Southern Palladium announces successful completion of PFS drilling campaign

Southern Palladium (ASX: $SPD) has completed the initial resource drilling campaign for the Pre-Feasibility Study (PFS) for the Bengwenyama Platinum Group Metal (PGM) project in South Africa. The drilling campaign, which included 82 drillholes totalling 30,746m, confirmed the robustness of the UG2 Reef and provided a strong foundation for the upcoming Mineral Resource update and the ongoing PFS.

Executive Commentary on Successful PFS Drilling Campaign

We are pleased with the consistency of recent drilling results to the initial inferred Mineral Resource grades and prill split, which underscores the robustness of the UG2 Reef and the overall project. The completion of 82 drillholes, totalling 30,746 meters, including 50 reef deflections, marks a significant milestone in our exploration efforts. These results provide a strong foundation for the upcoming Mineral Resource update and the ongoing PFS. The metallurgical test work on chromite recovery and the investigation of mineralisation in the footwall of the Merensky Reef will further enhance our understanding of the resource potential. We remain committed to advancing the Bengwenyama project, leveraging our experienced management team and strategic positioning in the global PGM market. The forthcoming updates and continued drilling for the Definitive Feasibility Study (DFS) will be crucial in realizing the full potential of this world-class asset.

Summary of Completion of Successful PFS Drilling Campaign

Southern Palladium (ASX: $SPD) has successfully completed the initial resource drilling campaign for the Bengwenyama PGM project, confirming the robustness of the UG2 Reef and providing a strong foundation for the upcoming Mineral Resource update and the ongoing Pre-Feasibility Study (PFS). The completion of 82 drillholes, totalling 30,746 meters, including 50 reef deflections, marks a significant milestone in the exploration efforts. The forthcoming updates and continued drilling for the Definitive Feasibility Study (DFS) will be crucial in realizing the full potential of this world-class asset. An updated Mineral Resource Estimate (MRE) will be released in Q3 CY2024, facilitating the commencement of mine planning for the PFS. The company remains committed to advancing the Bengwenyama project and leveraging its experienced management team and strategic positioning in the global PGM market.