Since listing last year, it has made large, rapid strides towards development.
This morning, the company has delivered a 39% increase for the UG2 reef, part of its 70%-owned Bengwenyama project of 11.65 million ounces for a 4PGM mix of metals: platinum, palladium, rhodium and gold.
The emerging Far East Block discovery made a substantial contribution, adding 1.3Moz. The block was initially expected to be barren of the UG2 reef.
SPD also announced a new exploration target for the south-eastern area of UG2 of between 37-56Mt grading 6.2-9.2 4PGM.
More robust resource
Additionally, a maiden 7PGM resource was calculated at 14.13Moz, which adds osmium, ruthenium and iridium to the basket of metals.
The drilling also delivered the first indicated resource for the reef of 2.56Moz grading 9.24 grams per tonne 7PGM within the shallow Payback area that will form the cornerstone of its early cashflow models.
Managing director Johan Odendaal said the first resource update since SPD listed had delivered grades as expected, with a high conversion of inferred to indicated resources, and he remains confident of achieving its maiden reserves target of 2Moz.
Encouragingly for its development planning, the geological model now suggests the reef is less steeply dipping, and the eastern area is less structurally complex than previously believed.
Drilling continues
Drilling continues with five rigs on site and a sixth due to arrive in July to accelerate work ahead of an updated scoping study that is due in early 2024.
The new rig will initially focus on a potential second entry point at an uplifted horst block in the western area to assess the possibility of a faster production ramp-up in any development.
While developments plans are now focused only on the UG2 reef, work continues on the potential to simultaneously mine the upper Merensky reef in future.
SPD expects to submit its mining right application next quarter, almost six months ahead of schedule.
The explorer ended the March quarter with almost A$13 million remaining from its mid-2022 float that raised $19 million at 50c per share.
The stock has since soared to a peak $1.50. but hit a 12-month low of 43c yesterday, valuing it at $39 million.
