Wrap Text
Quarterly Activities Report for 31 December 2024
Southern Palladium Limited
Incorporated in the Commonwealth of Australia
Australian Company Number 646 391 899
ASX share code: SPD
JSE share code: SDL
ISIN AU0000220808
31 January 2025
Quarterly Activities Report for 31 December 2024
ASX:SPD, JSE:SDL
DECEMBER QUARTER HIGHLIGHTS
ACN: 646 399 891
Operational:
Corporate Directory • Completion of additional Resource Estimate upgrade for SPD's flagship 70%
owned Bengwenyama Platinum Group Metal (PGM) project, resulting in a
Executive Chairman total combined UG2 and Merensky Reef Mineral Resource ounces (Measured,
Roger Baxter Indicated and Inferred) of 40.25 Moz.
• The Measured and Indicated Mineral Resource for the UG2 and MR on a 7E
Managing Director basis is now 10.39Moz ounces.
Johan Odendaal
• Mining Right Application submitted 29 September 2023. Decision by the
Non-Executive Directors DMRE anticipated early Q2 2025.
Mike Stirzaker
Rob Thomson
Daan van Heerden • Completion of Prefeasibility Study (PFS) for the Bengwenyama PGM project,
Lindi Nkosi-Thomas which resulted in highly attractive economics justifying development of the
project. Highlights of the PFS included:
• Post-tax ungeared NPV8% (real) of USD1.059 billion, based on conservative
Company Secretary long term commodity price assumptions (Pt US$1200/oz, Pd US$1100/oz,
Andrew J. Cooke Rh US$6,200/oz).
• Life of mine (LoM) from the UG2 reef alone estimated at 29 years with a
Top 5 Shareholders total of approximately 45 million tonnes mined (~8.88 Moz 6E*) for an
average annual steady state saleable product of 400Koz PGM (6E basis*)
Nicolas Daniel Resources Pty Ltd • Cash costs firmly at the low end of the global cost curve - a result of high
Nurinox Investments Pty Ltd delivered grade and shallow mining depths.
Robert Napier Keith • Strategic location on the Eastern Limb of the Bushveld Complex, in
Legacy Platinum Corporation proximity to other Tier 1 operations owned by major mining companies.
HSBC Custody Nominees (AUS) Ltd • LoM EBITDA totalling ~USD5.6 billion with a post-tax IRR of ~28%; post-
tax capital payback of ~3.5 years from first concentrate production.
Company Overview
Dual-listed platinum group metal Corporate:
(PGM) company developing the
advanced Bengwenyama PGM • During the quarter, Mr Roger Baxter assumed the role of Executive Chairman
project, particularly rich in • With a modest quarterly cash burn rate (December quarter: A$1.07 million)
palladium/rhodium, located in South and a strong cash balance of A$3.65 million at quarter end, Southern
Africa's prolific Bushveld Complex. Palladium is well funded for multiple quarters as it advances key project
development work streams, pursues offtake negotiations and advances
Contact: project development funding opportunities
E: info@southernpalladium.com • Cash balance of A$3.65 million excludes cash held by the Company's 70%
W: www.southernpalladium.com subsidiary, Miracle Upon Miracle Investments (Pty) Limited at 31 December
2024 of A$0.43 million (30 September 2024: A$0.39 million).
Southern Palladium Executive Chairman, Roger Baxter commented: "The December quarter was defined by
Southern Palladium's transition from explorer to mine developer at our flagship Bengwenyama PGM project,
following the release of a detailed Pre-Feasibility Study in October. The PFS was highlighted by a post-tax valuation
of over US$1bn and marked the culmination of a comprehensive and highly successful 2-year drilling exploration
program. Additional drill results in the quarter added to what is now a significant PGM resource, and confirmed the
project's standing as one of the premier remaining development opportunities in the Bushveld Complex. As we
transition to mine development, the Board considers there are now multiple opportunities to unlock
considerable value as we advance funding and offtake discussions alongside project development workstreams.
With a strong cash balance at quarter-end, Southern Palladium is comfortably positioned to advance these
discussions over the course of 2025 in pursuit of our stated development strategy."
Southern Palladium (ASX: SPD, "Southern Palladium" or the "Company") is pleased to announce its quarterly
activities summary for the three months ended 31 December 2024.
The Company's primary focus during the quarter was the ongoing advancement of its development programme at
the Bengwenyama PGM (platinum group metals) project, in which it holds a direct 70% stake. The project is
strategically positioned in the heart of the world class Bushveld Complex – the largest source of PGMs globally – in
a significant underground mining region with established expertise and infrastructure.
Note:
7E or 6E+Au in this document refers to platinum, palladium, rhodium, ruthenium, iridium, osmium and gold.
6E or 5E+Au refers to platinum, palladium, rhodium, ruthenium, iridium and gold and;
4e or 3E+Au refers to platinum, palladium, rhodium and gold
Overview of December Quarter Activities
Resources and Reserves
Mineral Resource Upgrade
During the quarter, the mineral resource for the Merensky Reef (MR) MRE was upgraded and now totals 15.44Moz.
As shown in the table below, the total combined Mineral Resource (M&I and Inferred) is now 40.25Moz.
The Measured and Indicated Mineral Resource for the UG2 and MR on a 7E basis is now 10.39Moz ounces with a
combined (7E & 4E) Inferred Mineral Resource of 29.86 Moz. (17.43Moz (7E) for the UG2 and MR + 12.43Moz (4E)
for the UG2 and MR. The total combined Mineral Resource for the UG2 and MR as at 23 October 2024 is
summarised in Table 1. (refer ASX Announcement 23 October 2024)
The latest MR upgrade has estimated an Indicated Mineral Resource of 2.23 Moz at a 6PGE + Au grade (7E) of 2.76
g/t respectively over 202 cm. This is a 17% increase in the M&I from the previous MR release. In addition to the
increase in the Indicated Resource, there has been a 54% increase in the MR Inferred Mineral Resource from 8.60
Moz to a combined inferred MR Mineral Resource of 13.21 Moz (7.13 Moz + 6.08 Moz). As per the UG2 Inferred
Mineral Resource increase (refer ASX Announcement 27 August 2024), this is also largely due to the conversion of
the exploration target in the western area of the Project (Nooitverwacht) to an Inferred Mineral Resource arising
from the additional historical data sourced.
