Show Notes
In this episode of Sweat Capital, we sit down with Roger Baxter, Executive Chairman of Southern Palladium, to unpack the leap from mining policy and industry advocacy into the far harder world of project execution. Roger spent years at the centre of South Africa’s mining ecosystem, including as CEO of the Minerals Council South Africa, where he negotiated with government, shaped policy, and represented an entire industry. Today, he’s on the other side of the table – financing, permitting, and advancing Bengwenyama, one of the world’s most significant undeveloped platinum-group metals projects. We explore what truly differentiates Bengwenyama as a long-life, low-cost PGM asset; why mine life and cost position matter more than ever in attracting capital; and why high-quality projects can still trade at a deep discount in public markets. Roger explains how jurisdictional credibility, permitting certainty, and community relationships directly influence cost of capital – and where investors often misprice South African risk. For investors, operators, and young professionals weighing careers across policy, finance, or operations, this episode offers a rare perspective on how credibility is built before cash flow – and why execution matters more than narrative.
*** This episode was recorded on 15 January 2026 at the Future Minerals Forum in Riyadh, Saudi Arabia. For more information, visit futuremineralsforum.com
Follow us on Instagram & LinkedIn.
We'll see you in the next one,
Keep playing the long game.
More from Sweat Capital
Larry Marshall has always been unashamedly curious and willing to hold a different view. Those who have been following along will know that we have spoken to Larry once before and, after this conversation, don't count out a third! If you enjoy the show, please FOLLOW or SUBSCRIBE :)
Chances are you are a lot more creative than you realise... In today's episode, Lulu gives you the keys to unlocking this. If you are enjoying the show, please FOLLOW or SUBSCRIBE for more :)
John Winters has a long history of tenacity and bringing opportunities to fruition. He notably helped Zip, a company now capitalised at over $2 billion, go public.Through his time as a broker, John identified a real opportunity to make a difference to investors and their ability to access opportunities.So he dove headfirst into building the future of investing.
Nick Mihailou is unapologetically a "doer". He tries things and iterates on them in pursuit of finding valuable solutions that people are willing to pay for.At 17 he had sold a company and by 18 he had raised $800k for his next challenge.Now he is helping other founders go to market fast. We hear how Nick has cracked the code on LinkedIn and what is next for him.Hope you enjoy!
Ms Allegra Spender MP has nearly done it all. From leading Carla Zampatti to then taking the leap into politics, she has a breadth of perspective on the world.