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- Last 2026-11-06
- A$1.6
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
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- Mkt cap
- A$211.7M
- EV
- A$187.8M
- Cash
- A$23.9M
- Debt
- A$0
4 newer ASX announcements not yet reflected in this valuation
- Annual Report to shareholdersLatest Annual Report
- Quarterly Activities/Appendix 5B Cash Flow ReportLatest Four Activities Reports
- Southern Palladium presents to Australian Gold ConferenceLatest Operating Presentation
- Material Update in Project Value via Updated PFSRecent Project Economic Study
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Sign in or enter a guest codeAnnouncements
Latest 12 of 27All sources ▸- Quarterly Activities/Appendix 5B Cash Flow ReportResults
- SPD presentation to Noosa Mining Investor ConferencePresentation
- DFS Metallurgical - Outstanding PGM and Chromite RecoveriesStudy
- Notification of cessation of securities - SPDCorporate Action
- Application for quotation of securities - SPDCorporate Action
- Application for quotation of securities - SPDCorporate Action
- Quarterly Activities/Appendix 5B Cash Flow ReportResults
- Positive Results - Bengwenyama DFS Metallurgical Test WorkStudy
- Bengwenyama Project Update - DFS Works Program AdvancingOperations
- Quarterly Activities/Appendix 5B Cash Flow ReportResults
- Quarterly Activities/Appendix 5B Cash Flow ReportResults
- Annual Report to shareholdersResults
Event calendar · next 12 months
3 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Before planned early works by end-2026 | Water-use and waste-management approvals | Permitting | Company Guided | High | Required before box-cut and decline development can begin. |
| Before end-2026, subject to approvals | Early box-cut and decline works | Construction Or Commissioning | Company Guided | High | Demonstrates permitting and execution handoff, but does not resolve full project funding. |
| Q1 2027 | Bengwenyama definitive feasibility study | Study | Company Guided | High | Tests revised chromite recoveries, capex and financeable project economics. |
Executive roster
As of 2026-09-26Background checks ▸FY2025 annual report roster reconciled with April and August 2026 appointments; non-executive directors excluded. Mark Humphery reported as project manager; later Michiel Breed as project director without explicit replacement notice, so both retained as disclosed.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Roger Baxter | Executive Chairman | Executive Director | 2024-10-01 | Annual Report to shareholders · Mining Right Granted for Bengwenyama |
| Johan Odendaal | Managing Director · Chief Executive Officer | Executive Director · Chief Executive | 2021-05-27 | Annual Report to shareholders · Mining Right Granted for Bengwenyama |
| Andrew Cooke | Company Secretary | Company Secretary | — | Annual Report to shareholders |
| Mark Humphery | Project Manager | Senior Management | 2026-04-01 | Project Manager appointment |
| Michiel Breed | Project Director | Senior Management | 2026-09-01 | Mining Right Granted for Bengwenyama |
| France Modau | Underground PGM Mining Manager | Senior Management | 2026-06-01 | Mining Right Granted for Bengwenyama |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Bengwenyama
South Africa
DFS Unfunded Developer70% ownedPlatinum Group MetalsOthersGoldCopperNickel
Mining right granted 7 August 2026; DFS due Q1 2027; water-use and waste-management approvals, construction finance and final investment decision remain outstanding.
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Published study economicsIssuer or study metrics
NPVUS$857M8% discount
IRR26.4%Published return
Initial capexUS$219MPublished capital estimate
100% project after-tax OPFS, pre-DFS; peak funding US$279m.
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, Indicated and Inferred combined with 4E-only extension | 241.9 Mt | 4E 4.66 g/t for combined tonnes; 7E only partly assayed | Platinum Group Metals | 2024-10-23 |
| Ore Reserve | Probable | 31.7 Mt | 6E 6.17 g/t | Platinum Group Metals | 2024-10-28 |
Tenements1
Milestones3
- 30-year mining right granted
Achieved · High materiality
- Early box-cut and decline development subject to approvals
Pending · High materiality
- Definitive feasibility study
Pending · High materiality
Permits & approvals4
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Bengwenyama mining right | South Africa | Granted | — | Yes |
| Environmental authorisation | South Africa | Granted | — | Yes |
| Water-use approval for early works | South Africa | Pending | — | Yes |
| Waste-management approval for early works | South Africa | Pending | — | Yes |
Economic studies2
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Optimised prefesibility study | PFS | Reaffirmed | 2025-07-10 | Staged 100 ktpa to 200 ktpa PGM output concept, 100% after-tax NPV8 US$857m and US$279m peak funding. August 2026 release reaffirmed material assumptions pending DFS. |
| Bengwenyama prefeasibility study | PFS | Superseded | 2024-10-28 | Earlier full-scale PFS superseded by staged OPFS. |
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
Cash covers current studies but is far below the OPFS US$279m peak project funding requirement. MUM cash of A$0.98m is excluded because it is equity accounted.
Capital structure
Ownership and dilution
- Ordinary shares
- 132.3M
- Fully diluted
- 133.5M
132,328,911 issued shares after 600,000 option exercises on 1 June 2026. A further 200,000 A$0.875 options expired unexercised on 8 June. Add 750,000 A$0.70 options and 385,320 nil-strike rights for 133,464,231 current fully diluted shares; future project financing is scenario-modelled separately.
