Southern Palladium Ltd. · ASX:SPD
Southern Palladium — 121 Mining Investment Conference Cape Town 2025
21 slides from Southern Palladium's conference presentation, Feb 3, 2025
Slide 1: 121 Mining Investment Cape Town Presentation
3 February 2025 121 Mining Investment Cape Town Presentation Southern Palladium Limited (ASX Code: SPD and JSE Code: SDL) releases the Company’s Investor Presentation which the Managing Director, Mr Johan Odendaal will present today at the 121 Mining Investment Conference in Cape Town, South Africa.
Slide 2: Advancing the Low Cost, High Grade Bengwenyama PGM Project Towards Production
ADVANCING THE LOW COST, HIGH GRADE BENGWENYAMA ASX: SPD PGM PROJECT TOWARDS JSE: SDL PRODUCTION 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 SPD owns 70% of the Pretoria Bengwenyama project Johannesburg PAGE 3
Slide 5: Mineral Resource Update
MINERAL RESOURCE UPDATE BENGWENYAMA, ONE OF WORLD’S THE LARGEST REMAINING UNDEVELOPED PGM RESOURCES 82 drillholes were completed 30,746m Mineral Resource The UG2 (M&l) Mineral ounces (M,I&I) Resource ounces is now has increased to 40.25Moz2,3 8.17Moz2,3at a UG2 and grade of 9.89 g/t over Merensky Re
Slide 6: Bengwenyama PFS Study Results: Maiden JORC Reserve of 6.29Moz
BENGWENYAMA PFS STUDY RESULTS MAIDEN JORC RESERVE OF 6.29MOZ (6E) Maiden Ore Reserve of 6.29 Moz1 Developers Producers on 23 October 2024 31.72Mt @ 6.17g/t 6E plus Cr2O3 @19.03% over LoM. SPD Source: 1. ASX Announcement 28 October2024 , 100% basis 2. 6E – Platinum, Palladium, Rhodium, Ruthenium, Iri
Slide 7: Bengwenyama PFS Study Results: NPV8 >US$1.0BN; IRR 28%
BENGWENYAMA PFS STUDY RESULTS NPV8 >US$1.0BN; IRR 28% 2.4 Mtpa UG2 reef at steady Peak funding requirement NPV8% (post-tax) state US$450 million (incl. ~15% US$1.060billion² contingency) Annual steady state IRR (post-tax) production EBITDA (LoM average) 28% 400 Koz p.a. 6E US$300 million p.a. 150 Ko
Slide 8: Bengwenyama PFS Study Results: Equal Contribution from Pt, Pd, Rh
BENGWENYAMA PFS STUDY RESULTS EQUAL CONTRIBUTION FROM, PT, PD, RH WITH ATTRACTIVE BYPRODUCT CHROMITE 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 590Koz
Slide 9: PGM Market Expectations
PGM MARKET EXPECTATIONS World Platinum Investment Council - 2025 outlook • Muted supply and resilient demand reiterate risk of metal shortages in global platinum markets1 • Market trends are on track to support a third year of consecutive platinum supply deficits in 20251 • The result of ongoing def
Slide 10: 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 Share Price vs UG2 Basket Price SPD’s projected All-In Sustaining Costs (AISC) are at the low end of the cost curve among major Bushveld producers
Slide 11: Bengwenyama Project Timeline
BENGWENYAMA PROJECT TIMELINE Mining Right Early Break Ground FID 2Q2025 2026/Jun 2027 Today Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Drilling - Metallurgical and Geotechnical assays, Deflection DFS DFS study work Independent Technical Consultants DD’s (Banks), Pre- Execution Tenders and Detailed Engineering Proje
Slide 12: 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 supportive local community • High UG2 res
Slide 13: 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 14: Appendix
Appendix PAGE 13
Slide 15: 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 16: Corporate Overview
CORPORATE OVERVIEW Shareholders SOUTHERN PALLADIUM LIMITED (ASX:SPD, JSE:SDL) Share Price ASX/JSE A$0.53 ZAR5 A$ ZAR Total number of shares issued 90.95m 1 Market cap 48m 552m Cash at Bank (31 December 2024) 4.1m 47.2m Enterprise Value 43.7m 505m Options with exercise price of A$0.875 expires on Jun
Slide 17: PGM Dynamics Are Experiencing a Change
PGM DYNAMICS ARE EXPERIENCING A CHANGE • Decline in primary mine production: South Africa’s PGM production profile likely to decline marginally over the next few years as older deep level shafts face closure • Decline in Recycling: Recycling rates have been decreasing for several years, further tigh
Slide 18: 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 PAGE17 Source: Joh
Slide 19: Platinum Group Metal Industry - 2024
PLATINUM GROUP METAL INDUSTRY -2024 Platinum Palladium Supply Rhodium Supply Platinum Demand Palladium Demand A’ Rhodium Demand PAGE18 Source: Johnson Matthey PGM Market Report 2024
Slide 20: 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 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
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