What's with the Podium (ASX:POD) share price today?

The Podium Minerals Ltd (ASX: POD) share price is bumpy today after the company revealed two new drilling targets at Parks Reef Deeps.

| More on:

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

The Podium Minerals Ltd (ASX: POD) share price is wobbly today after the company revealed two new drilling targets at Parks Reef Deeps.

It's been a bumpy ride for Podium shares today after gaining more than 16% yesterday. In late afternoon trade, the Podium share price has plunged from trading 6% higher at 53 cents to land right back where it started at 50 cents apiece. 

Podium is an exploration and resources development company focused on platinum group metals, gold, and nickel-copper sulphides. The company's project profile includes its Parks Reef project in Western Australia, the WRC nickel and copper sulphide project, and various others.

A boy with a question mark on a sticky note on his forehead looking up as if watching an ASX share price.

Image source: Getty Images

Podium gets government backing

Podium has secured permission and funding from the West Australian government's infrastructure and exploration fund to drill two diamond drilling holes in Parks Reef, part of the Murchison pastoral land in rural WA. 

Under the deal, the state government will pay 50% of the drilling costs (around $150,000) in boring the two 750m deep holes. This will allow Podium to test potential mineral deposits in Parks that run down more than 500 metres beneath the surface.

The company noted that recent successful drilling programs have identified "high-grade zones" hosting platinum, palladium and rhodium and iridium.

The Podium share price rocketed at the beginning of last week after the company revealed high-grade rhodium and iridium was intersected in Park. Podium's next two holes will dive twice as deep, and a third hole is planned further outside of the area.

Management comments

Podium executive chair Clayton Dodd noted the government's support, saying:

The company would like to express its gratitude to the State Government… for selecting Podium as a suitable applicant and for the financial assistance to drill an exciting new dimension to the Parks Reef PGM project.

By successfully intersecting the reef at such depths would clearly demonstrate the vast dimensions of the mineralised horizon and any variability in PGM grades and may provide invaluable vectors toward higher grade sectors along the extensive 15km PGM strike length of the reef.

Podium share price snapshot

The Podium share price has been a big performer of late, rising more than 35 cents in the past 6 weeks, a quadrupling in value. The Podium share price has risen 2,375% in the past 12 months.

Motley Fool contributor Lucas Radbourne-Pugh 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

a man in a hard hat and overalls raises his arms and holds them out wide as he smiles widely in an optimistic and welcoming gesture.
Resources Shares

Forrestania Resources reports high-grade gold intersections at British Hill

Forrestania Resources reports strong British Hill gold drill results, highlighting new high-grade zones at depth.

Read more »

Resources Shares

Macmahon Holdings awarded $485m Telfer contract extension

Macmahon wins a $485m contract extension at Telfer Gold Mine, strengthening its partnership with Greatland Resources and expanding mining operations.

Read more »

Miner and company person analysing results of a mining company.
Earnings Results

Stanmore Resources posts higher revenue and steady production in 1H FY26

Stanmore Resources delivers higher first-half revenue, steady production, and improved cash flow, while maintaining its full-year guidance for FY26.

Read more »

Hand with Australian dollar notes handing the money to another hand symbolising ex-dividend date.
Resources Shares

How much must I invest in BHP shares to earn a $1,000 passive income in 2027?

What would it take to make $1,000 of passive income in 2027?

Read more »

Miner with thumbs up at a mine.
Resources Shares

Regis Resources delivers record FY26 profit and dividends

Regis Resources delivers record FY26 profit and dividends.

Read more »

An investor sits in front of his laptop looking pensive and concerned.
Earnings Results

MGX Resources narrows FY26 loss as it moves from iron ore to gold

MGX Resources narrowed its loss for FY26 as it completed a successful transition from iron ore to gold and secured…

Read more »

Australian dollar notes in businessman pocket suit, symbolising ex dividend day.
Resources Shares

Genesis Minerals FY26 earnings: profit, growth, maiden dividend

Genesis Minerals doubled EBITDA and paid its maiden dividend in FY26, as profit and cash soared on the back of…

Read more »

Two miners laughing and having fun while using smart phone during their coffee break.
Resources Shares

Medallion Metals bolsters liquidity with $60m placement for production and growth

Medallion Metals lifts liquidity with a $60 million placement to support mine development, processing and growth drilling in Western Australia.

Read more »