Security classes3
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| ASX quoted ordinary fully paid | Ordinary Share | 132.3M | — | — |
| A$0.70 options expiring 30 September 2027 | Option | 750K | A$0.7 | 2027-09-30 |
| Nil-strike rights expiring 8 December 2030 | Performance Right | 385.3K | A$0 | 2030-12-08 |
Company guidance1
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Definitive Feasibility Study Completion | bengwenyama | Q1 2027 | — | — Q1 2027 | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-06-01 | Raising | A$612.5K | 700K | — | Completed | — |
| 2025-10-20 | Raising | A$20M | — | — | Completed | — |
| 2025-06-19Ann. 2025-06-12 | Raising | A$8M | 16M | — | Completed | — |
Contracts and ownership
Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.
Annual report joint-control note and August mining-right release establish current 70/30 MUM venture; no executed offtake, tolling, hedge, royalty or farm-in terms were identified in selected material issuer releases.
MUM owns 100% of Bengwenyama; SPD receives 70% of project economic value and shares development funding obligations, while community holds 30%.
Joint Venture · Active- Counterparties
- Miracle Upon Miracle Investments (Pty) Ltd · Bengwenyama Traditional Council / community investment vehicle
- Applies to
- Bengwenyama · Platinum Group Metals · Others
- Economic direction
- Mixed
- Period
- From 2022-05-27; no end date stated
- Key terms
- SPD economic ownership: 70 percent
Community direct ownership: 30 percent
Decision control: Unanimous consent over MUM relevant activities
How it affects our valuation
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Valuation
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Sensitivity lab
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Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Expanded primary-source review of Southern Palladium’s FY2026 annual report, 2026 issuer announcement register and targeted exact-name searches. The Bengwenyama mining right and the previously documented closed-period trade disclosure are supported by dated filings; the outcome of any external review of that trade was not established.
Decision-relevant facts
Material summary
Roger Baxter
Executive Chairman
GovernanceIssuer Reported · Medium materiality
JSE trades executed during company closed period
The company disclosed that 1,533 shares were acquired on the JSE in two trades dated 23 and 25 September 2025 while a closed period applied before release of the FY2025 financial report. The issuer said Baxter placed orders on 22 September, later realised the restriction, attempted to cancel and believed he had cancelled them; it characterized the transactions as inadvertent. The reviewed filing records disclosure and the issuer explanation but no regulator determination, sanction or later resolution.
Individual involvement documented · The issuer filing identifies Baxter as the director whose share interest changed and reports the explanation attributed to him. No finding of intentional misconduct is established by this source.
Appendix 3Y – Change of Director’s Interest Notice: Roger Baxter · pp. 1–3, issuer explanation and Appendix 3Y details
Company SuccessIssuer Reported · Medium materiality
Bengwenyama mining right granted for an initial 30 years
The company’s FY2026 annual report states that its 70%-owned subsidiary MUM received a 30-year mining right for Bengwenyama on 7 August 2026. Baxter was Executive Chairman and the project’s board-level lead; the records support role overlap with a major permitting milestone, not individual causation.
Role overlaps event; causation unproven · Baxter’s executive-chair tenure overlaps the project milestone. The source does not attribute the regulatory decision solely to him.
Southern Palladium Limited Annual Report 2026 · After Reporting Date Events, p. 18; Directors’ Report, board roles
ASX announcements register · 10 August 2026, “Mining Right Granted for Southern Palladium’s Bengwenyama World-class PGM-Chrome Project”
Evidence gaps · 2
- Full dated employment chronology, independently verified education and concurrent board interests were not established from the opened sources.
- The grouped adverse-topic search was preliminary; person-specific regulator, court, safety, environmental, insolvency, fraud and governance checks remain incomplete.
Johan Odendaal
Managing Director & CEO
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- Full dated employment chronology, independently verified education and concurrent board interests were not established from the opened sources.
- The grouped adverse-topic search was preliminary; person-specific regulator, court, safety, environmental, insolvency, fraud and governance checks remain incomplete.
Andrew Cooke
Company Secretary
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- Full dated employment chronology, independently verified education and concurrent board interests were not established from the opened sources.
- The grouped adverse-topic search was preliminary; person-specific regulator, court, safety, environmental, insolvency, fraud and governance checks remain incomplete.
Mark Humphery
Project Manager
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- Full dated employment chronology, independently verified education and concurrent board interests were not established from the opened sources.
- The grouped adverse-topic search was preliminary; person-specific regulator, court, safety, environmental, insolvency, fraud and governance checks remain incomplete.
Michiel Breed
Project Director
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- Full dated employment chronology, independently verified education and concurrent board interests were not established from the opened sources.
- The grouped adverse-topic search was preliminary; person-specific regulator, court, safety, environmental, insolvency, fraud and governance checks remain incomplete.
France Modau
Underground PGM Mining Manager
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- Full dated employment chronology, independently verified education and concurrent board interests were not established from the opened sources.
