Southern Palladium Limited

Southern Palladium is advancing the Bengwenyama PGM Project, an advanced-stage development on the Eastern Limb of South Africa’s Bushveld Complex, a globally recognised PGM and chrome hub. Bengwenyama hosts a Mineral Resource of 40.25 Moz (7E) and a JORC Probable Reserve of 6.29 Moz at 6.17 g/t (6E) on the UG2 reef. The Optimised Pre-Feasibility Study confirmed robust project economics, a staged, capital-efficient development pathway and a long-life, low-cost operation. The Company is progressing a Definitive Feasibility Study (DFS) targeted for 2H CY2026, supported by a ~10,000 m metallurgical and geotechnical drilling programme. A$20 million in new funding supports DFS, permitting and early development ahead of FID in 2026.

Management Profile

Johan Odendaal, Managing Director

Johan Odendaal is a Mineral Economist with more than 36 years’ experience in mining and finance. He co-founded Minxcon in 2005 and has advised leading mining companies, investors and financial institutions across valuations, mine-financial analysis and corporate strategy. Johan previously headed mining research at a leading South African brokerage and was Vice President at Merrill Lynch. He is also CEO of Miracle Upon Miracle Investments (MUM), 70% subsidiary of Southern Palladium. Johan holds a B.Sc. in Geology, a B.Sc. (Hons) in Mineral Economics, and an M.Sc. in Mining Engineering.

Mike Stirzaker, Lead Independent Non-Executive Director

Mike Stirzaker brings more than 40 years’ experience in mining finance and investment. A Chartered Accountant, he has held senior roles including Joint Managing Director of RFC Group, Partner at Tennant Metals, Finance Director of Finders Resources and Partner at Pacific Road Capital, a private equity mining fund. Mike currently serves as Independent Non-Executive Chair of Base Resources Limited and Non-Executive Director of Firestone Diamonds PLC. He was Interim Chair of Southern Palladium from May to December 2023. Mike Stirzaker has a B.Com (University of Cape Town) and qualified as a Chartered Accountant (Australia) whilst working with KPMG.

Rob Thomson, Independent Non-Executive Director

Rob Thomson has a 40-year international mining career, building and commercialising gold and base-metal projects into successful operations, including Sepon, Chatree, Didipio and Wetar. He has held senior leadership roles as CEO, Executive Director and Project Director, and was Managing Director of Theta Gold Mines from 2016 to 2021. Rob holds a Bachelor of Engineering (Mining) from the University of Queensland, an MBA from the University of Wollongong, and is a Fellow of the Australasian Institute of Mining and Metallurgy. He currently serves as an Independent Non-Executive Director of Pacific Nickel Mines Limited and Bayrock Resources Limited.

What are your key goals for the next 3, 6 and 12 months?

3 Months

Drilling for detailed Metallurgical and Geotechnical Studies for the Definitive Feasibility Studies. Complete regulatory requirements, including the granting of a mining right. Project Execution Plan.

6 Months

Complete Definitive Feasibility Study. Project Readiness Plan. Detailed Engineering Drawings. Independent Technical Consultants DD’s

12 Months

Final Investment Decision (FID)

What do you think makes your company such a compelling investment?

World-Class Project: The project boasts a shallow, high-grade ore deposit with a significant resource base strategically located near major infrastructure, ensuring cost-effective and efficient development. Exceptional Leadership: Our management team has a proven track record in the platinum group metals (PGMs) sector, backed by extensive expertise in South African mine development and operations. Favourable Market Dynamics: Structural Deficit. Global carbon reduction initiatives, advancements in hydrogen production, hybrid vehicle technologies are driving renewed demand for PGMs. The market outlook is further bolstered by PGMs being designated as critical minerals on priority lists of major economies. These elements position us uniquely to deliver significant value to our investors while contributing to the global shift towards cleaner and more sustainable technologies.