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Our investment case
Southern Palladium Limited is a dual-listed company with listings on the Australian Securities Exchange (ASX: SPD) and the Johannesburg Stock Exchange (JSE: SDL). The company holds a 70% interest in the Bengwenyama PGM project, located in the Eastern Limb of South Africa’s Bushveld Complex, home to the world’s largest known PGM reserves.
A rare major PGM development opportunity
Southern Palladium is accelerating development of one of the world’s largest remaining undeveloped PGM resources. Listed on the ASX and JSE, Southern Palladium’s Bengwenyama Platinum Group Metals (PGM) asset, is one of the largest remaining underdeveloped PGM resources in South Africa’s Bushveld Complex.
Prime PGM mining real estate
Containing some of the richest ore deposits on Earth, the Bushveld Complex is a geologically unique region containing more than 85% of the world’s known PGM mineral resources. Bengwenyama boasts a large high grade (6.2g/t) 40Moz resource and 6.3Moz 6E reserve base with ready access to the existing services, skills and infrastructure premier mining jurisdiction.
Optimised staged development strategy
An optimised PFS (OPFS), published in July 2025, values the Bengwenyama project at US$857m (A$1.3bn) at an internal rate of return (IRR) of 27%, which is significantly above the industry average for PGM projects. The strategic two-stage staged development approach plans for ramp up to 400,000oz annually, materially derisking the project through lower upfront capital, reduced dilution, and operational validation before expansion. This makes Bengwenyama one of the most attractive greenfield PGM projects globally.
Community partnership contributes to strong ESG credentials
Southern Palladium’s partnership with the Bengwenyama community is rooted in mutual respect and deep trust. The project’s inclusive ownership structure, where the community owns 30% of the project through a structured investment vehicle, not only aligns with South African mining regulations and social license expectations, but it also cements a partnership characterised by collaboration with the Bengwenyama Royal Family, Traditional Council and community representatives.
Right commodity at the right time
With equal revenue contributions from Pt, Pd, Rh and attractive by-product credits from Cr and Ir, Bengwenyama will deliver into a PGM market with attractive fundamentals and price outlooks. The platinum market is forecast to record a significant supply shortfall for a third consecutive year in 2025 with primary supply predicted to decline by 3%.
SPD is one of the only pure-play PGM opportunities on the ASX with an advanced project that already includes a reserve of over 6Moz and a total indicated, inferred and measured resource of 40Moz.
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