An Inferred Mineral Resource has a lower level of confidence than that applied to an Indicated Mineral Resource
and cannot be converted to an Ore Reserve. It is reasonably expected that the majority of the Inferred Mineral
Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
Table 1: Combined UG2 and MR Mineral Resource as at 23 October 2024
Tonnes Thickness Pt Pd Rh Au Ir Os Ru 4E 7E Cu Ni
Resource Moz Moz Total
Reef Mt (m) (g/t) (%)
Category (4E) (7E) 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 0.12 2.01 2.23 2.23
Merensky Inferred (7E) 62.54 1.81 2.09 0.86 0.14 0.18 0.04 0.04 0.26 3.22 3.55 0.05 0.14 6.47 7.13 7.13
Merensky Total (7E) 87.66 1.87 1.96 0.80 0.13 0.16 0.04 0.04 0.24 3.01 3.32 0.04 0.13 8.48 9.36 9.36
Merensky Inferred (4E) 59.44 1.96 2.01 0.93 0.10 0.17 3.18 6.08 6.08
Merensky Total (4E) 147.10 1.90 1.98 0.85 0.11 0.17 3.08 14.56 15.44
UG2 Measured 7.17 0.77 3.69 3.75 0.76 0.12 0.25 0.17 1.24 8.34 10.00 0.03 0.16 1.92 2.30 2.3
UG2 Indicated 18.52 0.72 3.68 3.63 0.76 0.11 0.26 0.17 1.23 8.19 9.85 0.04 0.16 4.88 5.86 5.86
UG2 Inferred (7E) 33.01 0.69 3.67 3.50 0.76 0.11 0.26 0.17 1.23 8.04 9.70 0.04 0.17 8.54 10.30 10.3
UG2 Total (7E) 58.70 0.71 3.67 3.57 0.76 0.11 0.26 0.17 1.23 8.12 9.78 0.04 0.17 15.33 18.46 18.46
UG2 Inferred (4E) 36.12 1.30 3.00 2.01 0.44 0.07 5.47 6.35 6.35
UG2 Total (4E) 94.82 0.93 3.42 2.98 0.64 0.10 7.11 21.68 24.81
Combined Total (7E) 146.35 1.40 2.64 1.91 0.38 0.14 0.13 0.09 0.64 5.06 5.91 0.04 0.14 23.81 27.82
Combined Total (4E) 241.92 1.52 2.54 1.68 0.32 0.14 4.66 36.24
Combined Total (7E&4E)1 40.25
Note:
1. Several historic drill holes in the Nooitverwacht Extension area did not assay for the minor PGEs, so a 7E resource cannot yet be stated
for part of the inferred Mineral Resource. However, it does contribute to the total resource ounces.
2. All elements have been estimated individually and their combined grade will vary slightly from the estimated composite 4E and 7E
modelled grades.
3. Several historic drill holes in the Nooitverwacht Extension area did not assay for the minor PGEs, so a 7E resource cannot yet be stated
for part of the inferred Mineral Resource. However, it does contribute to the total resource ounces.
4. All elements have been estimated individually and their combined grade will vary slightly from the estimated composite 4E and 7E
modelled grades.
Bengwenyama Maiden JORC Probable Reserve
The company declared a maiden reserve following the PFS study. The 6E Ore Reserves for the Project consist of
Measured and Indicated Resources from the UG2 reef only. The Ore Reserve classification was conducted by
converting Measured and Indicated Mineral Resources to Probable Ore Reserves.
Table 2 provides a detailed summary of the tonnage, grades and content for Probable Ore Reserves within the
Bengwenyama Project.
Table 2: Ore Reserve Estimation as at 23 October 2024 (UG2 reef)
Tonnes Pt Pd Rh Au lr Os Ru 4E 6E Cu Ni Cr203 Moz(6E)
Ore Reserve Category
Mt (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (%) (%) (%)
Probable 31.72 2.34 2.33 0.48 0.07 0.16 - 0.78 5.22 6.17 0.02 0.12 19.03 6.29
Total 31.72 2.34 2.33 0.48 0.07 0.16 - 0.78 5.22 6.17 0.02 0.12 19.03 6.29
Notes:
1. The Ore Reserve estimation included diluted Measured and Indicated Mineral Resources only.
2. No Inferred Mineral Resources have been included in the Ore Reserve.
3. The Ore Reserve estimation was completed using a 6E basket price (before payabilities) of USD1,557/oz over the LoM.
Bengwenyama Project Prefeasibility Study
The Prefeasibility Study completed during the quarter confirmed the commercial viability of the Bengwenyama
project. (refer ASX Announcement 28 October 2024).
The key study results of the Scoping Study are detailed in the below table. The results indicate an economically
viable project with a post-tax NPV8% of US$1.06bn and a post-tax IRR of 28%. The payback period has been
calculated as 3.5 years from start of first plant throughput. The Project has an all-in-sustaining-cost of US$800/6E
oz. Project cashflows are assessed on a real, pre-finance basis.
Source:
1. ASX Announcement 28 October2024
2. Note: Indicative NPV ignores residual value beyond modelled life or any exploration upside and hence is not considered.
3. 6E – Platinum, Palladium, Rhodium, Ruthenium, Iridium + Au
The Prefeasibility Study identified that there is a well-established downstream smelting and refining process for
PGM concentrates within South Africa. Well-established precedents exist for commercial terms that would be
applicable for UG2 and Merensky concentrates. Most smelters processing the concentrate from the Eastern and
Western Limbs are situated in Rustenburg, with almost all the concentrator product in the area being transported
by truck to Rustenburg. The Project PGM concentrates are believed to be suitable for these facilities.
Physical Parameters
• Development of a ~2.4 Mtpa UG2 reef two decline underground mining operation with mill feed head
grade of 6.10g/t (6E) averaging over LoM.
• Conventional flotation and spiral plant to deliver a marketable PGM concentrate (~85% recovery for PGM)
and a 42% chrome concentrate for sale to export markets.
