Southern Palladium Ltd. · ASX:SPD
Southern Palladium — Junior Indaba Conference 2025
21 slides from Southern Palladium's conference presentation, May 28, 2025
Slide 1: Junior Indaba Presentation, Johannesburg SA
28 May 2025 Junior Indaba Presentation, Johannesburg SA Southern Palladium Limited (ASX Code: SPD and JSE Code: SDL) releases the Company’s Presentation for the Junior Indaba Conference to be presented by the Company’s Managing Director – Mr Johan Odendaal in Johannesburg, South Africa today. Author
Slide 2: Navigating Uncertainty with a Tier-1 PGM Project
NAVIGATING UNCERTAINTY WITH A TIER-1 PGM PROJECT ASX: SPD JSE: SDL PAGE
Slide 3: 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 4: Tier-1 Platinum Group Metal (PGM) Asset
TIER-1 PLATINUM GROUP METAL (PGM) ASSET: IDEALLY LOCATED AMONG WELL-ESTABLISHED MINING OPERATIONS WITH EXISTING INFRASTRUCTURE EASTERN LIMB + Ni+Cu+Cr2O3 / Bengwenyama Project / 300 km Pretoria Johannesburg PAGE 3
Slide 5: Corporate Overview
CORPORATE OVERVIEW SOUTHERN PALLADIUM LIMITED (ASX:SPD, JSE:SDL) Share Price ASX/JSE A$0.35 ZAc370 A$ ZAR Total number of shares issued 90.95m 1 Market cap 32m 368m Cash at Bank (31 March 2025) 3.3m 37.3m Enterprise Value 28.7m 331m Options with exercise price of A$0.875 expires on June 2026 2 7.33m
Slide 6: The Creation of a Tier 1 Project
THE CREATION OF A TIER 1 PROJECT ONE OF THE LARGEST REMAINING UNDEVELOPED PGM RESOURCES 82 drillholes Mineral Resource were completed ounces (M,I&I – 7E) 30,746m 40.25Moz1 UG2 and Merensky Reef SPD EV/oz : USD 0.66/oz2 ENVIRONMENTAL AUTHORISATION3 issued by DMPR in May 2025; paves the way for near-t
Slide 7: Maiden JORC Reserve of 6.29Moz (6E)
THE CREATION OF A TIER 1 PROJECT MAIDEN JORC RESERVE OF 6.29MOZ (6E) Maiden Ore Reserve of 6.29 Moz1,2 Developers Producers on 23 October 2024 31.72Mt @ 6.17g/t 6E plus Cr2O3 @19.03% over LoM. SPD Source: 1. ASX Announcement 28 October 2024 , 100% 2. 6E – Platinum, Palladium, Rhodium, Ruthenium, Iri
Slide 8: PFS Study Results: NPV8 >US$1.0BN; IRR 28%
THE CREATION OF A TIER 1 PROJECT PFS STUDY RESULTS1: NPV8 >US$1.0BN; IRR 28% NPV8% (post-tax) 2.4 Mtpa UG2 reef at steady PFS Optimisation works US$1.060 billion² state PFS optimisation designed to IRR (post-tax) Low Costs (LoM average) attract near-term funding by: 28% Cash costs – US$644/6Eoz • re
Slide 9: Global PGM Markets
GLOBAL PGM MARKETS STRUCTURAL DEFICIT DEVELOPING Bengwenyama Prill Split and Revenue Split based on PFS Share Price vs UG2 Basket Price 40 m Waterberg Deposit 13 story stopes • Primary supply in South Africa is contracting • Significantly deeper Pt market deficit than previously forecast. • Pt deman
Slide 10: Pathway to Development
PATHWAY TO DEVELOPMENT KEY NEAR-TERM MILESTONES TO UNLOCK VALUE Environmental Mining Right: Authorisation Granted FID Break Ground 2Q2025 2027 2026/Jun 13/05 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Project PFS Update Optimisation Pitting and Drilling - Metallurgical and Geotechnical assays, Deflection DFS DFS st
Slide 11: 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 12: 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 13: Appendix
Appendix PAGE 12
Slide 14: Corporate Structure and Directors
CORPORATE STRUCTURE AND DIRECTORS BOARD OF DIRECTORS – SOUTHERN PALLADIUM (SPD) Bengwenyama NON-EXECUTIVE DIRECTORS Community Mike Stirzaker NED MUM Daan van Heerden NED MUM Lindi Nkosi Chairperson MUM Southern 9% Nurinox Rob Thomson Palladium Investments Roger Baxter Johan Odendaal Managing Directo
Slide 15: UG2 PGM M&I Resources
THE CREATION OF A TIER 1 PROJECT UG2 PGM M&I RESOURCES M&I: 8.17Moz at a grade of 9.89 g/t over 73cm3 Over the first 10 years of the project, 94% of ore production will come from JORC Measured and Indicated resource UG2 Resource Measured Resource – 2.30 Moz @10g/t Indicated Resource – 5.86 Moz @ 9.8
Slide 16: PFS Study Results
BENGWENYAMA PROJECT PFS STUDY RESULTS EQUAL CONTRIBUTION FROM, PT, PD, RH WITH ATTRACTIVE BYPRODUCT CHROME Contribution to Revenue Pt | Platinum Pd | Palladium 2.86Moz 2.85Moz Other 6% Chromite Platinum 12% 26% Iridium 4% 40 m US$11.2bn1 Rh | Rhodium 13 story stopes Ru | Ruthenium Waterberg Deposit
Slide 17: Platinum Group Metal Industry - 2024
PLATINUM GROUP METAL INDUSTRY -2024 Platinum Supply - 5,681koz Palladium Supply – 6,454koz Rhodium Supply - 704koz Secondary Supply – 1,335koz Secondary Supply – 2,919koz Secondary Supply – 295koz A’ Platinum Demand – 7,614 koz Palladium Demand – 9,731koz Rhodium Demand – 1,064koz PAGE16 Source: Joh
Slide 18: Platinum Group Metal Industry - 2024
PLATINUM GROUP METAL INDUSTRY -2024 Platinum Palladium Supply Rhodium Supply Platinum Demand Palladium Demand A’ Rhodium Demand PAGE17 Source: Johnson Matthey PGM Market Report 2024
Slide 19: PFS Study Results: Resources and Reserves
BENGWENYAMA PROJECT PFS STUDY RESULTS 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
Slide 20: Bengwenyama Value Proposition
BENGWENYAMA VALUE PROPOSITION A globally competitive PGM project in a rising price environment Inexpensive ounces - South African Cost Curve 6E AISC SPD’s projected All-In Sustaining Costs (AISC) are at the low end of the cost curve among major Bushveld producers PAGE19
Slide 21: 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