Southern Palladium Ltd. (AU:SPD)
ASX:SPD
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Southern Palladium Ltd.
(Sydney:SPD)
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Rating:54Neutral
Price Target:
AU$1.50
▼(-42.31% Downside)
Action:Reiterated
Date:04/25/26
The score is held back primarily by weak financial performance (no revenue, recurring losses, and ongoing cash burn), partially offset by a debt-free balance sheet. Technically, the stock shows a constructive uptrend with supportive momentum, while valuation signals remain constrained by negative earnings and no dividend yield.
Positive Factors
Debt-free balance sheet
A zero-debt capital structure materially reduces refinancing and interest-rate exposure for an exploration-stage miner. This durable financial flexibility preserves optionality to fund drilling, technical studies or partner deals without immediate debt servicing burdens that can constrain project advancement.
Negative Factors
No operating revenue
Having no operating revenue for multiple years means the business remains pre-commercial and unproven at scale. Over a multi‑month horizon this elevates execution risk: project value is contingent on exploration success, permitting and development decisions rather than ongoing cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
A zero-debt capital structure materially reduces refinancing and interest-rate exposure for an exploration-stage miner. This durable financial flexibility preserves optionality to fund drilling, technical studies or partner deals without immediate debt servicing burdens that can constrain project advancement.
Read all positive factors
Southern Palladium Ltd. (SPD) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$197.17M
Dividend YieldN/A
Average Volume (3M)184.96K
Price to Earnings (P/E)―
Beta (1Y)1.06
Revenue GrowthN/A
EPS Growth30.63%
CountryAU
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)-0.01
Shares Outstanding132,328,920
10 Day Avg. Volume120,355
30 Day Avg. Volume184,959
Financial Highlights & Ratios
PEG Ratio0.43
Price to Book (P/B)2.10
Price to Sales (P/S)0.00
P/FCF Ratio-52.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Southern Palladium Ltd. Business Overview & Revenue Model
Company Description
Southern Palladium Limited engages in the exploration and development of platinum group metals. It holds a 100% interest in the Bengwenyama Palladium/rhodium project located on the Eastern Limb of the Bushveld, South Africa. The company was incorp...
How the Company Makes Money
Southern Palladium Ltd. is an exploration-stage company, and specific, recurring operating revenue from product sales is not publicly available in the provided prompt; therefore, detailed revenue streams from commercial mining or processing cannot...
Southern Palladium Ltd. Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
55
Neutral
Cash Flow
18
Very Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -10.03M | -4.05M | 0.00 | -6.45M | 0.00 | -258.34K |
| Net Income | -9.81M | -4.78M | -6.73M | -7.18M | -2.50M | -258.34K |
Balance Sheet | ||||||
| Total Assets | 43.72M | 29.73M | 25.11M | 31.29M | 40.69M | 1.39M |
| Cash, Cash Equivalents and Short-Term Investments | 22.58M | 9.92M | 5.43M | 11.55M | 17.87M | 1.36M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 283.29K | 698.75K | 137.81K | 99.29K | 410.33K | 87.24K |
| Stockholders Equity | 43.44M | 29.04M | 24.97M | 31.19M | 40.28M | 1.30M |
Cash Flow | ||||||
| Free Cash Flow | -2.27M | -1.16M | -894.00 | -1.06K | -1.36K | -343.00 |
| Operating Cash Flow | -2.27M | -1.16M | -894.00 | -1.06K | -1.36K | -343.00 |
| Investing Cash Flow | -6.81M | -2.35M | -5.22M | -5.26M | -889.00 | 0.00 |
| Financing Cash Flow | 26.22M | 8.00M | 0.00 | 0.00 | 17.86M | 1.56M |
Southern Palladium Ltd. Technical Analysis
Negative
2.60
Price Trends
1.57
Negative
1.80
Negative
1.48
Negative
Market Momentum
-0.04
Positive
44.66
Neutral
37.30
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:SPD, the sentiment is Negative. The current price of 2.6 is above the 20-day moving average (MA) of 1.53, above the 50-day MA of 1.57, and above the 200-day MA of 1.48, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 44.66 is Neutral, neither overbought nor oversold. The STOCH value of 37.30 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:SPD.
