# Material Update in Project Value via Updated PFS

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/material-update-in-project-value-via-updated-pfs--62dbede5-a33c-4a4c-b154-625bc2633b9b

Original source: https://senspdf.jse.co.za/documents/SENS_20261013_S604331.pdf

Publisher: jse

Original announcement: 2026-10-13T08:00:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-10-13T09:57:45.393Z

Atlas analysis updated: 2026-10-13T09:57:45.393Z

- Company: Southern Palladium Limited

- Ticker: SPD

- Exchange: JSE

- Region: South Africa

- Primary commodity: Pgm

- Secondary commodities: Chromium, Platinum, Palladium, Rhodium, Ruthenium, Iridium, Gold, Copper, Nickel

- Document categories: Other, Metallurgy, Resource update

- Extracted: 2026-10-13 09:57:46 UTC

Narrative sentiment: 1.00 · Bullish

## Minestarters Atlas summary

Southern Palladium Limited announced an Updated Prefeasibility Study \(PFS\) for its Bengwenyama PGM-chrome Project, showing a post-tax NPV of US$1.96 billion \(up 129%\) and an IRR of 39.1% \(up from 26.4%\). The significant value increase is attributed to DFS-level metallurgical test work, which elevated chrome to a co-product with 85.6% recovery, and an updated commodity price outlook. The study also highlights a faster payback period of 2.8 years and a premium PGM concentrate grade, despite an increase in peak funding to US$329 million.

Reasoning: The Updated PFS demonstrates a substantial increase in project value, with post-tax NPV more than doubling and IRR significantly increasing, driven by improved metallurgical recoveries for both PGMs and chrome \(now a co-product\), and a stronger price outlook. While peak funding increased in US$ terms and the LoM plan includes 30% Inferred Resources, the overall investment case is materially strengthened.

- Positive factor: significant\_value\_increase

- Positive factor: faster\_payback

- Positive factor: higher\_commodity\_prices

- Positive factor: high\_recovery

- Positive factor: recovery\_improving

- Positive factor: increased\_production

- Positive factor: co\_product

- Positive factor: premium\_concentrate\_grade

- Positive factor: dfs\_level\_testwork

- Positive factor: established\_process

- Positive factor: qp\_signed

- Positive factor: jorc\_compliant

- Negative factor: increased\_capex

- Negative factor: stronger\_currency\_impact

- Negative factor: inferred\_resource

- Negative factor: stale\_estimate

- Negative factor: pilot\_scale\_not\_performed

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 15

## Classification and evidence

**NPV Doubled**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The post-tax NPV increased from US$857 million to US$1,961 million, representing a 129% increase.

Evidence · text

> Post-tax NPV of US$1,961 million \(8% real discount rate, 100% project basis\), up from US$857 million in the Optimised Prefeasibility Study \(OPFS\) – an increase of approximately US$1.1 billion, or 129%.

**IRR Increased**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The post-tax IRR increased from 26.4% to 39.1%.

Evidence · text

> IRR increases to 39.1% from 26.4%

**Faster Payback**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The payback period reduced from 3.8 years to 2.8 years from first production.

Evidence · text

> payback period of 2.8 years from first production

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: The document is an 'Updated PFS' for the project.

Evidence · text

> 2026 Modular Prefeasibility Study Update \(‘Updated PFS’\)

**Increased Capex**

Polarity: negative

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The peak funding requirement increased from US$279 million to US$329 million.

Evidence · text

> Peak funding requirement of US$329 million, up from US$279 million in the OPFS

**Higher Commodity Prices**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The realised 6E basket price increased from US$1,406/6E oz to US$2,210/6E oz.

Evidence · text

> The realised 6E basket price averages US$2,210/6E oz over the life of mine, compared with US$1,406/6E oz in the OPFS

**Stronger Local Currency**

Polarity: negative

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The Updated PFS assumes a stronger rand \(ZAR17.91/US$\) compared to the OPFS \(ZAR19.58/US$\), which partly offsets higher prices.

