Podium Minerals Limited announced initial Stage 10 assay results from four reverse circulation (RC) drill holes. The holes confirm extension of the Parks Reef mineralisation into the Exploration Target (70 to 75Mt at grade of 1.2 to 1.6g/t 3E PGM)1, with majority of intercepts at the upper end of the anticipated grade range. The Stage 10 RC drilling campaign of 9,015m (50 holes, including the extension of three previously drilled holes) 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 PGM4 is now complete.

This Exploration Target is in addition to the 2.8Moz 3E PGM Inferred Mineral Resource Estimate ("MRE") reported to the ASX on 10 February 2022. For Stage 10, 35 RC holes were drilled to full intercept depth, with all collected samples transported to Perth for initial 3E PGM analysis. 15 RC holes stopped short of planned reef intercepts due to swelling clays and fibrous intercepts and will be extended with diamond core tails to achieve full reef intercepts.

This will enable Podium to consider full conversion of the Exploration Target to an Inferred Resource. A diamond core rig is scheduled to arrive on site this week to complete the remaining 650m of the drill program. Assay results for four of the 35 Stage 10 RC holes have now been received, delivering strong results within ­ and at the higher end of ­ the anticipated range.

Intercepts 1.0g/t 3E PGM and 2m intersection thickness (with a maximum of 3m internal waste if carried) include: 34m at 1.77g/t 3E PGM 0.96g/t Pt, 0.75g/t Pd and 0.06g/t Au) from 76m (PRRC201); including 1m at 12.65g/t 3E PGM (9.88g/t Pt, 2.75g/t Pd and 0.02g/t Au) from 109m; 6m at 1.50g/t 3E PGM (0.68g/t Pt, 0.69g/t Pd and 0.13g/t Au) from 157m; and 2m at 1.16g/t 3E PGM (0.58g/t Pt, 0.56g/t Pd and 0.01g/t Au) from 172m (PRRC202); 19m at 1.36g/t 3E PGM (0.65g/t Pt, 0.67g/t Pd and 0.05g/t Au) from 168m; and 2m at 1.24g/t 3E PGM (0.68g/t Pt, 0.56g/t Pd and 0.08g/t Au) from 189m (PRRC204); and 17m at 1.40g/t 3E PGM (0.64g/t Pt, 0.67g/t Pd and 0.10g/t Au) from 185m (PRRC205); including 3m at 2.01g/t 3E PGM (1.09g/t Pt, 0.76g/t Pd and 0.16g/t Au) from 187m. These intercepts confirm the continuity of Parks Reef to a vertical depth of 150m, providing confidence for the Inferred MRE to be extended to a vertical depth of 250m. Further drill results are expected throughout June, July and August this year.

All intersections are fresh (sulphide) and selected pulps are being re-assayed for 5E PGM and base metals. Stage 9 assay results for a further 5 holes have been received, out of a total of 22 holes. Intercepts 1.0g/t 3E PGM and 2m intersection thickness (with a maximum of 3m internal waste if carried) include: 8m at 1.84g/t 3E PGM (1.02g/t Pt, 0.76g/t Pd and 0.07g/t Au) from 53m; and 7m at 1.41g/t 3E PGM (0.62g/t Pt, 0.73g/t Pd and 0.06g/t Au) from 92m (PRRC179); 10m at 1.65g/t 3E PGM (0.85g/t Pt, 0.75g/t Pd and 0.06g/t Au) from 71m (PRRC180); 22m at 2.04g/t 3E PGM (1.39g/t Pt, 0.61g/t Pd and 0.04g/t Au) from 17m (PRRC198); 22m at 1.65g/t 3E PGM (0.94g/t Pt, 0.55g/t Pd and 0.16g/t Au) from 29m (PRRC199); and 2m at 1.36g/t 3E PGM (0.75g/t Pt, 0.60g/t Pd and 0.0g/t Au) from 106m (PRRC200).

Drilling in the Central region of the orebody as part of Stage 9 and 10 has commenced. Site preparation and RC collars for further growth drilling as part of the next Stage 11 drilling, targeting Reef intercept depths of 250m, has also commenced. All Stage 11 holes will require finishing with diamond core tails.