- The grouped adverse-topic search was preliminary; person-specific regulator, court, safety, environmental, insolvency, fraud and governance checks remain incomplete.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2025-10-14 · 106,950,000 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 17.53% | 18,744,701 | |
| 2 | 11.83% | 12,656,992 | |
| 3 | 7.55% | 8,069,394 | |
| 4 | 5.43% | 5,808,930 | |
| 5 | 4.78% | 5,108,194 | |
| 6 | 4.72% | 5,049,498 | |
| 7 | 4.65% | 4,972,321 | |
| 8 | 3.72% | 3,982,822 | |
| 9 | 2.97% | 3,175,584 | |
| 10 | 1.95% | 2,084,490 | |
| 11 | 1.87% | 2,000,000 | |
| 12 | 1.59% | 1,700,000 | |
| 13 | 1.50% | 1,603,316 | |
| 14 | 1.32% | 1,416,448 | |
| 15 | 1.17% | 1,254,965 | |
| 16 | 1.06% | 1,133,333 | |
| 17 | 1.05% | 1,127,010 | |
| 18 | 1.05% | 1,125,651 | |
| 19 | 0.89% | 950,000 | |
| 20 | 0.81% | 866,686 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 16.83%Voting power | 2026-05-04 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- Dated registered-holder list is not a complete beneficial-ownership register. Later substantial-holder notices were not fully reconciled for this candidate.
Sources
- Annual Report to shareholders
ASX / Southern Palladium Limited · Published 2025-10-27 · Accessed 2026-10-09
Issuer top-20 ordinary-shareholder table as at 2025-10-14.
2025/2025-10-27_Annual Report to shareholders.pdf, PDF page 55; ordinary shareholder information
- Change of Interests of Substantial Holder - Robert Keith
ASX / Southern Palladium Limited · Published 2026-05-14 · Accessed 2026-10-09
Robert Keith and Charles Street International report 22,132,899 shares and 16.83% diluted voting power as at 4 May 2026.
2026/2026-05-14_Change of Interests of Substantial Holder - Robert Keith_8e40272b5258fa27.pdf, Form 604 sections 1–4
Disclosed activity
Insider transactions
Trading activity12 buys · 18 sells shownNet cash last 12 months A$3.2mShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-05-04 | Robert KeithCharles Street International Pty Ltd
Details & evidence for Robert Keith on 2026-05-04As disclosed: On-market acquisition of 2,151,097 shares
Charles Street International Pty Ltd · associated holder account in disclosed substantial-holder group Change of Interests of Substantial Holder - Robert Keith ↗ | PurchaseOrdinary shares | 2,151,097 | AUD 3,226,645.50 | AUD 1.5Disclosed price | 19,463,047 |
| 2025-10-27 | Robert KeithCharles Street International Pty Ltd
Details & evidence for Robert Keith on 2025-10-27As disclosed: Placement acquisition of 1,521,438 shares
Charles Street International Pty Ltd · associated holder account in disclosed substantial-holder group Change in substantial holding - Robert Keith ↗ | SubscriptionOrdinary shares | 1,521,438 | AUD 1,673,581.80 | AUD 1.1Disclosed price | 17,311,950 |
| 2025-09-11 | Robert KeithCharles Street International Pty Ltd
Details & evidence for Robert Keith on 2025-09-11As disclosed: On-market acquisition of 1,000,000 shares
Charles Street International Pty Ltd · associated holder account in disclosed substantial-holder group Change in substantial holding - Robert Keith ↗ | PurchaseOrdinary shares | 1,000,000 | AUD 600,000.00 | AUD 0.6Disclosed price | — |
| 2025-06-19 | Charles Street International Pty LtdCharles Street International Pty Ltd
Details & evidence for Charles Street International Pty Ltd on 2025-06-19As disclosed: Placement subscription for 9,240,000 fully paid ordinary shares
Change in substantial holding - Robert Keith ↗ | SubscriptionOrdinary shares | 9,240,000 | AUD 4,620,000.00 | AUD 0.5Disclosed price | — |
| 2025-06-18 | Charles Street International Pty LtdCharles Street International Pty Ltd
Details & evidence for Charles Street International Pty Ltd on 2025-06-18As disclosed: On-market purchase of 4,869 ordinary shares
Change in substantial holding - Robert Keith ↗ | PurchaseOrdinary shares | 4,869 | AUD 2,379.97 | AUD 0.488801Calculated average | — |
| 2025-06-04 | Charles Street International Pty LtdCharles Street International Pty Ltd
Details & evidence for Charles Street International Pty Ltd on 2025-06-04As disclosed: On-market purchase of 50,000 ordinary shares
Change in substantial holding - Robert Keith ↗ | PurchaseOrdinary shares | 50,000 | AUD 30,509.05 | AUD 0.610181Calculated average | — |
| 2025-06-03 | Charles Street International Pty LtdCharles Street International Pty Ltd
Details & evidence for Charles Street International Pty Ltd on 2025-06-03As disclosed: On-market purchase of 23,752 ordinary shares
