Modern Mining September 2025

PLATINUM GROUP METALS

Southern Palladium leadership looking over the Bengwenyama project site.

Bengwenyama in the starting blocks By Nelendhre Moodley

The developing structural deficit in the PGM market and subsequent improved prices see platinum group metals developer, ASX/JSE-listed Southern Palladium, bullish about the future, citing stronger demand for PGMs going forward. S outhern Palladium expects to break ground on its flagship Bengwenyama Project, located on the Eastern Limb of the Bushveld Complex in South Africa, in 2027, at a time when and believe that a staged development approach provides a pragmatic and value-driven path forward,” he explains. Southern Palladium’s Optimised Prefeasibility

Study now offers a staged development approach for Bengwenyama, with reduced peak funding requirements of $279 million compared to the original PFS. “This approach improves our ability to further de-risk key geological, technical and operational assumptions. Stage 1 of the project, designed to deliver over 200 koz per year of PGMs in concentrate, will provide valuable insights into ground conditions and metallurgical performance, supporting more informed mine planning and optimised design for subsequent stages. It also allows us to align project development with infrastructure roll-out and community readiness, ensuring a more sustainable and inclusive growth trajectory,” explains Odendaal.

platinum group metals prices are expected to be at their most favourable, Managing Director, Johan Odendaal tells Modern Mining. The company recently completed an Optimised Prefeasibility Study (OPFS) for its 70%-owned Bengwenyama Project. The PGM project remains highly attractive with an estimated 6.29 million ounces at a grade of 6.17g/t in reserve. According to Odendaal, the primary aim of the Optimised Prefeasibility Study was to reduce the initial capital requirement. “While the full-scale design outlined in the original PFS remains technically and economically compelling, the substantial upfront capital required could pose a funding challenge. We have subsequently evaluated several options

Johan Odendaal, Managing Director of Southern Palladium.

18  MODERN MINING  www.modernminingmagazine.co.za | SEPTEMBER 2025