Our opinion on the current state of SDL
An Australian palladium mining company with a secondary listing on the JSE. South PD owns 70% of a South African company called "Miracle upon Miracle" (MUM). In cooperation with the Bengwenyama community the company is engaged in exploration for platinum group metals. The company raised A19m to explore in the Limpopo bushveld complex where MUM owns the prospecting right. The share opened on the JSE on 8th June 2022 and currently trades for about 675c per share. In an activities report on the quarter ending 30th June 2022 the company said, "Completion of Total Magnetic Field (TMF) spectrometry survey at Bengwenyama, confirming the existing structural model of the site based on historical field data. Planning completed for Phase 1 which comprises a 63-hole (~24,500m) diamond drilling programme at Bengwenyama and is scheduled to commence in August 2022". In its results for the year to 30th June 2023 the company reported an operating loss of A$7,2m and a headline loss per share of 0,8c compared with a loss of 0,18c in the previous year. The company said, "During the financial year the Company's primary focus was on the development of its 70% interest in the Bengwenyama Platinum Group Metal project (Project)". Clearly, this is a fairly thinly-traded mining exploration company with all the associated risk. Our opinion on the current state of
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