Podium Minerals Confirms High-Grade PGM Mineralisation Across Parks Reef

Podium Minerals Confirms Broad, High-Grade PGM Mineralisation Across 3.3km of Parks Reef

Podium Minerals Limited (ASX: POD) has delivered the first batch of assay results from its recently completed metallurgical and resource extension drilling programme at the Parks Reef Platinum Group Metals Project in Western Australia. The Podium Minerals Parks Reef drilling results high grade PGM mineralisation demonstrate broad, consistent mineralisation across a 3.3-kilometre strike length, with all 17 PQ diamond holes intersecting both the PGM Zone and copper-gold zone at expected depths.

The drilling programme covered approximately 3.3 kilometres of strike length — around 2.5km in Area 1 (Target Starter Mine #1) and 800m in Area 2 (Target Starter Mine #2) — generating roughly 2 tonnes of representative bulk sample material for ongoing metallurgical test work.

Drilling Results: Consistent High-Grade Intersections

The programme delivered exceptional consistency across the area. PGM Zone intercept widths ranged from 10 to 24 metres downhole, with an average of approximately 17 metres across all holes.

The standout intercept came from hole PRDD022, which returned a significant high-grade result:

• 2.4m @ 2.52 g/t 5E PGE from 96m
  • Including 1.1m @ 4.14 g/t 5E from 97.3m

This hole also delivered a broader mineralised interval:

• 34.0m @ 1.33 g/t 5E PGE from 64m
  • Including 6.0m @ 2.37 g/t from 69.0m

Key Intercepts Summary

All intercepts are reported as downhole lengths. True width is estimated at approximately 65% of reported downhole lengths.

"We are very pleased with these initial results from the 17 PQ diamond holes drilled in our recent Parks Reef drilling campaign," said Rod Baxter, Managing Director and CEO. "These assay results confirm the strong continuity of mineralisation at Parks Reef, with broad PGM Zone intercepts extending over downhole widths of 10–24m and delivering robust average grades across the programme area."

Three-Phase Drilling Strategy

The programme comprised three sequential phases, each designed to serve distinct technical objectives.

Phase 1: Metallurgical Samples (Sulphide)

Seventeen PQ diamond holes were drilled to depths of 80m–120m, targeting the oxide-sulphide transition, Cu-Au Zone, and PGM Zone. These holes generated approximately 2 tonnes of PGM Zone diamond core for metallurgical test work, including ongoing process validation and concentrator flowsheet optimisation.

Phase 2: Resource Continuity at Depth

Six HQ diamond holes were drilled to approximately 300m–500m depth, designed to test PGM Zone continuity at depth and enhance structural understanding. Assay results from these holes remain pending.

Phase 3: Metallurgical Samples (Oxide)

Four RC holes were drilled into the shallow oxide section to provide oxide zone metallurgical sample material for process development.

Structural Insights: High-Grade Domains Identified

The Podium Minerals Parks Reef drilling results high grade PGM mineralisation revealed significant structural characteristics. Fifteen of the 17 PQ holes displayed discrete high-grade hanging wall and footwall mineralised domains — a result consistent with previous drilling and the Parks Reef geological model.

These discrete domains represent potential opportunities for selective mining and feed-grade optimisation. In practice, this means operators could potentially target higher-grade portions of the reef during mining, improving average feed grade without processing lower-grade material.

Furthermore, the Cu-Au Zone above the PGM Zone hanging wall also demonstrated notable breadth and grade, highlighting additional opportunities for feed optimisation during potential mining operations.

Understanding Platinum Group Metals: An Investor Primer

For investors new to platinum group metals projects, understanding the terminology and significance of PGM deposits is essential for evaluating projects like Parks Reef.

What Are Platinum Group Metals?

Platinum Group Metals (PGMs) comprise six precious metals: platinum (Pt), palladium (Pd), rhodium (Rh), ruthenium (Ru), osmium (Os), and iridium (Ir). These metals are critical for catalytic converters in vehicle emissions control, electronics, fuel cells, and various industrial chemical processes.

What Do Key PGM Terms Mean?

