# Pgm Mining News

Canonical page: https://atlas-staging.minestarters.com/news?commodities=pgm

Atlas summarizes and classifies mining-industry stories from third-party publishers. Follow each source link for the original reporting.

Results: 4
Returned: 4
Coverage: drill results, resource updates, and metallurgy; primary commodity matching; all time unless dates are supplied.
Commodity: Pgm (pgm)
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## SPD: Southern Palladium presents to Australian Gold Conference

- Atlas analysis: [Read analysis](https://atlas-staging.minestarters.com/news/spd-southern-palladium-presents-to-australian-gold-conference--08df064e-6c68-4a7f-a14e-c5c63713c733) · [Markdown](https://atlas-staging.minestarters.com/news/spd-southern-palladium-presents-to-australian-gold-conference--08df064e-6c68-4a7f-a14e-c5c63713c733.md)
- Original announcement: 2026-10-14T21:11:00.000Z
- Atlas analysis published: 2026-10-14T22:54:01.254Z
- Atlas analysis updated: 2026-10-14T22:54:01.254Z
- Company: Southern Palladium Limited (SPD)
- Original source: [asx](https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03152549)
- Atlas sentiment: 0.738
- Atlas tags: Mill Route, Gravity Route

Southern Palladium announced significantly improved economics for its Bengwenyama PGM-Chrome Project following an updated Pre-Feasibility Study, with post-tax NPV more than doubling to US$1.96 billion and IRR increasing to 39.1%. The study highlights enhanced metallurgical recoveries, particularly for chrome, and a staged development approach. The company is advancing towards a Definitive Feasibility Study and early development.

## POD: Quarterly Activities/Appendix 5B Cash Flow Report

- Atlas analysis: [Read analysis](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46) · [Markdown](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46.md)
- Original announcement: 2026-10-13T22:49:00.000Z
- Atlas analysis published: 2026-10-13T23:58:37.700Z
- Atlas analysis updated: 2026-10-13T23:58:37.700Z
- Company: Podium Minerals Limited (POD)
- Original source: [asx](https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03152141)
- Atlas sentiment: 0.738
- Atlas tags: Mill Route, POX/BIOX Route, Multi-Domain Tested

Podium Minerals Limited reported significant advancements in its Parks Reef PGM Project, with Phase 3 optimization test work delivering a step-change in concentrator performance, including increased flotation and overall copper recoveries, and an 18% increase in combined 3E PGM product grade. The company also secured a non-binding Memorandum of Understanding for a strategic Australia-U.S. PGM supply chain partnership and successfully completed a A$4 million underwritten share purchase plan to fund ongoing metallurgical work and general working capital.

## Material Update in Project Value via Updated PFS

- Atlas analysis: [Read analysis](https://atlas-staging.minestarters.com/news/material-update-in-project-value-via-updated-pfs--62dbede5-a33c-4a4c-b154-625bc2633b9b) · [Markdown](https://atlas-staging.minestarters.com/news/material-update-in-project-value-via-updated-pfs--62dbede5-a33c-4a4c-b154-625bc2633b9b.md)
- Original announcement: 2026-10-13T08:00:00.000Z
- Atlas analysis published: 2026-10-13T09:57:45.393Z
- Atlas analysis updated: 2026-10-13T09:57:45.393Z
- Company: Southern Palladium Limited (SPD)
- Original source: [jse](https://senspdf.jse.co.za/documents/SENS_20261013_S604331.pdf)
- Atlas sentiment: 0.526
- Atlas tags: NPV Doubled, IRR Increased, Faster Payback, PFS-Supporting, Increased Capex, Higher Commodity Prices, Stronger Local Currency, High Recovery, Recovery Improving, Co-Product, Premium Concentrate Grade, DFS-Supporting, Established Process, Bench Scale Only, JORC Compliant, QP/CP Signed, Inferred Resource, Stale Estimate, Ore Reserve Unchanged, Mill Route, Gravity Route

Southern Palladium Limited announced an Updated Prefeasibility Study (PFS) for its Bengwenyama PGM-chrome Project, showing a post-tax NPV of US$1.96 billion (up 129%) and an IRR of 39.1% (up from 26.4%). The significant value increase is attributed to DFS-level metallurgical test work, which elevated chrome to a co-product with 85.6% recovery, and an updated commodity price outlook. The study also highlights a faster payback period of 2.8 years and a premium PGM concentrate grade, despite an increase in peak funding to US$329 million.

