DFS Metallurgical - Outstanding PGM and Chromite Recoveries

• 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.

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.

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

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.