Resource Expansion Raises Questions on Processing and Development Timelines

Resource Expansion at Parks Reef

Podium Minerals Limited (ASX: POD) has revealed a new inferred mineral resource estimate (MRE) for a copper-gold (Cu-Au) zone at its 100%-owned Parks Reef Project in Western Australia. This newly delineated Cu-Au zone is geologically distinct yet contiguous with the existing platinum group metals (PGM) zone, marking a substantial expansion of the project’s resource base.

The copper-gold zone comprises an inferred 60 million tonnes grading 0.13 grams per tonne gold and 0.23% copper, translating to approximately 0.3 million ounces of gold and 140,000 tonnes of copper. This addition significantly broadens the project’s multi-metal portfolio, which already includes platinum, palladium, rhodium, iridium, nickel, and cobalt.

Enhancing Project Value and Optionality

With the inclusion of the Cu-Au zone, Podium’s payable metals basket value has increased by 21%, rising to A$3,529 per 5E PGM ounce based on current spot prices. This uplift underscores the strategic value of Parks Reef as a diversified multi-commodity asset, reinforcing Podium’s position as a leading Australian explorer for platinum group metals.

Executive Chairman Rod Baxter highlighted the significance of the discovery, noting that the copper-gold mineralisation lies immediately above the high-grade PGM zone and expands the scale and optionality of the project. The delineation of this additional zone provides new avenues for development and potential processing synergies.

Metallurgical Insights and Processing Potential

Preliminary metallurgical test work on Cu-Au zone samples has demonstrated encouraging copper flotation recoveries of approximately 85% using a simplified rougher flotation circuit. These results suggest that the copper mineralisation is amenable to conventional flotation methods, supporting the potential for integration with Podium’s existing PGM processing flowsheet.

Ongoing metallurgical studies aim to optimize waste rejection and improve concentrate grade, with the goal of producing a cleaner feed for downstream refining. Podium is also exploring options for direct sale or further processing of the copper-rich concentrate, enhancing the project’s flexibility.

Geological Context and Future Exploration

The Parks Reef mineralisation extends over a 15-kilometre strike length and remains open at depth beyond the current 250-metre vertical extent of the resource model. The Cu-Au zone is situated in the hanging wall of the PGM reef and has been delineated through a comprehensive review of nearly 29,000 assay results from 388 drill holes.

Podium plans to continue drilling to improve resource confidence, test depth extensions, and expand the footprint of the copper-gold mineralisation. Further metallurgical and feasibility studies are also underway to refine processing strategies and assess economic viability.

Environmental and Development Considerations

While the project is at an advanced exploration stage, no environmental or mining studies have yet been completed. Podium assumes that mine waste and tailings can be stored on site, but acknowledges that further environmental assessments will be necessary as development progresses.

The company remains committed to unlocking maximum multi-metal value from Parks Reef safely and sensibly, with a clear strategy to advance the project towards development.