## New Age Metals Initiates 2026 Platinum Group Metal Exploration At River Valley, Ontario

- Atlas analysis: [Read analysis](https://atlas-staging.minestarters.com/news/new-age-metals-initiates-2026-platinum-group-metal-exploration-at-river-valley-o--9e727441-8057-483b-955e-e34149a88c3e) · [Markdown](https://atlas-staging.minestarters.com/news/new-age-metals-initiates-2026-platinum-group-metal-exploration-at-river-valley-o--9e727441-8057-483b-955e-e34149a88c3e.md)
- Original announcement: 2026-02-04T12:15:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: New Age Metals Inc. (NAM)
- Original source: [tmx](https://money.tmx.com/en/quote/NAM/news/7059920848498325/new-age-metals-initiates-2026-platinum-group-metal-exploration-at-river-valley-o)
- Atlas sentiment: 0.487
- Atlas tags: Resource Update, All Inferred, NI 43-101 Compliant, QP/CP Signed, Cut-off Disclosed, Stale Estimate, Exploration Program, Advanced Geophysical Survey, High Metal Prices, Joint Venture Strategy

New Age Metals Inc. has commenced a 2026 platinum group metal (PGM) exploration program at its River Valley Project in Ontario, focusing on a DasVision 3D Induced Polarization survey over the Mustang Zone. This program, the first systematic exploration in the area since 2002, aims to generate high-priority drill targets and support the expansion and upgrading of mineral resources. The initiative is bolstered by recent multi-year highs in platinum and copper prices, and strong rebounds in palladium and rhodium.

# Atlas tag definitions

- **Bonanza Intercept:** Exceptionally high-grade zone, well above the deposit-type norm.
- **True Width Disclosed:** Actual thickness perpendicular to structure is stated, not just downhole length.
- **Step-Out Extension:** Mineralization extended beyond the previously known limit.
- **QA/QC Disclosed:** Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
- **Compositing Transparent:** Cut-off grade and internal dilution rules are clearly stated for reported intervals.
- **Refractory Ore:** Complex mineralogy requiring oxidation or other special processing before recovery.
- **Apparent Width Only:** Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.
- **Stale Data Re-release:** Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
- **No QA/QC Disclosure:** Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
- **Metal Equivalent Opaque:** Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used.
- **Cut-off Undisclosed:** Cut-off grade not disclosed — cannot assess comparability to prior estimates or peers.
- **Deleterious Elements Present:** Penalty elements (arsenic, antimony, etc.) or refractory concerns noted in the release.
- **Infill Drilling:** Confirmatory drilling to raise resource confidence, not new discovery.
- **Nearology Play:** Value premise rests on proximity to a known deposit rather than own results.
- **Measured Resource:** Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
- **Indicated Resource:** Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
- **Proven Reserve:** Measured Resource with demonstrated economic viability after applying modifying factors.
- **Probable Reserve:** Indicated Resource with demonstrated economic viability after applying modifying factors.
- **Category Upgrade:** Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
- **Tonnage Growth:** Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
- **Grade Improvement:** Average resource grade improved vs prior estimate — better deposit economics.
- **Contained Metal Growth:** True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
- **QP/CP Signed:** Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
- **Cut-off Disclosed:** Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
- **JORC Compliant:** Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
- **NI 43-101 Compliant:** Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
- **Inferred Resource:** Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
- **All Inferred:** 100% of resource is Inferred category — very early stage, no engineering confidence.
- **Grade Decline:** Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
- **Tonnage Decline:** Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
- **Category Downgrade:** Resource confidence decreased — Measured downgraded to Indicated, or Indicated to Inferred. Unusual and concerning.
- **Contained Metal Decline:** Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
- **Dilutive Growth:** Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
- **Cut-off Lowered:** Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation.
- **Cut-off Undisclosed:** Cut-off grade not disclosed — cannot assess comparability to prior estimates or peers.
- **Historical Estimate Only:** Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling.
- **Stale Estimate:** Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
- **No Contained Metal:** Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
- **No QP/CP Disclosure:** No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
- **Maiden Resource:** First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.
- **Resource Update:** Revised estimate for an existing resource — compare to prior to assess progress.
- **PEA-Supporting:** Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
- **PFS-Supporting:** Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
- **DFS-Supporting:** Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
- **High Recovery:** Recovery at or above the exceptional band for the commodity and processing route.
- **Pilot Scale Complete:** Pilot or demonstration plant testing completed under continuous operation.
- **Free Milling:** Simple, clean ore amenable to standard processing without oxidation.
- **Multi-Domain Tested:** Variability across ore domains (oxide, transition, fresh) has been addressed.
- **Recovery Improving:** Recovery improved versus a like-for-like prior test program on the same domain and route.
- **Low Recovery:** Recovery below the weak band for the commodity and processing route.
- **Bench Scale Only:** Only preliminary bench tests completed — no locked-cycle or pilot work.
- **Refractory Ore:** Complex mineralogy requiring oxidation or other special processing before recovery.
- **Single Domain Only:** Testing limited to one composite or domain — representativeness not established.
- **Recovery Stagnant:** No improvement across multiple test programs on comparable material.
- **Theoretical Recovery Only:** Only theoretical or liberation-derived recovery reported, with no actual test result.
- **Heap Leach Route:** Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.
- **Mill Route:** Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
- **Gravity Route:** Gravity separation forms a material part of the flowsheet.
- **POX/BIOX Route:** Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX.
- **Byproduct Commodity:** The tested commodity is a byproduct rather than the primary economic driver.