Change in substantial holding - Robert Keith ↗ | PurchaseOrdinary shares | 23,752 | AUD 11,484.09 | AUD 0.4835Calculated average | — |
| 2025-06-02 | Charles Street International Pty LtdCharles Street International Pty Ltd
Details & evidence for Charles Street International Pty Ltd on 2025-06-02As disclosed: On-market purchase of 22,039 ordinary shares
Change in substantial holding - Robert Keith ↗ | PurchaseOrdinary shares | 22,039 | AUD 10,402.41 | AUD 0.472Calculated average | — |
| 2025-05-21 | Robert Keith
Details & evidence for Robert Keith on 2025-05-21As disclosed: On-market purchase of 199,852 ordinary shares
Charles Street International Pty Ltd · associated holder account in disclosed substantial-holder group Change in substantial holding - Robert Keith ↗ | PurchaseOrdinary shares | 199,852 | AUD 48,564.04 | AUD 0.243Calculated average | — |
| 2024-09-26 | Nurinox (Pty) LtdNurinox (Pty) Ltd
Details & evidence for Nurinox (Pty) Ltd on 2024-09-26As disclosed: On-market sale of 258,000 shares
Change in substantial holding - Nurinox ↗ | SaleOrdinary shares | 258,000 | AUD 113,520.00 | AUD 0.44Disclosed price | — |
| 2024-09-03 | Regal Funds Management / Regal Partners associated group
Details & evidence for Regal Funds Management / Regal Partners associated group on 2024-09-03As disclosed: Sale 102,567 shares
Ceasing to be a substantial holder ↗ | SaleOrdinary shares | 102,567 | AUD 36,062.56 | AUD 0.3516Calculated average | — |
| 2024-03-07 | Regal Funds Management / Regal Partners associated group
Details & evidence for Regal Funds Management / Regal Partners associated group on 2024-03-07As disclosed: Sale 8,300 shares
Ceasing to be a substantial holder ↗ | SaleOrdinary shares | 8,300 | AUD 2,822.00 | AUD 0.34Calculated average | — |
| 2024-03-06 | Regal Funds Management / Regal Partners associated group
Details & evidence for Regal Funds Management / Regal Partners associated group on 2024-03-06As disclosed: Purchase 11,845 shares
Ceasing to be a substantial holder ↗ | PurchaseOrdinary shares | 11,845 | AUD 4,000.06 | AUD 0.3377Calculated average | — |
| 2024-02-05 | Regal Funds Management / Regal Partners associated group
Details & evidence for Regal Funds Management / Regal Partners associated group on 2024-02-05As disclosed: Sale 35,000 shares
Ceasing to be a substantial holder ↗ | SaleOrdinary shares | 35,000 | AUD 12,400.50 | AUD 0.3543Calculated average | — |
| 2023-12-04 | Regal Funds Management / Regal Partners associated group
Details & evidence for Regal Funds Management / Regal Partners associated group on 2023-12-04As disclosed: Sale 7,563 shares
Ceasing to be a substantial holder ↗ | SaleOrdinary shares | 7,563 | AUD 2,533.61 | AUD 0.335001Calculated average | — |
| 2023-12-04 | Regal Funds Management / Regal Partners associated group
Details & evidence for Regal Funds Management / Regal Partners associated group on 2023-12-04As disclosed: Purchase 7,563 shares
Ceasing to be a substantial holder ↗ | PurchaseOrdinary shares | 7,563 | AUD 2,533.61 | AUD 0.335001Calculated average | — |
| 2023-09-13 | Regal Funds Management / Regal Partners associated group
Details & evidence for Regal Funds Management / Regal Partners associated group on 2023-09-13As disclosed: Sale 1,313 shares
Ceasing to be a substantial holder ↗ | SaleOrdinary shares | 1,313 | AUD 610.68 | AUD 0.465103Calculated average | — |
| 2023-09-12 | Regal Funds Management / Regal Partners associated group
Details & evidence for Regal Funds Management / Regal Partners associated group on 2023-09-12As disclosed: Sale 3,700 shares
Ceasing to be a substantial holder ↗ | SaleOrdinary shares | 3,700 | AUD 1,665.00 | AUD 0.45Calculated average | — |
| 2023-09-11 | Regal Funds Management / Regal Partners associated group
Details & evidence for Regal Funds Management / Regal Partners associated group on 2023-09-11As disclosed: Sale 189,393 shares
Ceasing to be a substantial holder ↗ | SaleOrdinary shares | 189,393 | AUD 72,916.31 | AUD 0.385Calculated average | — |
| 2023-07-24 | Regal Funds Management / Regal Partners associated group
Details & evidence for Regal Funds Management / Regal Partners associated group on 2023-07-24As disclosed: Sale 40,000 shares
Ceasing to be a substantial holder ↗ | SaleOrdinary shares | 40,000 | AUD 14,000.00 | AUD 0.35Calculated average | — |
| 2023-07-13 | Regal Funds Management / Regal Partners associated group
Details & evidence for Regal Funds Management / Regal Partners associated group on 2023-07-13As disclosed: Sale 17,551 shares
Ceasing to be a substantial holder ↗ | SaleOrdinary shares | 17,551 | AUD 6,497.38 | AUD 0.3702Calculated average | — |
