Podium’s Parks Reef flowsheet clears a key recovery hurdle

• Flotation 3E recovery increased 31% to 67%
• Overall concentrator recovery held at approximately 80%
• Targeted PGM value recovery circuit reduced by about 50% in size and 40% in power requirements
• A$4 million underwritten share purchase plan completed
• A$7.1 million cash held at 30 September 2026

Parks Reef Flotation Recovery Reaches 67%

Podium Minerals Limited (ASX:POD) has used its September quarter to sharpen the technical case for Parks Reef, lifting flotation 3E recovery to 67% from a 51% Phase 2 baseline. Overall concentrator recovery remained approximately 80%, while the combined product grade rose 18% to 97 g/t 3E.

The result came from 22 single- and multiparameter tests on a 9-metre high-grade hanging wall and footwall blend from diamond hole PRDD012. The company says the tests produced tightly grouped 3E recovery of 65% to 70%, with mass pulls between 1.3% and 3.2%. At the lowest mass pull, concentrate grade reached 105 g/t 3E with limited recovery penalty.

The improvement is consistent with the reported in September, when Podium said recovery had risen while the proposed downstream circuit became smaller. The latest report adds that copper recovery increased to 73% from 47% in flotation and to 81% from 52% across the overall concentrator, although the company notes the PRDD012 sample also carried a higher copper head grade than the earlier baseline.

Smaller Recovery Circuit Still Needs Validation

Podium’s PGM Value Recovery Circuit, which treats flotation tailings through magnetic separation, ultra-fine grinding, selective leaching and carbon extraction, is now targeted to be about 50% smaller and require roughly 40% less power. The optimisation also eliminated the oxygen utility requirement and reduced targeted leach residence time by approximately half.

Those figures describe test-work outcomes and targeted design changes, not confirmed project economics. Podium says the next task is to test the optimised flowsheet across a broader range of representative sulphide composites from the proposed Target Starter Mine #1 area. That validation is intended to support future engineering and development studies, but the quarter contained no mining development or production activity.

A$4 Million Raise Supports the Next Workstream

The company also completed its A$4 million underwritten share purchase plan at A$0.034 a share, with proceeds earmarked for Phase 3 metallurgical work, site works and working capital. Valid shareholder applications totalled about A$1.56 million, with the approximately A$2.44 million shortfall taken up by sub-underwriters.

That funding outcome builds on the after the offer fell short of its initial target and underwriters covered the difference. Podium had A$7.1 million in cash at 30 September, after receiving A$3.88 million before costs from the issue and paying A$291,000 in associated capital-raising costs. The planned subscription of about A$122,000 by chairman Neal Froneman remains subject to shareholder approval.

Australia-US Processing Partnership Remains Non-Binding

Podium has also entered a non-binding memorandum of understanding with privately held US PGM processor PGM Processing LLC. The proposed relationship could involve a Western Australian processing and smelting hub, an expansion of PGMP’s Oklahoma operations, and US marketing channels for Parks Reef products.

The parties intend to work towards a detailed Collaboration Agreement within six months of signing, followed by a viability assessment and potentially a Project Implementation Agreement. Podium says the arrangement could broaden access to private-sector and government critical-minerals funding, but no binding development commitment or final investment decision has been announced. The relationship also carries a disclosed related-party dimension: Podium chair Neal Froneman is a substantial holder and chairman of PGMP, while his son Justin is PGMP’s president and a substantial holder.

Bottom Line?

The technical results improve Parks Reef’s development proposition, but the next meaningful test is whether the simpler flowsheet holds across broader feed and can translate into credible engineering and funding decisions.

Questions in the middle?

• Can Podium reproduce approximately 80% overall 3E recovery across the broader Target Starter Mine #1 validation program?
• Will the proposed PGMP relationship progress from a non-binding MOU to a binding Collaboration Agreement and viable processing plan?
• How long will the A$7.1 million cash balance support metallurgical work and development studies without another capital raising?