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Southern Palladium Ltd ASX:SPD

0 opened or increased2 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 2 managers in total.

Position history by manager 2 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

2026

31 Dec 2025 to today

Commentary Showing 2 of 3

DateManagerActionSummary

31 Jul 2026SG Hiscock & CompanyHeldSG Hiscock & Company continues to hold Southern Palladium after the company benefited from both stronger PGM prices and excellent metallurgical results from its Bengwenyama project in South Africa, with definitive feasibility study test work lifting chromite recovery to approximately 85% versus only 30% assumed in earlier prefeasibility work, potentially increasing chromite production and materially improving the economics of an already large-scale PGM development.

Monthly Report, price recorded $1.55

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2 Feb 2026Lowell Resources Funds ManagementHeldLowell Resources Funds Management continues to hold Southern Palladium Ltd as its largest holding because the company owns the majority stake in the Bengwenyama project in South Africa's Bushveld Complex — which contains approximately three-quarters of the world's supply of palladium and rhodium — and the fund views it as a near-generational discovery given the size, grade, and metallurgy. Lowell Resources notes additional value in overlying high-grade haematite iron ore, and believes the market has not fully recognised the company's potential.

Article, price recorded $1.93

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First mention by manager

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Price at first mentionThe share price recorded when each of 2 managers first commented on SPD.

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About Southern Palladium Ltd

Materials, Metals and Mining

Southern Palladium (ASX:SPD), a platinum group metals developer in South Africa, has rallied on stronger prices and test results. In July 2026, SG Hiscock reported Southern Palladium benefited from stronger platinum group metal prices and excellent metallurgical results from its Bengwenyama project. Lowell named it its largest holding, noting backing from Regal Partners and its majority stake in Bengwenyama. In December 2025, SG Hiscock reported a 110% rise driven by a rebound in platinum and palladium prices. Southern Palladium operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 3 comments from 2 fund managers, SG Hiscock and Lowell. Founded in 2020 and headquartered in Sydney, Southern Palladium holds a majority interest in the Bengwenyama platinum group metals project in South Africa's Bushveld Complex, one of the world's richest PGM regions, and is progressing feasibility studies toward development.

Market cap: $216m
Price to earnings: Loss-making
Return on equity: -18.1%
Dividend yield: 0.0%
Price to book: 5.27x
52-week range: $0.93 to $2.91

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Southern Palladium Ltd (ASX:SPD)?

Fund managers including SG Hiscock & Company and Lowell Resources Funds Management have invested in Southern Palladium Ltd (ASX:SPD).

What opportunities or catalysts do fund managers highlight for Southern Palladium Ltd?

SG Hiscock and Lowell highlight stronger platinum and palladium prices, excellent metallurgical test results and a high-quality Bushveld project backed by Regal Partners.

What are the key risks to the Southern Palladium Ltd investment thesis, according to fund managers?

The available commentary does not detail specific risks, though Southern Palladium must fund and develop its project in South Africa, which carries sovereign and infrastructure risks.

What does Southern Palladium Ltd (ASX:SPD) do?

Southern Palladium Ltd. is an Australian mineral exploration company headquartered in Sydney. Founded in 2020, the firm specializes in the acquisition and advancement of Platinum Group Metal (PGM) projects. Its primary focus is the development of the Bengwenyama PGM project located in South Africa.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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