Wrap Text
Quarterly Report for quarter ended 30 September 2026
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
(“Southern Palladium” or “the Company”)
28 OCTOBER 2026
Quarterly Report
For the quarter ended 30 September 2026
Southern Palladium is a dual-listed platinum group metal (PGM) company developing the advanced Bengwenyama PGM project,
particularly rich in platinum/palladium/rhodium and chrome, located in South Africa’s prolific Bushveld Complex.
Quarterly Highlights
- Updated PFS: Subsequent to quarter-end, on 13 October 2026, Southern Palladium announced a substantially stronger economic case for Bengwenyama.
The Updated PFS reported a 129% increase in forecast post-tax NPV to US$1.961 billion (8% real discount rate, 100% Project basis), a post-tax IRR of 39.1% and a 2.8-year payback from first production.
- Mining Right granted: The Mining Right was granted by South Africa's Department of Mineral and Petroleum Resources (DMPR) on 7 August 2026 for an initial 30 years, a major regulatory milestone for the project.
- Metallurgy advances: DFS-level test results announced on 9 July 2026 estimated 85.6% full-plant chromite recovery some 3x higher than the PFS recovery of 30%,
at 42.2% Cr2O3 concentrate grade and 87.6% overall PGM recovery, reinforcing Bengwenyama's potential as a tier-1 PGM operation with chrome as a co-product.
- Development preparations: Board approved early box-cut and decline development, subject to the outstanding waste management and water use permitting processes.
- DFS programme: Strengthened balance sheet provides full funding to complete DFS works and progress the early mine development activities (subject to permitting).
- Corporate: Closing cash balance of A$20.06 million (30 June 2026: A$23.88 million) excluding A$1.13 million of cash held by the Company’s 70% subsidiary, Miracle Upon Miracle Investments (Pty) Limited.
Corporate Directory
Executive Chairman
Roger Baxter
Managing Director
Johan Odendaal
Company Secretary
Andrew J. Cooke
Non-Executive Directors
Mike Stirzaker
Rob Thomson
Daan van Heerden
Lindi Nkosi-Thomas
Contact:
E: info@southernpalladium.com
W: www.southernpalladium.com
ACN
646 391 899
Bengwenyama Project
Southern Palladium's flagship Bengwenyama PGM-chrome Project is a substantial tier-1, high-grade, low-cost and close to surface development on the Eastern Limb of South Africa's Bushveld Complex.
The UG2 and Merensky reefs lie within an established PGM-producing district close to existing large-scale mining operations, infrastructure, supplier services and mining skills, all providing a strong foundation for the proposed underground operation.
Bengwenyama hosts a combined JORC Mineral Resource of 40.25 Moz (reported on 7E and 4E bases) and a 6.29 Moz (6E) Probable Ore Reserve within the UG2 reef. The Ore Reserve forms part of the Mineral Resource,
not an addition to it. The Updated PFS, released after quarter-end, retains a planned substantial 33-year mine life.
Improved DFS metallurgical recoveries have nearly trebled chrome production making it the third largest revenue earner after rhodium and platinum and ahead of palladium.
Together with the Mining Right grant, these results support the Company's transition from feasibility studies towards staged mine development, subject to the remaining permit approvals.
Southern Palladium holds 70% of the shares in Miracle Upon Miracle Investments (Pty) Ltd, which owns the Bengwenyama Project, with the remaining 30% held by the Bengwenyama Traditional Council on behalf of the community.
The project is a flagship example of Southern Palladium being in true partnership with the Bengwenyama community, providing the social license to operate for the company.
The Project covers approximately 5,280 hectares across the Nooitverwacht 324 KT and Eerstegeluk 327 KT farms.
Figure 1: Bengwenyama's location on the Eastern Limb of the Bushveld Complex relative to neighbouring PGM operations.
Updated PFS: a substantially stronger development case
Subsequent to quarter-end, on 13 October 2026, Southern Palladium released the 2026 Modular Prefeasibility Study Update (Updated PFS) for Bengwenyama.
Prepared by Minxcon (Pty) Ltd, the study brings together the DFS-level metallurgical outcomes announced in July, an optimised processing design, updated capital and operating cost estimates and revised commodity price
and exchange rate assumptions. It provides the Company's latest assessment of Bengwenyama's potential as a substantial staged PGM-chrome development.
The Updated PFS reported a 129% increase in forecast post-tax Net Present Value (NPV) to US$1,961 million, at an 8% real discount rate, from US$857 million in the July 2025 Optimised PFS (OPFS).
