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Southern Palladium Limited (ASX:SPD)

ALERT: Price-sensitive ASX Announcement for SPD
Current share price for SPD : $1.260 -0.44 (-25.88%)+
Announcement
Release
29 Apr 2026 8:55AM
Price at Release
$1.700
Full Release
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Summary
Southern Palladium Limited is making significant strides in advancing its Bengwenyama PGM Project in South Africa. The company has achieved substantial progress in its drilling and metallurgical optimization efforts, leading to a notable improvement in chromite recovery rates. The completion of the DFS has been postponed to Q4 2026 to accommodate these enhancements and due to drilling delays caused by wet weather. Southern Palladium remains financially robust with a cash reserve of A$20.62 million and continues to engage with the community and prepare for early-stage development activities. The company has not engaged in any new mining production or farm-in/farm-out agreements during the quarter, while maintaining active communication with stakeholders and regulators.
Key Points
  • Southern Palladium is advancing its Bengwenyama PGM Project towards development with crucial metallurgical and drilling milestones.
  • The project's DFS has been delayed to Q4 2026 due to enhanced metallurgical processes and adverse weather conditions impacting drilling.
  • Significant progress is made in drilling programs with 72 drillholes completed, supporting resource confidence and mine design.
  • A substantial increase in chromite recovery rates has been achieved, doubling previous estimates.
  • The company's focus is on early-stage development planning, including site mobilization and contractor engagement.
  • Southern Palladium maintains a strong cash position of A$20.62 million as of March 2026.
  • No mining production activities occurred during the quarter, and no new farm-in or farm-out agreements were entered.
  • Payments totaling approximately A$717,000 were made to related parties, including directors' fees and project management expenses.
  • The company strengthened its development team with the appointment of an experienced Project Manager.
  • Southern Palladium's community engagement efforts continue to strengthen its social license with the Bengwenyama community.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.