Podium Raises A$12M as PGM Prices Surge 57%, Drilling Progresses at Parks Reef

Drilling Advances at Parks Reef

Podium Minerals Limited has kicked off an ambitious drilling campaign at its Parks Reef Platinum Group Metals (PGM) Project in Western Australia. Since November 2025, the company has completed ten diamond drill holes to depths of around 100 metres, collecting over one and a half tonnes of sulphide core. This material is crucial for advancing metallurgical test work aimed at optimising the recently developed concentrator flowsheet.

The drilling program is structured in three phases – collecting bulk sulphide samples for metallurgical validation, deeper diamond drilling to understand resource continuity at depths of 300 to 400 metres, and reverse circulation drilling targeting oxide zone samples. All phases are expected to conclude in the first quarter of 2026, with assay results to be released progressively.

Breakthrough Concentrator Flowsheet

In a major technical milestone announced in October 2025, Podium unveiled a transformational concentrator flowsheet that marks a significant leap in processing performance at Parks Reef. The flowsheet achieves approximately 80% recovery of key metals, platinum, palladium, and gold, from bulk sulphide feed using established industry methods. It combines flotation and PGM value recovery circuits to produce two high-grade products with a combined grade of 82 grams per tonne 3E (platinum group metals plus gold).

This breakthrough not only enhances the project's economic potential but also provides a robust foundation for further metallurgical optimisation and engineering studies. Upcoming test work will focus on high-grade mineralised zones and flowsheet verification to refine product specifications and processing efficiency.

Capital Raise and Market Tailwinds

Supporting these technical advancements, Podium successfully completed a A$12 million capital raise in late 2025, comprising a A$5 million institutional placement and a fully underwritten A$7 million entitlement offer. The funds are earmarked for ongoing metallurgical testing, drilling programs, and resource definition activities.

The timing of this capital raise coincides with a robust market environment for PGMs. Platinum and palladium prices surged 125% and 82% respectively over 2025, driving a 57% increase in Podium’s basket price to A$5,084 per 5E ounce. Rhodium prices nearly doubled, underscoring the tightening supply-demand dynamics and the strategic importance of new PGM sources outside traditional jurisdictions.

Strengthened Leadership and Sustainability

Podium also bolstered its executive team with the appointments of Gary Humphries as Head of Processing and Ben Newton as Chief Financial Officer, bringing deep industry expertise to support the company’s growth trajectory. The company maintained an impeccable safety and sustainability record during the quarter, reporting zero recordable injuries and no environmental or heritage incidents.

With a strong cash position of A$11.9 million at quarter-end and a clear development pathway, Podium is well-positioned to capitalise on favourable market conditions and technical progress to advance Parks Reef towards production.