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

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03152141

Publisher: asx

Original announcement: 2026-10-13T22:49:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-10-13T23:58:37.700Z

Atlas analysis updated: 2026-10-13T23:58:37.700Z

- Company: Podium Minerals Limited

- Ticker: POD

- Exchange: ASX

- Region: Western Australia

- Primary commodity: Pgm

- Secondary commodities: Platinum, Palladium, Gold, Rhodium, Iridium, Copper, Chromium

- Document categories: Metallurgy, Capital raise, Agreement transaction

- Extracted: 2026-10-13 23:58:38 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

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.

Reasoning: Podium Minerals reported significant improvements in metallurgical recoveries and product grade for its Parks Reef PGM project, achieving these with a more efficient flowsheet. Additionally, a strategic non-binding MOU was signed for an Australia-U.S. PGM supply chain, and a A$4 million underwritten share purchase plan was successfully completed, providing funding for ongoing work.

- Positive factor: Significant increase in flotation recovery for 3E PGMs and copper

- Positive factor: Maintained overall PGM recovery with a simpler, smaller, and more energy-efficient flowsheet

- Positive factor: Increased combined product grade for 3E PGMs

- Positive factor: Ultra-low chrome content in concentrate, well below penalty thresholds

- Positive factor: Non-binding MOU signed with a strategic partner for downstream processing and market access

- Positive factor: Potential for critical minerals funding through the strategic partnership

- Positive factor: Successful completion of a fully underwritten A$4 million capital raise

- Negative factor: MOU is non-binding and requires further agreements to progress

- Negative factor: High-grade PGM Concentrate grade is described as 'notional'

- Negative factor: Rhodium and Iridium recoveries are relatively low compared to other PGMs

- Negative factor: No specific metallurgical laboratory or consultant named for the test work

Facts used in scoring: 27

## Classification and evidence

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: the document describes a mill\_cil route \("concentrator"\)

**POX/BIOX Route**

Polarity: neutral

Definition: Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX.

Why it applies: the document describes a pox\_biox route \("ultra-fine grinding"\)

**Multi-Domain Tested**

Polarity: positive

Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed.

Why it applies: 3 distinct composites were tested

## Extracted facts

Stored fact records: 25. Some facts used in scoring do not have a stored record.

## Metallurgical Results (25)

### Flotation Circuit Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-0)

Parks Reef PGM Project · pgm

#### Identity

- Project: Parks Reef PGM Project
- Commodity: pgm
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: Flotation Circuit Optimisation
- Processing Route: Flotation Circuit
- Sample: 9m high-grade hanging wall and footwall blend composite from diamond drill core PRDD012

#### Recovery

- Recovery: 67 %
- Recovery Basis: actual\_test
- Head Grade: 1.85
- Head Grade Unit: g/t 3E

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: Flotation Circuit 3E recovery increased by 31% to 67% on representative baseload sulphide feed, indicating a significant improvement in concentrator performance.

- Positive factor: Significant increase in recovery compared to baseline

- Positive factor: High recovery for PGM flotation

Evidence · table

> 67

Context: PRDD012 Post-Optimisation \(2026 Phase 3\)

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

### Flotation Circuit Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-1)

Parks Reef PGM Project · copper

#### Identity

- Project: Parks Reef PGM Project
- Commodity: copper
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: Flotation Circuit Optimisation
- Processing Route: Flotation Circuit
- Sample: 9m high-grade hanging wall and footwall blend composite from diamond drill core PRDD012

#### Recovery

- Recovery: 73 %
- Recovery Basis: actual\_test
- Head Grade: 0.09
- Head Grade Unit: % Cu

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: Flotation Circuit copper recovery increased to 73% from 47%, reflecting optimised process conditions and higher copper head grade.

- Positive factor: Significant increase in recovery compared to baseline

- Positive factor: High recovery for copper flotation

Evidence · table

> 73

Context: PRDD012 Post-Optimisation \(2026 Phase 3\)

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

**Low Recovery**

Polarity: negative

Definition: Recovery below the weak band for the commodity and processing route.