Evidence · text

> The Updated PFS also assumes a stronger rand than the OPFS \(ZAR17.91/US$ long term, compared with ZAR19.58/US$\), which partly offsets the higher prices.

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: Chromite recovery increased to 85.6%, which is a high recovery rate.

Evidence · text

> chromite recovery of 85.6%

**Recovery Improving**

Polarity: positive

Definition: Recovery improved versus a like-for-like prior test program on the same domain and route.

Why it applies: Chromite recovery increased from 30% to 85.6%, and overall PGM recovery improved from 85.3% to 87.6%.

Evidence · text

> chromite recovery of 85.6% \(previously 30%\)

**Co-Product**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: Chrome is now considered a co-product, not just a by-product credit, due to significantly improved recovery and production.

Evidence · text

> Chrome becomes a co-product: chromite recovery of 85.6% \(previously 30%\) lifts steady-state chrome concentrate production to approximately 1 Mtpa \(previously ~350 ktpa\)

**Premium Concentrate Grade**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The final PGM concentrate grade is expected to be 505.9 g/t 6E, significantly higher than the OPFS's 100 g/t 6E.

Evidence · text

> A final concentrate grade of 505.9 g/t 6E \(OPFS: 100 g/t 6E\) is expected to enhance the pathway to a smelting and refining agreement.

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: The Updated PFS incorporates DFS-level metallurgical test work and plant design.

Evidence · text

> The update incorporates the DFS-level metallurgical test work announced on 9 July 2026 and the resulting process plant design

**Established Process**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The MF2 treatment process for PGM and chromite recovery is described as 'very well tested and not novel'.

Evidence · text

> The MF2 treatment process for recovery of PGM content associated with UG2 sulphide minerals is very well tested and not novel in any respect

**Bench Scale Only**

Polarity: negative

Definition: Only preliminary bench tests completed — no locked-cycle or pilot work.

Why it applies: No pilot scale testwork was performed, with the confidence level achieved with 2-off composites.

Evidence · text

> No pilot scale testwork was performed, or bulk sample was obtained due to the nature of the orebody and the location, making it practically challenging to obtain a bulk sample. The confidence level required by PFS study has been achieved with the 2-off composites tested being sufficiently representative of the orebody in the payback area.

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: The Ore Reserve estimation was conducted in accordance with the JORC Code \(2012\).

Evidence · text

> The Ore Reserve estimation for the Bengwenyama Project has been conducted in accordance with the guidelines as set out in the JORC Code \(2012\).

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: Mr Uwe Engelmann and Mr Daan van Heerden are named as Competent Persons responsible for the Mineral Resources and Ore Reserves respectively.

Evidence · text

> Mr Uwe Engelmann \(BSc \(Zoo. & Bot.\), BSc Hons \(Geol.\), Pr.Sci.Nat. No. 400058/08, FGSSA\). Mr Engelmann is a director of Minxcon \(Pty\) Ltd and a member of the South African Council for Natural Scientific Professions. ... Mr Daan van Heerden \(B Eng \(Min.\), MCom \(Bus.Admin.\), MMC, Pr.Eng. No. 20050318, AMMSA, FSAIMM\). Mr van Heerden is a director of Minxcon \(Pty\) Ltd

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: Approximately 30% of the life-of-mine plan includes Inferred Mineral Resources, which have a low level of geological confidence.

Evidence · text

> The Updated PFS life-of-mine plan includes Inferred Mineral Resources, which make up approximately 30% of the tonnes mined.

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: The Mineral Resource estimate used is from 23 October 2024, which is over two years old by the announcement date of 13 October 2026.

Evidence · text

> The 2024 Mineral Resource estimation for the Bengwenyama Project as at 23 October 2024 has been utilised for the conversion to Ore Reserves.

**Ore Reserve Unchanged**

Polarity: neutral

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The Ore Reserve is unchanged from the PFS \(28 October 2024\).

