Podium Minerals : Confirms Significant Rhodium

ASX ANNOUNCEMENT

28 March 2022

PODIUM CONFIRM SIGNIFICANT RHODIUM AS PARKS REEF

MOVES TOWARDS A 5E PGM RESOURCE

Podium Minerals Limited (ASX: POD, 'Podium' or 'the Company') is pleased to announce initial results from the re-assay of historic 3E1 PGM intercepts confirm rhodium and iridium mineralisation at its 100% owned Parks Reef PGM Project in Western Australia.

HIGHLIGHTS

• • Assay results from 31 historic holes (700 samples) to date confirm high-grade, high-value rhodium (Rh) at Parks Reef with a total of 2,100 historic samples awaiting assay results for the full 5 PGM elements2.

• • New intercepts showing high-grade Rh within the Parks Reef orebody include:

  • o 4m at 1.92g/t 3E PGM, 0.14g/t Rh and 0.08g/t Iridium (Ir) for a total of 2.14g/t 5E PGM from 28m (PRRC021); including:

    • • 1m at 2.64g/t 3E PGM, 0.21g/t Rh and 0.10g/t Ir for a total of 2.95g/t 5E PGM from 29m

  • o 4m at 2.09g/t 3E PGM, 0.13g/t Rh and 0.07g/t Ir for a total of 2.29g/t 5E PGM from 49m (PRRC014)

  • o 8m at 2.57g/t 3E PGM, 0.15g/t Rh and 0.06g/t Ir for a total of 2.79g/t 5E PGM from 30m (PRRC056)

• • Rhodium, the rarest and most valuable metal in the world, is currently valued at US$18,8003 and used primarily as an auto catalyst to reduce harmful nitrous oxide gases from light vehicle gasoline emissions.

• • Stage 9 drill programme (22 holes, 1,711m) completed with all samples currently at laboratory in Perth for assay. First results for 3E PGM expected mid-April with upgraded 5E PGM assays expected from late-April4.

• • Stage 10 Drilling (50 holes, 9,400m) has commenced with 3 holes completed and drill samples transported weekly to Perth. First 3E PGM assays expected from late-April.

  • o Stage 10 drill programme is focussed on the conversion of the current Exploration Target to Inferred Resources5

• • Podium have secured a second reverse-circulation (RC) drill rig that is expected to commence early April. This rig will support Stage 10 and future drill programs.

• • DRA Global appointed to carry out mineral processing test work in parallel to existing work being carried out by Core Technologies

Podium's CEO - Sam Rodda commented, "Today's announcement is a significant step forward for Podium. We are starting to see exciting results on the back of strategic value addition activities that commenced at the start of 2022. Re-assaying historic drill holes allows us to build on Parks Reef as a 5E PGM orebody, adding significant metal value to the Project. The rhodium and iridium assay results are in line with our expectations and together with historic assays they provide confidence of their existence throughout the orebody.

In parallel to the 5E PGM results, we have had a strong start to our drill programmes, with Stage 9 complete. We are now focused on resource extension drilling in Stage 10 to deliver our previously communicated expanded Exploration Target which is aiming to contribute a further 2.7 - 3.8Moz 3E PGM."

• 1 3E PGM refers to platinum (Pt) plus palladium (Pd) plus gold (Au) expressed in units of g/t

• 2 5E Platinum, Palladium, Rhodium, Iridium and Gold PGM - Platinum Group Metal

• 3 Source: Johnson Mattheyhttps://platinum.matthey.com 22/03/2022

• 4 BV conducts separate assay lab tests for 3E PGM and 5E PGM

• 5 Refer ASX Announcement 3 March 2022

ACN 009 200 079 Level 1, 234 Churchill Avenue, Subiaco, WA [e-mail] www.podiumminerals.com [phone]

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RE-ASSAYING OF HISTORIC 3E PGM INTERCEPTS FOR FULL SUITE OF PLATINUM GROUP METALS TO INFORM A 5E PGM RESULT

A programme of retrieving pulps stored at a Bureau Veritas (BV) facility in Perth and analysing for the 5E PGM method commenced in early February, these assays focused on anomalous 3E PGM intervals. Some 2,800 samples were retrieved representing 125 holes. At the time of this announcement around 700 results have been received for 31 holes. Figures 1 and 2 show the holes for which results have been received (both recent and historic having 0.10g/t Rh intercepts >2m) and those with assays pending.

Figure 1. Aerial image of the Parks Reef Project, showing 5E assay Details - East

Figure 2. Aerial image of the Parks Reef project, showing 5E assay details - West

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Significant Rh intercepts from the recent results received are based on 0.1g/t Rh intervals6 multiplied by the Rh grade; these include:

PRRC014	4m at 2.09g/t 3E PGM, 0.13g/t Rh and 0.07g/t Ir for a total of 2.29g/t 5E PGM from 49m
PRRC019	6m at 1.81g/t 3E PGM, 0.13g/t Rh and 0.06g/t Ir for a total of 2.00g/t 5E PGM from 24m
PRRC021	4m at 1.92g/t 3E PGM, 0.14g/t Rh and 0.08g/t Ir for a total of 2.14g/t 5E PGM from 28m
Incl.	1m at 2.64g/t 3E PGM, 0.21g/t Rh and 0.10g/t Ir for a total of 2.95g/t 5E PGM from 29m
PRRC029	5m at 1.61g/t 3E PGM, 0.11g/t Rh and 0.05g/t Ir for a total of 1.77g/t 5E PGM from 155m
PRRC032	5m at 1.58g/t 3E PGM, 0.13g/t Rh and 0.05g/t Ir for a total of 1.76g/t 5E PGM from 95m
PRRC034	4m at 1.79g/t 3E PGM, 0.13g/t Rh and 0.05g/t Ir for a total of 1.98g/t 5E PGM from 84m
PRRC056	8m at 2.57g/t 3E PGM, 0.15g/t Rh and 0.06g/t Ir for a total of 2.79g/t 5E PGM from 30m
The full table of results are listed in Appendix A

