Podium Minerals Extends Parks Reef Platinum Group Metals Mineralisation to 450–500 Metres Depth in Western Australia

Deep Diamond Drilling Confirms Mineralisation Extension Beyond Current Resource Limits at Parks Reef

Podium Minerals has achieved a major exploration breakthrough with deep diamond drilling at Parks Reef, confirming that platinum group metals mineralisation extends significantly deeper than previously estimated. Assay results from six deep HQ diamond holes targeting depths of approximately 300 to 450 metres revealed strong PGM Zone and copper-gold zone mineralisation in five holes, demonstrating excellent down-dip continuity. The standout result was 27.7 metres grading 2.04 g/t 5E platinum equivalent from 411.4 metres downhole in hole PRDD027, including a higher-grade 1.8-metre interval at 4.34 g/t 5E from 413.2 metres. This extends the known mineralisation by approximately 200 metres vertically beyond prior estimates.

These deeper intersections align closely with grade profiles and widths from shallower metallurgical drilling. High-grade domains at depth correspond with hanging wall and footwall zones observed in shallower holes, with some intervals exceeding 2.5 g/t 5E. Combined with three historic deep holes from 2022 intersecting mineralisation around 500 metres depth, the nine deep holes provide compelling evidence of continuous mineralisation to at least 450–500 metres below surface. This surpasses the current mineral resource depth boundary near 250 metres, while geophysical data indicates potential host geology extending to 2 kilometres depth, suggesting significant exploration upside remains.

Metallurgical Drilling Validates Consistent Mineralisation Across Two Starter Mine Areas 12 Kilometres Apart

The metallurgical drilling programme yielded positive results, with all 17 PQ diamond holes intersecting both the PGM Zone and copper-gold zone at expected depths across Target Starter Mine #1 and Target Starter Mine #2. Fourteen holes were drilled over approximately 1.6 kilometres of strike in Area 1, and three holes over about 800 metres of strike in Area 2, located roughly 12 kilometres east. This geographic separation confirms geological continuity across a 15-kilometre strike length. Intercept widths ranged from 10 to 24 metres downhole, averaging about 17 metres of PGM mineralisation, indicating a robust and predictable ore body geometry.

The metallurgical drilling also produced around 2 tonnes of representative sulphide sample material from drill cores, supporting ongoing Phase 3 concentrator flowsheet validation and optimisation test work. Selected intersections demonstrate grade consistency, such as 26.0 metres grading 1.31 g/t 5E from 55.0 metres in hole PRDD013, and 34.0 metres grading 1.33 g/t 5E from 64.0 metres in hole PRDD022. The latter included a high-grade 2.4-metre interval at 2.52 g/t 5E from 96 metres, with 1.1 metres grading 4.14 g/t 5E. These results reinforce mineralisation continuity and support the existing geological and resource model.

Assay Confirmations and Geophysical Data Boost Confidence in Resource Model

Assay outcomes from deep and metallurgical drilling have significantly increased confidence in the Parks Reef resource model and the underlying geological framework. Consistent grade profiles and mineralisation widths at depth indicate that characteristics of the near-surface resource extend deeper than previously modelled. This consistency is crucial for development planning, suggesting mining and processing parameters derived from shallower mineralisation are applicable at greater depths. Podium Minerals notes that these grade profiles and widths support potential resource growth pending further drilling, modelling, and evaluation.

Geophysical data further highlights substantial exploration potential, indicating host geology may extend to approximately 2 kilometres depth. Given current drilling has tested only to 450–500 metres, there remains an estimated 1.5 kilometres of unexplored geology below the deepest confirmed mineralisation. Podium’s exploration strategy involves progressively expanding the mineralisation envelope through targeted drilling phases, with each phase informing subsequent exploration and development plans. Managing Director and CEO Rod Baxter described the deeper drilling results as a significant milestone that de-risks the project and supports long-term growth at Parks Reef.

Two Starter Mine Areas Demonstrate Extensive Geographic and Geological Continuity

Drilling of two separate starter mine areas approximately 12 kilometres apart provides vital evidence of Parks Reef’s lateral mineralised system extent. Target Starter Mine #1 (Area 1) and Target Starter Mine #2 (Area 2) both intersected PGM Zone and copper-gold zone mineralisation at expected depths in all metallurgical holes. This confirms geological continuity across 12 kilometres of strike, supporting the interpretation of Parks Reef as a substantial, laterally extensive system rather than isolated mineral pockets. Geographic continuity reduces project risk by indicating potential for multiple mining areas and extended mine life.

