Podium Minerals Limited announced that drill pad preparation activities have commenced in the central section of the orebody, within the registered heritage site of the Parks Reef 5E PGM project. All approvals have now been received enabling the commencement of drilling in this area, including access to a Registered Heritage Site (WELD-A-09139) granted in April 2022 through a Section 18 (s18) application, and the Program of Work granted by the Department of Mines, Industry Regulation and Safety this month. With both government and Aboriginal cultural heritage clearances in place, s18 approved drilling is expected to commence next week and will consist of up to 12 drill holes over an 800m strike, testing continuity in the central region of the significantly large 5E PGM reef.

Holes PRRC135 & PRRC133 bookend the s18 zone and display average PGM grades higher than the Mineral Resource Estimate ("MRE"). Drill pad preparation is underway with exploration targeting resource growth to greater than 200m below the surface as part of Stage 9 and 10 exploration programs. Importantly, Podium will continue to work closely with the Yamatji people to manage the protection and management of Aboriginal heritage, engaging cultural heritage monitors and traditional owners to minimise ground disturbance to the heritage area in line with agreed approvals. The Stage 9, reverse circulation (RC) drilling campaign was completed along the full strike of Parks Reef in March 2022.

Of the 22-holes drilled, results for 11 holes were reported to ASX on 19 May 2022, with core for the remaining 11 holes in the laboratory awaiting assay. The Stage 10 RC drilling campaign of 9,400m (48 holes) continues with two RC rigs currently working towards proving an 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 2. This is in addition to the 2.8Moz 3E PGM Inferred MRE reported to the ASX on 10 February 2022. To date, 44 holes have been drilled and transported to Perth for assays, with Podium expecting to start receiving results of the early drill holes in June.

Twelve holes have been stopped short of planned reef intercepts due to swelling clays and fibrous intercepts and will be extended with diamond core tails to increase confidence in the interpreted reef intercepts. A diamond core rig is scheduled to mobilise to site in early June to complete the tails of these holes. These two drill programmes aim to strongly inform future studies and deliver on the significant exploration target, which will then allow the project team to consider various options around processing routes, mining methods and production volumes.