The forecast post-tax Internal Rate of Return (IRR) increased from 26.4% to 39.1%, while payback from first plant production improved from 3.8 years to 2.8 years. Against these improvements, forecast peak funding increased by 18% to US$329 million,
compared with US$279 million previously. This was predominantly as a result of the forecast rand appreciation against the US dollar, as the rand value remained almost unchanged. All economic outcomes are presented on a 100% project basis,
rather than as values attributable solely to Southern Palladium.
Figure 2: Key outcomes, OPFS compared with Updated PFS.
Metric OPFS (July 2025) Updated PFS Change
Post-tax NPV, 8% real discount rate (US$m) 857 1,961 +129%
Post-tax IRR 26.4% 39.1% +12.7 pp
Peak funding requirement (US$m) 279 329 +18%
Payback from first production (years) 3.8 2.8 –1 year
AISC incl. by-product costs (US$/6E oz) note 1 729 943 +29% note 2
Realised 6E basket price (US$/6E oz) note 3 1,406 2,210 +57%
Life-of-mine 6E recovery 85% 87.5% +2.5 pp
6E ounces recovered (Moz) 7.50 7.72 +3%
Chrome concentrate, 42% Cr2O3, life of mine (Mt) 6.0 17.2 ~2.8x
Table 1: Updated PFS compared with the OPFS (Stage 1 and 2 case, ASX announcement 10 July 2025). NPV on a 100% project basis, in real terms.
Notes:
1. All-in Sustaining Cost (AISC) (including by-product costs) (“AISC incl.”).
2. 13% increase is due to a stronger South Africa Rand forecast over the Life of Mine of ZAR17.91/US$ (OPFS: ZAR19.58/US$), and 16% is due to South African cost inflation and additional chrome logistics associated with the approx. 3x higher chrome production.
3. Includes payabilities and by-products.
Chrome: from by-product credit to meaningful co-product
Perhaps the most significant processing change in the Updated PFS is the much larger contribution expected from higher chrome recoveries.
The DFS metallurgical programme increased estimated full-plant chromite recovery from the 30% assumed in the earlier PFS to 85.6%,
while maintaining a saleable concentrate grade of approximately 42.2% Cr2O3. This grade is metallurgical quality and commercially sellable and directly suitable for use in ferroalloy production.
This improvement changes chrome from primarily a by-product to a substantial co-product stream.
The Updated PFS forecasts chrome concentrate production of approximately 450,000 tonnes per annum at Stage 1 and approximately 1 million tonnes per annum
at Stage 2 steady state. Forecast life-of-mine production consequently increases to 17.2 Mt from 6.0 Mt in the OPFS. The expanded chrome production profile broadens the expected revenue mix,
improving diversification alongside PGMs, while the scale of chrome sales also introduces additional freight and logistics costs into the updated financial model.
Figure 3: Revenue contribution by commodity, OPFS compared with Updated PFS, highlighting the increase in chrome’s contribution as a co-product. Other PGMs comprise ruthenium, iridium and gold; base metals comprise nickel and copper.
Improved PGM recovery and processing efficiency
DFS test work reported overall PGM recovery of 87.6%, compared with 85.3% under the earlier PFS test-work basis.
The October Updated PFS separately adopts a life-of-mine 6E recovery assumption of 87.5%, up from 85% in the OPFS, increasing modelled recovered metal from 7.50 Moz to 7.72 Moz 6E.
Locked-cycle test work also produced a high-grade final PGM concentrate of 505.9 g/t 6E at a 1.2% mass pull. Producing a smaller volume of more concentrated PGM material supports the Company's discussions with potential smelting and refining partners;
no binding offtake agreement has been announced, and discussions are expected to commence shortly.
The revised plant design combines dense media separation (DMS), a coarser primary grind and staged PGM and chromite recovery using established conventional processing methods.
DMS is intended to reject low-value footwall waste ahead of milling, reducing the tonnes requiring energy-intensive grinding by between 26-31%. With a further 24% of the input being recovered as a saleable coarse chrome product,
less than 50% of the run of mine is presented to the flotation plant. The much higher upfront chrome recovery, means that there is less chrome entering the flotation circuit, further assisting in improved PGM recoveries.
The Updated PFS assumes Jameson flotation cells in the PGM circuits, with larger-scale confirmatory work still planned. The staged mine plan is also unchanged: Stage 1 envisages 100,000 tonnes per month from the South Decline,
expanding to 200,000 tonnes per month through the North Decline and a second 100,000 tonne-per-month processing module. On the Updated PFS assumptions, Stage 2 is expected to be funded largely from cash flow generated by Stage 1.
