SOUTHERN Palladium said it had pulled a resolution tabled for its annual general meeting saying it intended to retain its current name.
The resolution was to alter the firm’s name to Southern Platinum, an idea that was firmly kicked back following discussions with shareholders.
Executive chairman Roger Baxter said the firm’s current name was strongly connected to Bengwenyama, the platinum group metal prospect it is developing. Southern Palladium is “already well recognised among key stakeholders”, said Baxter. “The decision preserves the brand equity earned by the company since its listing in 2022.”
Bengwenyama is situated on the Eastern Limb of the Bushveld Complex. In July, Southern Palladium adjusted its plans in terms of which the mine would be built in two phases, lowering peak funding to $279m from $452m peak funding previously.
First phase output of 200,000 ounces of PGMs in concentrate was targeted compared to Southern Palladium’s October 2024 prefeasibility report which envisaged a single stage project averaging 400,000 oz/year over about 20 years.
The AGM is scheduled to take place on November 28.
Palladium is considered to have the lesser prospects than platinum which has surged 72% in price this year. In comparison, the price of palladum is 57% higher this year, partly on the expectation that its market may head into oversupply next year whereas platinum is projected to stay in a supply surplus.
Southern Palladium announced in October it had raised A$20m through the placement of shares which would help “future proof” the company. The funds would be put towards accelerating Bengwenyama ahead of a final investment decision.