Southern Palladium Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | AU$558.33M | 21.20 | 8.08% | ― | 13.26% | 33.59% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | AU$1.76B | 7.41 | 9.48% | ― | 53.27% | 762.77% | |
56 Neutral | AU$424.30M | -70.76 | -4.78% | ― | ― | 19.27% | |
54 Neutral | AU$197.17M | -16.37 | -27.06% | ― | ― | 30.63% | |
46 Neutral | AU$322.59M | -26.77 | -22.04% | ― | ― | -106.06% |
* Basic Materials Sector Average
AU:SPD
Southern Palladium Ltd.
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Southern Palladium Ltd. Corporate Events
Southern Palladium Issues 600,000 New Shares on Option Exercise
Jun 1, 2026
Southern Palladium Limited has issued 600,000 fully paid ordinary shares at $0.875 per share following the exercise of options by existing optionholders, with the new shares ranking equally with the company’s existing ordinary shares. The co...
Southern Palladium Seeks ASX Quotation for 600,000 New Shares
Jun 1, 2026
Southern Palladium Ltd. has applied for quotation on the ASX of 600,000 new fully paid ordinary shares under its ticker SPD, with an issue date of 1 June 2026. The additional securities, issued following the exercise or conversion of existing inst...
Southern Palladium Updates Market on Director’s Revised Equity Interests
May 28, 2026
Southern Palladium has disclosed a change in director Daan van Heerden’s interests in the company’s securities, in line with ASX listing rule requirements. The notice details his mix of direct and indirect holdings, including significa...
Southern Palladium Issues New Shares on Option Exercise, Confirms Regulatory Compliance
May 28, 2026
Southern Palladium Limited has issued 100,000 fully paid ordinary shares at $0.875 per share following the exercise of options by existing optionholders, with the new shares ranking pari passu with its existing ordinary shares. The company confirm...
Southern Palladium Seeks ASX Quotation for Additional Shares
May 28, 2026
Southern Palladium Limited, the ASX-listed palladium-focused resources company, has applied for quotation of additional ordinary fully paid shares, expanding its listed capital base. The move reflects ongoing corporate activity that modestly incre...
Southern Palladium updates market on director Odendaal’s shareholdings
May 28, 2026
Southern Palladium has lodged an Appendix 3Y change of director’s interest notice for managing director Johan (Nicolaas Johannes) Odendaal, detailing updates to his direct and indirect holdings in the company’s securities. The disclosu...
Southern Palladium Director Roger Baxter Increases Shareholding
May 27, 2026
Southern Palladium has lodged a Change of Director’s Interest Notice for non-executive director Roger Baxter, detailing a recent change in his direct holding of the company’s ordinary shares. The filing, made under ASX listing rules, r...
Southern Palladium Updates Market on Director Share Sale
May 27, 2026
Southern Palladium has reported a change in director Lindi Nkosi-Thomas’s interests, disclosing the disposal of 61,000 ordinary shares on 26 May 2026. The transaction, executed at 16.5636 South African rand per share, was notified to comply ...
Southern Palladium Issues 100,000 New Shares on Option Exercise
May 27, 2026
Southern Palladium Limited has issued 100,000 fully paid ordinary shares at $0.875 per share following the exercise of options by existing optionholders. The new shares will rank equally with the company’s existing ordinary shares on both th...
Southern Palladium Seeks ASX Quotation for 100,000 New Shares
May 27, 2026
Southern Palladium Ltd has applied to the ASX for quotation of 100,000 new ordinary fully paid shares, to be issued on 27 May 2026, expanding its listed capital base. The additional securities, arising from the exercise or conversion of existing i...
Southern Palladium Updates Market on Director Roger Baxter’s Share Acquisition
May 22, 2026
Southern Palladium has reported a change in the securities held by director Roger Baxter, lodging an official director’s interest notice with the Australian Securities Exchange. Baxter acquired 15,000 additional ordinary shares over 20–...
