SOUTHERN PALLADIUM LIMITED - Mr. Terence Goodlace resigns as Chairman Mr. Mike Stirzaker appointed Interim Chairman

Mr. Terence Goodlace resigns as Chairman
Mr. Mike Stirzaker appointed Interim Chairman

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”)


Mr. Terence Goodlace resigns as Chairman
Mr. Mike Stirzaker appointed Interim Chairman


Highlights:

•   Mr. Terence Goodlace has submitted his resignation as a Director and Chairman of the Board with
    immediate effect due solely to the impact of a recommendation by a proxy advisory services
    company;

•   Mr. Goodlace re-affirms his belief in the prospectivity of the Bengwenyama Project located in the
    world class Bushveld Complex in South Africa;

•   Current Director Mr. Mike Stirzaker appointed as Interim Chairman.


Southern Palladium (ASX:SPD and JSE:SDL), ‘Southern Palladium’ or ‘the Company’) advises that Mr.
Terence Goodlace has today submitted his resignation as a Director and Chairman of the Board due to a
proxy advisory services company’s recommendation in respect of another company of which Mr Goodlace
is a director.

Mr Goodlace is currently the independent non-executive chairman of Kumba Iron Ore Limited, and an
independent non-executive director at Gold Fields Limited and Andrada Mining Limited.


Commenting on this situation Mr. Goodlace, said:

“It is with great disappointment that I must resign from the Board of Southern Palladium Limited despite
my continued support for the Bengwenyama Project. I have made this decision reluctantly, based solely on
the advice of a proxy advisory services company regarding the number of Board positions that they believe
I should hold. My belief in the Bengwenyama Project, which is an advanced stage exploration project
focussed on PGM mineralisation located on the Eastern Limb of the Bushveld Complex, is unchanged and
I will maintain my keen interest in the continued development of this project.”

The Board has resolved to appoint existing independent non-executive Director Mr. Michael Stirzaker as
Interim Chairman.


Commenting on the resignation of Mr. Goodlace, Mr. Stirzaker said:

“Southern Palladium Limited is very disappointed that Mr. Goodlace felt that he must resign as a Director
in these circumstances. We greatly appreciate the guiding influence that Terence provided during the
initial public offering and the successful dual listing of the Company on the Australian Stock Exchange and
the Johannesburg Stock Exchange. With a mining career spanning more than 40 years Terence brought a
wealth of knowledge and expertise to the Board of Southern Palladium and his contribution will be sorely
missed. Going forward, South Palladium will continue to focus on the exploration and development of the
Bengwenyama Project which we believe will generate significant benefits for all stakeholders. ”

This announcement has been approved for release by the Board of Southern Palladium Limited.


About Southern Palladium:

Southern Palladium Limited (ASX:SPD, JSE:SDL) is a dual-listed platinum group metal (PGM) company
developing the advanced Bengwenyama PGM project, particularly rich in palladium/rhodium, in South
Africa. The project is located on the Eastern Limb of the Bushveld Complex, which contains more than
70% of the world’s known Platinum Group Metal (PGM) Resources.

With its 70% stake in the project, the Company’s focus will be on the delivery of a Pre-Feasibility study
and Mining Right application through a geophysical survey that has recently been completed, a two-
phase diamond drill programme which has commenced in August 2022 as well as various technical
studies to be completed.

A major development opportunity in the global PGM market, previous exploration at Bengwenyama
has already delivered a JORC 2012-compliant Inferred Mineral Resource of 18.8Moz within two ore
horizons – the UG2 chromitite and Merensky Reef.

In addition, an assessment by mining industry consultants CSA Global assessed the total resource
potential of Bengwenyama at between 134–201Mt at a grade of 3.5–5.2 (3 PGE + Au g/t). The Company
is led by an experienced on-ground management team including some of South Africa’s most high-
profile mining industry executives.



For further information, please contact:

Johan Odendaal
Managing Director
Southern Palladium
Phone: +27 82 557 6088
Email: johan.odendaal@southernpalladium.com

5 May 2023

JSE Sponsor
Merchantec Capital

Media & investor relations inquiries: Sam Jacobs, Six Degrees Investor Relations: +61 423 755 909
Follow @SouthernPalladium on Twitter
Follow Southern Palladium on LinkedIn

Date: 05-05-2023 11:21:00
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