Podium Minerals Limited provided an update on the mineral processing pathway, including options on saleable products for its Parks Reef Platinum Group Metals (PGM) Project in Western Australia. The Parks Reef PGM deposit has two distinct ore 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 orebody. The orebody remains open at depth.

As detailed in previous announcements, the Parks Reef deposit has 8 potentially payable metals, being the five platinum group metals (5E PGMs comprising: Platinum (Pt), Palladium (Pd), Rhodium (Rh), Iridium (Ir) and Gold (Au)) and the base metals of Copper (Cu), Nickel (Ni) and Cobalt (Co). The Mineral Processing Strategy for Parks Reef focuses on optimisation of the following key elements: Developing saleable products for PGM and Base Metal considering global Smelting and Refining opportunities; Developing a technical and economic solution for near surface oxide PGM ore and deeper sulphide PGM ore; Optimal metal recovery to maximise project financials; Consideration of capital expenditure (CAPEX) and operating expenditure (OPEX); and Consideration of downstream processing options as a value addition to Parks Reef. The Parks Reef mineral processing strategy has progressed well in 2022.

Initial test work involved sighter trials based on historical project works and leading industry practices. The findings of these tests guided more advanced laboratory-based trials in flotation and hydrometallurgy that are detailed below. Sulphide ore flotation test work coordinated by leading PGM engineering group, DRA Global, has yielded results.

This flotation work focused on two outcomes: producing a PGM concentrate suitable for sale; and the opportunity to produce a flotation upgrade suitable to feed a secondary process. Results indicate that a PGM flotation concentrate can be produced that is suitable for sale to a PGM smelter feed. This processing path is in line with industry standard for a platinum rich ore body.

A flotation beneficiation step increases the grade of the valuable metals by removing waste material. Typical flotation recoveries for sulphide ore upgrade. Flotation mass recovery ranged from 20% to 40% of flotation feed.

Test work will continue to optimise flotation recovery of valuable metals and maximise waste removal. Further work has shown that flotation can also produce a high recovery feed suitable for a subsequent hydrometallurgical process. This potential processing path will be considered in conjunction with ongoing leach tests.

The oxide ore is planned to be tested under separate flotation conditions specific to oxide minerals. As expected, oxide ore has not delivered acceptable recoveries through the standard flotation tests to date but has responded well to the hydrometallurgy leaching program described below. Hydrometallurgical test work for the sulphide and oxide ores has progressed during the year and has established strong recovery of PGMs and base metal minerals.

An atmospheric leach process has been selected as the most effective means of extracting PGM and base metals from the ores. Selected leaching variables are currently being tested, focussed on further enhancing metal recoveries. Closed circuit leaching tests are planned to provide metallurgical inputs for its pending scoping study.

Direct leaching of sulphide ore has shown strong metal recoveries. 25 leach tests have been conducted to date. Planned leach tests of flotation concentrate may provide further opportunity for optimisation.

The oxide ore, when treated through the atmospheric leach, also shows high levels of payable metal recovery. Current test work suggests that the oxide ore can be treated through the same hydrometallurgical process as the sulphide ore. This would potentially simplify any plant layout and offer the opportunity to treat ore that is not typically included in a standard flotation circuit.

Simplification of the plant design also has the advantage of reduced capital cost and improved operability. Sighter laboratory tests have commenced on metal recovery from the leach solutions produced from the above atmospheric leach processes, to develop options for the Parks Reef final product mix. A preferred metal recovery pathway is under development to produce PGM and base metal products.

This work commenced in October 2022 and will continue through sighter and scoping development test programs. The results of this program are expected to be known during early 2023. Podium has the potential to deliver high-value, downstream critical minerals from the Parks Reef PGM project. PGM products are required to support the enormous decarbonisation activities required to reduce carbon emissions and meet both national and global 2030 and 2050 emission reduction targets.

Podium is well placed to support the emerging demand for PGMs created by hydrogen electrolysers and hydrogen fuel cell technologies. PGMs are fundamental metals to facilitate the development of the hydrogen energy revolution and Podium is positioning to be a responsible and stable supplier.