Southern Palladium Ltd. · ASX:SPD
Southern Palladium — PGM Industry Day, Johannesburg 2025
24 slides from Southern Palladium's conference presentation, Apr 4, 2025
Slide 1: PGM Industry Day Presentation, Johannesburg SA
4 April 2025 PGM Industry Day Presentation, Johannesburg SA Southern Palladium Limited (ASX Code: SPD and JSE Code: SDL) releases the Company’s Presentation for the PGM Industry Day in Johannesburg, South Africa. Authorised by the Executive Chairman. For further information, please contact: Johan Od
Slide 2: Advancing the World-Class Bengwenyama PGM Project Towards Production
ADVANCING THE WORLD-CLASS BENGWENYAMA PGM PROJECT ASX: SPD TOWARDS PRODUCTION JSE: SDL 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 Pretoria Johannesburg PAGE 3
Slide 5: Mineral Resource Update
MINERAL RESOURCE UPDATE ONE OF 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 40.25Moz 8.17Moz at a UG2 and grade of 9.89 g/t over Merensky Reef 73cm Source: 1. ASX Ann
Slide 6: PFS Study Results: Maiden JORC Reserve of 6.29Moz
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 October 2024 , 100% 2. 6E – Platinum, Palladium, Rhodium, Ruthenium, Iridium + Au PAGE 5
Slide 7: PFS Study Results: NPV8 >US$1.0BN; IRR 28%
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$1.060 billion² contingency) Annual steady state IRR (post-tax) production EBITDA (LoM average) 28% 400 Koz p.a. 6E US$300 million p.a. 150 Koz p.a. Pt P
Slide 8: PFS Study Results: Equal Contribution from Pt, Pd, Rh
BENGWENYAMA PROJECT PFS STUDY RESULTS EQUAL CONTRIBUTION FROM, PT, PD, RH WITH ATTRACTIVE BYPRODUCT CHROME 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
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: Are Rhodium Prices the 'Canary in the Coalmine?'
ARE RHODIUM PRICES THE ‘CANARY IN THE COALMINE?’ Above-ground Rhodium inventory could be lower than previously anticipated • In 2025 to-date, rhodium prices have increased by approximately 25.14%, rising from US$4,570 per troy ounce to around US$5,720 per troy ounce • Alongside the structural supply
Slide 11: 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 12: Bengwenyama Project Timeline
BENGWENYAMA PROJECT TIMELINE Mining Right Early Break Ground FID 2Q2025 2027 2026/Jun 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 13: 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 reserve (6.2g/t) of the UG2
Slide 14: 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 15: Appendix
Appendix PAGE 14
Slide 16: 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 17: PGM Market Expectations
PGM MARKET EXPECTATIONS Each 3E PGM is forecast to be in deficit for 2024 • Metal Deficits: JM forecast deficits for Pt, Pd Rh and Ru for 2024, and WPIC predicts supply-to- demand deficits for Pt each year out to 2028 Platinum Supply and Demand Balance Above ground stocks will decrease on platinum m
Slide 18: Corporate Overview
CORPORATE OVERVIEW Shareholders SOUTHERN PALLADIUM LIMITED (ASX:SPD, JSE:SDL) Share Price ASX/JSE A$0.39 ZAR2.76 A$ ZAR Total number of shares issued 90.95m 1 Market cap 36m 417m Cash at Bank (31 December 2024) 4.1m 48m Enterprise Value 31.4m 370m Options with exercise price of A$0.875 expires on Ju
Slide 19: Bengwenyama Project Corporate and Social Responsibility
BENGWENYAMA PROJECT CORPORATE AND SOCIAL RESPONSIBILITY Long standing relationship with Social and Labour Plan Social and Labour the Bengwenyama developed in line with the Plan reviewed by Community a single Mining Charter and MPRDA DMRE and FTLM and Community and our partner requirements to support
Slide 20: 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 21: 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 PAGE20 Source: Joh
Slide 22: Platinum Group Metal Industry - 2024
PLATINUM GROUP METAL INDUSTRY -2024 Platinum Palladium Supply Rhodium Supply Platinum Demand Palladium Demand A’ Rhodium Demand PAGE21 Source: Johnson Matthey PGM Market Report 2024
Slide 23: PFS Study Results: Resources and Reserves
BENGWENYAMA PROJECT PFS STUDY RESULTS 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
Slide 24: 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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