| 2023-07-03 | Regal Funds Management / Regal Partners associated group
Details & evidence for Regal Funds Management / Regal Partners associated group on 2023-07-03As disclosed: Sale 451,697 shares
Change in substantial holding ↗ | SaleOrdinary shares | 451,697 | AUD 160,352.44 | AUD 0.355Calculated average | — |
| 2023-06-16 | Regal Funds Management / Regal Partners associated group
Details & evidence for Regal Funds Management / Regal Partners associated group on 2023-06-16As disclosed: Sale 50,000 shares
Change in substantial holding ↗ | SaleOrdinary shares | 50,000 | AUD 20,000.00 | AUD 0.4Calculated average | — |
| 2023-06-13 | Regal Funds Management / Regal Partners associated group
Details & evidence for Regal Funds Management / Regal Partners associated group on 2023-06-13As disclosed: Sale 233 shares
Change in substantial holding ↗ | SaleOrdinary shares | 233 | AUD 103.69 | AUD 0.445021Calculated average | — |
| 2023-06-09 | Regal Funds Management / Regal Partners associated group
Details & evidence for Regal Funds Management / Regal Partners associated group on 2023-06-09As disclosed: Sale 10,613 shares
Change in substantial holding ↗ | SaleOrdinary shares | 10,613 | AUD 4,616.66 | AUD 0.435Calculated average | — |
| 2023-05-26 | Regal Funds Management / Regal Partners associated group
Details & evidence for Regal Funds Management / Regal Partners associated group on 2023-05-26As disclosed: Sale 20 shares
Change in substantial holding ↗ | SaleOrdinary shares | 20 | AUD 8.80 | AUD 0.44Calculated average | — |
| 2023-05-25 | Regal Funds Management / Regal Partners associated group
Details & evidence for Regal Funds Management / Regal Partners associated group on 2023-05-25As disclosed: Sale 10,272 shares
Change in substantial holding ↗ | SaleOrdinary shares | 10,272 | AUD 4,622.40 | AUD 0.45Calculated average | — |
| 2023-05-24 | Regal Funds Management / Regal Partners associated group
Details & evidence for Regal Funds Management / Regal Partners associated group on 2023-05-24As disclosed: Sale 3,866 shares
Change in substantial holding ↗ | SaleOrdinary shares | 3,866 | AUD 1,817.02 | AUD 0.47Calculated average | — |
| 2023-05-19 | Regal Funds Management / Regal Partners associated group
Details & evidence for Regal Funds Management / Regal Partners associated group on 2023-05-19As disclosed: Purchase 130,881 shares
Change in substantial holding ↗ | PurchaseOrdinary shares | 130,881 | AUD 58,896.45 | AUD 0.45Calculated average | — |
| 2023-04-06 | Regal Funds Management / Regal Partners associated group
Details & evidence for Regal Funds Management / Regal Partners associated group on 2023-04-06As disclosed: Sale 744,378 shares
Change in substantial holding ↗ | SaleOrdinary shares | 744,378 | AUD 409,407.90 | AUD 0.55Calculated average | — |
Disclosed holding observations9 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-05-04 | Robert Keith
Details & evidence for Robert Keith on 2026-05-04Aggregate group position per notice; excludes any assumption about subsequent dilution.
Charles Street International Pty Ltd · associated holder account in disclosed substantial-holder group Change of Interests of Substantial Holder - Robert Keith ↗ | ThresholdOrdinary shares | 22,132,899 | — |
| 2025-10-27 | Robert Keith
Details & evidence for Robert Keith on 2025-10-27Aggregate group position after disclosed changes; split: Robert Keith 5,471,891, Charles Street International 11,840,059.
Charles Street International Pty Ltd · associated holder account in disclosed substantial-holder group Change in substantial holding - Robert Keith ↗ | ThresholdOrdinary shares | 17,311,950 | 15.25%Voting Power |
| 2025-10-14 | Robert Keith
Details & evidence for Robert Keith on 2025-10-14
Charles Street International Pty Ltd · associated holder account in disclosed substantial-holder group Annual Report to shareholders ↗ | PositionOrdinary shares | 14,790,512 | 13.83%Issued Shares |
| 2025-10-14 | Nicolas Daniel Resources Pty Ltd
Details & evidence for Nicolas Daniel Resources Pty Ltd on 2025-10-14
Annual Report to shareholders ↗ | PositionOrdinary shares | 12,656,992 | 11.83%Issued Shares |
| 2025-10-14 | Nurinox (Pty) Ltd
Details & evidence for Nurinox (Pty) Ltd on 2025-10-14
Annual Report to shareholders ↗ | PositionOrdinary shares | 8,069,394 | 7.55%Issued Shares |
| 2025-06-19 | Robert Keith
Details & evidence for Robert Keith on 2025-06-19Position per Form 604 before later reported September 2025 purchases and October placement.
