Podium Minerals Limited (ASX: POD, ‘Podium’ or ‘the Company’) is pleased to announce new intercepts for 17 holes returned from Stage 10 drilling confirm the continuity of the Parks Reef mineralisation along the full 15 km of the orebody’s strike length, supporting the successful delivery of the Parks Reef Exploration Target (70 to 75Mt at grade of 1.2 to 1.6g/t 3E PGM for 2.7Moz to 3.8Moz 3E PGM)1,2 in addition to the existing resource.

HIGHLIGHTS

• Results received from a further 17 holes from the Stage 10 drill programme. This is in addition to the 24 assays previously disclosed3, totalling 41 holes assayed from Stage 10 to date.
• Recent Stage 10 intersection highlights include:
  • 4m at 1.45g/t 3E PGM (0.82g/t Pt, 0.42g/t Pd and 0.21g/t Au) from 158m (PRRC233); and
  • 10m at 2.18g/t 3E PGM (1.36g/t Pt, 0.79g/t Pd and 0.03g/t Au) from 170m
    • including 2m at 6.09g/t 3E PGM (3.82g/t Pt, 2.21g/t Pd and 0.07g/t Au) from 170m

• 9m at 1.74g/t 3E PGM (0.76g/t Pt, 0.84g/t Pd and 0.14g/t Au) from 178m (PRRC212)

• including 3m at 2.23g/t 3E PGM (0.72g/t Pt, 1.30g/t Pd and 0.22g/t Au) from 179m

• o18m at 1.52g/t 3E PGM (0.75g/t Pt, 0.73g/t Pd and 0.04g/t Au) from 168m (PRRC246)

• Stage 10 assays continue the 100% success rate intersecting the PGM reef with results in line with projected orebody widths and in the higher half of the expected grade.
• All Stage 10 intercepts continue to be assayed for highly valuable rhodium (Rh), iridium (Ir) and base metals (copper and nickel) that will inform our 5E PGM resource upgrade.

“The results from Stage 10 drilling continue to demonstrate the consistent nature of the Parks Reef deposit in both grade and orebody width at depth. This consistency allows greater confidence in the geological modelling and study scenarios considered by Podium.

“An exciting highlight of these results is the identification of higher-grade intersections, which will inform selection of infill drilling areas for a proposed starter mine. Seeing regular assay results above 1.2 g/t 3E PGM is a positive step for the delivery of Podium’s Exploration Target, whilst the intersections showing grades over 6 g/t 3E PGM are highly encouraging for our early-stage mine planning.

“These results will be incorporated into the next Parks Reef resource model to illustrate the size potential of the Parks Reef project, along with the recently released rhodium and iridium results that allowed the upgrade from a 3E PGM resource to Australia’s first 5E PGM4 resource. These areas of focus have the potential to be key value drivers within the upcoming studies.”

STAGE 10 RESULTS HIGHLIGHT HIGH GRADE AREAS AND CONTINUITY OF OREBODY

Stage 10 drilling (targeting 51 new holes and extensions to 2 previously drilled holes – 53 holes in total) was completed on 8 July 2022. This announcement covers the 3E PGM assay results for 17 RC holes (Appendix C). In total 34 holes have now had full assay results returned and an additional 7 holes have partial assays returned (see also ASX announcements on 9 June 2022, 29 June 2022, 15 July 2022, 22 July 2022 and 29 July 2022). All 3E PGM results from Stage 10 are expected by early September 2022.

All drill holes achieved intersections of the reef, underscoring the reef’s significant continuity and consistency over its full 15km strike length. For the results received from the Stage 10 programme so far, assay results have been in line with projected orebody widths, with a significant portion on the upper side of grade expectation.

The Stage 10 Programme is aimed at proving the enlarged Exploration Target of 70Mt to 75Mt at 1.2 g/t to 1.6 g/t 3E PGM for 2.7Moz to 3.8Moz 3E PGM (this is additional to the current 3.0Moz 5E PGM Inferred Mineral Resource Estimate (‘MRE’) reported to the ASX on 2 August 2022).

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