Podium Minerals Completes Parks Reef Drilling, Advances Metallurgical Test Work

Completion of Extensive Drilling Program

Podium Minerals Limited (ASX:POD) has completed its metallurgical and resource extension drilling campaign at the flagship Parks Reef Platinum Group Metals (PGM) Project in Western Australia. The program, which started in mid-November 2025, delivered 23 diamond drill (DD) holes and 4 reverse circulation (RC) holes totalling approximately 4,800 metres. The drilling was conducted safely, on time, and within budget, marking a significant milestone in advancing the project’s development.

Bulk Samples to Drive Flowsheet Validation and Optimisation

The campaign’s primary aim was to collect substantial bulk sulphide samples to support ongoing metallurgical test work on Podium’s innovative concentrator flowsheet. This includes validation and performance optimisation across a range of sulphide feed materials sourced along the 15-kilometre Parks Reef strike. The company secured about two tonnes of diamond core from the PGM Zone, including samples from the high-grade hanging wall, which previously demonstrated a major product upgrade with an aggregate grade of ~115 g/t 3E and a recovery rate of around 73%. These results followed the earlier breakthrough reported in March 2026, where the concentrator flowsheet showed a 40% uplift in PGM grades and strong recovery rates on hanging wall material, confirming its robustness and adaptability.

Podium’s Managing Director Rod Baxter highlighted the importance of these samples for refining the concentrator’s design and unlocking higher grade mineralisation. He also noted that samples from the oxide and Cu-Au zones will be tested to explore alternative processing pathways, expanding the project’s metallurgical scope.

Deeper Drilling Targets Resource Continuity

Alongside metallurgical sampling, the campaign included six HQ diamond holes drilled to depths between 300 and 500 metres aimed at understanding resource continuity at depth. These deeper holes will provide critical data to enhance structural knowledge of the Parks Reef deposit and generate additional metallurgical core samples for further concentrator evaluation. Assay results from this deeper drilling are expected to be released progressively starting shortly, offering fresh insights into the deposit’s potential extension.

Oxide Zone Sampling and Ongoing Test Work

Complementing the sulphide drilling, four RC holes targeted the shallow oxide section of the PGM Zone to collect samples for process development. This multi-faceted approach ensures that Podium is exploring all mineralisation domains within Parks Reef, potentially broadening the project’s processing options and economic viability.

The metallurgical program is scheduled to continue through the end of 2026, with further assay and test results expected to flow throughout the year. This sustained effort builds on the momentum from the recent high-grade concentrator breakthrough and aligns with Podium’s broader strategy to unlock value from its flagship asset.

Strategic Implications and Next Steps

Podium’s completion of this extensive drilling campaign and ongoing metallurgical test work positions Parks Reef well for future resource upgrades and processing optimisation. The progressive release of assay results will be critical for investors and analysts to assess the impact on resource estimates and project economics. Meanwhile, the company’s recent announcement of a 2.63Mt nickel resource at its adjacent Range Well Project suggests potential operational synergies that could enhance overall portfolio value.