• Initial Capital of ~USD385 million (including a 15% contingency).
• Low LoM cash costs for operations of ~USD644/6E oz (~ZAR2,609/t).
• LoM AISC of ~USD800/6E oz with a high LoM EBITDA Margin of ~50%.
Production Confidence Levels
• Percentage of JORC Measured and Indicated Resources used in the PFS LoM diluted mine plan is 87%
(Inferred 13%) over the first five years, 94% (Inferred 6%) over the first 10 years and 74% (Inferred 26%)
over the estimated 29-year mine life.
• Mine scheduling has targeted high grades initially from the shallow area of the UG2 reef with run of mine
(RoM) at an average feed grade over the first 10 years of 6.3g/t (6E).
• Average processing recovery of 85% over the life of mine from testwork demonstrates amenability to
conventional processing technology adopted in the South African platinum industry.
Environmental Social Governance
• Widespread community and Traditional Council engagement has been established.
• Extensive environmental baseline studies have been completed across the Project Area.
• Heritage clearances have been completed over the Project development and operations area.
• Environmental Impact Assessment (EIA) was submitted on 11 July 2024, with the Department of Mineral
Resources and Energy (DMRE) issuing an acknowledgment on 17 July 2024.
• Additional applications for a Waste Management License (WML) will be submitted to manage waste products
and geochemical hazards.
• An Integrated Water and Waste Management Plan (IWWMP) has been initiated, as per GNR 267 of 2017, to
regulate water use activities.
• Closure costs for the LoM are estimated at R90.921 million (USD4.65 million) as of April 2024, compiled by
OMI Solutions (Pty) Ltd.
• Social and Labour Plan (SLP) has been developed in line with the Mining Charter and MPRDA requirements to
support community development.
• On September 29, 2023, Southern Palladium officially submitted its application for a Mining Right (refer ASX
Announcement 2 October 2023), a decision by the DMRE is anticipated early Q2 2025.
Key PFS Outcomes and Assumptions
The PFS confirms that the Bengwenyama Project is a globally significant Tier 1 PGM Project and presents a
commercially viable development opportunity. A summary of the initial physical and financial evaluation of the
Project at a 2.4 Mtpa throughput rate is indicated in Table 3. The peak funding requirement is USD452 million
(inclusive of contingencies), with a pay-back period of 6.0 years from start of mining or 6.5 years from start of
construction. Early revenue growth was supported by a combination of higher measured resource grades, an
accelerated ramp-up that increased throughput (yielding more ounces), and a projected higher rhodium price. The
UG2 basket price of USD 1,557 per 6E oz is a conservative estimate considering the peak of USD 4,675 per 6E oz for
the UG2 basket price back in April 2021. More detailed information was gathered on the PFS labour costs. The
accuracy of the labour cost estimate has been significantly enhanced by reviewing and refining labour
requirements, adjusting salary rates based on benchmarks from existing operations, and aligning job gradings with
industry standards.
Table 3: Key PFS Valuation Metrics
Production Metrics Unit PFS
Life of Mine Years 29
Life of Mine Ore Tonnes Mined kt 45,262
Processing Rate ktpa 2,400
Total 6E Oz in Mine Plan* koz 8,876
6E Grade Delivered to Plant g/t 6.10
6E Recovered grade g/t 5.18
6E Recovery % 85%
Total 6E Oz Recovered koz 7,545
PGM Concentrate kt 1,987
Chromite Concentrate kt 6,083
Financial Metrics
Basket Price USD/6E oz 1,557
Exchange Rate ZAR/USD 19.57
All In Sustaining Costs ("AISC") USD/6E oz 800
Average AISC First 5 Years USD/6E oz 829
Average AISC First 10 Years USD/6E oz 843
Net free cashflow (pre-tax) USD million 4,660
Net free cashflow (post-tax) USD million 3,403
EBITDA USD million 5,607
Payback Period from Ground Break Years 6.5
Payback Period from First Mining Years 6.0
Payback Period from First Plant Production Years 3.5
Peak Funding Requirement USD million 452
NPV 8% (pre-tax) USD million 1,562
NPV 8% (post-tax) USD million 1,059
IRR (pre-tax) % 33%
IRR (post-tax) % 28%
Capital Cost Estimate
Initial Mining Capital USD million 96
Initial Plant USD million 129
Initial TSF USD million 42
Initial Shared Capital USD million 63
Total Initial Capital Excluding Contingencies USD million 330
Initial Capital Contingencies USD million 55
Total Initial Capital USD million 385
Key Environmental and Social Statistics
Life of Mine State Royalties & Corporate Taxes USD million 1,902
Life of Mine Expenditure USD million 5,868
Life of Mine Total Economic Value Add USD million 7,770
Mining Access and Schedule
For the PFS, production from the Bengwenyama Project is sourced only from the UG2 reef, and mainly on the
shallower farm, Eerstegeluk. The production profile demonstrates an annual production range of 2.4mtpa from
conventional underground stoping with a 1.0 m stoping width accessed through two decline access points, the early
access development and the primary access development. First reef to be accessed at vertical depth of just 50m.
The early access development will consist of a two-barrel, early access decline with a 5 m x 4 m decline and a
return airway with dimension of 4 m x 4 m, sunk at a slope of 1:10, providing access to the UG2 reef. This will
allow for optimal manoeuvrability of trackless equipment and extended tyre life. The primary access development
will also consist of a two-barrel decline with two 6 m x 4 m end sizes, sunk at a slope of 1:6;4, designated for
transport of men and material and a conveyor belt for the transport of ore and waste.
Figure 1: Decline Access Arrangement and Mine Design Areas
The selected mining method for the underground operations for the Bengwenyama Project is a hybrid approach
optimised for narrow reef orebodies, combining mechanised development with conventional stoping, typically
utilised by neighbouring mines Modikwa and Marula. This method enhances ore extraction while minimising
dilution, supporting the safety and efficiency of mining operations.
