Podium races ahead with maiden resource but investors don’t look interested
Mining & Resources
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.