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:
A boy with question mark on his forehead looking up as if watching an ASX share price

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

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.

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

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

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 »