Figure 2: Mining Area in the UG2 Mineral Resource Category
7
Ore production tonnes over the first five years is achieved with 87% coming from JORC Measured and Indicated
resource classifications and over the first 10 years coming from 94% JORC Measured and Indicated resource
classifications. JORC Measured and Indicated resources comprise 74% of the overall LoM ore production.
Downdip extensions to existing resources and mining of the Merensky Reef have the potential to keep PGM
production at steady state beyond year 19. The Mineral Resource category diluted LoM plan and cumulative
contribution by category is illustrated in Figure 3.
Figure 3: Mineral Resource Category Diluted Life of Mine Plan and Cumulative Contribution by Category
Processing
The Bengwenyama Project is located close to other, similar PGM operations. The Bushveld Complex has been
mined extensively for multiple decades for the extraction of PGM minerals from the UG2 reef. Standard
technology has been established and has been optimised with current state-of-the-art technology involving MF2
(2x Mill and Float process) processing infrastructure with an average recovery rate of 85%. Steady state saleable
product is estimated at just above 400,000 ozpa as illustrated in Error! Reference source not found.. Chrome is a
byproduct from the UG2 Chromitite seam and will add significantly to PGM revenue streams.
Figure 4: Annual Saleable Product - 6E
Source: Minxcon Scoping Study Update, February 2024
The tailings storage facility (TSF) is expected to have at least 45 Mt of storage capacity and a maximum height of
82 m, with the potential of expandability. The preliminary outcome from the tailings storage study favoured dry
stacking. Despite the expectedly higher cost of implementing dry-stacking technology, the site is expected to
provide storage for the current LoM without having to expand outside of the mine lease boundary.
Mine Infrastructure and Services
The Project is accessed through a regional road (R555) and forms part of the established paved road network. The
R555 is the main route to the Project Area, which heads 27 km northeast from the town of Middelburg before
reaching the town of Burgersfort. A paved district road leads towards the Eerstegeluk farm - the location of the
Bengwenyama Project.
Figure 5: Project Infrastructure Layout
Power will be supplied to the Project through a 132 kV overhead lines connected to the national grid. A
transmission line running in close proximity to the Project (+- 3.5 km) is fed by the Merensky and Mampuru
transmission and distribution substations. Synchronised back-up generators will feed into the Bengwenyama
distribution substations.
A full load list has been drafted and early indications for the total installed power is estimated at 64.6 MW with a
power draw of 43.4 MW. An application has been submitted to Eskom (local power utility) on the 29th of August
2024, for the supply of power as well as obtaining the required cost estimate letter ("CEL") from the utility to
determine the detailed requirements to establish the access to the grid.
A study has been completed to assess potential carbon emission reduction strategies as well as alternative energy
solutions for the project. This included an energy needs assessment, resource and technology assessment, energy
modelling, local grid assessment and concept solar PV design. This will be further optimised and assessed during
the following study phase.
Process water will be sourced from the Lebalelo Water User Association, a local water supply authority supplying
water to local communities, neighbouring mining operations, and agricultural activities in the area. A Lebalelo
pipeline is located in close proximity (roughly 3.5 km from main points of consumption) to the Project. Early
indications are that the peak total water requirement for the Project will be approximately 294,711 m³/month.
Potable water will be sourced directly form the water supply scheme.
CAPITAL COST ESTIMATE
The capital cost estimate ("CCE") was principally compiled for the two declines, processing plant, process plant
infrastructure and other related infrastructure and covers all the costs associated with the construction and
associated expenditure required for an underground mining operation with a production capacity of 2.4Mtpa.
The estimate includes all costs associated with access; bulk services (power and water); surface and underground
mining infrastructure and facilities; process plant and supporting infrastructure, TSF, general supporting
infrastructure, and engineering procurement, construction management ("EPCM"). The study capital costs
estimates are assessed to have an accuracy of ±15 - 25%. Capital expenditure for the Project over the LoM is sub-
divided into mining, plant and shared infrastructure capital, as indicated in
Table 4.
The total initial capital for the Project, calculated as direct capital in years one to four (year when first metal is
produced), is estimated at ZAR6,456 million or USD330 million excluding contingencies and ZAR7,536 million or
USD385 million including contingencies.
Ongoing capital is defined as direct Project capital after year four, post plant construction and when production
started.
Stay in business capital or sustaining capital consists of renewals and replacement costs over the LoM.
A 20% contingency has been applied on all mining and shared infrastructure capital (initial and ongoing) and 15%
on plant and TSF capital.
Table 4: Project Capital Expenditure
Capital Expenditure ZARm USDm
Initial Capital
Direct Mining Capital 1,429 73
Capitalised Development 449 23
Plant Capital 2,519 129
TSF Capital 820 42
Shared Infrastructure Capital 1,240 63
Contingency 1,079 55
Total Initial Capital 7,536 385
Ongoing Capital
Direct Mining Capital 693 35
Capitalised Development 463 24
Plant Capital - -
TSF Capital 388 20
Ongoing Shared Capital 42 2
Contingency 251 13
Total Ongoing Capital 1,837 94
Stay-in-Business Capital
Total Stay-in-Business Capital 9,171 469
OPERATIONAL COST ESTIMATE
The Minxcon first-principles activity-based cost model was utilised to calculate operating costs for the
underground and the processing operations. The cost model utilises the mine and engineering design criteria and
production schedule inputs to derive cost rates for the mining, engineering and processing activities.
The costs for labour, equipment, consumables, services and utilities have been sourced from quotations, actual
industry stores costs, industry rates and utility rates. Where costs could not be obtained from these sources,
benchmarking with similar-sized projects and operations was conducted. The study operating costs estimates are
assessed to have an accuracy of ±15% - 25%. The operating cost summary is detailed in able 5 inclusive of
contingencies.
