Parks Reef Basket Price Jumps 18% After New Copper-Gold Resource Addition
Podium Minerals has significantly expanded its Parks Reef project with a new Copper-Gold Zone resource, increasing the basket price by 18% and completing a $2.6 million oversubscribed capital raise.
- New Copper-Gold Zone adds 60Mt with 0.3Moz gold and 140kt copper
- Total resource now includes 243kt copper, 203kt nickel, and 38kt cobalt
- Basket price rises 18% to US$2,453 per 5E PGM ounce
- Metallurgical test work advancing to improve PGM recovery and concentrate grade
- Successful $2.6 million oversubscribed Entitlement Offer completed
Resource Expansion and Strategic Value
Podium Minerals Limited (ASX – POD) has unveiled a substantial upgrade to its Parks Reef project in Western Australia, announcing a new Mineral Resource Estimate (MRE) for an additional Copper-Gold Zone. This new zone adds 60 million tonnes containing 0.3 million ounces of gold, 140,000 tonnes of copper, 60,000 tonnes of nickel, and 11,000 tonnes of cobalt. Positioned directly above the existing Platinum Group Metals (PGM) Zone, this expansion significantly increases the overall scale and strategic value of the project.
The combined resource now totals 243,000 tonnes of copper, 203,000 tonnes of nickel, and 38,000 tonnes of cobalt, alongside 7.9 million ounces of 5E PGMs (platinum, palladium, rhodium, iridium, and gold). This multi-commodity profile enhances the project's optionality and positions Podium as a leading Australian PGM exposure.
Economic Impact and Basket Price Enhancement
The inclusion of the Copper-Gold Zone has lifted the Podium Basket price by 18%, from US$2,076 to US$2,453 per 5E PGM ounce, based on spot prices as of June 30, 2025. This uplift reflects the added value from copper and gold, complementing the existing PGM resource. While the basket price is illustrative and subject to change pending further studies and market conditions, it materially strengthens the economic outlook of the Parks Reef project.
Metallurgical Advances and Processing Strategy
Podium is progressing metallurgical test work aimed at improving PGM recovery and concentrate grade through its concentrator circuit. Preliminary flotation tests on the Copper-Gold Zone have demonstrated approximately 85% copper recovery using conventional processing methods, indicating strong amenability to industry-standard treatment. The company is developing an integrated metallurgical flowsheet that incorporates proven technologies, designed to maximize recovery and provide flexible product marketing options at various stages of processing.
Capital Raising and Financial Position
Supporting these developments, Podium successfully completed a fully underwritten $2.6 million Entitlement Offer in June, which was oversubscribed by 70%. The capital raise will fund ongoing metallurgical work and maintain the company’s expanded tenement holdings. With $3.8 million in cash on hand at quarter-end, Podium is well-positioned to advance its project development activities.
Market Context and Outlook
The company highlighted tightening global supply and robust demand in PGM markets, with platinum prices rising approximately 31% and palladium prices up 13% over the quarter. These structural market deficits underpin a positive price environment, reinforcing the strategic timing of Podium’s resource expansion and development efforts. The company reported zero safety or environmental incidents during the quarter, maintaining a strong operational track record.
Bottom Line?
Podium Minerals’ expanded resource and rising metal prices set the stage for the next phase of project development and market engagement.
Questions in the middle?
- How will Podium’s metallurgical improvements translate into operational efficiencies and cost savings?
- What are the timelines and capital requirements for advancing Parks Reef towards production?
- How might evolving PGM market dynamics affect Podium’s product marketing and revenue strategies?
