Southern Palladium Ltd. · ASX:SPD
Southern Palladium — Investor Presentation (January 2026)
20 slides from Southern Palladium's investor presentation, January 2026
Slide 1: Southern Palladium Limited
SOUTHERN PALLADIUM LIMITED THE NEXT MAJOR WORLD-CLASS PGM DEVELOPMENT OPPORTUNITY PAGE 1
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: Why Platinum Group Metals? Critical Minerals to Power Major Industries
WHY PLATINUM GROUP METALS? CRITICAL MINERALS TO POWER MAJOR INDUSTRIES What are PGMs: (platinum, palladium, rhodium, ruthenium, iridium, osmium) Strategic Relevance: • PGMs are classified by all major economies as critical minerals due to their essential role in clean energy, automotive, and electro
Slide 4: Corporate Overview
CORPORATE OVERVIEW Bengwenyama Community Southern Nurinox 8% Palladium Investments Limited (Pty) Ltd Miracle Upon 70% 30% Miracle Investments (Pty) Ltd Bengwenyama Project Shareholders Mr Robert N Keith, 15% Major Shareholders Nicolas Daniel Resources, 12% Top 20 holders 71% Other, 62% Nurinox Inves
Slide 5: Tier-1 Platinum Group Metal (PGM) Asset
TIER-1 PLATINUM GROUP METAL (PGM) ASSET: IDEALLY LOCATED IN PRIME PGM MINING REAL ESTATE EASTERN LIMB + Ni+Cu+Cr2O3 / Bengwenyama Project / 300 km Pretoria Johannesburg PAGE 5
Slide 6: Project Location
PROJECT LOCATION SITUATED IN AN ESTABLISHED INDUSTRIAL HUB A A strategic shallow resource nestled between Mine Rescue Electricity Tier 1 operations Services Substation Modikwa Platinum Mine Easy access to major roads, power, railway, (Valterra/ARM) water, skills and services Steelpoort Railway Stati
Slide 7: The Creation of a World-Class Tier Project
THE CREATION OF A WORLD-CLASS TIER 1 PROJECT ONE OF THE LARGEST REMAINING UNDEVELOPED PGM RESOURCES 82 drillholes were completed 30,746m Mineral Resource (M,I&I) Maiden Probable Ore Reserve of 40.25Moz1 6.29 Moz2 UG2 and Merensky Reef 31.72Mt @ 6.17g/t 6E Plus Cr2O3 @19% Source: 1. ASX Announcement
Slide 8: Optimised Prefeasibility Study: Staged Development
OPTIMISED PREFEASIBILITY STUDY STAGED DEVELOPMENT • 2024 PFS confirmed that SPD can establish a Tier 1 project on the UG2 with a LoM of more than 20 years. • Align the base case with preferred funding options. • Two stage approach = OPFS • South Decline (Stage 1) enables faster access to the orebody
Slide 9: Optimised Prefeasibility Study: Bengwenyama Key Project Results
OPTIMISED PREFEASIBILITY STUDY BENGWENYAMA KEY PROJECT RESULTS UG2 Reef OPFS based on the weighted basket PGM price used in the original PFS. The current spot basket price is Stage 1 1.2Mtpa ~30% higher. Every 15% move in the PGM price Stage 2 2.4Mtpa basket equates to an approximate US$200 million
Slide 10: Optimised Prefeasibility Study: Ore Production Ramp Up
OPTIMISED PREFEASIBILITY STUDY ORE PRODUCTION RAMP UP Stage 1 accesses a high-grade section of the UG2 reef from a vertical depth of under 100m Stage 1 Stage 2 Construction and Ramp-up Combined (7E & 4E) Inferred Mineral Resource of 29.86 Moz* North Decline South Decline Stage 1 is not dependent on
Slide 11: Optimised Prefeasibility Study: Highly Attractive Option
OPTIMISED PREFEASIBILITY STUDY Revenue split HIGHLY ATTRACTIVE OPTION • Stage 1: Peak funding requirement of US$279m – representing a 38% reduction (US$173m) to the peak funding total set out in the original PFS (US$450m) • Stage 2: expansion capital to be funded through cashflow Stage 1 Stage 1 & S
Slide 12: DFS Stage 1 Minesite Planning
DFS STAGE 1 MINESITE PLANNING 10,000m diamond drill program advancing on schedule for detailed metallurgical and geotechnical work Stage 1 - Minesite planning: • Shallow orebody - planned decline to access the orebody at a depth of 50m • Average depth for Stage 1 (LoM) planning of just 200-250m, wit
Slide 13: Definitive Feasibility Study: Diamond Drilling Campaign Begins
DEFINITIVE FEASIBILITY STUDY ADVANCING PROJECT CONFIDENCE: DIAMOND DRILLING CAMPAIGN BEGINS 10,000m diamond drilling programme commenced to: • Complete detailed stage 1 metallurgical and geotechnical study work, followed by stage 2. • Undertake resource infill drilling to improve confidence in the s
Slide 14: Pathway to Development
PATHWAY TO DEVELOPMENT KEY NEAR-TERM MILESTONES TO UNLOCK VALUE FID Mining Right Granting 3Q26 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Options Studies 100% Optimised PFS 100% Pitting for surface Geotech studies Drilling for detailed Met, Geotech Studies and Resources infill DFS DFS Study work Independent Technic
Slide 15: 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 probable reserve (6.2g/t) of
Slide 16: 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 17: Maiden Probable JORC Reserve of 6.29Moz (6E)
THE CREATION OF A TIER 1 PROJECT MAIDEN PROBABLE JORC RESERVE OF 6.29MOZ (6E) Maiden probable Ore Reserve of 3 6.29 Moz1,2 on 28 October 2024 Developers Producers 31.72Mt @ 6.17g/t 6E plus Cr2O3 @19.03% over LoM. 10,000m metallurgical and geotechnical drill programme has now commenced, marking deliv
Slide 18: 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 Scoping Study Podium Minerals Limited (POD) ASX Parks Reef Report Scoping Study, PreFeasibility Study (PFS) targeted for completion in 2024 Annual
Slide 19: 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 20: Compliance Statement
COMPLIANCE STATEMENT • Mineral Resource Ounces and Probable Ore Reserves 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.
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