Up 20% today, what's with the Podium Minerals (ASX:POD) share price?

The Podium Minerals (ASX: POD) share price is rocketing again today, leaving market watchers scratching their heads.

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Shares in Podium Minerals Ltd (ASX: POD) are being blown out of the water again today, and with no news from the company, market watchers are scratching their heads.

At the time of writing, the Podium share price is up 19.4%, with shares in the company swapping hands for 80 cents.

Podium is a precious metals exploration and resource development company. Its current focus is on platinum group metals, gold, and nickel-copper sulphides. Its major project is Parks Reef, located in Western Australia.

Today's gains have added even more momentum to the Podium share price's recent meteoric rise. It's gained 63% since the start of the month –including a 15.5% gain yesterday. Most of those increases have come in the last week, during which there has been no news from Podium. 

So, what's Podium been up to lately? Let's take a look.

Mad May

May has been a huge month so far for Podium and the explorer has kept the ASX updated throughout.

Podium's first news of the month was that it had found rhodium and iridium in assay results from its Park Reef Project.

On 5 May, the news pushed the Podium share price up 27% during intraday trade, though it closed only 5% higher than the previous session.

Podium Minerals executive chair Clayton Dodd said at the time the company was delighted to find the metals – particularly as the price of rhodium was around 20 times that of platinum.

Next, Podium announced it received permission and funding from the Western Australian Government to complete two diamond drilling holes in Parks Reef on 11 May.

The state government is to pay 50% of the cost of drilling the holes. Podium will use the holes to test for mineral deposits 500 metres below the earth's surface.

Further, the price of platinum and gold, both of which are found at Park Reef, has increased over the last month. This could also be helping to drive the Podium share price.

Podium Minerals share price snapshot

The combination of good news from Podium Minerals might be the reason its share price is flying high on the ASX.

Currently, the Podium Minerals share price is up 627% year to date and has risen a monstrous 3,850% over the past 12 months.

The company has a market capitalisation of around $187 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.

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