Charles Street International Pty Ltd · associated holder account in disclosed substantial-holder group Change in substantial holding - Robert Keith ↗ | ThresholdOrdinary shares | 14,790,512 | 13.83%Voting Power |
| 2025-06-19 | Nicolas Daniel Resources Pty Ltd
Details & evidence for Nicolas Daniel Resources Pty Ltd on 2025-06-19No change in share quantity; percentage decreased from 14.11% to 11.83% from capital dilution.
Change in substantial holding - Nicolas Daniel Resources PL ↗ | ThresholdOrdinary shares | 12,656,992 | 11.83%Voting Power |
| 2025-06-19 | Nurinox (Pty) Ltd
Details & evidence for Nurinox (Pty) Ltd on 2025-06-19No change in quantity; percentage declined from 9.28% to 7.55% on dilution.
Change in substantial holding - Nurinox ↗ | ThresholdOrdinary shares | 8,069,394 | 7.55%Voting Power |
| 2023-07-03 | Regal Funds Management / Regal Partners associated group
Details & evidence for Regal Funds Management / Regal Partners associated group on 2023-07-03Aggregate associated-holder position; custodial components reported in the notice.
Change in substantial holding ↗ | ThresholdOrdinary shares | 4,776,230 | 5.32%Voting Power |
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Narrative and provenance
Research & Sources
AI Analyst Report
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Sign in or enter a guest codeChronological evidenceSource-document inventory33 documents
ASX SPD ordinary share price history through 25 September 2026Market Data · HighExtracted
Local ASX price history obtained with miners.reference_price; September 25 is latest eligible close.
- Document ID
- spd-2026-09-25-close
- Published UTC
- 2026-09-25T06:00:00Z
- Projects
- —
- Commodities
- —
Southern Palladium presents to Africa Down UnderPresentation · HighMetadata Only
Issuer ASX listing identifies the presentation; linked PDF could not be accessed for extraction.
- Document ID
- spd-2026-09-02-africa-down-under
- Published UTC
- 2026-09-01T23:00:00Z
- Projects
- bengwenyama
- Commodities
- platinum_group_metals · others
Mining Right Granted for BengwenyamaPermitting · HighExtracted
Mining right granted for 30 years; other early-work approvals and DFS remain outstanding.
- Document ID
- spd-2026-08-10-mining-right
- Published UTC
- 2026-08-09T23:00:00Z
- Projects
- bengwenyama
- Commodities
- platinum_group_metals · others
Bridge Street Capital mining-right noteOther · HighMetadata Only
Issuer broker-report listing identifies an August 2026 Bridge Street note; linked PDF was inaccessible.
- Document ID
- spd-2026-08-10-bridge-street
- Published UTC
- 2026-08-09T23:00:00Z
- Projects
- —
- Commodities
- —
Quarterly Activities/Appendix 5B Cash Flow ReportResults · HighExtracted
Issuer release reviewed: Quarterly Activities/Appendix 5B Cash Flow Report.
- Document ID
- spd-2026-07-30-quarterly
- Published UTC
- 2026-07-30T04:12:15Z
- Projects
- —
- Commodities
- —
SPD presentation to Noosa Mining Investor ConferencePresentation · HighExtracted
Issuer release reviewed: SPD presentation to Noosa Mining Investor Conference.
- Document ID
- spd-2026-07-23-noosa
- Published UTC
- 2026-07-23T00:33:21Z
- Projects
- bengwenyama
- Commodities
- platinum_group_metals · others
DFS Metallurgical - Outstanding PGM and Chromite RecoveriesStudy · HighExtracted
Issuer release reviewed for valuation relevance; no separate current material input extracted from DFS Metallurgical - Outstanding PGM and Chromite Recoveries.
- Document ID
- spd-2026-07-09-dfs-metallurgy
- Published UTC
- 2026-07-08T22:23:48Z
- Projects
- bengwenyama
- Commodities
- platinum_group_metals · others
Notification of cessation of securities - SPDCorporate Action · HighExtracted
Issuer release reviewed: Notification of cessation of securities - SPD.
- Document ID
- spd-2026-06-09-options-expiry
- Published UTC
- 2026-06-08T23:43:36Z
- Projects
- —
- Commodities
- —
Application for quotation of securities - SPDCorporate Action · HighExtracted
Issuer release reviewed: Application for quotation of securities - SPD.
- Document ID
- spd-2026-06-01-quotation
- Published UTC
- 2026-06-01T07:03:05Z
- Projects
- —
- Commodities
- —
Application for quotation of securities - SPDCorporate Action · MediumExtracted
Issuer release reviewed for valuation relevance; no separate current material input extracted from Application for quotation of securities - SPD.
- Document ID
- spd-2026-05-28-quotation-may
- Published UTC
- 2026-05-28T02:46:03Z
- Projects
- —
- Commodities
- —
Quarterly Activities/Appendix 5B Cash Flow ReportResults · MediumExtracted
Issuer release reviewed for valuation relevance; no separate current material input extracted from Quarterly Activities/Appendix 5B Cash Flow Report.
- Document ID
- spd-2026-04-29-quarterly-march
- Published UTC
- 2026-04-28T22:55:07Z
- Projects
- —
- Commodities
- —
Positive Results - Bengwenyama DFS Metallurgical Test WorkStudy · HighExtracted
Issuer release reviewed for valuation relevance; no separate current material input extracted from Positive Results - Bengwenyama DFS Metallurgical Test Work.
