• As many as seven out of the 11 drill holes (PRRC187 to PRRC197) from the Stage 9 drilling program have returned 5E PGM assay results meeting targeted ranges.
• Podium has received 3E PGM assay results for 5 additional RC holes, bringing the total holes for assays to 24.
• Podium expects additional assay results in July and August.

Australian PGM player, Podium Minerals Limited (ASX:POD), is back with the initial round of 5E PGM assay results for its Stage 9 drilling program and an additional five reverse circulation (RC) holes from the Stage 10 exploration drilling program.

Intercepts from the Stage 10 program have supported the delivery of the Parks Reef Exploration Target (70 to 75Mt at a grade of 1.2 to 1.6g/t 3E PGM).

Initial Batch from Stage 9 drill program yields high-grade Rhodium and Iridium results

The Stage 9 drilling program was concluded in March 2022. Podium has now received the first assay batch with results for rhodium and iridium. As many as seven out of the 11 drill holes (PRRC187 to PRRC197) from the Stage 9 drilling program have returned 5E PGM assay results meeting targeted ranges.

The assay results have been found in alignment with the historical data analysis of archived pulp samples. In fact, one of the holes, PRRC191, returned a 7m intercept with a 5E PGM grade of over 6g/t.

Parks Reef longitudinal view with Stage 9 drill holes Source: Podium Minerals Announcement 29 July 2022

Stage 9 intersection highlights (with Rh and Ir results for reference) include:

o 15m at 2.04g/t 5E PGM (0.08g/t Rh and 0.03g/t Ir) from 11m (PRRC188)

▪ including 3m at 2.48g/t 5E PGM (0.07g/t Rh and 0.02g/t Ir) from 12m; and

4m at 2.92g/t 5E PGM (0.14g/t Rh and 0.05g/t Ir) from 18m

o 20m at 3.30g/t 5E PGM (0.12g/t Rh and 0.05g/t Ir) from 17m (PRRC191)

▪ including 14m at 4.29g/t 5E PGM (0.16g/t Rh and 0.06g/t Ir) from 18m

▪ including 7m at 6.11g/t 5E PGM (0.24g/t Rh and 0.09g/t Ir) from 22m (5g/t cut-off)

o 27m at 2.34g/t 5E PGM (0.08g/t Rh and 0.03g/t Ir) from 9m (PRRC197)

▪ including 2m at 3.48g/t 5E PGM (0.04g/t Rh and 0.02g/t Ir) from 11m; and

4m at 3.39g/t 5E PGM (0.14g/t Rh and 0.06g/t Ir) from 29m

Stage 10 assay confirms wide PGM orebody with high grades

The Stage 10 drilling program included over 51 holes and extensions to 2 previously drilled ones and was concluded on 8 July 2022. Podium has received 3E PGM assay results for 5 additional RC holes, bringing the total holes for assays to 24. The remaining assay results are anticipated to be received by the end of the quarter.

Parks Reef longitudinal view with Stage 10 drill holes Source: Podium Minerals Announcement 29 July 2022

All drill holes intersected the reef and verified the continuity and consistency over the entire 15km strike. All results received from the Stage 10 drilling program confirmed the intersection of PGM reef. The results are in line with the estimate orebody width and the targeted range of grades.

The latest assay results included –

o 11m at 1.49g/t 3E PGM (0.73g/t Pt, 0.65g/t Pd and 0.10g/t Au) from 138m (PRRC226)

▪ including 2m at 2.21g/t 3E PGM (1.18g/t Pt, 0.81g/t Pd and 0.22g/t Au) from 139m

o 17m at 1.44g/t 3E PGM (0.79g/t Pt, 0.59g/t Pd and 0.06g/t Au) from 149m (PRRC230)

▪ including 1m at 3.92g/t 3E PGM (2.32g/t Pt, 1.59g/t Pd and 0.01g/t Au) from 153m

Every Stage 10 intercept would be evaluated for highly valuable rhodium (Rh), iridium (Ir) and base metals (copper and nickel), which would be utilised for the estimation of 5E PGM resource estimation. The processing of 15 holes that successfully drilled diamond core tails is ongoing and the samples will be sent to Bureau Veritas in Perth by the end of the month.

Podium expects additional assay results in July and August. All intersections from a fresh (sulphide) rock and selected samples would be re-assayed for 5E PGM and base metals. The 5E PGM assessment would follow the finalisation of 3E analyses.

Podium traded at AU$0.24 a share on 29 July 2022.