Podium Minerals Lifts Parks Reef Phase 3 Concentrator Optimisation to 67% Recovery

Podium Minerals Delivers a Step-Change in Concentrator Performance at Parks Reef

Podium Minerals Limited (ASX: POD) has reported a material improvement in metallurgical performance at its Parks Reef platinum group metals project in Western Australia, with Phase 3 optimisation lifting Flotation Circuit 3E recovery to 67% from 51% while maintaining approximately 80% overall Concentrator recovery. The stronger flotation result also allows for a smaller and less energy-intensive downstream recovery circuit, improving the proposed plant design without reducing overall metallurgical performance.

For investors following project development risk, the update matters because metallurgy often determines whether a mineral resource can be processed efficiently and sold into conventional refining channels. In this Phase 3 optimisation work, Podium has demonstrated that comparable overall recovery can be achieved through a simpler flowsheet, while combined product grade has increased to 97 g/t 3E PGM, up 18% from the Phase 2 baseline.

"Phase 3 optimisation has delivered a significant step forward in the development of the proposed Parks Reef Concentrator," said Rod Baxter, Managing Director. "Importantly, this has been achieved while maintaining approximately 80% overall 3E recovery, demonstrating that comparable metallurgical performance can be delivered through a materially simpler and more efficient Concentrator design."

Phase 3 Optimisation Builds on an Established Metallurgical Programme

The Phase 3 results sit within a multi-stage metallurgical programme that Podium has used to advance the proposed Parks Reef Concentrator. Furthermore, each stage has been designed to improve confidence in recoveries, product quality and process design before moving into later development studies.

In the earlier work, Phase 1 established that Parks Reef ore could be treated using conventional platinum group metals processing routes. It also identified the central technical challenge: balancing metal recovery and final product grade in a process that could be commercially practical.

Phase 2, announced on 1 October 2025, introduced the current core flowsheet structure. That work retained conventional flotation as the main recovery step and added a PGM Value Recovery Circuit (PGM VRC) to capture additional metals from flotation tailings. According to Podium, Phase 2 achieved approximately 80% 3E recovery at a combined product grade of 82 g/t 3E.

Phase 3, which commenced in 2026, is focused on two objectives:

1. Optimisation of recovery, grade, mass pull and circuit efficiency
2. Validation of whether the improved results can be repeated across a broader range of representative sulphide composites

The 13 August 2026 announcement covers the optimisation component. Validation work remains in progress.

What the Optimisation Test Work Showed

The optimisation work was carried out on a representative composite derived from diamond drill core PRDD012, sourced from Podium's 2025 to 2026 metallurgical drilling campaign. This sample was selected because it was drilled downdip on the same traverse as PRDD009, which provided the Phase 2 baseline composite.

That comparability matters. Metallurgical improvements are more meaningful when they are measured against closely matched material rather than against a different ore type or grade profile.

Before optimisation, Podium tested PRDD012 under the original Phase 2 pre-optimisation conditions. The sample returned 50% 3E flotation recovery, closely aligned with the 51% achieved from PRDD009. According to the company, this confirmed that the two composites were suitable for comparison.

Did Flotation Circuit Performance Improve Materially?

Flotation is the primary recovery stage in the proposed Parks Reef Concentrator. In simple terms, it is the front-end process used to separate valuable metal-bearing minerals from waste by using water, reagents and air bubbles.

Podium said the Phase 3 programme tested a range of operating variables across 22 single- and multi-parameter tests, including:

• Blend strategy across hanging wall and footwall zones
• Finer grind size
• Increased pulp density
• Changes to reagent dosing
• Longer residence time
• An added re-cleaner stage in the circuit configuration

The result was a material uplift in flotation recovery across the key payable metals.

The company also reported that the optimisation tests were tightly grouped between 65% and 70% 3E recovery at mass pulls of 1.3% to 3.2%, which suggests the uplift was repeatable across the tested range rather than dependent on a single standout result.

At the lowest mass pull of 1.3%, the flotation circuit generated a concentrate grade of 105 g/t 3E, indicating that tighter control of concentrate mass could support higher product quality.

What Flotation Recovery Means and Why Investors Should Watch It

For non-specialist investors, flotation recovery is one of the most important technical measures in a mining project's development path. Flotation recovery refers to the proportion of target metals in the feed ore that is captured during the flotation stage.