3E PGE refers to the combined grade of platinum, palladium, and gold, expressed in grams per tonne (g/t). Gold is included because it is often co-recovered with PGMs during processing.

5E PGE extends 3E to include rhodium and iridium. Rhodium in particular trades at significant premiums during various commodity cycles, making its inclusion meaningful for project valuation.

Downhole vs True Width is another important distinction. Drill intercepts are initially measured along the drill hole path. True width represents the actual thickness of mineralisation, typically narrower depending on the angle between the drill hole and the mineralised zone.

Why Do PGM Deposits Matter to Investors?

PGMs are essential for the automotive industry's emissions control systems and emerging technologies such as hydrogen fuel cells. However, supply is heavily concentrated, with South Africa and Russia dominating global production.

This concentration creates supply security concerns and price volatility opportunities. Australian PGM projects like Parks Reef therefore offer potential alternative supply sources in a politically stable jurisdiction — a feature that appeals to end-users seeking supply chain diversification.

Area 2 Results: Eastern Continuity Confirmed

Three PQ diamond holes were drilled in Area 2, located approximately 12 kilometres east of the main Area 1 resource block. Drilled across 800 metres of resource strike, all three holes successfully intersected the Cu-Au Zone and PGM Zone at expected depths with consistent geometry.

This confirmation is significant because it validates the resource model across substantial geographic separation. In addition, it reduces geological risk for Area 2 as a future mining target, supporting the interpretation that Parks Reef mineralisation extends across the broader project area.

Metallurgical Programme Integration

The assay results connect directly to Podium's ongoing metallurgical test work programme. The approximately 2 tonnes of PQ diamond core collected from sulphide mineralisation supports several key workstreams:

• Concentrator flowsheet validation — confirming the proposed processing route functions as designed
• Performance optimisation — identifying improvements to recovery rates and concentrate quality
• Process development for different mineralised zones — particularly relevant given the distinct hanging wall, main zone, and footwall domains confirmed across the programme

The detailed geochemical characterisation now available from these assay results strengthens the technical foundation of the metallurgical programme, with the current programme remaining on track.

Pending Results: Multiple Catalysts Ahead

The current announcement represents only the first batch of results from a larger programme. Several additional datasets remain outstanding.

Rhodium and iridium assays for four of the 17 PQ diamond holes are still pending. Since rhodium and iridium contribute to 5E grade calculations, these results may upgrade reported intercepts once received.

Assay results from six deep resource continuity holes (PRDD024–PRDD029), drilled to approximately 430–510m depth, also remain pending. These holes test mineralisation continuity at depth — a potentially significant catalyst if they confirm economic grades extend further below surface.

Oxide RC hole results (PRRC270–PRRC273), drilled to approximately 48–66m depth, will support oxide zone process development once received.

Investment Considerations

Several attributes distinguish the Podium Minerals Parks Reef drilling results high grade PGM mineralisation as noteworthy for investors considering the PGM sector.

• Geological consistency: All 17 holes intersected both the PGM Zone and Cu-Au Zone at expected depths, validating the resource model and reducing technical risk
• Broad mineralisation: Average PGM Zone widths of approximately 17 metres downhole across 3.3km of drilled strike indicate substantial bulk mineralisation rather than narrow veins
• High-grade domains: Consistent identification of hanging wall and footwall high-grade domains in 15 of 17 holes creates potential for selective mining strategies
• Multi-commodity potential: The Cu-Au Zone provides additional metal recovery opportunities, with copper and gold recoverable as by-products
• Scale potential: The current Parks Reef Mineral Resource area covers approximately 15 kilometres of strike length, with this programme sampling just 3.3km

"Importantly, these results closely match our current geological and structural model, with 15 of the 17 PQ holes defining discrete high-grade hanging wall and footwall domains," Baxter noted. "This supports potential selective mining and feed-grade optimisation opportunities at Parks Reef."

Overall, the Podium Minerals Parks Reef drilling results high grade PGM mineralisation confirm a campaign that validates the geological model while generating the bulk sample material needed to advance metallurgical test work. With deep resource continuity results and additional rhodium and iridium assays still pending, the near-term newsflow calendar remains active for investors monitoring PGM sector opportunities.

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