Table 5: Operating Cost Summary
Description Total LoM Per Milled t 6E Oz Recovered % of AISC
Unit ZAR Million ZAR/t ZAR/6E oz %
Mining 52,007 1,149 6,893 44.0%
Processing 18,537 410 2,457 15.7%
Central & Technical Services 24,521 542 3,250 20.8%
Cash Operating Costs 95,065 2,100 12,600 80.5%
Royalties 12,630 279 1,674 10.7%
Off-Mine Operating Costs 1,154 26 153 1.0%
Sustaining Capital 9,171 203 1,215 7.8%
Rehabilitation 80 2 11 0.1%
AISC 118,099 2,609 15,653 100.0%
Unit USD Million USD/t USD/6E oz %
Mining 2,657 58.7 352 44.0%
Processing 947 20.9 126 15.7%
Central & Technical Services 1,253 27.7 166 20.8%
Cash Operating Costs 4,857 107.3 644 80.5%
Royalties 645 14.3 86 10.7%
Off-Mine Operating Costs 59 1.3 8 1.0%
Sustaining Capital 469 10.4 62 7.8%
Rehabilitation 4 0.1 1 0.1%
AISC 6,034 133.3 800 100.0%
FINANCIAL COST INDICATORS
Costs reported for the Project are displayed per milled tonne and per recovered 6E ounce in
Table 6. It should be noted that costs are inclusive of contingencies.
Table 6: Project Cost Indicators (Weighted Average over Life of Mine)
Description Unit Value
Average Basket Price USD/6E oz 1,557
Average Exchange Rate ZAR/USD 19.57
Revenue ZAR/Milled tonne 4,831
Mine Cost ZAR/Milled tonne 1,149
Plant Costs ZAR/Milled tonne 410
Other Costs ZAR/Milled tonne 542
Royalties ZAR/Milled tonne 279
Adjusted Operating Cost ZAR/Milled tonne 2,379
Sustaining Capex ZAR/Milled tonne 203
Rehabilitation ZAR/Milled tonne 2
Off-Mine Overheads ZAR/Milled tonne 26
All-in Sustaining Cost (AISC) ZAR/Milled tonne 2,609
Non-Sustaining Capex ZAR/Milled tonne 207
Non-Current Costs ZAR/Milled tonne -
All-in Cost (AIC) ZAR/Milled tonne 2,816
EBITDA* ZAR/Milled tonne 2,425
EBITDA Margin % 50%
4E oz Recovered oz 6,387,863
Revenue USD/4E oz 1,749
Mine Cost USD/4E oz 416
Plant Costs USD/4E oz 148
Other Costs USD/4E oz 196
Royalties USD/4E oz 101
Adjusted Operating Cost USD/4E oz 861
Sustaining Capex USD/4E oz 73
Reclamation USD/4E oz 1
Off-Mine Overheads USD/4E oz 9
All-in Sustaining Cost (AISC) USD/4E oz 945
Non-Sustaining Capex USD/4E oz 75
Non-Current Costs USD/4E oz -
All-in Cost (AIC) USD/4E oz 1,020
EBITDA USD/4E oz 878
6E oz Recovered oz 7,544,915
Revenue USD/6E oz 1,481
Mine Cost USD/6E oz 352
Plant Costs USD/6E oz 126
Other Costs USD/6E oz 166
Royalties USD/6E oz 86
Adjusted Operating Cost USD/6E oz 729
Sustaining Capex USD/6E oz 62
Reclamation USD/6E oz 1
Off-Mine Overheads USD/6E oz 8
All-in Sustaining Cost (AISC) USD/6E oz 800
Non-Sustaining Capex USD/6E oz 63
Non-Current Costs USD/6E oz -
All-in Cost (AIC) USD/6E oz 863
EBITDA USD/6E oz 743
PROJECT POSITIONING
The Bengwenyama Project is estimated to be positioned in the lowest quartile of the PGM cost curve (R.
Hochreiter, 2024) as illustrated in Figure 8. The 6E All-In Sustaining Costs ("AISC") of the Project is estimated to
approximate those of Northam's Booysendal operation.
Figure 6: Bengwenyama Position on 6E Cost Curve
Source: Adapted from Rene Hochreiter (NOAH Capital Markets & Sieberana Research, 2024)
CASHFLOW
The Project capital expenditure, cash flow, and cumulative cash flow over the LoM are displayed in Figure 7,on an
annual basis in USD terms, respectively. The peak funding requirement is USD452 million (inclusive of
contingencies), with a pay-back period of 6.0 years from start of mining or 6.5 years from start of construction.
Figure 7: Annual and Cumulative Cash Flow - USD (Real Terms)
SENSITIVITY ANALYSIS
Based on the real cash flow calculated in the financial model, consultants and Minxcon performed single-
parameter sensitivity analyses to ascertain the impact on the NPV.
The bars represent various inputs into the model; each being increased or decreased by 15%. The left-hand side
of the graph indicates a negative 15% change in the input while the right-hand side of the graph indicating a
positive 15% change in the input.
A negative effect to the NPVs represented by red bars and a positive effect represented by blue bars. Exchange
rate, grade and PGM prices have the largest impact on the Project's NPV, followed by the mining operating costs.
The Project is least sensitive to the base metal prices, capital and processing operating costs.
Figure 8: Project Sensitivity USD (NPV8.0%)
Financial Investment Decision and Value Drivers
• Commencement of feasibility study work to commence in early 2025 in parallel with project construction
funding discussions with financiers leading to the Financial Investment Decision (FID).
• Debt financing alternatives already progressed with the appointment of Blackbird Partners.
• Feasibility critical path study work includes metallurgical and geotechnical assessments. Drilling required
for both assessments to commence as soon as practicable, subject to statutory approvals.
• Key value drivers in 2025 are the granting of the Mining Right, concentrate offtake outcomes and
completion of a definitive feasibility study (DFS).
Submission of Mining Right Application (MRA)
On September 29, 2023, Southern Palladium officially submitted its application for a Mining Right (refer ASX
Announcement 2 October 2023). On 17 October 2023, the company received notification from the Department
of Mineral Resource and Energy (DMRE) that its application for the Mining Right has been accepted.
Comprehensive expert studies and consultations are ongoing, providing the foundation for a decision by the
DMRE anticipated early 2025.
Environmental Impact Assessment
To fulfill the environmental requirements for the Bengwenyama Project's Mining Right Application (MRA),
Southern Palladium submitted an Environmental Authorisation (EA) application to the DMRE. A full Scoping Study
was completed on February 14, 2024, followed by an Environmental Impact Assessment (EIA) process conducted
by OMI Solutions in accordance with EIA regulations.
