SOUTHERN PALLADIUM LIMITED - Southern Palladium Successfully Lists on the JSE

Southern Palladium Successfully Lists on the JSE

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”)


SOUTHERN PALLADIUM SUCCESSFULLY LISTS ON THE JSE


Key highlights:

•   Southern Palladium Limited has commenced trading as a dual listed company on the JSE under
    the code: SDL and also commenced trading on the Australian Securities Exchange (ASX) today
    under the code: SPD
•   Oversubscribed $19m IPO funding round backed by a network of leading institutional investors
•   Funding underpins an advanced exploration program at the Bengwenyama PGM (platinum group
    metals) project in South Africa’s world class Bushveld Complex
•   Previous exploration at the site has already delivered a JORC 2012-compliant Inferred Mineral
    Resource of 18.8Moz (3PGE + Gold)
•   A two-phase diamond drill program at the UG2 and Merensky Reefs is expected to commence in
    the coming weeks


Southern Palladium Limited (JSE: SDL) is pleased to advise its commencement of trade on the
Johannesburg Stock Exchange (JSE) at 9am SAST 8 June 2022 under the code “SDL”.

With its central operations situated in South Africa, the Company’s primary listing will be on the ASX (ASX:
SPD) with a secondary listing on the Johannesburg Stock Exchange (JSE) under the code “SDL”.

The dual listing follows the successful Initial Public Offering (IPO) of Southern Palladium, which attracted the
maximum target raise amount of $19 million in new equity capital.

Backers in the pre-IPO round included leading Australian investment fund Regal, as well as global funds
management group Sprott Holdings and Lowell Capital. Bridge Street Capital Partners acted as sole manager
for the raise.

A drilling contractor has been secured, with plans underway for a detailed two-phase diamond drilling program
which is scheduled to commence in the coming weeks.

Southern Palladium’s attractive value proposition is underpinned by its status as an advanced-stage
exploration company operating on the Eastern Limb of the Bushveld Complex – the world’s largest platinum
group metals (PGM) resource.

With the funds raised, Southern Palladium is well capitalised to accelerate exploration at its 70%-owned
Bengwenyama project.

The Inferred Resource of 18.8Moz sits within a total estimated target at the site which has been assessed by
independent consulting group, CSA Global, at between 33.9Moz and 52.4Moz.
The project is being advanced in collaboration with a single local Community, the Bengwenyama-ya-Maswazi,
which is a major partner with a 30% direct interest and further indirect ownership through its 12.3%
shareholding in Southern Palladium.

The Community is supportive of the project and has an extensive working relationship with the Southern
Palladium management team, led by managing director Johan Odendaal.

Commenting on Southern Palladium’s dual-listing and exploration plans, Managing Director Johan
Odendaal, said:

“We are thrilled to announce Southern Palladium’s dual-listing on the ASX and the JSE, marking a crucial step
forward in the evolution of Bengwenyama, which we view as one of the most exciting PGM projects globally.
The successful listing is the result of a multi-year development process, which leveraged the experience of the
Southern Palladium management team who worked together with the Bengwenyama community to advance
the project. With the funding from its IPO, Southern Palladium will now embark on an extensive drill
programme, moving towards further resource definition and a pre-feasibility study. Longer-term, the near-
surface geology of the site combined with surrounding infrastructure support our view that Bengwenyama has
the potential to develop into a world class PGM asset.”

For the latest update on Southern Palladium’s post-listing strategy, managing director Johan Odendaal
outlined the company’s plans in an interview this week with Investor Stream. Investors are invited to view the
video at the following link: https://www.investorstream.com.au/southern-palladium-interview


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 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 PGM Resources. With its 70% stake in the project, the Company’s focus will target the
delivery of an established 2Moz Ore Reserve at Bengwenyama through geophysical mapping, a two-
phase diamond drill programme, technical studies and submitting a mining right application.

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 reefs –
UG2 and Merensky. In addition, an assessment by mining industry consultants CSA Global assessed
the total resource potential of Bengwenyama at between 33.9Moz and 52.4Moz. 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


9 June 2022

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: 09-06-2022 07:30:00
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