Wrap Text
A$20 million Placement to accelerate DFS, mine development and Final Investment Decision at Bengwenyama PGM project
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")
A$20 million Placement to accelerate DFS, mine development and Final Investment Decision at
Bengwenyama PGM project
Highlights:
• Firm commitments received for a two-tranche placement of 18,181,819 million new fully paid
ordinary shares at A$1.10 per share to raise A$20.0 million before costs
• Material cornerstone investment by the Company's largest shareholder and three new global
institutional investors
• Placement price represents a 2.7% discount to the 15-day Volume Weighted Average Price (VWAP)
• The Company will also conduct a Share Purchase Plan (SPP) up to a maximum of A$1m, providing
retail shareholders with the opportunity to acquire new shares at the Placement price
• Strategic capital raising means that Southern Palladium is now fully funded to advance the next
phase of Definitive Feasibility Study (DFS) work and staged mine development at Bengwenyama
(subject to permitting, which will include decline development), and advance to Final Investment
Decision (FID)
• Balance sheet significantly strengthened ahead of key near-term milestones, including the expected
receipt of a Mining Right and updates on the DFS works program
Southern Palladium (ASX:SPD and JSE:SDL), 'Southern Palladium' or 'the Company' is pleased to advise
it has secured firm commitments to raise A$20 million through the issue of 18,181,819 million new fully
paid ordinary shares in a two-tranche placement at an issue price of A$1.10 per share.
The placement was supported by three new global institutional investors and the Company's largest
shareholder. In addition, the placement received widespread support from the Company's existing
institutional and high net worth shareholders.
Southern Palladium also intends to conduct a Share Purchase Plan (SPP) to provide its retail shareholders
with the opportunity to acquire new shares at $1.10 per share. Funds raised under the SPP will be capped
at a maximum of $1.0m.
Funds raised will be deployed to complete the Definitive Feasibility Study, achieve the Final Investment
Decision, for near-term mine development activities at the Bengwenyama PGM project including
construction of the box cut and development of a decline to the ore body (subject to permitting).
Executive Chairman Roger Baxter said: "This strategic capital raise provides Southern Palladium with a
strong cash runway to accelerate our DFS works program as we advance towards mine development at
the Bengwenyama PGM project. The Placement price and quantum reflect growing interest by global
investors in Southern Palladium's long-term value proposition, which in our view is driven both by the high
quality of the Bengwenyama project and a highly supportive market outlook for PGM prices. With the
completion of this Placement, we are pleased to welcome three new global institutional investors. The
accompanying Share Purchase Plan will also give retail investors the opportunity to acquire additional
shares at the Placement price. We believe the completion of this capital raise future proofs Southern
Palladium and the Company is now well positioned to execute our mine development strategy and unlock
the full value from this unique asset. We look forward to reporting on multiple near-term value catalysts,
led by the expected receipt of the Mining Right and key project development updates for the DFS leading
up to a Final Investment Decision in 2026."
Details of Placement and SPP
Southern Palladium has received firm commitments to raise A$20 million (before costs) via the issue of
18,181,819 new ordinary shares at A$1.10 per share in a Placement. The issue was conducted at a slight
discount of 2.7% to the 15-day VWAP of A$1.13 per share. No options were offered in connection with
the Placement.
The Placement will be conducted in two tranches. The first tranche of 6,600,004 shares is made under the
Company's existing placement capacity pursuant to ASX Listing Rule 7.1A. The second tranche of
11,581,815 shares is subject to shareholder approval under ASX Listing Rule 7.1 at the Company's Annual
General Meeting (AGM) on 28 November 2025.
Shares issued under the Placement will be quoted on the ASX and rank pari-passu with the existing fully
paid ordinary shares.
The Company is also pleased to announce the terms of an offer to eligible shareholders of the Company
(Eligible Shareholders) to subscribe for new fully paid ordinary shares in the Company under the SPP. The
SPP will allow Eligible Shareholders to each subscribe for up to $30,000 worth of new ordinary shares in
the Company at $1.10 per share. The SPP price is the same as the Placement price and will not be
underwritten.
In accordance with ASIC Regulatory Guide 125 Eligible Shareholders are registered holders of shares in
the Company at 7:00pm AEDT on Friday, 17 October 2025 with a registered address in Australia or New
Zealand.
The Company will issue an offer booklet for the SPP on or about 29 October 2025.
Bridge Street Capital Partners acted as Sole Lead Manager and Bookrunner to the Placement.
The indicative timetable for the Placement and SPP is as follows:
Summary of Key Events Date/Time
SPP Record Date Friday, 17 October 2025 (7.00 pm AEDT)
ASX Announcement of Placement Monday, 20 October 2025
Settlement of Tranche 1 Placement Shares Friday, 24 October 2025
Despatch SPP Offer Booklet Wednesday, 29 October 2025
SPP Closing Date Wednesday, 12 November 2025
Before noon AEDT on Wednesday, 19
Announce SPP Results and issue SPP Shares
November 2025
Annual General Meeting Friday, 28 November 2025
Settlement of Tranche 2 Placement Shares On or around Friday, 5 December 2025
This announcement has been approved for release by the Board of Southern Palladium Limited.
For further information, please contact:
Johan Odendaal Roger Baxter
Managing Director Executive Chairman
Southern Palladium Southern Palladium
Phone: +27 82 557 6088 Phone: +61 416 592 247
Email: johan.odendaal@southernpalladium.com Email: roger.baxter@southernpalladium.com
20 October 2025
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: 20-10-2025 10:10:00
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