Why it applies: 73% is below the weak band \(80%\)

### Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-2)

Parks Reef PGM Project · pgm

#### Identity

- Project: Parks Reef PGM Project
- Commodity: pgm
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: Optimisation
- Processing Route: Overall Concentrator
- Sample: PRDD012 Post-Optimisation

#### Recovery

- Recovery: 80 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: Overall Concentrator 3E recovery was maintained at approximately 80% despite substantial simplification of the downstream PGM VRC, indicating efficient performance.

- Positive factor: Overall recovery maintained despite substantial simplification of the downstream circuit

- Positive factor: High overall PGM recovery

Evidence · table

> ~80%

Context: Overall Concentrator 3E recovery

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the mill\_cil signal

### Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-3)

Parks Reef PGM Project · copper

#### Identity

- Project: Parks Reef PGM Project
- Commodity: copper
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: Optimisation
- Processing Route: Overall Concentrator
- Sample: PRDD012 Post-Optimisation

#### Recovery

- Recovery: 81 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: Overall Concentrator copper recovery improved materially to 81% from 52%, demonstrating enhanced performance.

- Positive factor: Significant increase in overall copper recovery

- Positive factor: High overall copper recovery

Evidence · table

> 81%

Context: Overall Concentrator copper recovery

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the mill\_cil signal

### Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-4)

Parks Reef PGM Project · pgm

#### Identity

- Project: Parks Reef PGM Project
- Commodity: pgm
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: Optimisation
- Processing Route: Overall Concentrator

#### Recovery

- Recovery Basis: actual\_test
- Conc. Grade: 97
- Conc. Grade Unit: g/t 3E

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: Combined product grade increased 18% to 97 g/t 3E, representing a significant upgrade in concentrate quality.

- Positive factor: Significant increase in combined product grade

- Positive factor: High combined product grade

Evidence · table

> 97 g/t

Context: Combined product grade \(3E\)

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the mill\_cil signal

### Flotation Circuit Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-5)

Parks Reef PGM Project · pgm

#### Identity

- Project: Parks Reef PGM Project
- Commodity: pgm
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: Flotation Circuit Optimisation
- Processing Route: Flotation Circuit

#### Recovery

- Recovery Basis: actual\_test
- Conc. Grade: 76
- Conc. Grade Unit: g/t 3E
- Mass Pull: 1.6 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: The optimised flowsheet produces a Flotation Concentrate grading 76 g/t 3E at a normalised 1.6% mass pull, indicating efficient concentration.

- Positive factor: High flotation concentrate grade achieved at a low mass pull

Evidence · text

> Flotation Concentrate grading 76 g/t 3E at a normalised 1.6% mass pull

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

### PGM Value Recovery Circuit Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-6)

Parks Reef PGM Project · pgm

#### Identity

- Project: Parks Reef PGM Project
- Commodity: pgm
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: PGM Value Recovery Circuit Optimisation
- Processing Route: PGM Value Recovery Circuit

#### Recovery

- Recovery Basis: actual\_test
- Conc. Grade: 3000
- Conc. Grade Unit: g/t 3E

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: A notional High-grade PGM Concentrate grading 3,000 g/t 3E is reported, indicating potential for very high-grade product, though its 'notional' nature reduces confidence.

- Positive factor: Extremely high notional concentrate grade

- Negative factor: High-grade PGM Concentrate grade is described as 'notional'

Evidence · text

> High-grade PGM Concentrate notionally grading 3,000 g/t 3E

### Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-7)

Parks Reef PGM Project · rhodium

#### Identity

- Project: Parks Reef PGM Project
- Commodity: rhodium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: Optimisation
- Processing Route: Overall Concentrator

#### Recovery

- Recovery: 57 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: Rhodium recovery of 57% was reported for the first time, adding to the recoverable metal suite, though the recovery is relatively low.

