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South PD - quarterly activities report Sep 2025
September quarter highlights
Operational:
• Completion of the Objection Period following Environmental Authorisation (EA) approval for the Bengwenyama Platinum Group Metals (PGM) Project, with no objections lodged — marking successful completion of the EA process
• Completion of an Optimised Pre-Feasibility Study (OPFS), confirming a robust project NPV of USD857 million (AUD1.3 billion) with a staged development strategy that reduces peak funding requirements by 38%
• Staged production proposal, assuming an initial Stage 1 production rate of 1.2mtpa expanding after 4 years to 2.4mtpa
• OPFS based on the same conservative assumptions for weighted PGM basket price as used in the original PFS. Current spot basket prices ~32% higher, equating to a ~USD300m uplift in real post tax NPV after considering the strengthening of the South African Rand
• Commencement of a ~10,000m metallurgical and geotechnical drill programme, supplementing the Definitive Feasibility Study (DFS) phase work that started in January 2025
• Five drill rigs now operational on site, targeting a 140kg bulk sample from the UG2 Reef for metallurgical test work and off-take discussions, combined with Geotech work on location of the box-cut for the stage 1 development Key activities post quarter-end
• Lodgement of the Environmental Guarantee, representing another key milestone towards the expected award of a Mining Right.
Corporate:
• Post quarter-end, firm commitments received for a two-tranche Placement to raise AUD20 million before costs at AUD1.10 per share; Tranche 1 completed on 27 October raising AUD7.26m before costs
• Placement strongly supported by major existing shareholders and new offshore institutional investors; to be followed by a Share Purchase Plan (SPP) of up to AUD1 million
• Strong balance sheet positions Company to advance next phase of DFS work and mine planning at Bengwenyama, targeting FID by third quarter 2026
• Cash balance of AUD6.90 million is prior to Tranche 1 completion and excludes cash held by the Company's 70% subsidiary, Miracle Upon Miracle Investments (Pty) Ltd. at 30 September 2025 of AUD0.54 million (30 June 2025: AUD0.39 million).
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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