Southern Palladium Director Roger Baxter Increases Shareholding
May 12, 2026
Southern Palladium Limited has announced a change in director Roger Baxter’s interests in the company’s securities, disclosing an acquisition of 25,000 ordinary shares between 6 and 11 May 2026. The update, made via an Appendix 3Y fili...
Southern Palladium Updates Market on Director Rob Thomson’s Change in Holdings
May 11, 2026
Southern Palladium has reported a change in the interests of director Rob Thomson following the exercise of a substantial number of unlisted options and the sale of ordinary shares. The disclosure, lodged under ASX listing rules, indicates Thomson...
Southern Palladium Increases Share Base After Option Exercise
May 11, 2026
Southern Palladium Limited has issued 2,400,000 fully paid ordinary shares at $0.875 per share following the exercise of options by existing optionholders, with the new shares ranking pari passu with its existing ordinary shares. The move modestly...
Southern Palladium Seeks ASX Quotation for 2.4 Million New Shares
May 11, 2026
Southern Palladium Ltd has applied to the ASX for quotation of 2.4 million new fully paid ordinary shares, issued on 11 May 2026, following the exercise or conversion of existing options or other convertible securities. The additional quotation ex...
Southern Palladium Issues New Shares on Option Exercise, Confirms Regulatory Compliance
May 11, 2026
Southern Palladium Limited has issued 3,538,000 fully paid ordinary shares at $0.875 per share following the exercise of options by existing optionholders, with the new shares ranking equally with its current ordinary shares on issue. The company ...
Southern Palladium seeks ASX quotation for 3.54m new shares
May 11, 2026
Southern Palladium Ltd has applied to the ASX for quotation of 3,538,000 new ordinary fully paid shares, to be issued on 11 May 2026. The additional securities arise from the exercise or conversion of existing options or other convertible instrume...
Southern Palladium Issues Shares on Option Exercise, Affirms Regulatory Compliance
Apr 30, 2026
Southern Palladium Limited has issued 50,000 fully paid ordinary shares at $0.875 per share following the exercise of options by an existing optionholder, with the new stock ranking pari passu with its current ordinary shares. The company confirme...
Southern Palladium Seeks ASX Quotation for 50,000 New Shares
Apr 30, 2026
Southern Palladium Limited has applied for quotation of 50,000 new fully paid ordinary shares on the Australian Securities Exchange, with an issue date of 30 April 2026. The modest size of the issuance suggests a routine capital management or equi...
Southern Palladium boosts Bengwenyama value as metallurgical gains delay DFS to Q4
Apr 29, 2026
Southern Palladium reported substantial progress at its Bengwenyama project in the March quarter, highlighted by metallurgical test work that nearly doubled chromite recoveries to about 65%, significantly enhancing revenue potential. Dense Media S...
Southern Palladium Boosts Chrome Recoveries in Bengwenyama DFS Test Work
Apr 14, 2026
Southern Palladium has reported positive metallurgical test work results from its Definitive Feasibility Study for the Bengwenyama PGM Project, confirming the high-grade nature of the UG2 mineral resource. The recent drilling and sampling campaign...
Southern Palladium bolsters Bengwenyama team as key mining right decision nears
Apr 1, 2026
Southern Palladium has appointed veteran mechanical engineer Mark Humphery as Project Manager for its Bengwenyama project in South Africa, bolstering its execution capabilities as the asset moves from study work into development. Humphery, who bri...
Southern Palladium Joins All Ordinaries in S&P Dow Jones March Rebalance
Mar 10, 2026
SP Dow Jones Indices has confirmed that Southern Palladium Limited will be added to the All Ordinaries index from March 23, 2026, as part of its March quarterly rebalance, alongside a wide range of other resource, energy transition, media, and tec...
S&P Dow Jones Indices Tilts S&P/ASX Benchmarks Toward Resources in March 2026 Rebalance
Mar 6, 2026
SP Dow Jones Indices has announced its March 2026 quarterly rebalance for the SP/ASX equity indices, reshuffling constituents across the SP/ASX 20, 50, 100, 200 and 300, effective before trading on 23 March. The changes see Northern Star Resources...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.