- Document ID
- spd-2026-04-15-metallurgy-april
- Published UTC
- 2026-04-14T22:45:19Z
- Projects
- bengwenyama
- Commodities
- platinum_group_metals · others
Project Manager appointmentLeadership · HighExtracted
Mark Humphery appointed project manager reporting to Johan Odendaal.
- Document ID
- spd-2026-04-01-project-manager
- Published UTC
- 2026-03-31T23:00:00Z
- Projects
- bengwenyama
- Commodities
- platinum_group_metals · others
Bengwenyama Project Update - DFS Works Program AdvancingOperations · HighExtracted
Issuer release reviewed: Bengwenyama Project Update - DFS Works Program Advancing.
- Document ID
- spd-2026-02-05-dfs-update
- Published UTC
- 2026-02-04T21:20:30Z
- Projects
- bengwenyama
- Commodities
- platinum_group_metals · others
Quarterly Activities/Appendix 5B Cash Flow ReportResults · HighExtracted
Issuer release reviewed: Quarterly Activities/Appendix 5B Cash Flow Report.
- Document ID
- spd-2026-01-30-quarterly-december
- Published UTC
- 2026-01-29T23:43:39Z
- Projects
- —
- Commodities
- —
Evolution Capital initiating coverageOther · HighExtracted
Independent January 2026 research used a materially higher payable basket and aggressive schedule; later issuer evidence supersedes its mining-right and DFS dates.
- Document ID
- spd-2026-01-27-evolution-research
- Published UTC
- 2026-01-26T23:00:00Z
- Projects
- —
- Commodities
- —
Quarterly Activities/Appendix 5B Cash Flow ReportResults · HighExtracted
Issuer release reviewed: Quarterly Activities/Appendix 5B Cash Flow Report.
- Document ID
- spd-2025-10-30-quarterly-september
- Published UTC
- 2025-10-29T22:53:28Z
- Projects
- —
- Commodities
- —
Annual Report to shareholdersResults · HighExtracted
Issuer release reviewed: Annual Report to shareholders.
- Document ID
- spd-2025-10-27-annual
- Published UTC
- 2025-10-27T05:26:42Z
- Projects
- —
- Commodities
- —
Bengwenyama DFS Drilling UnderwayOperations · MediumExtracted
Issuer release reviewed for valuation relevance; no separate current material input extracted from Bengwenyama DFS Drilling Underway.
- Document ID
- spd-2025-09-02-bengwenyama-dfs-drilling-underway
- Published UTC
- 2025-09-01T22:20:36Z
- Projects
- bengwenyama
- Commodities
- platinum_group_metals · others
Bengwenyama Optimised PFS Non-deal Roadshow PresentationPresentation · MediumExtracted
Issuer release reviewed for valuation relevance; no separate current material input extracted from Bengwenyama Optimised PFS Non-deal Roadshow Presentation.
- Document ID
- spd-2025-07-15-opfs-presentation
- Published UTC
- 2025-07-15T01:16:11Z
- Projects
- bengwenyama
- Commodities
- platinum_group_metals · others
Optimised PFS via staged development with NPV of US$857mOperations · HighExtracted
Issuer release reviewed: Optimised PFS via staged development with NPV of US$857m.
- Document ID
- spd-2025-07-10-opfs
- Published UTC
- 2025-07-09T22:24:32Z
- Projects
- bengwenyama
- Commodities
- platinum_group_metals · others
A$8m Placement to accelerate DFS and Bengwenyama ProjectFinancing · HighExtracted
Issuer release reviewed: A$8m Placement to accelerate DFS and Bengwenyama Project.
- Document ID
- spd-2025-06-12-placement
- Published UTC
- 2025-06-11T23:17:04Z
- Projects
- —
- Commodities
- —
Half Yearly Report and AccountsResults · MediumExtracted
Issuer release reviewed for valuation relevance; no separate current material input extracted from Half Yearly Report and Accounts.
- Document ID
- spd-2025-03-11-half-yearly-report-and-accounts
- Published UTC
- 2025-03-11T08:59:34Z
- Projects
- —
- Commodities
- —
Bengwenyama Pre-Feasibility Study Project NPV of US$1.059bnStudy · HighExtracted
Issuer release reviewed: Bengwenyama Pre-Feasibility Study Project NPV of US$1.059bn.
- Document ID
- spd-2024-10-28-pfs
- Published UTC
- 2024-10-27T21:46:30Z
- Projects
- bengwenyama
- Commodities
- platinum_group_metals · others
Bengwenyama PGM Mineral Resource (UG2 & MR) now 40.25MozResource Update · HighExtracted
Issuer release reviewed: Bengwenyama PGM Mineral Resource (UG2 & MR) now 40.25Moz.
- Document ID
- spd-2024-10-23-resource
- Published UTC
- 2024-10-22T21:22:23Z
- Projects
- bengwenyama
- Commodities
- platinum_group_metals · others
Investor Presentation - Bengwenyama Mineral Resource UpdateResource Update · HighExtracted
Issuer release reviewed for valuation relevance; no separate current material input extracted from Investor Presentation - Bengwenyama Mineral Resource Update.
