Podium Minerals Confirms Strong Parks Reef Mineralisation and Extends Deposit Depth

Metallurgical Drilling Validates Extensive Mineralisation Across Parks Reef

Podium Minerals (ASX:POD) has delivered a robust update on its Parks Reef project, confirming consistent platinum group metals (PGM) and copper-gold (Cu-Au) mineralisation across two target areas some 12 kilometres apart. Assay results from 17 PQ diamond metallurgical holes show PGM Zone intercepts averaging around 17 metres, with widths ranging from 10 to 24 metres, firmly backing the company's geological model.

Among the highlights, hole PRDD022 returned a significant high-grade intercept of 2.4 metres at 2.52 g/t 5E, including 1.1 metres at 4.14 g/t 5E, underscoring the quality of the deposit. The metallurgical drilling also generated approximately two tonnes of representative sulphide sample material, advancing Phase 3 concentrator flowsheet validation and optimisation efforts.

Deep Drilling Doubles Known Deposit Depth, Enhancing Resource Prospects

More compelling is the confirmation of mineralisation extending to depths of 450 to 500 metres, substantially beyond the current Mineral Resource Estimate (MRE) depth limit of about 250 metres. Six deep HQ diamond holes targeted vertical depths between 300 and 450 metres, with five holes intersecting strong PGM and Cu-Au zones.

The standout result came from hole PRDD027, which returned 27.7 metres at 2.04 g/t 5E from 411.4 metres downhole, including a high-grade 1.8 metres at 4.34 g/t 5E. These deeper intercepts exhibit grade profiles and widths consistent with shallower mineralisation, suggesting robust down-dip continuity and discrete high-grade domains.

Notably, three historic holes drilled in 2022 also intersected mineralisation near 500 metres depth, collectively providing strong evidence that the Parks Reef deposit remains open at depth. Geophysical data hints the host geology could extend to 2 kilometres below surface, pointing to significant potential for resource growth pending further drilling and evaluation.

PGM Market Fundamentals Remain Supportive Despite Price Volatility

While PGM prices softened in the June quarter amid geopolitical tensions and risk-off sentiment, Podium emphasises that underlying market fundamentals remain structurally supportive. Primary supply constraints persist due to declining reserves, ageing infrastructure, and underinvestment, with recycling unlikely to offset supply deficits significantly.

Demand drivers remain resilient, supported by slower electric vehicle adoption, ongoing internal combustion engine and hybrid sales, tighter emissions standards, and emerging industrial applications such as semiconductors and data centres. China’s physical platinum investment and strategic stockpiling further underpin demand.

Key PGMs are forecast to remain in deficit in 2026, reinforcing tight market conditions. Price performance over the past 14 months has been strong, with platinum up 64%, palladium up 32%, rhodium up 44%, and iridium surging 73%, reflecting sector tightness and price responsiveness to market shifts.

Corporate and Financial Position

Podium maintained its safety record with zero reportable incidents during the quarter. The company also announced a change in company secretary, appointing Suzie Foreman, a seasoned governance professional with over 25 years of experience, replacing Christopher Edwards.

On the financial front, Podium ended the quarter with A$5.3 million in cash and incurred A$1.69 million in exploration and evaluation costs, primarily directed at technical consulting, drilling, metallurgical testing, and project salaries. No mining development or production activities occurred during the period.

The company holds nearly 990 million ordinary shares and over 309 million listed options. Podium states it has sufficient funding to sustain operations and meet business objectives, with estimated funding to cover about 2.3 quarters at current expenditure levels.

Implications for Parks Reef Development

Podium’s latest drilling results mark a critical milestone, providing greater confidence in the scale, continuity, and depth of the Parks Reef resource. The confirmation of substantial mineralisation well beyond the current resource envelope supports the potential for future resource upgrades and underpins the project’s long-term growth prospects.

Ongoing metallurgical test work with samples from both shallow and deep drilling will be key to optimising concentrator performance, essential for advancing Parks Reef along its value-accretive development pathway. Market fundamentals for PGMs add a constructive backdrop, though price volatility and geopolitical risks remain factors to monitor.