Capital requirements, price assumptions and sensitivity
The Updated PFS estimates peak funding, including contingencies, of US$329 million (approximately ZAR5.47 billion) compared with US$279 million (approximately ZAR5.46 billion) in the OPFS.
While the US dollar requirement has increased, the rand-denominated estimate is almost unchanged, reflecting the effect of a stronger rand exchange rate assumption. The study uses a long-term forecast of ZAR17.91/US$
in its commodity price assumptions and a ZAR17.84/US$ life-of-mine average for the economic model.
Forecast all-in sustaining cost including by-product costs (the Company's 'AISC incl.' metric) increase by 29% from US$729/6E oz to US$943/6E oz. As outlined in Table 1, approximately 13% of this increase is attributable to the stronger rand forecast,
with a further 16% reflecting South African cost inflation and additional chrome logistics associated with higher chrome production.
The forecast realised 6E basket price, including payabilities and by-products, increases by 57% from US$1,406/6E oz to US$2,210/6E oz. With the increase in the realised basket price exceeding the increase in AISC incl.,
the forecast AISC margin improves from 48% to 57%.
The revised price forecast also contributes materially to the improvement in project value. Updated long-term real assumptions include platinum at US$1,738/oz,
palladium at US$1,196/oz, rhodium at US$8,817/oz, gold at US$3,500/oz and 42% Cr2O3 chrome concentrate at US$280/t CIF China. These are forecast model assumptions.
In the Updated PFS sensitivity analysis, a 15% increase in the 6E basket price adds approximately US$454 million to post-tax NPV, to US$2,415 million showing the project is strongly leveraged to higher prices.
A corresponding 15% decrease reduces NPV by approximately US$453 million, to US$1,508 million, holding other inputs constant. The sensitivity highlights the additional value that stronger commodity prices could deliver as well as the exposure to weaker markets.
Figure 4: Sensitivity of post-tax NPV (US$m, 8% real discount rate) to +/-15% changes in key inputs, holding all other inputs constant. A higher ZAR/US$ rate represents a weaker rand.
Updated PFS study basis
The Updated PFS is a prefeasibility-level study with a stated accuracy range of approximately +/-15–25%. Its life-of-mine production target includes approximately 19% Measured, 51% Indicated and 30% Inferred Mineral Resources by tonnage.
Inferred Resources have lower geological confidence and there is no certainty the production target or forecast outcomes will be achieved. The existing 6.29 Moz 6E Probable Ore Reserve has not been updated.
The Company will require external development funding and further technical work, and laboratory metallurgical results remain subject to commercial-scale confirmation. The full 13 October 2026 announcement,
including the cautionary statement and material assumptions, should be read in conjunction with this summary.
Mining Right granted: a major regulatory milestone
On 10 August 2026, Southern Palladium announced the formal grant of Bengwenyama's Mining Right by the South African Department of Mineral and Petroleum Resources (DMPR) on 7 August 2026.
The grant represents the culmination of the Mining Right application process that commenced in October 2023 and is one of the most significant project-development milestones achieved during the September quarter.
The right has an initial 30-year term, with an option to apply for renewal, and covers approximately 5,280 hectares across the Nooitverwacht and Eerstegeluk farms.
The Mining Right permits the extraction of PGMs, gold, copper, chrome, cobalt, silver and nickel. It follows the Environmental Authorisation granted in June 2025 and lodgement of the associated Environmental Guarantee.
Securing the Mining Right provides greater certainty over the Project's mining tenure and allows the Company to progress planning for the proposed underground development in partnership with the Bengwenyama Community.
Following the grant, the Board approved the commencement of early box-cut and decline development, expected to commence in the first quarter of 2027, subject to completion of the remaining waste management and water use permitting processes.
Contractor engagement and early works planning can therefore be progressed, although physical commencement remains conditional on those licence approvals.
DFS metallurgy: recovery improvements underpin the PFS update
The DFS metallurgical test work announced on 9 July 2026 delivered a significant improvement in the Company's understanding of how to optimise both PGM and chrome recovery from the UG2 reef.
The programme evaluated DMS pre-concentration, coarser primary grinding and a conventional staged flotation and gravity-recovery flowsheet.
The July results indicated full-plant chromite recovery of 85.6%, compared with the earlier PFS assumption of 30%, at a chrome concentrate grade of 42.2% Cr2O3. Applying the DFS design to a 2.4 Mtpa Stage 2 run-of-mine feed indicated potential annual chrome concentrate production
of approximately 1.054 Mt, compared with approximately 350,000 tonnes in the earlier flowsheet. At the same time, estimated overall PGM recovery increased to 87.6% from 85.3%, demonstrating the potential to improve chrome output without compromising precious metal recovery.
