Southern Palladium Ltd. · ASX:SPD
Southern Palladium — Sydney Mining Club (October 2025)
25 slides from Southern Palladium's conference presentation, October 2025
Slide 1: Southern Palladium Limited: The Next Major PGM Development Opportunity
SOUTHERN PALLADIUM LIMITED THE NEXT MAJOR 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?
WHY PLATINUM GROUP METALS? CRITICAL MINERALS TO POWER MAJOR INDUSTRIES What are PGMs: platinum, palladium, rhodium, ruthenium, iridium, osmium Strategic Relevance: • Classified by all major economies as critical minerals Diverse Applications: • Automotive: catalytic converters • Industrial: various
Slide 4: Global PGM Markets: Structural Supply Deficit Developing
GLOBAL PGM MARKETS STRUCTURAL SUPPLY DEFICIT DEVELOPING 40 m Waterberg Deposit 13 story stopes • Significantly deeper platinum market deficit than previously forecast1 • Similar supply squeeze developing in rhodium and ruthenium • Platinum jewellery demand 1.85 m at highest level Reef Merensky since
Slide 5: Global PGM Markets: Platinum Demand Trend Accelerates
GLOBAL PGM MARKETS PLATINUM DEMAND TREND ACCELERATES 40 m Waterberg Deposit 13 story stopes • In 2024, China became the single largest market for platinum bar and coin investment demand globally. • Investment trend supported primarily by platinum’s deep discount to gold Merensky Reef 1.85 m 1.20 m C
Slide 6: 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, 14% Nicolas Daniel Resources, Major Shareholders 12% Other, 62% Top 20 holders 71% Nurinox Inves
Slide 7: Tier-1 PGM Asset: Ideally Located in Prime PGM Mining Real Estate
TIER-1 PLATINUM GROUP METAL (PGM) ASSET: IDEALLY LOCATED IN PRIME PGM MINING REAL ESTATE EASTERN LIMB / Bengwenyama Project / 300 km Pretoria Johannesburg PAGE 7
Slide 8: The South African PGM Industry: The Value Chain
THE SOUTH AFRICAN PGM INDUSTRY: THE VALUE CHAIN: PAGE 8
Slide 9: 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, skill and services Steelpoort Railway Statio
Slide 10: The Bushveld Advantage
THE BUSHVELD ADVANTAGE DIRECT ACCESS TO ESTABLISHED INFRASTRUCTURE Paved Road to Site De Hoop Dam Water Source at Entrance Heavy Industrialised Area Office Area Good Drill Rig Access to Power Mines Rescue Services Availability Centre PAGE10
Slide 11: The Creation of a Tier 1 Project: 40.25Moz Resource
THE CREATION OF A TIER 1 PROJECT ONE OF THE LARGEST REMAINING UNDEVELOPED PGM RESOURCES 82 drillholes were completed 30,746m Mineral Resource Maiden Probable Ore Reserve of (M,I&I) 6.29 Moz2 40.25Moz1 UG2 and 31.72Mt @ 6.17g/t 6E Merensky Reef Plus Cr2O3 @19% Source: 1. “ASX Announcement 23 October
Slide 12: Optimised Prefeasibility Study: Key Project Results
OPTIMISED PREFEASIBILITY STUDY BENGWENYAMA KEY PROJECT RESULTS UG2 Reef OPFS based on the same weighted basket PGM price as used in the original PFS. Stage 1 1.2Mtpa Current spot basket prices ~15% higher. Stage 2 2.4Mtpa ~US$200m real post tax NPV uplift. Steady state production Peak funding requir
Slide 13: 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. • Next logical step was to align the base case with preferred funding options • Hence two stage approach = OPFS • South Decline (Stage 1) enable
Slide 14: 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 North Decline South Decline Stage 1 is not dependent on Stage 2 for its economic success PAGE14 Tapering cash flow
Slide 15: Optimised Prefeasibility Study: Production Profile
OPTIMISED PREFEASIBILITY STUDY PRODUCTION PROFILE Stage 1: Initially from South Decline Stage 2: South and North Decline 100ktpm,@5.97g/t Head Grade 200ktpm,@6.54g/t Head Grade 85% Recovery > 200 000 oz pa 85% Recovery > 400 000 oz pa PAGE15
Slide 16: Optimised Prefeasibility Study: Highly Attractive Option
OPTIMISED PREFEASIBILITY STUDY HIGHLY ATTRACTIVE OPTION Revenue split • Stage 1: Peak funding requirement of US$279m – representing a 38% reduction (US$173m) to the peak funding total set out in the PFS (US$450m) • Stage 2: expansion capital to be funded through cashflow Stage 1 Stage 1 & Stage 2 Pe
Slide 17: 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 metallurgical and geotechnical study work. • Undertake resource infill drilling to improve confidence in the planned early access areas. •
Slide 18: DFS Minesite Planning
DFS MINESITE PLANNING Stage 1 - Minesite planning: • Decline intercepts UG2 at 50m depth • Detailed box-cut, RoM pad, mine site, settling and collector dam and associated facilities close to finalization • Located away from Community and infrastructure impacts PAGE18
Slide 19: Pathway to Development
PATHWAY TO DEVELOPMENT KEY NEAR-TERM MILESTONES TO UNLOCK VALUE FID Mining Right Granting 2026/Jun 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 Tec
Slide 20: 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 • Long standing relationship with a single • High grade supportive local community • Shallow: all rese
Slide 21: 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 22: 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 23: 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
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 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 25: Compliance Statement
COMPLIANCE STATEMENT • Page 11 – Mineral Resource Ounces: 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) crea
Southern Palladium — Sydney Mining Club (October 2025) on 6ix