Southern Palladium Ltd. · ASX:SPD
Southern Palladium — Noosa Mining Investor Conference 2026
20 slides from Southern Palladium's conference presentation, Jul 23, 2026
Slide 1: Southern Palladium presents to Noosa Mining Investor Conference
23 July 2026 Southern Palladium presents to Noosa Mining Investor Conference: Repositioning Bengwenyama as a PGM-Chrome co-product development Southern Palladium (ASX:SPD and JSE:SDL), ‘Southern Palladium’ or ‘the Company’) is pleased to advise shareholders and investors that Executive Chairman Roge
Slide 2: Repositioning Bengwenyama as a PGM–Chrome co-product development
ASX: SPD / JSE: SDL DFS METALLURGY: Repositioning Bengwenyama as a PGM–Chrome co-product development Bengwenyama Project | Eastern Limb, Bushveld Complex Noosa: July 2026 1
Slide 3: Tier-1 Platinum Group Metal (PGM) Asset
TIER-1 PLATINUM GROUP METAL (PGM) ASSET: IN PRIME BUSHVELD MINING REAL ESTATE EASTERN LIMB N ZIMBABWE Limpopo MOZAMBIQUE 0 20 40 BOTSWANA Kilometres Legend Gauteng Implats North-West Operating mine Mpumalanga Marula NAMIBIA Bushveld projects Free State Valterra Platinum/ARM Bengwenyama project KwaZu
Slide 4: Exploration: Orebody Understanding & Scale 2022-2024
EXPLORATION: OREBODY UNDERSTANDING & SCALE 2022-2024 LARGE, HIGH-QUALITY UG2 AND MERENSKY OREBODY PGM Distribution in Orebody (6E) Mineral Resource Maiden ounces (M,I&I) Probable Ore Reserve 40.25Moz1 of 6.29Moz2 PFS combined UG2 & Merensky Mineral Resource on 28 October 2024 31.72Mt @ 6.17g/t 6E pl
Slide 5: Optimised Prefeasibility Study Early 2025
OPTIMISED PREFEASIBILITY STUDY EARLY 2025 ROBUST OPFS ECONOMICS WITH STAGED DEVELOPMENT OPTIONALITY Stage 1 Stage 2 Construction and Ramp-up North Decline 400koz pa South Decline 200koz pa Peak funding requirement Costs (LOM average) NPV8% (post-tax) US$279 million All in Sustainable Costs (AISC): E
Slide 6: Processing Logic – Simplified Process Flow Sheet
PROCESSING LOGIC – SIMPLIFIED PROCESS FLOW SHEET SIMPLE, CONVENTIONAL, BETTER TUNED Chromite concentrate (Coarse and Fine) DMS Classification Primary Ball Mill Surface Cleaning Circuit Spiral circuit Desliming Why it works • DMS upgrades plant feed from 5.2g/t to Primary PGM flotation 7.2g/t 3E whil
Slide 7: DMS Pre-Concentration
DMS PRE-CONCENTRATION REVERSES DILUTION BEFORE THE MILL Run-of-mine feed DMS Upgraded Concentrator plant feed 1 5.2g/t 24-31% 7.2g/t <half RoM 3E PGM feed grade mass rejected upgraded 3E plant feed feed reports to primary flotation The economic signal • Lower mass through milling and flotation can r
Slide 8: DFS vs PFS Metallurgy
DFS VS PFS METALLURGY THE SAME OREBODY NOW MODELS AS A STRONGER PROCESSING AND CHROME RECOVERY PROPOSITION Metric PFS / OPFS DFS testwork Change Two numbers drive the reframe Chromite recovery — PFS Chromite recovery 30% 85.6% +55.6 pp 30% Chromite recovery — DFS Chromite conc. grade 42% Cr₂O₃ 42.2%
Slide 9: Chrome
CHROME THE LARGEST METALLURGICAL VALUE SHIFT Chromite recovery 42.2% ~500ktpa ~1.0Mtpa PFS assumption Cr₂O₃ concentrate Stage 1 chrome Stage 2 chrome 30% grade conc. conc. DFS testwork US$320/t 85.6% 42% Cr₂O₃ CIF marker, May 2026 Chrome concentrate output at 2.4Mtpa RoM Chrome is becoming a more me
Slide 10: PGM Flowsheet Relevance
PGM FLOWSHEET RELEVANCE FOR PRODUCERS AND OFFTAKERS 404.4g/t 443.6g/t 505.9g/t 1.2% 3E PGM 4E PGM 6E PGM PGM concentrate concentrate grade concentrate grade concentrate grade mass pull Metric PFS/OPFS DFS testwork Change Prill split of final primary concentrate Overall PGM recovery 85.3% 87.6% +2.3
Slide 11: Development Timeline
DEVELOPMENT TIMELINE CLEAR PATH FROM DFS TO FIRST PRODUCTION Today 2025 2026 2027 2028 2029 2030 2030 DFS study and DFS study DFS drilling Site clearance Site establishment Access roads Fence Box Cut Contractor RFQ, mobilisation, site establishment Contractor site establishment, box cut, portal supp
Slide 12: The Bengwenyama Differentiation Stack
THE BENGWENYAMA DIFFERENTIATION STACK GEOLOGY + PROCESSING + DEVELOPMENT SEQUENCING 1 2 3 4 5 Bushveld Co-product PGM concentrate Staged Scale location chrome quality fundability • Eastern Limb • >40 Moz 3PGE+Au • 85.6% chromite • 87.6% PGM recovery • OPFS staged • Adjacent to resource base recovery
Slide 13: Summary
SUMMARY WHAT SETS BENGWENYAMA APART 1 2 3 4 5 Bushveld Co-product PGM concentrate Staged Scale location chrome quality fundability • Eastern Limb • >40 Moz 3PGE+Au • 85.6% chromite • 87.6% PGM recovery • OPFS staged • Adjacent to resource base recovery • 443.6g/t 4E approach reduces established PGM
Slide 14: Appendices
ASX: SPD / JSE: SDL APPENDICES 13
Slide 15: Corporate Overview
CORPORATE OVERVIEW Bengwenyama Community Share price ASX/JSE A$1.41 ZAc1,245 Southern Palladium 5.7% Nurinox Investments A$ USD Limited (Pty) Ltd Total number of shares issued 132.33m Market cap 1 186m 130m Cash at bank 2 25.3m 17.7m 70% Miracle Upon Miracle 30% Enterprise value 160.7m 112.4m Invest
Slide 16: Our Achievements and Goals
OUR ACHIEVEMENTS AND GOALS PROJECT DELIVERY ON-TIME AND ON-BUDGET – KEY MILESTONES A$19m PFS Maiden Environmental OPFS MINING Submit MRE Update A$8m A$20m Early Decline raised in IPO Drilling Starts Reserve Authorisation NPV Mining Right 40Moz Placement Placement RIGHT Development June 2022 6.2Moz G
Slide 17: 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 18: 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 19: Compliance Statement
ASX: SPD / JSE: SDL 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
Slide 20: Contact Us
ASX: SPD / JSE: SDL 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 19
Southern Palladium — Noosa Mining Investor Conference 2026 on 6ix