These results were an important technical input into the subsequently released Updated PFS.
Technical measure PFS basis DFS test result Comparison
Full-plant chromite recovery 30.0% 85.6% +55.6 pp
Chrome concentrate grade 42.0% Cr2O3 42.2% Cr2O3 Similar grade
Chrome concentrate at 2.4 Mtpa RoM ~0.35 Mtpa ~1.054 Mtpa ~3x
Overall PGM recovery 85.3% 87.6% +2.3 pp
Final PGM concentrate grade (4E) 100 g/t 4E 443.6 g/t 4E ~4.4x
Primary grind: % passing 75 um 60% 30% Coarser
Table 2: Technical comparisons announced 9 July 2026 (PFS design assumptions versus DFS test-work estimates).
Simplified flowsheet and DMS pre-concentration
The optimised flowsheet uses DMS to reject waste rock before primary milling, upgrading the material sent to the concentrator.
July test work suggested approximately 24–31% of run-of-mine material could be rejected ahead of grinding, with associated PGM losses of approximately 1.2–2.2%, while the tested 3E feed grade increased from about 5.2 g/t to 7.2 g/t.
By reducing material entering the grinding and flotation circuits, DMS has the potential to improve processing efficiency and reduce equipment and energy requirements.
Figure 5: Proposed conventional processing route with DMS pre-concentration, coarser grinding, interstage chrome recovery and primary/secondary PGM flotation.
DFS progress and preparations for mine development
During the September quarter, DFS engineering focused on incorporating the improved metallurgical outcomes into the process plant design,
infrastructure requirements, capital estimates and overall development plan. Work also progressed on the geotechnical and infill drilling
programme and the technical studies required to support underground mine planning.
In the December quarter, the Company expects to continue the permitting process for early works, progress contractor engagement,
undertake further flowsheet optimisation and larger-scale confirmatory Jameson cell testing, and continue engagement with prospective smelting and refining counterparties.
These workstreams are intended to progress the Project towards DFS completion and early development, subject to regulatory approvals, financing and other project execution requirements.
Corporate
Cash
As at 30 September 2026, Southern Palladium held approximately A$20.06 million (30 June 2026: A$23.88 million) in cash.
This figure excludes A$1.13 million of cash held by the Company’s 70% subsidiary, Miracle Upon Miracle Investments (Pty) Limited.
Combined cash and term deposits held by Southern Palladium and MUM totalled approximately A$21.19 million at quarter-end,
supporting the continued advancement of the Bengwenyama Project through the Definitive Feasibility Study and preparations for early mine development.
Investor Presentations
In July 2026, Executive Chairman Roger Baxter presented at the Noosa Mining Investor Conference, highlighting the repositioning of Bengwenyama as a PGM-chrome co-product development following the Company's
encouraging DFS metallurgical test work.
On 2 September 2026, Mr Baxter presented at the Africa Down Under Conference in Perth, providing investors with an update on Bengwenyama's progress towards development.
Subsequent to quarter-end, Mr Baxter presented at the Australian Gold Conference in Sydney on 15 October 2026, showcasing the Updated PFS.
Expenditure summary
For the purpose of ASX Listing Rule 5.3.1, payments for exploration, evaluation and development during the quarter totalled A$1,933,331 (quarter ended 30 June 2026: A$1,302,695).
Details of activities undertaken during the quarter are as described in this report.
A summary of the exploration and project evaluation expenditures for the quarter is provided as follows:
Table 3: Detailed summary of expenditure incurred for exploration, evaluation and development
Item Q3 CY26 Q2 CY26
Assays and Analysis 41,663 44,536
Environmental, social and labour plan 123,926 160,080
Exploration Management 289,873 270,177
Surface Right Usage 13,778 13,697
Technical Studies 303,063 417,299
Drilling 1,161,028 396,906
Grand Total 1,933,331 1,302,695
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$214,000. 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$541,000. 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$3,326,811. The payments were in respect of expenses incurred for the Bengwenyama Project and corporate expenses.
September 2026 Quarter – ASX Announcements – JORC Compliance Statement
The information in this Quarterly Report that refers to Exploration Results or estimates of Mineral Resources or Ore Reserves is extracted from the ASX Announcements detailed below which are available to view on the Company’s website: https://www.southernpalladium.com/.
The Company confirms that it is not aware of any new information or data that materially affects the information included in these original market announcements and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters
underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
The Company confirms that all the material assumptions underpinning the production target, or the forecast financial information derived from a production target, in the initial public announcements below continue to apply and have not materially changed.
