SDL Operational Update Bullish

SOUTHERN PALLADIUM LIMITED - Positive Results from Bengwenyama DFS Metallurgical Test Work

Southern Palladium Limited
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What this filing means

Southern Palladium reported positive metallurgical test results for its Bengwenyama project, significantly improving chromite recovery and operational efficiency, though development capital and dilution risks remain.

Bull case

  • Chromite concentrate recoveries achieved 65%, more than double the 30% rate assumed in the OPFS.
  • The substantial increase in high-grade chrome recoveries is expected to have a materially positive impact on overall project revenues.

Bear case

  • The inclusion of the DMS circuit represents a scope change from the OPFS that introduces potential capital expenditure increases.
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Category
Operational Update
Event posture
Constructive
Published
Apr 15, 2026

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