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Interim Financial Report for the period ended 31 December 2025
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
INTERIM FINANCIAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025
Shareholders of Southern Palladium Limited (ASX:SPD/JSE:SDL) (Southern Palladium or the Company) are
advised that Southern Palladium has today published its Interim Financial Report for the period ended
31 December 2025.
FINANCIAL HIGHLIGHTS:
• Revenue (Interest Income) increased by 24.8% to A$668,681 (31 December 2024: A$535,637)
• Operating loss from operations for the period increased to A$5,030,806 (31 December 2024: loss of
A$3,761,503)
• Basic loss per share increased to A$0.045, up 7.1% (31 December 2024: loss of A$0.042)
• Headline loss per share increased to A$0.045, up 7.1% (31 December 2024: loss of A$0.042)
REVIEW OF OPERATIONS:
The main business activity of the Company during the past six months was the ongoing advancement of its
development programme at the Bengwenyama PGM (platinum group metals) project, in which it holds a
direct 70% stake. The project is strategically positioned in the heart of the world class Bushveld Complex –
the largest source of PGMs globally – in a significant underground mining region with established expertise
and infrastructure.
Southern Palladium has a 70% equity interest in Miracle Upon Miracle Investments (Pty) Ltd ("MUM"), a
South African private company with a 100% interest in the Bengwenyama Project situated within two farm
boundaries – Eerstegeluk and Nooitverwacht.
During the period, the company successfully completed a two-tranche placement at $1.10 per share, issuing
18,181,819 ordinary shares and raising $20,000,000. The company also completed a Share Purchase Plan
(SPP) under which 59,092 shares were issued at $1.10 per share, raising A$65,001.
Southern Palladium is progressing the Definitive Feasibility Study and advancing regulatory approvals. The
staged development strategy positions the Bengwenyama Project for strong economic returns, robust
funding flexibility, and long-term shareholder value creation.
Community Engagement
Southern Palladium is actively engaged with the community, placing a strong emphasis on promoting
inclusivity and project awareness. Ethical inclusion is prioritised, ensuring fair representation through
collaboration with the Bengwenyama Royal Family, Traditional Council, and other community
representatives. Weekly virtual exploration meetings are conducted with two Community representatives.
Additionally, monthly meetings involve extended representation from the broader Royal Family, Traditional
Council, and community representatives. Quarterly feedback meetings are held to give feedback to the
broader community.
As part of Southern Palladium's ongoing community engagement programme, a Soccer Tournament and
Netball Tournament were hosted during the period in partnership with MUM. The 2025 event marked a
significant expansion in participation, with the number of soccer teams doubling from eight to sixteen. New
teams from Ga-Phasha, Mampuru and Malekane joined the competition, broadening community
representation and strengthening regional involvement. The netball competition was similarly well
supported, contributing to a vibrant and inclusive event atmosphere.
The events were well attended by community members. Importantly, tournament-related services were
procured locally, including sanitation facilities, water supply, stadium usage, photography, sound systems
and printing services. This approach ensured that the economic benefits associated with the events were
retained within the host communities.
Southern Palladium congratulates the winning teams and extends its appreciation to all participants and
supporters who contributed to the success of the tournaments.
RESULTS ANNOUNCEMENT:
The content of this results announcement is the responsibility of the directors of Southern Palladium. This
results announcement is only a summary of the information contained in the Interim Financial Report for the
half year ended 31 December 2025 ("Results") and does not contain full or completed details. Copies of the
Results are available on the Company's website, www.southernpalladium.com and on the JSE cloudlink at:
https://senspdf.jse.co.za/documents/2026/jse/isse/sdle/interim26.pdf.
Any investment decisions by investors and/or shareholders should be based on a consideration of the Results
as a whole and investors and shareholders are encouraged to review the Results, which are available as
detailed herein. Copies of the Results may also be requested from the Company via email at
andrew.cooke@southernpalladium.com or from the Sponsor at sponsorteam@merchantec.com, at no
charge.
Southern Palladium has a primary listing on the Official List of the Australian Securities Exchange (ASX) and a
secondary listing on the Main Board of the Johannesburg Stock Exchange (JSE). As required in terms of
paragraph 4.13(e) of the JSE Listings Requirements, the directors of the Company hereby confirm that the
Interim Financial Report has been prepared in compliance with the applicable JSE Listings Requirements.
The interim financial statements were reviewed by BDO Audit Pty Ltd ("BDO"), who expressed an unmodified
review conclusion thereon. Shareholders are advised that BDO's full report is available with the Results at
the following link:
https://www.southernpalladium.com/site/investor-centre/asx-announcements or from the Company
Secretary who is contactable at andrew.cooke@southernpalladium.com .
For and on behalf of the Board
Roger Baxter
Executive Chairman
For further information, please contact:
Johan Odendaal
Managing Director
Southern Palladium
Phone: +27 82 557 6088
Email: johan.odendaal@southernpalladium.com
12 March 2026
JSE Sponsor
Merchantec Capital
DISCLAIMER
This release includes statements about Southern Palladium that are, or may be deemed to be "forward-looking statements".
All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-
looking statements can generally be identified by the use of forward-looking words such as "expect", "anticipate", "likely",
"intend", "should", "could", "may", "predict", "plan", "propose", "will", "believe", "forecast", "estimate", "target", "outlook",
"guidance" and other similar expressions within the meaning of securities laws of applicable jurisdictions and include, but
are not limited to, indications of, or guidance or outlook on, future earnings or financial position or performance of Southern
Palladium. To the extent that certain statements contained in this release may constitute "forward-looking statements" or
statements about "future matters", the information reflects Southern Palladium's intent, belief or expectations as at the date
of this release. Any forward-looking statements, including projections, guidance on future revenues, earnings and
estimates, are provided as a general guide only and should not be relied upon as an indication or guarantee of future
performance. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may
cause Southern Palladium's actual results, performance or achievements to differ materially from any future results,
performance or achievements expressed or implied by these forward-looking statements. A number of important factors
could cause actual results or performance to differ materially from the forward-looking statements. Investors should
consider the forward-looking statements contained in this release in light of those disclosures and not place reliance on
such statements. Any forward-looking statements, opinions and estimates in this release are based on assumptions and
contingencies which are subject to change without notice, as are statements about market and industry trends, which are
based on interpretations of current market conditions. Neither Southern Palladium, nor its related bodies corporate or
affiliates nor the respective directors, officers, partners, employees and agents give any warranty, representation,
assurance or guarantee that the occurrence of the events expressed or implied in any of the forward-looking statements
in this release will actually occur. In addition, please note that past performance should not be relied upon as (and is not)
an indication or guarantee of future performance.
Except as required by law or regulation, Southern Palladium undertakes no obligation to provide any additional or updated
information whether as a result of new information, future events or results or otherwise. Indications of, guidance or outlook
on, future earnings or financial position or performance are also forward-looking statements.
Australian media & investor relations inquiries: Sam Jacobs, Six Degrees Investor Relations:
+61 423 755 909
South African media & investor relations inquiries: Sherilee Lakmidas, R&A Strategic Communications:
+27 11 880 3924
Follow @SouthernPalladium on Twitter
Follow Southern Palladium on LinkedIn
Date: 12-03-2026 09:16:00
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