Podium Minerals Limited announced additional assay results from 4 reverse circulation (`RC') holes completed as part of the Stage 10 exploration drilling programme. The intercepts continue to support delivery of the Parks Reef Exploration Target (70 to 75Mt at grade of 1.2 to 1.6g/t 3E PGM) with all intercepts returning results within the targeted range or slightly better. ADDITIONAL STAGE 10 ASSAYS CONTRIBUTE TO EXPANDED EXPLORATION TARGET: 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 4 additional RC holes, which brings the total holes for assays received to 19. Of the 51 holes in Stage 10 drilling, 32 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 intersected the PGM reef with assay results in line with projected orebody widths and grade. 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 PGM4. Intercepts 1.0g/t 3E PGM and 2m intersection thickness (with a maximum of 3m internal waste if carried) include: 9m at 1.29g/t 3E PGM (0.67g/t Pt, 0.51g/t Pd and 0.11g/t Au) from 134m (PRRC221); 9m at 1.27g/t 3E PGM (0.72g/t Pt, 0.52g/t Pd and 0.03g/t Au) from 156m (PRRC222); 11m at 1.44g/t 3E PGM (0.71g/t Pt, 0.61g/t Pd and 0.12g/t Au) from 162m (PRRC223) including 3m at 2.23g/t 3E PGM (0.93g/t Pt, 0.97g/t Pd and 0.33g/t Au) from 163m; 14m at 1.65g/t 3E PGM (0.87g/t Pt, 0.72g/t Pd and 0.06g/t Au) from 133m (PRRC225) including 4m at 2.06g/t 3E PGM (0.98g/t Pt, 0.96g/t Pd and 0.12g/t Au) from 134m; and 3m at 1.09g/t 3E PGM (0.63g/t Pt, 0.45g/t Pd and 0.01g/t Au) from 152m.

The intercept in PRRC225 is not only higher than the expected grade range for the Exploration Target of 1.2 to 1.6g/t 3E PGM, it also provides further support to the depth continuity of the reef to at least 500m due to its close proximity to the intercept in PRDD004. Processing of the 15 holes that were successful in drilling diamond core tails to achieve full reef intersections continues, with samples to be despatched 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.

Like many exploration companies, Podium 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.

The 5E analyses, which requires a similar testing process but with higher temperatures than the normal tests for 3E and most gold samples, requires the same furnace equipment. Consequently, 5E 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.