Evidence · text

> The Ore Reserve is unchanged.

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: the document describes a mill\_cil route \("concentrator"\)

**Gravity Route**

Polarity: neutral

Definition: Gravity separation forms a material part of the flowsheet.

Why it applies: the document describes a gravity route \("gravity"\)

## Extracted facts

Stored fact records: 12. Some facts used in scoring do not have a stored record.

## Resource Estimates (11)

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/material-update-in-project-value-via-updated-pfs--62dbede5-a33c-4a4c-b154-625bc2633b9b#fact-resource-facts-3)

Bengwenyama PGM-chrome Project · pgm

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Bengwenyama PGM-chrome Project
- Commodity: pgm
- Region: south\_africa
- Reported Region: South Africa
- Ticker: SPD

#### Resource scope

- Estimate type: reserve
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Daan van Heerden
- Resource group id: resource:f5c0f4d92afa19b90343

#### Resource Data

- Category: probable
- Tonnes: 31720000
- Grade: 6.17
- Grade Unit: g/t
- Cutoff Grade: 3.78
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2024-10-23

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2024-10-28T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: The Ore Reserve is unchanged from the 2024 PFS and is based on Probable category, providing a baseline for the updated economic study.

- Positive factor: qp\_signed

- Positive factor: jorc\_compliant

- Negative factor: stale\_estimate

Evidence · table

> 6.17

Context: 31.72

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/material-update-in-project-value-via-updated-pfs--62dbede5-a33c-4a4c-b154-625bc2633b9b#fact-resource-facts-4)

Bengwenyama PGM-chrome Project · rhodium

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Bengwenyama PGM-chrome Project
- Commodity: rhodium
- Region: south\_africa
- Reported Region: South Africa
- Ticker: SPD

#### Resource scope

- Estimate type: reserve
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Daan van Heerden
- Resource group id: resource:f5c0f4d92afa19b90343

#### Resource Data

- Category: probable
- Tonnes: 31720000
- Grade: 0.48
- Grade Unit: g/t
- Cutoff Grade: 3.78
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2024-10-23

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2024-10-28T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: Individual metal grade for the unchanged Probable Ore Reserve.

- Positive factor: qp\_signed

- Positive factor: jorc\_compliant

- Negative factor: stale\_estimate

Evidence · table

> 0.48

Context: 31.72

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/material-update-in-project-value-via-updated-pfs--62dbede5-a33c-4a4c-b154-625bc2633b9b#fact-resource-facts-5)

Bengwenyama PGM-chrome Project · iridium

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Bengwenyama PGM-chrome Project
- Commodity: iridium
- Region: south\_africa
- Reported Region: South Africa
- Ticker: SPD

#### Resource scope

- Estimate type: reserve
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Daan van Heerden
- Resource group id: resource:f5c0f4d92afa19b90343

#### Resource Data

- Category: probable
- Tonnes: 31720000
- Grade: 0.16
- Grade Unit: g/t
- Cutoff Grade: 3.78
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2024-10-23

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2024-10-28T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: Individual metal grade for the unchanged Probable Ore Reserve.

- Positive factor: qp\_signed

- Positive factor: jorc\_compliant

- Negative factor: stale\_estimate

Evidence · table

> 0.16

Context: 31.72

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/material-update-in-project-value-via-updated-pfs--62dbede5-a33c-4a4c-b154-625bc2633b9b#fact-resource-facts-6)

Bengwenyama PGM-chrome Project · ruthenium

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Bengwenyama PGM-chrome Project
- Commodity: ruthenium
- Region: south\_africa
- Reported Region: South Africa
- Ticker: SPD

#### Resource scope

- Estimate type: reserve
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Daan van Heerden
- Resource group id: resource:f5c0f4d92afa19b90343

#### Resource Data

- Category: probable
- Tonnes: 31720000
- Grade: 0.78
- Grade Unit: g/t
- Cutoff Grade: 3.78
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2024-10-23

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2024-10-28T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: Individual metal grade for the unchanged Probable Ore Reserve.