For instance, a 67% 3E flotation recovery means that 67% of platinum, palladium and gold are collected into a concentrate at that stage. Higher recovery matters for several reasons:

• Higher recovery means more metal captured per tonne processed
• Better front-end recovery can reduce the burden on downstream circuits
• Simpler flowsheets can lower future capital and operating intensity
• Higher-grade concentrates can improve refining and marketing options

A related term is mass pull, which describes how much of the total ore feed ends up in the concentrate. Lower mass pull at similar recovery usually means a higher-grade concentrate, which can be commercially attractive because refiners generally prefer a richer product with fewer impurities.

Another important measure in this update is feed upgrade ratio. Podium reported that the combined product grade of 97 g/t 3E represents an approximate 52-times feed upgrade. In practical terms, this means the final product is significantly richer in payable metals than the original ore feed.

Chrome content also matters. In PGM processing, high chromium can create penalties or complications in refining. Podium said chrome remained below 0.12% Cr, which is well below typical refinery penalty thresholds cited by the company.

A Smaller Downstream Circuit, Same Overall Recovery

The most important process design implication from the update may be the reduced burden on the PGM Value Recovery Circuit. According to the announcement, the PGM VRC treats flotation tailings — the material left over after the primary flotation stage — using a combination of magnetic separation, ultra-fine grinding, selective leaching and carbon extraction.

Because the optimised flotation circuit now captures more PGMs initially, substantially less value remains in the tailings stream. This allows the downstream circuit to be simplified while maintaining the full Concentrator outcome.

Podium outlined the following optimisation outcomes for the PGM VRC:

For investors, this is relevant because a smaller and less power-intensive circuit may improve future project economics if these results are confirmed through further study. However, the company did not provide updated capital or operating cost estimates in the announcement, so any economic benefit remains to be tested in later engineering work.

Concentrator-Level Results Show Higher Product Grade and Stronger Copper Recovery

At the whole-of-plant level, Podium reported that approximately 80% 3E recovery has been maintained, matching the Phase 2 result, while copper recovery improved materially.

Two points stand out. First, copper recovery increased to 81% from 52%. Copper is not the main commodity at Parks Reef, but a stronger by-product contribution could improve future revenue assumptions if incorporated into project studies.

Second, rhodium and iridium recoveries were reported for the first time at 57% and 60% respectively. Podium said these metals were not analysed during Phase 2 due to analytical equipment limitations. Their inclusion broadens the recoverable metal suite, although future value impact will depend on grade, payability and market conditions.

The product grade results were also stronger than Phase 2.

While the flotation concentrate grade alone was lower than the prior combined figure, the total combined product grade increased because of the very high-grade PGM VRC product and the mass-weighted contribution of both streams.

What Comes Next at Parks Reef?

Validation and Variability Testing

According to the company, the immediate next step is validation and variability testing across a broader range of representative sulphide composites from the proposed Target Starter Mine 1 area. This work is intended to determine whether the optimised flowsheet can be replicated consistently across a larger part of the deposit.

In addition, parallel workstreams are underway:

• Validation testing on additional sulphide composites
• Testing of recent deep drill core to assess performance at depth
• PGM mineralogical characterisation, including liberation and floatability studies
• Comminution testing to support grinding circuit design

If the validation programme confirms the optimisation results, it would likely improve confidence in the proposed Concentrator design ahead of later-stage engineering and development studies.

Why the Phase 3 Update Matters to Investors

The key message from this technical update is not simply that recovery improved at one stage of the circuit. Rather, it is that Podium has reported equivalent overall 3E recovery through a simpler proposed plant design, while also increasing combined product grade and lifting copper recovery.

That combination matters for several reasons:

• Process simplification: more metal is recovered in the primary flotation stage, reducing dependence on a more complex secondary circuit
• Potential future cost benefits: a smaller PGM VRC with lower power demand may support improved capital and operating assumptions, subject to later study
• Product quality: higher combined grade and low chrome content may support compatibility with conventional refining routes
• Broader payable suite: rhodium and iridium are now included in recoverable metal reporting
• Reduced technical uncertainty: the work adds another layer of data to the project's metallurgy before feasibility-level decisions are made

The remaining question is repeatability. Podium's current validation work is therefore critical. If the company can show that these results apply across a broad portion of the planned mining area, the metallurgical case for Parks Reef would be materially stronger than it was at the Phase 2 stage.

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