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2026-11-06
◂ Monitor SPD ASX

Southern Palladium Limited

DFS Unfunded Developer · Platinum Group Metals · Others · South Africa Rating locked: sign in to view v6.2
Last 2026-11-06
A$1.6
1D
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1M
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YTD
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1Y
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Fair value
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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

People, delivery and responsibility

Management background checks

Evidence through 2026-10-09

Research assessment

Executive team

Rating locked: sign in to viewTeam rating and score are available to subscribers

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

Individual involvement and employer context shown separately

Roger Baxter

Executive Chairman

Current
Full background report for Roger Baxter
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.

Full background report

Roger Baxter

Executive Chairman

Career chronology

Contributions and company outcomes

Bengwenyama mining right granted for an initial 30 years

7 August 2026 · issuer reported · medium materiality

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.

Attribution: 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.

Relevance: A long-duration right is a material development-stage milestone relevant to board delivery and execution oversight.

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”)

Governance and interests

JSE trades executed during company closed period

22–25 September 2025 · issuer reported · medium materiality

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.

Attribution: 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.

Relevance: Closed-period dealing controls are directly relevant to a director’s governance obligations and the board’s securities-trading processes.

Appendix 3Y – Change of Director’s Interest Notice: Roger Baxter (pp. 1–3, issuer explanation and Appendix 3Y details)

Suitability for the current role

Role alignment; record remains incomplete

Evidence cutoff 2026-10-09 · analyst inference · low materiality

The reviewed issuer profile confirms this current role. The short public profile supports a preliminary role-alignment observation only; independent evidence on delivered outcomes and full tenure is insufficient for a broader performance judgment.

Attribution: Responsibility not applicable. This is an analyst assessment of the documented role and experience, not a claim of responsibility for a company outcome.

Relevance: Role alignment matters to execution in the current position, but the reviewed evidence does not establish full delivery or control outcomes.

SPD initiation report, 27 January 2026 (Executive or management profile: Roger Baxter; current role and available career detail)

Evidence gaps

  • 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

Current
Full background report for Johan Odendaal

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.

Full background report

Johan Odendaal

Managing Director & CEO

Career chronology

Suitability for the current role

Role alignment; record remains incomplete

Evidence cutoff 2026-10-09 · analyst inference · low materiality

The reviewed issuer profile confirms this current role. The short public profile supports a preliminary role-alignment observation only; independent evidence on delivered outcomes and full tenure is insufficient for a broader performance judgment.

Attribution: Responsibility not applicable. This is an analyst assessment of the documented role and experience, not a claim of responsibility for a company outcome.

Relevance: Role alignment matters to execution in the current position, but the reviewed evidence does not establish full delivery or control outcomes.

SPD initiation report, 27 January 2026 (Executive or management profile: Johan Odendaal; current role and available career detail)

Evidence gaps

  • 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

Current
Full background report for Andrew Cooke

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.

Full background report

Andrew Cooke

Company Secretary

Career chronology

  • Current role at evidence cutoff; start date not established in reviewed source: Southern Palladium Limited — Company Secretary. SPD initiation report, 27 January 2026 (Management/director profile; current role)

Suitability for the current role

Role alignment; record remains incomplete

Evidence cutoff 2026-10-09 · analyst inference · low materiality

The reviewed issuer profile confirms this current role. The short public profile supports a preliminary role-alignment observation only; independent evidence on delivered outcomes and full tenure is insufficient for a broader performance judgment.

Attribution: Responsibility not applicable. This is an analyst assessment of the documented role and experience, not a claim of responsibility for a company outcome.

Relevance: Role alignment matters to execution in the current position, but the reviewed evidence does not establish full delivery or control outcomes.

SPD initiation report, 27 January 2026 (Executive or management profile: Andrew Cooke; current role and available career detail)

Evidence gaps

  • 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

Current
Full background report for Mark Humphery

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.

Full background report

Mark Humphery

Project Manager

Career chronology

Suitability for the current role

Role alignment; record remains incomplete

Evidence cutoff 2026-10-09 · analyst inference · low materiality

The reviewed issuer profile confirms this current role. The short public profile supports a preliminary role-alignment observation only; independent evidence on delivered outcomes and full tenure is insufficient for a broader performance judgment.

Attribution: Responsibility not applicable. This is an analyst assessment of the documented role and experience, not a claim of responsibility for a company outcome.

Relevance: Role alignment matters to execution in the current position, but the reviewed evidence does not establish full delivery or control outcomes.

SPD initiation report, 27 January 2026 (Executive or management profile: Mark Humphery; current role and available career detail)

Evidence gaps

  • 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

Current
Full background report for Michiel Breed

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.

Full background report

Michiel Breed

Project Director

Career chronology

Suitability for the current role

Role alignment; record remains incomplete

Evidence cutoff 2026-10-09 · analyst inference · low materiality

The reviewed issuer profile confirms this current role. The short public profile supports a preliminary role-alignment observation only; independent evidence on delivered outcomes and full tenure is insufficient for a broader performance judgment.

Attribution: Responsibility not applicable. This is an analyst assessment of the documented role and experience, not a claim of responsibility for a company outcome.

Relevance: Role alignment matters to execution in the current position, but the reviewed evidence does not establish full delivery or control outcomes.

SPD initiation report, 27 January 2026 (Executive or management profile: Michiel Breed; current role and available career detail)

Evidence gaps

  • 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

Current
Full background report for France Modau

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.

Full background report

France Modau

Underground PGM Mining Manager

Career chronology

Suitability for the current role

Role alignment; record remains incomplete

Evidence cutoff 2026-10-09 · analyst inference · low materiality

The reviewed issuer profile confirms this current role. The short public profile supports a preliminary role-alignment observation only; independent evidence on delivered outcomes and full tenure is insufficient for a broader performance judgment.

Attribution: Responsibility not applicable. This is an analyst assessment of the documented role and experience, not a claim of responsibility for a company outcome.

Relevance: Role alignment matters to execution in the current position, but the reviewed evidence does not establish full delivery or control outcomes.

SPD initiation report, 27 January 2026 (Executive or management profile: France Modau; current role and available career detail)

Evidence gaps

  • 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.