Podium’s Range Well Nickel Resource Boosts Portfolio but Recovery Unknown

• Maiden JORC Mineral Resource Estimate of 363Mt at 0.7% nickel
• 2.63 million tonnes of contained nickel at 0.5% Ni cut-off grade
• Resource classified as Indicated and Inferred categories
• Range Well Project borders Podium’s Parks Reef PGM Project enabling potential synergies
• Acquisition of EV Nickel assets strengthens Podium’s portfolio and shareholder base

Strategic Acquisition and Resource Disclosure

Podium Minerals Limited (ASX:POD) has formally released its maiden JORC Code Mineral Resource Estimate (MRE) for the Range Well Nickel Project in Western Australia. This announcement follows the strategic acquisition of EV Nickel Pty Ltd’s assets in February 2025, which included oxide rights and associated licences for the Range Well deposit. The MRE, prepared by independent consultants AMC, consolidates extensive historical and recent drilling data, culminating in a global in-situ resource of 363 million tonnes at an average grade of 0.7% nickel, equating to 2.63 million tonnes of contained nickel at a 0.5% cut-off grade.

Geological and Operational Context

The Range Well Project is strategically located adjacent to Podium’s flagship Parks Reef Platinum Group Metals (PGM) Project within the Weld Range Complex. This proximity offers potential operational and development synergies, including shared infrastructure, access corridors, and flexible sequencing of mining activities. The nickel mineralisation occurs predominantly within lateritic weathering profiles over ultramafic host rocks, amenable to open-cut mining methods. The resource classification includes both Indicated and Inferred categories, reflecting confidence levels based on drill spacing and geological continuity.

Resource Estimation and Modelling Refinements

The MRE incorporates over 53,000 metres of reverse circulation drilling from more than 1,000 drill holes, spanning campaigns by Anaconda Limited, Sons of Gwalia Limited, and EV Nickel up to October 2022. Podium’s updated estimate reflects refinements in geological domaining and block modelling, including the integration of additional geochemical data such as silicon, calcium, and aluminium grades. These adjustments have resulted in a modest redistribution of tonnage and grade within the existing mineralised envelope but are not materially different from previous estimates prepared by EV Nickel in 2022.

Strategic Implications and Market Positioning

Podium’s Managing Director, Rod Baxter, emphasised the strategic significance of consolidating the Range Well Project with Parks Reef under unified ownership. This consolidation is expected to streamline project development, enhance cost efficiencies, and provide greater flexibility in capital deployment. The acquisition also attracted Johnson Matthey, a global leader in PGM and decarbonisation technologies, as a substantial shareholder, underscoring the project’s strategic importance amid tightening markets for key metals.

Next Steps and Outlook

While metallurgical test work at Range Well is ongoing, no definitive recovery factors have yet been applied to the resource estimate. Podium continues to advance its adjacent Parks Reef project, building on recent breakthroughs in concentrator flowsheet development. Market forecasts predict continued deficits in platinum group metals, reinforcing the strategic value of Podium’s diversified portfolio. The company’s focus remains on technical validation and value-enhancing development pathways for both nickel and PGM assets.

Bottom Line?

Podium’s maiden nickel resource at Range Well marks a pivotal step, with future metallurgical results and market dynamics set to shape its development trajectory.

Questions in the middle?

• What metallurgical recovery rates will Range Well achieve in upcoming test work?
• How will Podium integrate Range Well and Parks Reef operations to optimise costs and output?
• What impact will Johnson Matthey’s involvement have on Podium’s strategic direction and capital access?