- Positive factor: qp\_signed

- Positive factor: jorc\_compliant

- Negative factor: stale\_estimate

Evidence · table

> 0.78

Context: 31.72

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/material-update-in-project-value-via-updated-pfs--62dbede5-a33c-4a4c-b154-625bc2633b9b#fact-resource-facts-7)

Bengwenyama PGM-chrome Project · chromium

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Bengwenyama PGM-chrome Project
- Commodity: chromium
- Region: south\_africa
- Reported Region: South Africa
- Ticker: SPD

#### Resource scope

- Estimate type: reserve
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Daan van Heerden
- Resource group id: resource:f5c0f4d92afa19b90343

#### Resource Data

- Category: probable
- Tonnes: 31720000
- Grade: 19.03
- Grade Unit: % Cr2O3
- Cutoff Grade: 3.78
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2024-10-23

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2024-10-28T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: Individual metal grade for the unchanged Probable Ore Reserve.

- Positive factor: qp\_signed

- Positive factor: jorc\_compliant

- Negative factor: stale\_estimate

Evidence · table

> 19.03

Context: 31.72

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/material-update-in-project-value-via-updated-pfs--62dbede5-a33c-4a4c-b154-625bc2633b9b#fact-resource-facts-8)

Bengwenyama PGM-chrome Project

#### Identity

- Project: Bengwenyama PGM-chrome Project
- Region: south\_africa
- Reported Region: South Africa
- Ticker: SPD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Uwe Engelmann
- Resource group id: resource:546fdb3c99c9b63486c2
- Mining method: underground
- Ownership percent: 70 %

#### Resource Data

- Category: inferred
- Tonnes: 13620000

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: A significant portion \(30%\) of the LoM plan relies on Inferred Mineral Resources, which have lower geological confidence.

- Negative factor: inferred\_resource

Evidence · text

> The total Mineral Resource in the Life of Mine \(LoM\) plan amounts to 45.34 Mt, of which 13.62 Mt, or 30%, is classified as Inferred Mineral Resources.

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/material-update-in-project-value-via-updated-pfs--62dbede5-a33c-4a4c-b154-625bc2633b9b#fact-resource-facts-10)

Bengwenyama PGM-chrome Project · platinum

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Bengwenyama PGM-chrome Project
- Commodity: platinum
- Region: south\_africa
- Reported Region: South Africa
- Ticker: SPD

#### Resource scope

- Estimate type: reserve
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Daan van Heerden
- Resource group id: resource:a3a12ba5842eb56f5cd4
- Mining method: underground
- Ownership percent: 70 %

#### Resource Data

- Category: probable
- Tonnes: 31720000
- Grade: 2.34
- Grade Unit: g/t
- Cutoff Grade: 3.78
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2024-10-23

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2024-10-28T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: Individual metal grade for the unchanged Probable Ore Reserve.

- Positive factor: qp\_signed

- Positive factor: jorc\_compliant

- Negative factor: stale\_estimate

Evidence · table

> 2.34

Context: 31.72

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/material-update-in-project-value-via-updated-pfs--62dbede5-a33c-4a4c-b154-625bc2633b9b#fact-resource-facts-11)

Bengwenyama PGM-chrome Project · palladium

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Bengwenyama PGM-chrome Project
- Commodity: palladium
- Region: south\_africa
- Reported Region: South Africa
- Ticker: SPD

#### Resource scope

- Estimate type: reserve
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Daan van Heerden
- Resource group id: resource:a3a12ba5842eb56f5cd4
- Mining method: underground
- Ownership percent: 70 %

#### Resource Data

- Category: probable
- Tonnes: 31720000
- Grade: 2.33
- Grade Unit: g/t
- Cutoff Grade: 3.78
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2024-10-23

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2024-10-28T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: Individual metal grade for the unchanged Probable Ore Reserve.

