Why the Podium Minerals (ASX:POD) share price soared 27% today

The Podium Minerals (ASX: POD) share price was sent soaring today after the company released high-grade results from its Parks Reef Project.

| More on:
A mining worker wearing a hard hat, orange high vis vest and blue long-sleeved shirt raises his fists in celebration with an excited expression on his face

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Podium Minerals Ltd (ASX: POD) released high grade and value assay results from its Parks Reef Project today, sending the company's share price soaring. Earlier today, the Podium Minerals share price rocketed 27% to an all-time high of 54 cents.

Unfortunately for shareholders, with only minutes of trade remaining, Podium shares have retreated to 45 cents, which is still a 5.88% gain for the day.

Let's take a closer look at the mining company's latest assay results.

Park Reef assay results

The assay results announced today from Podium Minerals' Parks Reef Project follow on from the site's previous positive results.

The company has conducted further testing, using a more expensive assay technique to find rhodium and iridium. 

Podium Minerals' extra testing paid off, revealing up to 1.35 grams per tonne of high-grade rhodium and up to 0.7 grams per tonne of iridium.

Previously, Podium Minerals had found platinum, palladium and gold at the project using conventional assay techniques.

The company's inferred mineral resources for Parks Reef contains 1,390,000 ounces of combined platinum, palladium and gold plus base metal credits with 53,900 tonnes of copper. The new rhodium results aren't included in the project's mineral resources due to limited testing having been completed.

According to the company's release, rhodium is known to be the best catalyst for the treatment of gasoline nitrogen oxides emissions. Podium also said iridium has an extremely high melting point and is the most corrosion-resistant metal known. It's often used as a hardening agent together with other platinum-grade metals.

Commentary from management

Podium Minerals executive chair Clayton Dodd commented on the findings, saying:

We are delighted with these initial results for Rhodium and Iridium and when combined with the results from the Platinum, Palladium and Gold assays from the same drill holes, unquestionably they represent the most significant results to date from Parks Reef.

With current rhodium prices some 20 times and iridium five times that of the current platinum price, it doesn't take a lot of grade of either to have a significant impact on the estimated weighted average price per Podium [platinum grade minerals] ounce.

Podium Minerals share price snapshot

The Podium Minerals share price is having a party on the ASX lately, with today's news just its latest boost.

Currently, the Podium Minerals share price is up 309% year to date. It's also up a whopping 2,150% over the last 12 months.

The company has a market capitalisation of around $119 million, with approximately 280 million shares outstanding.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Resources Shares

Man in yellow hard hat looks through binoculars as man in white hard hat stands behind him and points.

Are Fortescue shares a contrarian buy after falling 20% in a month?

Are investors putting too much weight on the jitters of the market or is the Fortescue fall fair?

Read more »

Female miner standing next to a haul truck in a large mining operation.
Resources Shares

Is the FY25 outlook for Fortescue shares compelling?

Can the iron ore miner deliver a strong result in FY25?

Read more »

Miner looking at a tablet.
Resources Shares

5 reasons everyone's talking about Fortescue shares this week

The miner's name has been buzzing this week.

Read more »

A mountain bike rider navigates down a bumpy track, indicating uncertain economic times ahead
Resources Shares

Uh-oh! Are ASX copper shares about to hit a speed bump?

ASX copper stocks could be about to hit a rough patch. But why?

Read more »

two men in hard hats and high visibility jackets look together at a laptop screen that one of the men in holding at a mine site.
Resources Shares

What's the outlook for ASX 200 mining shares in FY25?

Let’s dig into some of the factors for miners in the 2025 financial year.

Read more »

Happy man in high vis vest and hard hat holds his arms up with fists clenched celebrating the rising Fortescue share price
Resources Shares

2 ASX mining shares rocketing over 16% on big news

Investors are getting very excited about these shares today.

Read more »

A smiling miner wearing a high vis vest and yellow hardhat and working for Superior Resources does the thumbs up in front of an open pit copper mine, indicating positive news for the company's share price today following a significant copper discovery
Resources Shares

Why are these experts so bullish on ASX copper shares?

ASX copper shares could lead the charge higher into 2025. But why?

Read more »

Female miner standing next to a haul truck in a large mining operation.
Resources Shares

What's happening with the big 3 ASX 200 iron ore stocks today?

BHP, Rio Tinto and Fortescue are eyeing an ongoing economic slowdown in China.

Read more »