These results are in addition to previously reported high grade 5E PGM intercepts by Podium (see ASX announcements: 19 June 2018, 24 February 2020 and 5 May 2021), that included:

PRRC026	3m at 5.70g/t 3E PGM, 0.31g/t Rh and 0.15g/t Ir for a total of 6.17g/t 5E PGM from 127m
Incl.	1m at 10.60g/t 3E PGM, 0.74g/t Rh and 0.35g/t Ir for a total of 11.69g/t 5E PGM from 129m
PRRC135	3m at 10.83g/t 3E PGM, 0.65g/t Rh and 0.29g/t Ir for a total of 11.27g/t 5E PGM from 89m
Incl.	1m at 25.74g/t 3E PGM, 1.35g/t Rh and 0.70g/t Ir for a total of 27.79g/t 5E PGM from 91m

SIGNIFICANCE OF RHODIUM AND IRIDIUM

Small volume, high value PGM adding value to Parks Reef

Rhodium and iridium are two high value Platinum Group Metals (PGMs) that Podium have identified that can contribute significant value to the Parks Reef Project. Whilst both metals represent a relatively small percentage of the overall PGM grade their current metal prices of US$18,800/oz Rhodium and US$5,100/oz Iridium7 are expected to add significant metal value to the Project.

Rhodium has experienced strong price growth over the last five years as demand has outstripped supply over this period.

Rhodium uses

Rhodium, one of six PGMs, is a silver-white metallic element that is highly reflective and strongly resistant to corrosion. It is considered therarest and most valuable precious metal in the world.Rhodium's primary use is in catalytic converters of automobiles, where it reduces the amount of nitrous oxides' (NOx) exhaust gases emitted into the atmosphere.

• 6 The interval multiplied by grade is to be =>500 for the intercept to be considered significant.

• 7 Source:https://platinum.matthey.com/home as at 22 March 2022

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Figure 3. Five-year historic rhodium price graph

Source:https://platinum.matthey.com/home

PARKS REEF DRILLING RAMPS UP

Stage 8 Drill Programme - Deep Diamond Drill Holes pending 5E assays

The Stage 8 deep diamond drilling programme was performed in collaboration with the West Australian Government Exploration Incentive Scheme (EIS) co-funding, with all three deep diamond drill holes proposed to test Parks Reef approximately 500m below the surface (refer Figure 4). The holes were completed at the end of January and subsequent core logging and processing have occurred following the onboarding of our Podium Geology team from mid-February.

The mineralised intervals intersected in each hole have been submitted to BV in Perth for 5E PGM analysis, with final results expected to be received in the second half of April.

Hole ID	E_GDA94	Y_GDA94	RL	Dip	Azimuth	Depth	Section	Status
PRDD003	570639	7027883	526	-55	325	750.7	20 West	Completed
PRDD004	579429	7031072	504	-58	350	750.8	29 East	Completed
PRDD005	577104	7030434	504	-58	350	750.0	17 East	Completed

Table 1. Stage 8 Drilling Programme

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Figure 4. Schematic geology of the Parks Reef project, showing location of completed deep diamond drill holes.

Stage 9 Programme - Complete shallow drilling to 100m depth to fully inform existing Inferred Mineral Resource

Core Drilling Services Pty Ltd commenced drilling at Parks Reef on 2 March and have completed the Stage 9 drilling programme on 20 March (22 holes for 1,711m, refer Figure 5). The infill drilling targeted the near surface supergene enriched mineralisation not previously tested as well as certain sections of the inferred mineral resource where minor drill data gaps existed. The current inferred resource on 200m sections down to 100m depth is consistently drilled along the strike, however, infill drilling is still outstanding on the centrally located cultural heritage site.

A Section 18 Clearance, with support from our Native Title holders, has been submitted to Department of Planning, Land and Heritage (DPLH) to enable access to the cultural heritage site for drilling. The cultural heritage site, depicted in the blue outlined area in Figure 4, includes three targeted drill spacing sections over the 800m wide footprint. This will be further tested once approvals have been granted.

All samples from Stage 9 drilling have been submitted to BV in Perth for 3E PGM analysis. First results are expected by mid-April. 5E PGM analysis will commence following these results for the mineralised area and are expected from late April.

Stage 10 Programme - Extend Resource to 200m depth to deliver Exploration Target

As announced previously (see ASX announcement 3 March 2022), Stage 10 drilling is focussed on delivering the 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. This is in addition to the 2.8Moz 3E PGM Inferred Mineral Resource reported on 10 February 2022.

The Stage 10 programme is thus focussed on drilling approximately 50 holes on 200m spaced sections across the central and eastern sectors of the orebody (refer Figure 6), testing the reef at approximately 170m vertically to further build confidence along the full strike length of the orebody, including the 12km not previously drilled at depth.

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