 2027 2028 2029 2030 Site Clearance Site Access Roads Establishment Fence RFQ, Mobilisation Site Estalishment Contractor Contractor Site Establishment, Box
Slide 21: 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 rsonal use only Studies Finalised DFS due 1Q27 Near-term Catalysts to Advance Bengwenyama Ear
Slide 22: Bengwenyama: Positioned for The Next Stage Of Development
Bengwenyama: rsonal use only Positioned for The Next Stage Of Development Major regulatory milestones substantially complete Updated PFS: US$1.96bn NPV, 39.1% IRR, with staged development optionality DFS fully underway Positioned for FID as PGM and chrome fundamentals strengthen 21
Slide 23: Contact Us
rsonal use only Johannesburg, South Africa Coldstream Office Park, Suite 6 2 Coldstream Street Little Falls, Roodepoort Johannesburg Sydney, Australia Level 1, 283 George Street, Sydney, NSW 2000 Contact Us Email: info@southernpalladium.com 22
Slide 24: Bengwenyama Project Resources and Reserves
Bengwenyama Project Resources and Reserves Combined UG2 and MR Mineral Resource as at 23 October 2024 Tonnes Thickness Pt Pd Rh Au Ir Os Ru 4E 7E Cu Ni Total rsonal use only Reef Resource Category Moz (4E) Moz (7E) Mt (m) (g/t) (%) Moz1 Merensky Indicated 25.11 2.02 1.62 0.64 0.10 0.12 0.03 0.03 0.2
Slide 25: Bengwenyama Project Resources and Reserves: UG2 Ore Reserves
Bengwenyama Project Resources and Reserves UG2 Ore Reserves Estimation as at 28 October 2024 rsonal use only Tonnes Pt Pd Rh Au lr Os Ru 4E 6E Cu Ni Cr203 Moz(4E) Moz(6E) Ore Reserve Category Mt (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (%) (%) (%) Probable 31.72 2.34 2.33 0.48 0.07 0.16
Slide 26: Appendix - EV/OZ calculation
Appendix 1 - EV/OZ calculation Attributable EV Attributable Resource Grade (4E Name and Ticker Ticker Exchange Mkt cap (A$) Cash (A$) Debt (A$) EV (A$) resource M, I, (A$)/Resourc Sources Status EV (A$) 100% & I (4E Moz) g/tonne) e oz rsonal use only Annual report 2025, Quarterly MR granted 7/8/26,
Slide 27: Compliance Statement
Compliance Statement JORC Compliance Statement rsonal use only 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)