The EIA report was submitted on July 10, 2024, and the DMRE issued an acknowledgment letter on July 22, 2024,
confirming the submission met core requirements for review.
Health And Safety
Southern Palladium is committed to upholding high standards of employee and workplace health and safety.
Exploration activities at Bengwenyama are conducted in compliance with all regulations including the South
African Mine Health and Safety Act (29 of 1996).
A comprehensive safety file, emergency response plan, policies and codes of practice are implemented,
incorporating key guidelines published by the Minerals Council South Africa (formerly called the Chamber of
Mines). Legal appointments are made in terms of policies and Mine Health and Safety regulations.
March 2025 Quarter Planned Activities
• On-site project optimisation works will be included as part of the Final Investment Decision (FID). This work
is expected to make project funding more attractive by either decreasing the ramp up period to full
production or by decreasing the up-front capital requirement (or a combination of both).
• The MRA (Mining Right Application) review process is expected to conclude early Q21 2025, with the Mining
Right grant anticipated soon after.
• Additional permit applications, including a Waste Management Licence (WML) and Water Use Licence (WUL),
are underway.
Corporate
Appointment of Roger Baxter as Executive Chairman
During the quarter, Mr Roger Baxter as appointed as Executive Chairman of the Company. Mr Baxter was previously
appointed as a Director and Non-Executive Chairman on 1 January 2024 and has subsequently played a key role in
advancing the profile of the Company while overseeing proper and due governance at the Board level.
Mr Baxter's role as Executive Chairman will see him focussing on investor and government relations which
complements the role of Mr Johan Odendaal as Managing Director who is overseeing the more technical aspects of
advancing the Company's 70% interest in the Bengwenyama Project. The Bengwenyama Project is strategically
positioned in the heart of the world class Bushveld Complex in South Africa – the largest source of PGMs globally –
in a significant underground mining region with established expertise and infrastructure.
Expenditure Summary
A summary of the exploration and project evaluation expenditures for the quarter is provided as follows:
For the purpose of ASX Listing Rule 5.3.1, payments for exploration, evaluation and development during the quarter
totalled A$473,000 (30 September 2024: A$486,000). The Phase 1a and Phase 1b drilling programme, and facilities
set up and details of activities undertaken during the quarter are as described in this report.
Table 7: Detailed summary of expenditure incurred for exploration, evaluation and development
Item 4Q24 3Q24
Assays & Analysis 1,266 21,338
Drilling - -
Environmental, social and labour plan 128,576 118,267
Exploration Management 51,686 71,770
Surface Right Usage 12,974 12,612
Technical Studies 278,525 261,579
Wireline Logging Services - -
Grand Total 473,027 485,566
For the purpose of ASX Listing Rule 5.3.2, the Company confirms there were no mining production and development
activities undertaken during the quarter.
For the purpose of ASX Listing Rule 5.3.5, payments to directors of Southern Palladium Limited during the quarter
totalled A$123,000. The payments were in respect of directors' salaries, fees and superannuation.
Payment to Minxcon Pty Ltd, a related party of two of the Company's Directors, Johan Odendaal and Daan van
Heerden, during the quarter totalled approximately A$274,000. The payments were in respect of expenses incurred
for management of the Bengwenyama Project.
Payment to Miracle Upon Miracle Investments (Pty) Limited, a related party of Southern Palladium Limited during
the quarter totalled approximately A$727,000. The payments were in respect of expenses incurred for the
Bengwenyama Project and corporate expenses.
Cash
As at 31 December 2024, Southern Palladium held approximately A$3.65 million (30 September 2024: A$4.73
million) in cash. This figure excludes cash held by the Company's 70% subsidiary, Miracle Upon Miracle Investments
(Pty) Limited at 31 December 2024 of A$0.43 million (30 September 2024: A$0.39 million).
December 2024 Quarter – ASX Announcements
This Report contains information extracted from ASX market announcements reported in accordance with the 2012
edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" ('2012
JORC Code'). Further details can be found in the following announcements lodged on the ASX:
8 October 2024 Roger Baxter takes on Executive Chairman role
23 October 2024 Bengwenyama Mineral Resource Update: Total (UG2 & MR) Mineral Resource now 40.25Moz
Merensky Reef Indicated Resource +17% to 2.23Moz (7E)
28 October 2024 Prefeasibility Study Results: Project NPV8 of USD1.059bn Maiden JORC Ore Reserve of 6.29 million oz @
6.17g/t PGM (6E)
JORC Competent Persons Statement
Uwe Engelmann
The information in this report that relates to Exploration Targets, Exploration Results and Mineral Resources is
based on information compiled by Mr Uwe Engelmann (BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat. No.
400058/08, FGSSA). Mr Engelmann is a director of Minxcon (Pty) Ltd and a member of the South African Council
for Natural Scientific Professions. Minxcon provides geological consulting services to Southern Palladium Limited.
Mr. Engelmann has sufficient experience that is relevant to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition
of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.
Mr. Engelmann consents to the inclusion in the report of the matters based on his information in the form and
context in which it appears. Mr Engelmann has a beneficial interest in Southern Palladium through a shareholding
in Nicolas Daniel Resources Proprietary Limited.
Daan van Heerden
The scientific and technical information contained in this announcement has been reviewed, prepared, and
approved by Mr Daan van Heerden (B Eng (Min.), MCom (Bus.Admin.), MMC, Pr.Eng. No. 20050318, AMMSA,
FSAIMM). Mr van Heerden is a director of Minxcon (Pty) Ltd and a Registered Professional Engineer with the
Engineering Council of South Africa, a Member of the Association of Mine Managers South African Council, as well
as a Fellow Member of the South African Institute of Mining and Metallurgy. Mr. van Heerden has sufficient
experience relevant to the styles of mineralisation and activities being undertaken to qualify as a Competent
Person, as such term is defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves'. Mr. van Heerden consents to the inclusion in the report of the matters
based on his information in the form and context in which it appears. Mr van Heerden has a beneficial interest in
Southern Palladium through a shareholding in Nicolas Daniel Resources Proprietary Limited.