- Positive factor: qp\_signed

- Positive factor: jorc\_compliant

- Negative factor: stale\_estimate

Evidence · table

> 2.33

Context: 31.72

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/material-update-in-project-value-via-updated-pfs--62dbede5-a33c-4a4c-b154-625bc2633b9b#fact-resource-facts-12)

Bengwenyama PGM-chrome Project · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Bengwenyama PGM-chrome Project
- Commodity: gold
- Region: south\_africa
- Reported Region: South Africa
- Ticker: SPD

#### Resource scope

- Estimate type: reserve
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Daan van Heerden
- Resource group id: resource:a3a12ba5842eb56f5cd4
- Mining method: underground
- Ownership percent: 70 %

#### Resource Data

- Category: probable
- Tonnes: 31720000
- Grade: 0.07
- Grade Unit: g/t
- Cutoff Grade: 3.78
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2024-10-23

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2024-10-28T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: Individual metal grade for the unchanged Probable Ore Reserve.

- Positive factor: qp\_signed

- Positive factor: jorc\_compliant

- Negative factor: stale\_estimate

Evidence · table

> 0.07

Context: 31.72

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/material-update-in-project-value-via-updated-pfs--62dbede5-a33c-4a4c-b154-625bc2633b9b#fact-resource-facts-13)

Bengwenyama PGM-chrome Project · copper

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Bengwenyama PGM-chrome Project
- Commodity: copper
- Region: south\_africa
- Reported Region: South Africa
- Ticker: SPD

#### Resource scope

- Estimate type: reserve
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Daan van Heerden
- Resource group id: resource:a3a12ba5842eb56f5cd4
- Mining method: underground
- Ownership percent: 70 %

#### Resource Data

- Category: probable
- Tonnes: 31720000
- Grade: 0.02
- Grade Unit: %
- Cutoff Grade: 3.78
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2024-10-23

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2024-10-28T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: Individual metal grade for the unchanged Probable Ore Reserve.

- Positive factor: qp\_signed

- Positive factor: jorc\_compliant

- Negative factor: stale\_estimate

Evidence · table

> 0.02

Context: 31.72

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/material-update-in-project-value-via-updated-pfs--62dbede5-a33c-4a4c-b154-625bc2633b9b#fact-resource-facts-14)

Bengwenyama PGM-chrome Project · nickel

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Bengwenyama PGM-chrome Project
- Commodity: nickel
- Region: south\_africa
- Reported Region: South Africa
- Ticker: SPD

#### Resource scope

- Estimate type: reserve
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Daan van Heerden
- Resource group id: resource:a3a12ba5842eb56f5cd4
- Mining method: underground
- Ownership percent: 70 %

#### Resource Data

- Category: probable
- Tonnes: 31720000
- Grade: 0.12
- Grade Unit: %
- Cutoff Grade: 3.78
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2024-10-23

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2024-10-28T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: Individual metal grade for the unchanged Probable Ore Reserve.

- Positive factor: qp\_signed

- Positive factor: jorc\_compliant

- Negative factor: stale\_estimate

Evidence · table

> 0.12

Context: 31.72

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

## Metallurgical Results (1)

### Fact 1

[Link to this fact](https://atlas-staging.minestarters.com/news/material-update-in-project-value-via-updated-pfs--62dbede5-a33c-4a4c-b154-625bc2633b9b#fact-metallurgical-facts-1)

Bengwenyama PGM-chrome Project · pgm

#### Identity

- Project: Bengwenyama PGM-chrome Project
- Commodity: pgm
- Region: south\_africa
- Reported Region: South Africa
- Ticker: SPD

#### Recovery

- Conc. Grade: 100
- Conc. Grade Unit: g/t 6E

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: This is the prior 6E concentrate grade for comparison.

Evidence · text

> OPFS: 100 g/t 6E

#### Tags used in scoring

**Byproduct Commodity**

Polarity: neutral

Definition: The tested commodity is a byproduct rather than the primary economic driver.

Why it applies: the release describes a byproduct credit

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.