Name of the Project
Bengwenyama platinum group metals (PGMs) project.

Location
Eastern limb of the Bushveld Complex, in Limpopo, South Africa.

Project Owner/s
Southern Palladium (70%).

Project Description
Bengwenyama contains more than 70% of the world’s known PGM resources. The project is described as being particularly rich in palladium and rhodium.

An in-house scoping study has confirmed that a standalone upper group two (UG2) project has the best potential with a prefeasibility study (PFS).

Three other development scenarios were assessed:
Scenario 2 – mining Merensky.
Scenario 3 – mining UG2 and Merensky simultaneously.
Scenario 4 – mining UG2 to completion, followed by Merensky.

The shallow Merensky reef has been recommended for potential future development and might significantly extend the life of the proposed mine in the area now earmarked for mining.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Not stated.

Planned Start/End Date
Not stated.

Latest Developments
Southern Palladium has reported that its primary focus is on delivering a prefeasibility study (PFS) at the Bengwenyama project, and overseeing the completion of the diamond drill programme initiated more than a year ago, along with several other concurrent technical studies.

The social and environmental phases of permitting will start after approved the Department of Mineral Resources and Energy. These studies will evaluate the potential impacts of proposed operational activities.

Resource modelling, incorporating results of the ongoing drill programme, has started. A second interim resource update on the existing 25.11-million ounces of compliant resource is scheduled for release in the fourth quarter of this year.

In addition to PGMs, the mining right application is for gold, copper, chrome, cobalt, silver and nickel over the full extent of the farms Nooitverwacht 324 KT and Eerstegeluk 327 KT.

A geotechnical study critical for the detailed mine designs and scoping PFS planning is expected to conclude in October.

Metallurgical testwork, encompassing flotation efficiency tests and determinations of the bond ball mill work index, is due in the fourth quarter.

The eastern side of the Eerstegeluk farm is receiving special drilling focus to convert inferred resources to measured resources and indicated resources, with a second interim resource update planned in quarter four.

Completion of the second interim resource update should allow for the finalisation of an updated project scoping study in the first quarter of 2024, with work on the PFS expected to be completed in the second quarter of 2024.

Key Contracts, Suppliers and Consultants
Minxcon (internal scoping study).

Contact Details for Project Information
Southern Palladium, email info@southernpalladium.com.