This announcement has been approved for release by the Board of Southern Palladium Limited.
For further information, please contact:
Johan Odendaal
Managing Director, Southern Palladium
Phone: +27 82 557 6088
Email: johan.odendaal@southernpalladium.com
JSE Sponsor
Merchantec Capital
Media & investor relations inquiries: Sam Jacobs, Six Degrees Investor Relations: +61 423 755 909
Appendix 1
Tenements
The Company held the following tenement during the quarter. The Project comprises the full extent of the farms
Nooitverwacht 324 KT and Eerstegeluk 327 KT, both of which are in the Limpopo Province of South Africa. The
Project is located 250 km east-northeast of Pretoria. The tenement is 100% held through Miracle Upon Miracle
(Pty) Ltd, the 70% subsidiary of SPD. On September 29, 2023, Southern Palladium submitted its application for a
Mining Right (refer ASX Announcement 2 October 2023 - Bengwenyama Project Mining Right Application
Submitted), which received official acceptance on 17 October 2023 from the Department of Mineral Resource
and Energy (DMRE). This marked the commencement of the official consideration of the Mining Right Application
and of the Environmental Impact Assessment and expert studies, which are currently underway.
The Company did not enter into any farm-in or farm-out agreements during the quarter.
The following information is provided pursuant to Listing Rule 5.3.3 for the quarter:
Interest at beginning of quarter Interest at end of quarter
Farm name Extent (ha)
Nooitverwacht 324 KT 2,971.01
Eerstegeluk 327 KT 2,308.73 70% 70%
Total 5,279.74
No tenement has been disposed during the quarter.
Appendix 2
Mineral Resource
The total combined Mineral Resource for the UG2 and MR as at 23 October 2024 is summarised in Error! Reference source
not found..
Table 8: Combined UG2 and MR Mineral Resource as at 23 October 2024
Tonnes Thickness Pt Pd Rh Au Ir Os Ru 4E 7E Cu Ni
Resource Moz Moz Total
Reef Mt (m) (g/t) (%)
Category (4E) (7E) 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 0.12 2.01 2.23 2.23
Merensky Inferred (7E) 62.54 1.81 2.09 0.86 0.14 0.18 0.04 0.04 0.26 3.22 3.55 0.05 0.14 6.47 7.13 7.13
Merensky Total (7E) 87.66 1.87 1.96 0.80 0.13 0.16 0.04 0.04 0.24 3.01 3.32 0.04 0.13 8.48 9.36 9.36
Merensky Inferred (4E) 59.44 1.96 2.01 0.93 0.10 0.17 3.18 6.08 6.08
Merensky Total (4E) 147.10 1.90 1.98 0.85 0.11 0.17 3.08 14.56 15.44
UG2 Measured 7.17 0.77 3.69 3.75 0.76 0.12 0.25 0.17 1.24 8.34 10.00 0.03 0.16 1.92 2.30 2.3
UG2 Indicated 18.52 0.72 3.68 3.63 0.76 0.11 0.26 0.17 1.23 8.19 9.85 0.04 0.16 4.88 5.86 5.86
UG2 Inferred (7E) 33.01 0.69 3.67 3.50 0.76 0.11 0.26 0.17 1.23 8.04 9.70 0.04 0.17 8.54 10.30 10.3
UG2 Total (7E) 58.70 0.71 3.67 3.57 0.76 0.11 0.26 0.17 1.23 8.12 9.78 0.04 0.17 15.33 18.46 18.46
UG2 Inferred (4E) 36.12 1.30 3.00 2.01 0.44 0.07 5.47 6.35 6.35
UG2 Total (4E) 94.82 0.93 3.42 2.98 0.64 0.10 7.11 21.68 24.81
Combined Total (7E) 146.35 1.40 2.64 1.91 0.38 0.14 0.13 0.09 0.64 5.06 5.91 0.04 0.14 23.81 27.82
Combined Total (4E) 241.92 1.52 2.54 1.68 0.32 0.14 4.66 36.24
Combined Total (7E&4E)1 40.25
Note:
5. Several historic drill holes in the Nooitverwacht Extension area did not assay for the minor PGEs, so a 7E resource cannot yet be stated
for part of the inferred Mineral Resource. However, it does contribute to the total resource ounces.
6. All elements have been estimated individually and their combined grade will vary slightly from the estimated composite 4E and 7E
modelled grades.
Note:
7. Several historic drill holes in the Nooitverwacht Extension area did not assay for the minor PGEs, so a 7E resource cannot yet be stated
for part of the inferred Mineral Resource. However, it does contribute to the total resource ounces.
8. All elements have been estimated individually and their combined grade will vary slightly from the estimated composite 4E and 7E
modelled grades.
Mineral Reserve
The 6E Ore Reserves for the Project consist of Measured and Indicated Resources from the UG2 reef only. The
Ore Reserve classification was conducted by converting Measured and Indicated Mineral Resources to Probable
Ore Reserves.
Table 2 provides a detailed summary of the tonnage, grades and content for Probable Ore Reserves within the
Bengwenyama Project.
Table 9: Ore Reserve Estimation as at 23 October 2024 (UG2 reef)
Tonnes Pt Pd Rh Au lr Os Ru 4E 6E Cu Ni Cr203 Moz(6E)
Ore Reserve Category
Mt (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (%) (%) (%)
Probable 31.72 2.34 2.33 0.48 0.07 0.16 - 0.78 5.22 6.17 0.02 0.12 19.03 6.29
Total 31.72 2.34 2.33 0.48 0.07 0.16 - 0.78 5.22 6.17 0.02 0.12 19.03 6.29
Notes:
4. The Ore Reserve estimation included diluted Measured and Indicated Mineral Resources only.
5. No Inferred Mineral Resources have been included in the Ore Reserve.
6. The Ore Reserve estimation was completed using a 6E basket price (before payabilities) of USD1,557/oz over the LoM.
Platinum Group Minerals (PGMs) within the Bushveld Complex exhibit varying ratios (referred to as the Prill Split), with
platinum (Pt), palladium (Pd), and rhodium (Rh) constituting the predominant components. Additionally, other PGMs such as
ruthenium (Ru), iridium (Ir), and osmium (Os) are also present, although in smaller quantities. These ratios exhibit variations
from one section of the complex to another. Notably, the UG2 reef at the Bengwenyama project represents an even
distribution of Platinum and Palladium, accompanied by a notable concentration of Rhodium. Conversely, the Merensky Reef
is characterized by a high platinum content.
