Podium Minerals (ASX:POD) has released its maiden mineral resource estimate (MRE) for the Range Well nickel project in Western Australia.
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Podium acquired Range Well in early February CY25 in a strategic move, which allowed the company to unify ownership of the neighbouring Parks Reef platinum group metals (PGM) and Range Well projects.
The deal, made through the acquisition of EV Nickel, reconsolidated the projects and unlocked access to a larger footprint for the Parks Reef PGM project to simplify project development activities.
Using historical data from drilling by previous owners Anaconda, Sons of Gwalia, and EV Nickel, the updated MRE for the Range Well deposit stands at 363 million tonnes at 0.7% nickel for 2.63 Mt contained nickel at a 0.5% cut-off.
Podium’s managing director and CEO, Rod Baxter, said the MRE reflects additional geometallurgical desktop reviews commissioned previously by EV Nickel.
“Our latest resource estimate reflects these study results, with further desktop modelling refinements and geological domaining, resulting in a modest adjustment to the global in-situ mineral resource,” Mr Baxter explained.
Mr Baxter said the acquisition was an important strategic milestone for Podium. “This transaction has enabled us to secure a significant nickel laterite asset at an opportune time in the market cycle, further strengthening our portfolio and adding strategic optionality to the company’s asset base.”
He also noted that Podium Minerals continues to progress Parks Reef with work currently underway to build on the platform already established by the company’s breakthrough concentrator flowsheet in CY25.
He told shareholders that market deficits are forecast again for the key PGM metals this year, with platinum projected to remain undersupplied in coming years.
“Supply vulnerability, and a subdued recycle outlook, could see further market tightening for the key PGMs,” the Podium chief said.
“The longer-term market outlook for the PGM complex remains favourable, and recent upwards movement in prices highlights the growing strategic importance of secure and reliable sources of supply outside of traditional PGM production jurisdictions.
“Ongoing metallurgical test work is progressing well, and our team remains focused on steering Parks Reef along a technically sound and value‐enhancing development pathway.”
POD is up +13.3%, to 5.1cps.
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