SPD.ASX: DFS Metallurgical - Outstanding PGM and Chromite Recoveries

DFS Metallurgical - Outstanding PGM and Chromite Recoveries

Stock	Southern Palladium Ltd (SPD.ASX)
Release Time	9 Jul 2026, 8:23 a.m.
Price Sensitive	Yes

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Southern Palladium Achieves Improved PGM and Chromite Recoveries

Key Points

Significantly improved overall chromite recovery to 85.6% at 42.2% Cr2O3.
Improved PGM recovery to 87.6%.
Enhanced PGM concentrate grades to 404.4g/t 3E.
Potential for increased chrome concentrate production.

Full Summary

Southern Palladium Limited reports positive metallurgical test results for its Bengwenyama PGM Project, achieving significantly improved chromite and PGM recoveries. The test work demonstrated a full-plant chromite recovery of 85.6% at a Cr2O3 concentrate grade of 42.2%, compared to the previous assumption of 30%. The improvement is attributed to a coarser grind size of 30% passing 75 µm. Additionally, overall PGM recovery improved to 87.6%, with PGM concentrate grades estimated at 404.4g/t 3E, significantly higher than the previous estimate of 100g/t 4E. These results support the selection of an optimized DFS process flowsheet, which is expected to be completed in Q4CY2026.

Guidance

PGM concentrate grades estimated at 404.4g/t 3E, chromite recovery at 85.6% at 42.2% Cr2O3

Outlook

The Company expects these outcomes to contribute positively to DFS studies aimed at maximizing project value while maintaining a practical and robust development pathway. The DFS is expected to be completed in Q4CY2026.