09 July 2026 DFS metallurgical studies deliver outstanding PGM and Chromite recoveries
10 August 2026 Mining Right Granted for Southern Palladium’s Bengwenyama World-class PGM-Chrome Project
13 October 2026 Southern Palladium: Material Update in Project Value via Updated PFS
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:
Jessica Fertig
Investor Relations
+61 408 855 855
ir@southernpalladium.com
Roger Baxter
Executive Chairman
+27 83 779 9277
roger.baxter@southernpalladium.com
Johan Odendaal
Managing Director
+27 82 557 6088
johan.odendaal@southernpalladium.com
Company Website: www.southernpalladium.com
JSE Sponsor
Merchantec Capital
Company Website
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.
On 7 August 2026, the Department of Mineral and Petroleum Resources (DMPR) granted the Mining Right to the Company.
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:
Farm name Extent (ha) Interest at beginning of quarter Interest at end of quarter
Nooitverwacht 324 KT 2,971.01 70% 70%
Eerstegeluk 327 KT 2,308.73 70% 70%
Total 5,279.74 70% 70%
No tenement was disposed of during the quarter.
Appendix 2
Mineral Resource
The total combined Mineral Resource for the UG2 and MR as at 23 October 2024 is summarised below.
Combined UG2 and MR Mineral Resource as at 23 October 2024
Notes:
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.
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.
Ore Reserve Estimation as at 23 October 2024 (UG2 reef)
Note:
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.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
Southern Palladium Limited
ABN Quarter ended
59 646 391 899 (“current quarter”)
30-Sept-26
Consolidated statement of cash flows Current Year to date
quarter (3 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 (169) (169)
(e) administration and corporate costs (634) (634)
1.3 Dividends received (see note 3) - -
1.4 Interest received 345 345
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 (1,501) (1,501)
1.9 Net cash from / (used in) operating activities (1,959) (1,959)
2 Cash flows from investing activities
2.1 Payments to acquire or for:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment (167) (167)
(d) exploration & evaluation (1,933) (1,933)
(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 Miracle Upon Miracle Pty Ltd 274 274
2.4 Dividends received (see note 3) - -
2.5 Other - -
2.6 Net cash from / (used in) investing activities (1,826) (1,826)
Consolidated statement of cash flows Current Year to date
quarter (3 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 (32) (32)
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 - -
3.10 Net cash from / (used in) financing activities (32) (32)
4 Net increase / (decrease) in cash and cash equivalents for
the period
4.1 Cash and cash equivalents at beginning of period 23,879 23,879
4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,959) (1,959)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (1,826) (1,826)
4.4 Net cash from / (used in) financing activities (item 3.10 above) (32) (32)
4.5 Effect of movement in exchange rates on cash held - -
4.6 Cash and cash equivalents at end of period 20,062* 20,062
* NOTE: Cash and cash equivalents at end of period excludes $1.13 million of cash held by the
Company’s subsidiary, Miracle Upon Miracle Investments (Pty) Limited.
5 Reconciliation of cash and cash equivalents Current Previous
at the end of the quarter (as shown in the consolidated statement of quarter quarter
cash flows) to the related items in the accounts $A’000 $A’000
5.1 Bank balances 962 279
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other - term deposits 19,100 23,600
5.5 Cash and cash equivalents at end of quarter (should equal
item 4.6 above) 20,062* 23,879
* NOTE: Cash and cash equivalents at end of quarter excludes $1.13 million of cash held by the
Company’s subsidiary, Miracle Upon Miracle Investments (Pty) Limited.
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 1 214
6.2 Aggregate amount of payments to related parties and their associates
included in item 2 541
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 of A$755,000 was paid to related parties of the entities and their associates as follows:
- $214,000 was paid to Directors’ for services rendered during the period.
- $541,000 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
Note: the term “facility’ includes all forms of financing arrangements Total facility
available to the entity. amount at Amount drawn
Add notes as necessary for an understanding of the sources of finance quarter end at quarter end
available to the entity. $A’000 $A’000
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) (1,959)
8.2 (Payments for exploration & evaluation classified as investing
activities) (item 2.1(d)) (1,933)
8.3 Total relevant outgoings (item 8.1 + item 8.2) (3,892)
8.4 Cash and cash equivalents at quarter end (item 4.6) 20,062
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 20,062
8.7 Estimated quarters of funding available (item 8.6 divided by
item 8.3) 5.2*
*Note: Total available funding at 8.6 above excludes A$1.13 million of cash held by
the Company’s subsidiary, Miracle Upon Miracle Investments (Pty) Limited.
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: 28 October 2026
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: 28/10/2026 08:35:00
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