Southern Palladium Limited announced the submission of a Mining Right Application (MRA) to the Department of Mineral Resource and Energy (DMRE) for its 70%-owned Bengwenyama Platinum-Group Metal project, situated on the Eastern Limb of the Bushveld Complex in South Africa. The company's management is confident in proceeding with this application, bolstered by the recent 34% increase in the total Mineral Resource (comprising Indicated and Inferred categories), now standing at 25.11 million ounces of 6PGE+Au. This growth has been achieved alongside ongoing drilling activities on the property.

Drilling is continuing and the company is planning to release a 2nd interim resource update in fourth quarter of 2023. The submission of a Mining Right Application (MRA) to the Department of Mineral Resource and Energy (DMRE) has been executed for the company's 70%-owned Bengwenyama Platinum-Group Metal project. The application is for Platinum Group Metals, Gold, Copper, Chrome, Cobalt, Silver and Nickel over the full extent of the farms Nooitverwacht 324 KT and Eerstegeluk 327 KT, both of which are in the Limpopo Province of South Africa.

The Exploration tenement is 100% held by Miracle Upon Miracle Investments (Pty) Ltd. (MUM) in which the Company holds a 70% interest. The total application area over the two farms measures 5,280 ha in extent. Pending acceptance of the MRA, an environmental scoping phase will commence, followed by a full Social and Environmental Impact Assessment phase.

Concurrently, an Integrated Water Use Licence process will take place. During this time, specialist studies will be undertaken to determine baseline socio-economic and biophysical environments and assess impacts of proposed operational activities. Full public participation processes with stakeholders will accompany each phase.

In terms of regulated timelines, the processes should be concluded within 300 days before the right is finally granted. Future Work: A geotechnical study has been initiated, critical for the detailed mine designs and Scoping /Prefeasibility Study (PFS) planning and is anticipated to conclude in October. Ongoing metallurgical test work encompasses flotation efficiency tests (MF2 testing) and determinations of the bond ball mill work index due in the fourth quarter.

Drilling operations are on-going, with a primary focus on the Eastern side of the Eerstegeluk farm, with the objective of converting Inferred to Measured and Indicated resources. The company is in the process of preparing for the release of a second interim resource update in the fourth quarter of 2023. Completion of the second interim resource update should allow the finalisation of an updated Scoping Study for the Bengwenyama Project, due for release in the first quarter of 2024.

Work on the PFS has commenced and is expected to be completed in the second quarter of 2024.