Focusing on two starter mine areas aligns with Podium’s development strategy to prioritise economically attractive zones for initial mining. Similar intercept widths and grade profiles at both sites suggest either could serve as a viable starter pit. Metallurgical drilling at both locations has provided representative samples for downstream test work, enabling validation of concentrator flowsheet designs and processing characteristics across the deposit. This approach helps de-risk development by confirming consistent processing behaviour throughout the resource.

Supportive Platinum Group Metals Market Fundamentals Underpin Project Advancement

Podium Minerals’ development timeline for Parks Reef coincides with structurally supportive fundamentals in the platinum group metals market, despite near-term price softness. The company notes key PGMs are forecast to be in deficit again in 2026, indicating medium- to long-term demand-supply imbalances that may support prices as supply constraints emerge. Diverse demand drivers—including industrial catalysts, jewellery, investment, and automotive emissions controls—offer broad offtake potential for Parks Reef production. Structural demand remains intact despite cyclical price fluctuations, supported by ongoing global manufacturing and vehicle production.

With a world-class mineral resource, proven mining and processing characteristics, and favourable market conditions, Podium Minerals is well positioned to advance Parks Reef toward production amid tightening PGM supply. The company’s focus on de-risking through systematic drilling and metallurgical testing aligns with capital market expectations for development-stage projects, where comprehensive resource definition and process validation are prerequisites for financing and construction. As Parks Reef progresses from exploration to feasibility and development planning, supportive market fundamentals may facilitate project financing and offtake agreements with downstream consumers.

Metallurgical Test Work Progresses Toward Process Design Validation

Approximately 2 tonnes of representative sulphide sample material generated from diamond drill cores are key inputs for Podium Minerals’ ongoing Phase 3 concentrator flowsheet validation and optimisation test work. This advanced metallurgical programme aims to refine process design parameters and confirm that Parks Reef ore can be effectively treated using conventional PGM concentration and recovery methods. Phase 3 builds on earlier phases that validated preliminary flowsheet concepts, focusing now on optimisation and engineering design inputs. Sampling across multiple drill holes and locations supports statistical validity by demonstrating consistent processing characteristics throughout the resource.

Metallurgical test work is critical to project development, translating geological knowledge into practical processing parameters that inform capital and operating cost estimates and mine plan optimisation. Podium’s structured approach—from shallower metallurgical drilling to deep resource extension drilling alongside advancing metallurgical validation—reflects a disciplined methodology to progressively reduce project risk. As Phase 3 advances and potentially moves into further validation stages, results will underpin technical inputs for feasibility studies and development planning, facilitating progress toward financing and construction.

Strong Safety and Sustainability Performance Maintained During Intensive Drilling

During the June 2026 quarter, Podium Minerals maintained an excellent safety and sustainability record amid intensive drilling activities, reporting zero recordable injuries and no reportable environmental or heritage incidents. This achievement is notable given the completion of 17 metallurgical diamond holes and six deep diamond holes across multiple Parks Reef drilling sites. The company’s effective safety systems, training, and operational practices have ensured safe exploration programme delivery.

The absence of reportable environmental or heritage incidents indicates compliance with environmental regulations and Aboriginal heritage protection standards applicable to Western Australian mining and exploration. These outcomes contribute positively to the project’s risk profile by demonstrating responsible operations and fostering constructive relationships with regulators and stakeholders. Maintaining such standards will remain essential as Podium advances from exploration to development and mining operations.

Exploration Strategy Integrates Resource Definition with Development Planning

Podium Minerals’ exploration strategy at Parks Reef balances near-term resource definition with longer-term development planning through a phased approach. The 2025/26 drilling campaign combined metallurgical drilling to support process design validation with deep diamond drilling targeting resource extension and depth confirmation. This integrated method generates representative ore samples for metallurgical testing while expanding the known resource and enhancing confidence in deposit continuity and scale. Drilling locations spanning the 15-kilometre strike length strategically establish lateral mineralisation continuity.

With the deposit remaining open at depth and host geology potentially extending to 2 kilometres, future drilling programmes are likely to target deeper resource definition. Managing Director Rod Baxter described recent results as a key milestone supporting Parks Reef’s value-accretive development pathway. This reflects management’s view of the drilling outcomes as validation enabling progression to feasibility and development planning. The systematic progression through drilling, metallurgical validation, and resource extension exemplifies a disciplined development approach designed to reduce project risk and build stakeholder confidence in technical and economic viability.