Southern Palladium Ltd. · ASX:SPD
Southern Palladium — 1-2-1 Mining Investment Conference 2026
16 slides from Southern Palladium's conference presentation, Feb 9, 2026
Slide 1: Southern Palladium 1-2-1 Mining Investment Conference Presentation
9 February 2026 Southern Palladium 1-2-1 Mining Investment Conference Presentation Southern Palladium (ASX:SPD and JSE:SDL), ‘Southern Palladium’ or ‘the Company’) is pleased to advise shareholders and investors that Southern Palladium will present at the “1-2-1 Mining Investment Conference” in Cape
Slide 2: The Next World-Class Platinum Group Metals Development Opportunity
THE NEXT WORLD-CLASS PLATINUM GROUP METALS DEVELOPMENT OPPORTUNITY BENGWENYAMA PROJECT | EASTERN LIMB, BUSHVELD COMPLEX ASX: SPD JSE: SDL 1-2-1 Mining Investment Conference Cape Town February 2026 PAGE 1
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: IN PRIME BUSHVELD MINING REAL ESTATE EASTERN LIMB + Ni+Cu+Cr2O3 / Bengwenyama Project / 300 km Pretoria Johannesburg PAGE 3
Slide 5: Our Achievements and Goals
OUR ACHIEVEMENTS AND GOALS PROJECT DELIVERY ON-TIME AND ON-BUDGET – KEY MILESTONES A$19m PFS Maiden Environmental OPFS Submit MRE Update A$8m A$20m MINING Early Decline raised in IPO Drilling Starts Reserve Authorisation NPV Mining Right 40Moz Placement Placement RIGHT Development June 2022 6.2Moz G
Slide 6: Exploration: Orebody Understanding & Scale 2022-2024
EXPLORATION: OREBODY UNDERSTANDING & SCALE 2022-2024 LARGE, HIGH-QUALITY UG2 AND MERENSKY OREBODY PGM Distribution in Orebody Mineral Resource ounces (M,I&I) 40.25Moz1 combined UG2 & Merensky Mineral PFS Resource Attractive PGM Basket with Meaningful By-Product Credits Maiden Probable Ore Reserve of
Slide 7: 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) All in Sustainable Costs (AISC): Economically via
Slide 8: Drilling: DFS De-risking Drilling Progress 2025/26
DRILLING: DFS DE-RISKING DRILLING PROGRESS: 2025/26 DFS DRILLING PROGRAM WELL ADVANCED SOUTH DECLINE AREA • DFS drill programme advancing on schedule with six diamond rigs operating on site • Metallurgical, surface geotechnical and test pitting work have now been completed, with underground geotechn
Slide 9: DFS & Early Development Readiness
DFS & EARLY DEVELOPMENT READINESS TRANSITIONING FROM STUDY PHASE TO EXECUTION READINESS DFS advancing across mine design, metallurgy, infrastructure • Independent peer review • Early contractor engagement underway Processing & Optimisation Strategy • Optimised, Low-Risk Processing Strategy • MF2 flo
Slide 10: Development Timeline
DEVELOPMENT TIMELINE CLEAR PATH FROM DFS TO FIRST PRODUCTION 2025 Today 2026 2027 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Pitting & Drilling Metallurgical sample drilling, surface geotechnical drilling and test pitting Drillling Sep 1 - May 22 Unde
Slide 11: Global PGM Markets
GLOBAL PGM MARKETS MARKET EXPECTED TO REMAIN IN STRUCTURAL DEFICIT Platinum Palladium Rhodium Primary Supply 2025 5.5Moz 6.4Moz 0.7Moz SA 70% of primary supply: SA share of supply likely to be down ~3% at 3.6 SA 35% SA 80% Moz in 2025 Demand 2025 7.7Moz 9.4Moz 1.0Moz Critical Minerals Accelerate buy
Slide 12: Summary and Outlook
SUMMARY AND OUTLOOK • Regulatory de-risking largely complete • Strong PFS economics • Well-funded for DFS and early development • Positioned for FID in a tightening PGM market PAGE11
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 PAGE12
Slide 14: Corporate Overview
CORPORATE OVERVIEW: Bengwenyama Community SOUTHERN PALLADIUM LIMITED (ASX:SPD, JSE:SDL) Share Price ASX/JSE A$2.14 ZAc2300 A$ ZAR Southern (Million) 6% Nurinox Investments Palladium Total number of shares issued 125.189 (Pty) Ltd Limited Market cap 1 268 3,001 2 Cash at Bank 24 263 Enterprise Value
Slide 15: 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 16: Compliance Statement
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 (7E) created on 23 O
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