Figure 9: Platinum Group Metals + Gold Prill Split Figure 10: Project Stratigraphic Column
Appendix 5B
Mining exploration entity or oil and gas exploration
entity
quarterly cash flow report
Name of entity
Southern Palladium Limited
ABN Quarter ended ("current quarter")
59 646 391 899 31-Dec-24
Consolidated statement of cash flows Current Year to date
quarter (6 months)
$A'000 $A'000
1 Cash flows from operating activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation
(b) development - -
(c) production -
(d) staff costs (65) (173)
(e) administration and corporate costs (313) (622)
1.3 Dividends received (see note 3)
1.4 Interest received 31 89
1.5 Interest and other costs of finance paid
1.6 Income taxes paid
1.7 Government grants and tax incentives
1.8 Other - Miracle Upon Miracle Pty Ltd operating expenditure (254) (115)
1.9 Net cash from / (used in) operating activities (601) (821)
2 Cash flows from investing activities
2.1 Payments to acquire or for:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) exploration & evaluation (473) (959)
(e) investments
(f) other non-current assets
2.2 Proceeds from the disposal of:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) investments
(e) other non-current assets
2.3 Cash flows from loans to other entities
2.4 Dividends received (see note 3)
2.5 Other - -
2.6 Net cash from / (used in) investing activities (473) (959)
Current Year to date
Consolidated statement of cash flows quarter (6 months)
$A'000 $A'000
3 Cash flows from financing activities
3.1 Proceeds from issues of equity securities (excluding convertible debt
securities)
3.2 Proceeds from issue of convertible debt securities
3.3 Proceeds from exercise of options
3.4 Transaction costs related to issues of equity securities or convertible
debt securities
3.5 Proceeds from borrowings
3.6 Repayment of borrowings
3.7 Transaction costs related to loans and borrowings
3.8 Dividends paid
3.9 Other
3.1 Net cash from / (used in) financing activities - -
4 Net increase / (decrease) in cash and cash equivalents for
the period
4.1 Cash and cash equivalents at beginning of period 4,725 5,431
4.2 Net cash from / (used in) operating activities (item 1.9 above) (601) (821)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (473) (959)
4.4 Net cash from / (used in) financing activities (item 3.10 above) - -
4.5 Effect of movement in exchange rates on cash held
4.6 Cash and cash equivalents at end of period 3,651 3,651
5 Reconciliation of cash and cash equivalents Current Previous
quarter quarter
at the end of the quarter (as shown in the consolidated statement of $A'000 $A'000
cash flows) to the related items in the accounts
5.1 Bank balances 251 725
5.2 Call deposits 3,400 4,000
5.3 Bank overdrafts
5.4 Other (provide details)
5.5 Cash and cash equivalents at end of quarter (should equal
item 4.6 above) 3,651* 4,725
* NOTE: This figure excludes cash held by the Company's related party, Miracle Upon Miracle Investments (Pty) Limited at 31 December 2024 of
A$0.43 million (30 September 2024: A$0.39 million).
6 Payments to related parties of the entity and their Current
associates quarter
$A'000
6.1 Aggregate amount of payments to related parties and their associates
included in item 1 123
6.2 Aggregate amount of payments to related parties and their associates
included in item 2 274
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such
payments.
A total approximately of $397,000 was paid to related parties of the entities and their associates as follow:
- $123,000 are in respect of Directors' fees, salaries and superannuation accruing to Directors' for services rendered during the period.
- $274,000 was paid to Minxcon Pty Ltd for project management of the Bengwenyama Project. Two of the Company's Directors, Johan
Odendaal and Daan van Heerden, are significant and controlling shareholders in Minxcon.
7 Financing facilities Total facility Amount
Note: the term "facility' includes all forms of financing arrangements available to the amount at drawn at
entity. quarter end quarter end
Add notes as necessary for an understanding of the sources of finance available to the $A'000 $A'000
entity.
7.1 Loan facilities
7.2 Credit standby arrangements
7.3 Other (please specify)
7.4 Total financing facilities - -
7.5 Unused financing facilities available at quarter end -
7.6
Include in the box below a description of each facility above, including the lender, interest rate, maturity date
and whether it is secured or unsecured. If any additional financing facilities have been entered into or are
proposed to be entered into after quarter end, include a note providing details of those facilities as well.
8 Estimated cash available for future operating activities $A'000
8.1 Net cash from / (used in) operating activities (item 1.9) (601)
8.2 (Payments for exploration & evaluation classified as investing activities)
(item 2.1(d)) (473)
8.3 Total relevant outgoings (item 8.1 + item 8.2) (1,074)
8.4 Cash and cash equivalents at quarter end (item 4.6) 3,651
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 3,651
8.7 Estimated quarters of funding available (item 8.6 divided by
item 8.3) 3.4
Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as
"N/A". Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions:
8.8.1 Does the entity expect that it will continue to have the current level of net operating
cash flows for the time being and, if not, why not?
Answer: N/A
8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further
cash to fund its operations and, if so, what are those steps and how likely does it believe
that they will be successful?
Answer: N/A
8.8.3 Does the entity expect to be able to continue its operations and to meet its
business objectives and, if so, on what basis?
Answer: N/A
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with accounting standards and policies which comply with
Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: 31 January 2025
Authorised by: The Audit Committee
(Name of body or officer authorising release – see note 4)
Notes
1 This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities
for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose
additional information over and above the minimum required under the Listing Rules is encouraged to do so.
2 If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and
provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this
report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to
Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
3 Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on
the accounting policy of the entity.
4 If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been
authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee –
eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By
the Disclosure Committee".
5 If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying
with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the
board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been
properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows
of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is
operating effectively.
Date: 31-01-2025 09:30:00
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