Podium Achieves 80% Metal Recovery and 50-Fold Grade Upgrade at Parks Reef
Podium Minerals has achieved a metallurgical breakthrough at its Parks Reef project, delivering an 80% recovery of key metals and a 50-fold concentrate grade upgrade. The company is advancing a A$12 million capital raise to accelerate development amid soaring platinum and palladium prices.
- Transformational concentrator achieves ~80% recovery of platinum, palladium, and gold
- 50-fold upgrade in concentrate grade to 82 g/t 3E from Parks Reef bulk sulphide feed
- A$12 million capital raise underway to fund pilot testing and drilling
- Platinum and palladium prices up 92% and 84% year-to-date, boosting project economics
- Zero safety incidents reported during the September quarter
A Metallurgical Leap Forward
Podium Minerals Limited has announced a significant advancement in its Parks Reef Platinum Group Metals (PGM) Project in Western Australia, unveiling a new concentrator flowsheet that promises to transform metallurgical processing performance. Extensive laboratory testing has demonstrated an impressive ~80% recovery rate for platinum, palladium, and gold (collectively referred to as 3E), alongside a 50-fold upgrade in concentrate grade to 82 grams per tonne 3E from a relatively low-grade bulk sulphide feed.
This breakthrough is not just about numbers; it represents a major step-change in how Podium can extract value from its resource. The concentrator produces two discrete high-grade PGM products with ultra-low deleterious chrome content (~0.12%), enhancing their compatibility with existing PGM refineries and broadening commercial options.
Strategic Flexibility and Market Timing
The new flowsheet’s adaptability allows Podium to process different mineralised zones within Parks Reef, offering multiple revenue pathways including direct sales, toll refining, or blending with third-party PGM streams. This flexibility could prove crucial as market conditions evolve.
Market fundamentals are currently highly favourable. Platinum and palladium prices have surged by approximately 92% and 84% respectively year-to-date, driven by tightening supply and robust demand. This price resurgence has lifted Podium’s Basket Price; a weighted average of its multi-commodity metals portfolio; to A$4,748 per 5E ounce, a 46% increase since January 2025. Such strong pricing underpins the economic potential of Parks Reef and validates Podium’s strategic focus.
Capital Raising to Accelerate Development
To capitalise on this momentum, Podium has launched a A$12 million capital raising comprising a completed A$5 million placement and an ongoing A$7 million fully underwritten entitlement offer. The funds will support scaling up metallurgical test work to batch-continuous pilot testing, further diamond drilling for metallurgical samples, and selective deeper drilling to better understand resource continuity.
Executive Chairman Rod Baxter highlighted the concentrator’s robustness and the company’s readiness to advance Parks Reef towards becoming Western Australia’s premier PGM producer. He emphasised that the breakthrough arrives amid tightening market conditions and a much-anticipated PGM price resurgence, positioning Podium well for the next phase of growth.
Safety and Sustainability Maintained
Podium also reported zero recordable injuries and no environmental or heritage incidents during the quarter, maintaining a strong safety and sustainability record as it progresses development activities.
Looking Ahead
While the lab-scale results are promising, the next critical step involves larger-scale pilot testing to validate and optimise the concentrator’s performance. The outcome of the entitlement offer and ongoing market dynamics will also be key factors shaping Podium’s trajectory. Investors and industry watchers will be keen to see how these developments translate into commercial success and whether Podium can leverage its technical innovation to secure a leading position in the resurging PGM sector.
Bottom Line?
Podium’s concentrator breakthrough and capital raise set the stage for a pivotal growth phase amid a tightening PGM market.
Questions in the middle?
- Will pilot-scale testing confirm lab-scale recovery rates and concentrate grades?
- How will Podium’s flexible product streams influence its commercial partnerships and revenue models?
- What impact will ongoing PGM price volatility have on project financing and development timelines?