Podium Minerals Limited provided an update on the mineral processing pathway and developments in the recovery optimisation program for its Parks Reef Platinum Group Metals (PGM) Project in Western Australia. Since the announcement in November 2022 of preliminary mineral processing outcomes, the development of Podium's mineral processing strategy continues to be a key focus. This optimisation process aims to maximise metal recoveries by testing variables in the flotation and atmospheric leaching circuits.

Twenty-one (21) leach optimisation tests have been completed, delivering improved metal recoveries for both oxide and sulphide material, which continues to unlock further value for the project. The Parks Reef PGM deposit has two distinct resource domains, an oxide zone that resides from the surface to approximately 45 metres deep, and a sulphide ore zone that starts at approximately 45 metres and continues to the base of the resource. The resource has been drilled to 500m below the surface and remains open at depth.

The Parks Reef deposit hosts five element (5E) PGMs comprising: Platinum (Pt), Palladium (Pd), Rhodium (Rh), Iridium (Ir) and Gold (Au) as well as the base metals of Copper (Cu), Nickel (Ni) and Cobalt (Co). Podium's mineral processing strategy remains focused on optimising the following key elements: Developing saleable products for PGMs and base metals within the context of existing global smelting and refining facilities; Developing a technical and economic solution for near surface oxide and deeper sulphide PGM material; Optimal metal recoveries to meet future demand trends and maximise project financials; and Consideration of innovative downstream processing options to allow Podium to bypass the high-energy, high carbon footprint smelter stage. The Podium mineral processing work has delivered strong results from the 21 leach tests recently completed.

The Podium atmospheric leach process is focused on leveraging key variables to enhance metal recovery and optimize project financials. In November 2022, Podium released the following leach metal recovery ranges for both of its PGM ore types. Multiple atmospheric leaching variables have been tested, identifying a range of independent variables that are effective in increasing metal recoveries.

The improvement in platinum recovery has the potential to provide a material boost to project economics. The opportunity to improve iridium, cobalt and nickel recovery has also been identified through test work. An increase in leaching temperature and more aggressive oxidative conditions have been key in improving the extraction of platinum.

Further test work and detailed analysis will continue. Tests indicating lower metal recoveries will be analysed and used to support future work programs. A portion of the leach tests have not been reported as they have not influenced the baseline leaching process, such as reagent substitution tests trialled. This optimisation work is ongoing and will be summarised as the program advances or as material results are achieved.

Atmospheric leach testing will continue as part of Podium's mineral processing pathway optimisation. The aim is to maximise metal recovery and provide a range of recoveries and operating conditions that will inform and maximise project economics in upcoming studies. Closed circuit leaching tests were identified in late 2022 as a key activity to define potential plant operating parameters.

These parameters will support ongoing engineering design and estimates of required capital expenditure. These tests have commenced and aim to optimise recoveries in a closed circuit to reduce reagent consumption. Laboratory test work only provides an indication of the processing performance of the sample that has been submitted for testing.

Performance may change based on future samples identified and tested. Changes in mineral processing performance may also occur during scale up to full plant operation. Continued testing and studies are required before the expected mineral processing performance can be measured and reported that represent the full ore body and the expected operating performance of a full-scale operation.

Parks Reef Mineral Processing Work Plan To Inform Studies: Over the next six months, the following activities are focused on developing the Parks Reef Project through maximizing recoveries, reducing capital and optimising operating costs through reagent selection and use. These include: Flotation testing to improve the concentrate grade and mass pull (removal of waste and overall volume of material) entering the downstream leaching process. Testing of the preferred leach pathway on concentrate feed aimed at increasing metal recoveries whilst reducing reagent consumption (currently leach testing has been performed on direct ore).

Leach testing to continue to optimise variables for metal recovery improvement. Metal recovery development to better define the Parks Reef products (PGM metal, Ni/Co metal hydroxide precipitate (MHP), Cu/CuSO4). Optimise operating variables to minimise project operating expenditure through reagent optimisation, recycle and substitution.

Review and test other technical options to ensure the current processing pathway maximises project economics when compared to peer processing routes. Processing parameters associated with the Parks Reef Project are crucial to informing the studies associated with plant design and project economics.