- Podium Minerals is a PGM focused exploration and resources development company with core projects located at Weld Range in Western Australia.
- Podium has announced a current 3PGM resource of 1.14m ounces plus 37,500t copper in addition to the presence of Rhodium in a number of selected assays.
- POD is progressing a metallurgical testwork programme primarily focused on selecting and optimising a leaching process to treat the oxidised mineralisation in Parks Reef.
- POD is well-funded to meet its obligations and business objectives, with potential for additional funding.
Platinum group metals or PGMs comprises of six metals that are generally found together, namely, Platinum (Pt), palladium (Pd), rhodium (Rh), ruthenium (Ru), osmium (Os) and iridium (Ir). Out of all these metals, platinum, palladium and, to a lesser degree, rhodium have the most commercial significance.
The commercial significance of platinum group metals is based on their high melting points, resistance to corrosion and oxidation, electrical conductivity and catalytic activity in the chemical, electrical, electronic, glass and motor vehicle industries.
Moreover, the applications of PGM metals in the increasing global emission controls, development of lead-free petrol and efforts to improve fuel efficiency have resulted in the emerging commercial importance of PGEs.
Over recent years, several PGMs have become significant in synthetic organic chemistry; however, the automotive industry has remained as the primary consumer of PGM.
Australia's Economic Demonstrated Resources (EDR) of Platinum Group Elements are concentrated in Western Australia (WA) and the Northern Territory (NT). Interestingly, one of the PGM focused exploration and resources development company, Podium Minerals Limited (ASX:POD) has its core projects located over the entire Weld Range Complex in the Mid-West Region of Western Australia.
Along with this, POD is also focussed on gold and nickel-copper sulphides, and the distinctive geology of its mining leases comprises a 15km strike of identified near-surface PGM-Au-base metal mineralisation at Parks Reef.
Inferred Mineral Resources with contained metals of 1,140,000 ounces of combined platinum, palladium and gold plus base metal credits with 37,300 tonnes copper have been highlighted through drilling to date.
After the recent capital raising, Podium has actively mobilised a resource drilling campaign. This comprises of around 1,600m of reverse circulation drilling targeted to connect the previously defined resource blocks in the western and central sectors of Parks Reef.
POD anticipates results from the drilling to likely complete during the current quarter, and there are plans to include assays to test for continuity of high-value rhodium as identified in previous drill programmes.
More importantly, POD has decided to continue and grow its focus on advancing the Parks Reef PGM Project. Also, a strategic review by POD’s Board offers the insight that better opportunity to maximise shareholder value is provided through prioritising resources and funds to build on the successes to date at Parks Reef.
Current Engagements of Podium Minerals
Along with the resource development work, POD is progressing a metallurgical testwork programme with the Extractive Metallurgy MPI group at Murdoch University. This testwork program is in pursuance with the earlier completed testwork programmes primarily focused on selecting and optimising a leaching process to treat the oxidised mineralisation in Parks Reef.
Presently, POD anticipates the testwork to last through the September and December 2020 quarters. Moreover, this is believed to be a critical path activity to be concluded in line with the resource drilling to feed into a Scoping Study for defining an optimal development plan for the project.
On the funding front, POD remains well-financed to maintain its operations and meet its business objectives. Additionally, there lies a potential for additional funding through likely receipt of proceeds from the sale of Podium’s remaining shareholding in EV Metals.
With a strategy to rapidly develop an alternative supply of PGMs to the global market, POD is targeting high-value metals with strong market fundamentals and growth prospects.
On 21st August 2020, POD was trading at $0.10c (at AEST 02:4PM) with a market capitalisation of $ 26 million. The stock is the highest it’s been since July 2018.
POD has delivered 500% returns to its shareholders in the last three months till 21 August 2020.