Podium races ahead with maiden resource but investors don't look interested

Within eight months of listing, explorer Podium Minerals has unveiled an impressive maiden resource for its “polymetallic” Parks Reef project in Western Australia.

The resource – 340,000 ounces of combined platinum, palladium and gold, 14,300 tonnes of copper, and 11,400 tonnes of nickel – extends 2.2km, but mineralisation continues at depth and to the east, Podium (ASX:POD) said.

The announcement hasn’t helped the share price today though.

Podium listed in February after raising $5.5 million at 20c a share.

Since then the stock has dived to 6.5c and was not attracting attention from investors today.

Nevertheless, Podium chief Tom Stynes said delivering a maiden resource estimate within eight months of an ASX listing was an “exceptional achievement”.

“[The resource] provides an important foundation in demonstrating the unique potential of Parks Reef as a near surface bulk open-pit mine development,” he said.

“The thickness and consistency of the mineralisation is a strength of the project which has allowed us to achieve a very efficient conversion rate from metres drilled into resource tonnes and ounces.

“This gives us great confidence for our ongoing work as we look to define a critical mass of resources to support a project and continue our rapid progress.”

Podium had $1.75 million in the bank at the end of September.