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Broker Reports

    Global Mining Research - Southern Palladium Low Cost PGM Developer  

Southern Palladium is a small cap project developer, with its main assets a platinum-group metal prospect in the Eastern Limb of the Bushveld Complex in South Africa. The Bengwenyama prospect is adjacent to operating mines, it is high grade and most importantly is shallow, allowing for both low capital costs and quicker than usual development times to first production. SPD is fully B-BBEE (Broad-based Black Economic Empowerment) compliant with local people holding 30% of the project.

    Bridge Street Capital Partners - Jewel of the East  

Jewel of the East: Bengwenyama Scoping Study released:

To say that the results of the Bengwenyama Scoping Study surprised us is somewhat of an understatement. Production forecasts are significantly higher than we’d thought, capital lower and opex significantly lower. This is largely attributable to an impressive 7E mineable grade of 6.55g/t, the highest UG2 grade on the Eastern Limb with the bulk of the mining inventory under 500m vertical depth. Using relatively conservative commodity prices, project economics are impressive, with an NPV8 of just under US$700m (100% basis, after tax) and an IRR of 21%. This is a special project – in our view the best greenfield PGM project globally - and one which deserves far more attention than the market is currently paying.

    Bridge Street Capital Partners - Impressive 39% increase of UG2 resource to 11.7Moz.  
    Bridge Street Capital Partners - Plenty of catalysts in the lead up to the PFS  
    Eagle Research Advisory - SPD On its Path towards UG2 Production  
    Bridge Street Capital Partners - Site Visit Preview  
    Bridge Street Capital Partners - Southern Palladium Limited (ASX: SPD) Update Report  
    Bridge Street Capital Partners - Southern Palladium Limited (ASX SPD) - Initiation Report  
    Bridge Street Capital Partners - Southern Palladium Ltd (SPD) - Initial Public Offering - SPD/Bengwenyama Site Visit  
    Bridge Street Capital Partners - Southern Palladium Ltd (ASX: SPD) - Initial Public Offering - Peer Group Comparative Analysis  
    Bridge Street Capital Partners - Southern Palladium Ltd. (ASX: SPD) Initial Public Offering - Educational Overview: an emerging Tier 1 resource on the Eastern Limb