Southern Palladium Raises A$8M for South African PGM Project

Mining company Southern Palladium has raised A$8 million through a placement of 16 million new ordinary shares to fund the next phase of its Definitive Feasibility Study (DFS) and early mine development at the Bengwenyama platinum group metals (PGM) project in South Africa.

The placement was led by a A$4.6 million cornerstone investment from one of the company’s largest shareholders, with additional support from new and existing institutional investors. The new shares will be issued under the company’s existing capacity per ASX Listing Rules 7.1 and 7.1A, and will be listed on the ASX. Settlement is expected on 18 June, with allotment on 19 June 2025.

Proceeds from the placement will support near-term milestones including the completion of an optimized pre-feasibility study, the expected grant of a mining right and continued DFS work. The funds will also enable a staged development approach aimed at lowering upfront capital requirements.

Roger Baxter, Executive Chairman, Southern Palladium, said “This strategic placement provides the group with targeted funding support at an important juncture as we execute on the transition of Bengwenyama, a tier-one PGM project globally, towards staged mine development.”