Podium Minerals announces 27% increase in Inferred Mineral Resource Estimate at Parks Reef Project

Podium Minerals Limited (ASX: $POD) has announced a significant 27% increase in its Inferred Mineral Resource Estimate (MRE) at its 100% owned Parks Reef Platinum Group Metal (PGM) Project in Western Australia. The Inferred 5E PGM Resource has increased by 27% to 7.6Moz from the previous MRE of 6.0Moz, adding 1.6Moz of 5E PGM elements platinum, palladium, rhodium, iridium, and gold. The Parks Reef resource comprises 8 payable metals with 3.7Moz platinum (Pt), 3.2Moz palladium (Pd), 0.3Moz rhodium (Rh), 0.1Moz iridium (Ir) and 0.4Moz gold (Au), and base metals 103kt copper (Cu), 143kt nickel (Ni) and 27kt cobalt (Co) ('Podium Basket').

Executive Chairman's Perspective on the Resource Increase

The Executive Chairman, Rod Baxter, expressed his satisfaction with the 27% increase to the MRE, adding 1.6Moz of 5E to the PGM inventory and delivering a substantial upgrade in the Resource to 183Mt for 7.6Moz 5E PGM at 1.30g/t, plus base metals. He highlighted the improved geological and grade interpretation for the Parks Reef resource, emphasizing the project's positioning for the anticipated market recovery amidst positive market signals pointing to robust underlying demand fundamentals.

Summary of the Announcement and Outlook

The substantial 27% increase in the Inferred Mineral Resource Estimate at the Parks Reef Project demonstrates Podium Minerals' commitment to enhancing its PGM inventory. The upgraded 183Mt MRE, modeled to a depth of only 250m, presents substantial growth upside, with the potential for the PGM reef to extend to a depth of >2km below the surface. The project's focus on the metallurgical flowsheet and waste rejection processes reflects Podium's strategic positioning for the expected market recovery. With market deficits forecast for key metals and supply vulnerability, Podium aims to become a reliable supplier for the growing demand for PGMs, leveraging the low-risk, politically stable mining jurisdiction of Australia. The company's ambitions align with the positive market signals and the robust underlying demand fundamentals, especially in the automotive and industrial sectors, as well as the potential growth in the hydrogen economy.