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Interim Financial Report for the period ended 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
INTERIM FINANCIAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2024
Shareholders of Southern Palladium Limited (ASX:SPD/JSE:SDL)(Southern Palladium or the Company) are
advised that Southern Palladium has today published its Interim Financial Report for the period ended
31 December 2024.
FINANCIAL HIGHLIGHTS:
• Revenue increased by 23% to A$535,637 (31 December 2023: A$435,475)
• Operating loss from operations for the period increased to A$3,761,503 (31 December 2023: loss of
A$3,152,766)
• Basic loss per share increased to A$0.04, up 17% (31 December 2023: loss of A$0.035)
• Headline loss per share increased to A$0.04, up 17% (31 December 2023: loss of A$0.035)
OPERATING HIGHLIGHTS:
The main business activity of the Company during the past six months was the ongoing advancement of its
development programme at the Bengwenyama PGM (platinum group metals) project ("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.
SPD has a 70% equity interest in Miracle Upon Miracle Investments (Pty) Ltd ("MUM"), a South African private
company with a 100% interest in the Bengwenyama project situated within two farm boundaries –
Eerstegeluk and Nooitverwacht.
Prefeasibility Study Results
The Prefeasibility Study ("PFS") completed during the period confirmed the commercial viability of the
Bengwenyama project (refer ASX/JSE Announcement 28 October 2024).
The key study results of the PFS are detailed in the below table. The results indicate an economically viable
project with a post-tax NPV8% of US$1.06 billion 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.
The PFS confirms that the Bengwenyama Project is a globally significant Tier 1 PGM Project and presents a
commercially viable development opportunity. The peak funding requirement is USD452 million (inclusive of
contingencies), with a pay-back period of 3.5 years from start of plant production.
Bengwenyama Key Project Results
Note: 1. Indicative NPV ignores residual value beyond modelled life or any exploration upside and hence is not considered.
2. 6E Prices – Platinum (US$1,200/oz) , Palladium (US$1,100/oz) , Rhodium (US$6,190/oz) , Ruthenium (US$450/oz) ,
Iridium (US$4,650/oz) + Au (US$1,950/oz), Nickel (U$18,249/t), Copper U$8,708/t, Chrome Conc. (U$225/t)
3. ASX Announcement 28 October2024
Community Engagement
Southern Palladium is actively engaged with the community, placing a strong emphasis on promoting
inclusivity and project awareness. Ethical inclusion is prioritised, ensuring fair representation through
collaboration with the Bengwenyama Royal Family, Traditional Council, and other community
representatives. Weekly virtual exploration meetings are conducted with two Community representatives,
along with the environmental and exploration management consulting firm contracted for the project.
Additionally, monthly meetings involve extended representation from the broader Royal Family, Traditional
Council, and community representatives. Quarterly feedback meetings are held to give feedback to the
broader community. Members of the community were invited to participate and comment on the draft
environmental impact assessment and environmental management programme report (EIA & EMPr).
RESULTS ANNOUNCEMENT:
The content of this results announcement is the responsibility of the directors of Southern Palladium. This
results announcement is only a summary of the information contained in the Interim Financial Report for the
half year ended 31 December 2024 ("Results") and does not contain full or completed details. Copies of the
Results are available on the Company's website, www.southernpalladium.com and on the JSE cloudlink at:
https://senspdf.jse.co.za/documents/2025/jse/isse/sdle/interim25.pdf.
Any investment decisions by investors and/or shareholders should be based on a consideration of the Results
as a whole and investors and shareholders are encouraged to review the Results, which are available as
detailed herein. Copies of the Results may also be requested from the Company via email at
andrew.cooke@southernpalladium.com or from the Sponsor at Sponsorteam@merchantec.com, at no
charge.
Southern Palladium has a primary listing on the Official List of the Australian Securities Exchange (ASX) and a
secondary listing on the Main Board of the Johannesburg Stock Exchange (JSE).
The interim financial statements were reviewed by BDO Audit Pty Ltd ("BDO"), who expressed an unmodified
review conclusion thereon, including reference to a material uncertainty relating to going concern.
Shareholders are advised that BDO's full report is available with the Results at the following link:
https://www.southernpalladium.com/site/investor-centre/asx-announcements or from the Company
Secretary who is contactable at andrew.cooke@southernpalladium.com .
For and on behalf of the Board
Roger Baxter
Executive Chairman
For further information, please contact:
Johan Odendaal
Managing Director
Southern Palladium
Phone: +27 82 557 6088
Email: johan.odendaal@southernpalladium.com
11 March 2025
JSE Sponsor
Merchantec Capital
DISCLAIMER
This release includes statements about Southern Palladium that are, or may be deemed to be "forward-looking statements".
All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-
looking statements can generally be identified by the use of forward-looking words such as "expect", "anticipate", "likely",
"intend", "should", "could", "may", "predict", "plan", "propose", "will", "believe", "forecast", "estimate", "target", "outlook",
"guidance" and other similar expressions within the meaning of securities laws of applicable jurisdictions and include, but
are not limited to, indications of, or guidance or outlook on, future earnings or financial position or performance of Southern
Palladium. To the extent that certain statements contained in this release may constitute "forward-looking statements" or
statements about "future matters", the information reflects Southern Palladium's intent, belief or expectations as at the date
of this release. Any forward-looking statements, including projections, guidance on future revenues, earnings and
estimates, are provided as a general guide only and should not be relied upon as an indication or guarantee of future
performance. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may
cause Southern Palladium's actual results, performance or achievements to differ materially from any future results,
performance or achievements expressed or implied by these forward-looking statements. A number of important factors
could cause actual results or performance to differ materially from the forward-looking statements. Investors should
consider the forward-looking statements contained in this release in light of those disclosures and not place reliance on
such statements. Any forward-looking statements, opinions and estimates in this release are based on assumptions and
contingencies which are subject to change without notice, as are statements about market and industry trends, which are
based on interpretations of current market conditions. Neither Southern Palladium, nor its related bodies corporate or
affiliates nor the respective directors, officers, partners, employees and agents give any warranty, representation,
assurance or guarantee that the occurrence of the events expressed or implied in any of the forward-looking statements
in this release will actually occur. In addition, please note that past performance should not be relied upon as (and is not)
an indication or guarantee of future performance.
Except as required by law or regulation, Southern Palladium undertakes no obligation to provide any additional or updated
information whether as a result of new information, future events or results or otherwise. Indications of, guidance or outlook
on, future earnings or financial position or performance are also forward-looking statements.
Media & investor relations inquiries: Sam Jacobs, Six Degrees Investor Relations: +61 423 755 909
Follow @SouthernPalladium on Twitter
Follow Southern Palladium on LinkedIn
Date: 11-03-2025 12:25:00
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