- Document ID
- spd-2024-08-28-investor-presentation-bengwenyama-minera
- Published UTC
- 2024-08-27T23:45:48Z
- Projects
- bengwenyama
- Commodities
- platinum_group_metals · others
Completion of Successful PFS Drilling Campaign - AmendedOperations · MediumExtracted
Issuer release reviewed for valuation relevance; no separate current material input extracted from Completion of Successful PFS Drilling Campaign - Amended.
- Document ID
- spd-2024-06-24-completion-of-successful-pfs-drilling-ca
- Published UTC
- 2024-06-23T23:19:55Z
- Projects
- bengwenyama
- Commodities
- platinum_group_metals · others
Completion of Successful PFS Drilling CampaignOperations · MediumExtracted
Issuer release reviewed for valuation relevance; no separate current material input extracted from Completion of Successful PFS Drilling Campaign.
- Document ID
- spd-2024-06-18-completion-of-successful-pfs-drilling-ca
- Published UTC
- 2024-06-17T22:40:41Z
- Projects
- bengwenyama
- Commodities
- platinum_group_metals · others
Prefeasibility Study advancing - 30,000m drilling completedStudy · HighExtracted
Issuer release reviewed for valuation relevance; no separate current material input extracted from Prefeasibility Study advancing - 30,000m drilling completed.
- Document ID
- spd-2024-04-03-prefeasibility-study-advancing-30-000m-d
- Published UTC
- 2024-04-02T21:23:16Z
- Projects
- bengwenyama
- Commodities
- platinum_group_metals · others
Addendum Bengwenyama Project Scoping StudyStudy · HighExtracted
Issuer release reviewed for valuation relevance; no separate current material input extracted from Addendum Bengwenyama Project Scoping Study.
- Document ID
- spd-2024-02-12-addendum-bengwenyama-project-scoping-stu
- Published UTC
- 2024-02-12T05:48:36Z
- Projects
- bengwenyama
- Commodities
- platinum_group_metals · others
Bengwenyama Project Scoping StudyStudy · HighExtracted
Issuer release reviewed for valuation relevance; no separate current material input extracted from Bengwenyama Project Scoping Study.
- Document ID
- spd-2024-02-01-bengwenyama-project-scoping-study
- Published UTC
- 2024-01-31T21:20:04Z
- Projects
- bengwenyama
- Commodities
- platinum_group_metals · others
UG2 Indicated Mineral Resource doubles to 6.52 Moz (7E)Resource Update · HighExtracted
Issuer release reviewed for valuation relevance; no separate current material input extracted from UG2 Indicated Mineral Resource doubles to 6.52 Moz (7E).
- Document ID
- spd-2023-12-07-ug2-indicated-mineral-resource-doubles-t
- Published UTC
- 2023-12-06T22:20:02Z
- Projects
- bengwenyama
- Commodities
- platinum_group_metals · others
Geotechnical Study Establishes Mine Design ParametersStudy · HighExtracted
Issuer release reviewed for valuation relevance; no separate current material input extracted from Geotechnical Study Establishes Mine Design Parameters.
- Document ID
- spd-2023-10-23-geotechnical-study-establishes-mine-desi
- Published UTC
- 2023-10-22T21:23:42Z
- Projects
- bengwenyama
- Commodities
- platinum_group_metals · others
Evidence facts44
23879000 AUD
2026-06-30980000 AUD
2026-06-30Q1 2027 None
2026-07-3085.6 percent
2026-07-3087.6 percent
2026-07-30132328911 shares
2026-07-096.29 Moz
2024-10-2840.25 Moz
2024-10-23200000 options
2026-06-08132328911 shares
2026-06-01385320 rights
2026-06-01750000 options
2026-06-01August 2026 None
2026-02-0520000000 AUD
2025-12-311.1 AUD/share
2025-12-3120000000 AUD
2025-10-207260000 AUD
2025-10-2770 percent
2025-06-30Roger Baxter; Johan Odendaal None
2025-10-27Andrew Cooke None
2025-10-27True None
2025-06-30857000000 USD
2025-07-10279000000 USD
2025-07-10219000000 USD
2025-07-101557 USD/6E oz
2025-07-10225 USD/t
2025-07-108000000 AUD
2025-06-1216000000 shares
2025-06-120.5 AUD/share
2025-06-126.29 Moz 6E
2024-10-2840.25 Moz
2024-10-23True None
2026-08-0770 percent
2026-08-10Q1 2027 None
2026-08-10True None
2026-08-10Michiel Breed; France Modau None
2026-08-10Mark Humphery None
2026-04-012.03 AUD/share
2026-09-25307433 shares
2026-09-251.66 AUD/share
2026-08-052.13 AUD/share
2026-08-101922 USD/oz
2026-01-2785 percent
2026-01-27Q2 2026 None
2026-01-27Conflicts requiring judgment1
- DFS timing
August mining-right release supersedes the February end-August 2026 DFS target with first-quarter 2027 completion.