Podium Minerals Limited, announced the first round of 5E PGM assay results for the Stage 9 drilling programme as well as a further five reverse circulation (`RC') holes completed as part of the Stage 10 exploration drilling programme. The intercepts returned for Stage 10 continue to support delivery of the Parks Reef Exploration Target (70 to 75Mt at grade of 1.2 to 1.6g/t 3E PGM). 5E PGM results received for 7 holes from the Stage 9 programme.

This is the first assay batch received from the ongoing assaying of pulps from the previously reported 3E PGM intercepts and confirms the presence of significant high value rhodium (Rh) and iridium (Ir). Stage 9 intersection highlights (with Rh and Ir results for reference) include: 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. 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).

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. Results received from an additional 5 holes from the Stage 10 programme. This is in addition to the 19 assays previously disclosed, totaling 24 holes assayed to date.

Recent Stage 10 intersection highlights include: 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 and 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. Stage 10 assays continue to show a 100% success rate intersecting the PGM reef with results indicating large PGM orebody widths and at the higher end of the expected grade. All Stage 10 intercepts continue to be tested for the presence of highly valuable rhodium (Rh), iridium (Ir) and base metals (copper and nickel) that will inform the company 5E 4 PGM resource upgrade.

Stage 9 drilling was completed in March 2022. The preferred testing procedure for rhodium and iridium requires that the 3E PGM tests are performed prior to the tests for 5E PGM to identify the PGM zone. Of the 11 drill holes (PRRC187 to PRRC197) from Stage 9 assessed for 5E PGM assay, 7 have returned significant 5E PGM results in line with expectation.

These assay results are broadly consistent with the historical analysis of archived pulp samples as announced to the ASX on 9 June 2022. Encouragingly, a stand- out intercept occurs in hole PRRC191, returning 7m of over 6g/t 5E PGM. Intercepts 1.0g/t 5E PGM and 2m intersection thickness (with a maximum of 3m internal waste if carried) include: 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 19m.

12m at 2.01g/t 5E PGM (0.07g/t Rh and 0.03g/t Ir) from 26m (PRRC189), including 7m at 2.38g/t 5E PGM (0.08g/t Rh and 0.04g/t Ir) from 29m. 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 5E PGM cut-off). 3m at 1.56g/t 5E PGM (0.04g/t Rh and 0.01g/t Ir) from 26m (PRRC192).

2m at 1.22g/t 5E PGM (0.04g/t Rh and 0.02g/t Ir) from 64m (PRRC194); and 5m at 1.46g/t 5E PGM (0.08g/t Rh and 0.03g/t Ir) from 75m. 8m at 1.72g/t 5E PGM (0.04g/t Rh and 0.01g/t Ir) from 23m (PRRC196), including 2m at 2.16g/t 5E PGM (0.05g/t Rh and 0.01g/t Ir) from 25m. 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 drilling (targeting 51 holes and extensions to 2 previously drilled holes) was completed on 8 July 2022. New 3E PGM assay results have been received for 5 additional RC holes, which brings the total holes for assays received to 24. Of the 51 holes in Stage 10 drilling, 27 holes are still awaiting assays, with results expected across the remainder of this quarter.

All holes achieved intersections of the reef, underscoring the reefs significant continuity and consistency over its full 15km strike length. Of the results received from the Stage 10 programme so far, 100% of them have intersecting the PGM reef with assay results in line with projected orebody widths and with a significant number on the higher side of the grade expectation. The Stage 10 Programme is 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 PGM (this is additional to the current 2.8Moz 3E PGM Inferred Mineral Resource Estimate (`MRE') reported to the ASX on 10 February 2022).

Intercepts 1.0g/t 3E PGM and 2m intersection thickness (with a maximum of 3m internal waste if carried) include: 8m at 1.46g/t 3E PGM (0.70g/t Pt, 0.69g/t Pd and 0.07g/t Au) from 188m (PRRC224). 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. 21m at 1.38g/t 3E PGM (0.70g/t Pt, 0.65g/t Pd and 0.03g/t Au) from 142m (PRRC228).

10m at 1.42g/t 3E PGM (0.72g/t Pt, 0.65g/t Pd and 0.06g/t Au) from 149m (PRRC229); and 5m at 1.08g/t 3E PGM (0.59g/t Pt, 0.47g/t Pd and 0.02g/t Au) from 177m. 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. Processing of the 15 holes that were successful in drilling diamond core tails to achieve full reef intersections continues, with samples to be dispatched to Bureau Veritas in Perth before the end of July 2022.

A total of 668.6 metres of diamond core was drilled in the 15 core tails. The company continues to experience delays in assay turnaround times at the laboratory. Further drill results are expected to be received throughout July and August this year.

All intersections are within fresh (sulphide) rock and selected samples are being re-assayed for 5E PGM and base metals. Consequently, 5E PGM testing commences following identification of the PGM zone via 3E analyses. Due to the high volumes and laboratory delays, results from 5E assays will continue to be longer than the 3E and gold turnaround times.