Speaking with investors last week, CEO Sam Rodda noted the its six million ounce Parks Reef 5E platinum group metals deposit may be lower grade than the dominant mines globally, but it has plenty going for it.
Parks Reef, in Western Australia's Mid West region, is in a tier-one jurisdiction that lacks the kinds of challenges faced by dominant producers such as Russia, South Africa and Zimbabwe.
Rodda's recent trip to South Africa not only put him in touch with existing operators and key service providers in the PGM sector, but reinforced how much growth from existing African producers is being challenged by a lack of power and infrastructure, and older, deeper mines.
While Russia's supplies of PGMs hasn't fallen much yet, international sanctions are starting to slowdown as key inputs such as reagents are restricted.
"It really opened our eyes to need for new PGM resources," he said.
Since Australia has traditionally lacked PGM experience, he came back from Africa with a new technical advisory panel boasting over 100 years of experience in the space: mining engineers Dennis Tucker and Alistair Croll, and geologist Gordon Chunnett.
Podium is also working with ASX-listed engineering firm DRA Global, which has built most of the PGM projects globally outside Russia.
Rodda said the investment case for Parks Reef remained "compelling" as demand for critical metals continues to rise, particularly in new technologies such as fuel cells and hydrogen production to support the energy transition.
"I consider PGMs are to hydrogen as lithium is to batteries," Rodda said.
"There are significant investments into green hydrogen now, and platinum and iridium are key metals in the conversion process."
Boosting Parks Reef's development case is that the deposit is much thicker than mines in South Africa, where the reefs are just 1.2m wide or less.
Parks Reef's zones are about 15m wide, meaning the deposit can support bulk open pit and underground mining operations.
The orebody is 15km-long, with the resource modelled down to 250m, although limited deep drilling suggests the mineralisation extends down to 500m.
It is not only Australia's only iridium resource, but the largest claimed platinum and rhodium resource, with rhodium found in the majority of holes.
The high-value metal is likely to be a key driver of the development.
Parks Reef also contains 94,000t copper, 127,000t nickel and 24,000t cobalt, giving it a basket of eight commodities was worth about A$4000/oz.
Rodda said 2023 was a critical year for Podium where it expects to start outlining exactly how the project will look, including location of starter mines targeting higher grade zones.
Rodda suggested that, like Rustenberg and Platreef in South Africa, Parks Reef could host multiple operations.
"We have higher-grade zones that require lower volumes and offers benefits in mining costs, and we may be able to target higher playabilities in the early years, and target more ounces in later years," he said.
There is still a lot of work to do, both infill and deeper drilling, and a bulk sampling program later this year should significantly de-risk a planned heap leach options.
The company remains well funded with some $3.5 million in cash remaining.
Podium shares were last traded at 9.4c, capitalising it at $32 million.