- Positive factor: First time reporting of rhodium recovery

- Negative factor: Recovery is below the weak band for PGMs

Evidence · text

> Rhodium and iridium recoveries of 57% and 60% respectively were also reported for the first time

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the mill\_cil signal

### Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-8)

Parks Reef PGM Project · iridium

#### Identity

- Project: Parks Reef PGM Project
- Commodity: iridium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: Optimisation
- Processing Route: Overall Concentrator

#### Recovery

- Recovery: 60 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: Iridium recovery of 60% was reported for the first time, adding to the recoverable metal suite, though the recovery is relatively low.

- Positive factor: First time reporting of iridium recovery

- Negative factor: Recovery is below the weak band for PGMs

Evidence · text

> Rhodium and iridium recoveries of 57% and 60% respectively were also reported for the first time

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the mill\_cil signal

### Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-9)

Parks Reef PGM Project · chromium

#### Identity

- Project: Parks Reef PGM Project
- Commodity: chromium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: Optimisation
- Processing Route: Overall Concentrator

#### Recovery

- Recovery Basis: actual\_test
- Conc. Grade: 0.12
- Conc. Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: Chrome content remains below 0.12%, which is well below typical refinery penalty thresholds, indicating a clean concentrate.

- Positive factor: Ultra-low chrome content, well below typical refinery penalty thresholds

Evidence · text

> chrome content remaining ultra-low at <0.12%

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the mill\_cil signal

### Flotation Circuit Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-10)

Parks Reef PGM Project · pgm

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Parks Reef PGM Project
- Commodity: pgm
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: Flotation Circuit Optimisation
- Processing Route: Flotation Circuit
- Sample: 14m, 1.65 g/t 3E bulk sulphide composite from PRDD009

#### Recovery

- Recovery: 51 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-10-01T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: This is a historical baseline recovery for the Flotation Circuit 3E PGM, used for comparison with current optimisation results.

Evidence · table

> 51

Context: PRDD009 Pre-Optimisation \(October 2025\)

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

### Flotation Circuit Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-11)

Parks Reef PGM Project · copper

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Parks Reef PGM Project
- Commodity: copper
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: Flotation Circuit Optimisation
- Processing Route: Flotation Circuit
- Sample: 14m, 1.65 g/t 3E bulk sulphide composite from PRDD009

#### Recovery

- Recovery: 47 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-10-01T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: This is a historical baseline recovery for the Flotation Circuit copper, used for comparison with current optimisation results.

Evidence · table

> 47

Context: PRDD009 Pre-Optimisation \(October 2025\)

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

**Low Recovery**

Polarity: negative

Definition: Recovery below the weak band for the commodity and processing route.

Why it applies: 47% is below the weak band \(80%\)

### Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-12)

Parks Reef PGM Project · copper

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Parks Reef PGM Project
- Commodity: copper
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: Optimisation
- Processing Route: Overall Concentrator
- Sample: 14m, 1.65 g/t 3E bulk sulphide composite from PRDD009

#### Recovery

- Recovery: 52 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-10-01T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: This is a historical baseline overall concentrator copper recovery, used for comparison with current optimisation results.

Evidence · table

> 52%

Context: Overall Concentrator copper recovery

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the mill\_cil signal

**Low Recovery**

Polarity: negative

Definition: Recovery below the weak band for the commodity and processing route.

Why it applies: 52% is below the weak band \(80%\)

### Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-13)

Parks Reef PGM Project · pgm

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Parks Reef PGM Project
- Commodity: pgm
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: Optimisation
- Processing Route: Overall Concentrator
- Sample: 14m, 1.65 g/t 3E bulk sulphide composite from PRDD009

#### Recovery

- Recovery Basis: actual\_test
- Conc. Grade: 82
- Conc. Grade Unit: g/t 3E

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-10-01T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: This is a historical baseline combined product grade for 3E PGM, used for comparison with current optimisation results.

Evidence · table

> 82 g/t

Context: Combined product grade \(3E\)

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the mill\_cil signal

### Flotation Circuit Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-14)

Parks Reef PGM Project · pgm

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Parks Reef PGM Project
- Commodity: pgm
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: Flotation Circuit Optimisation
- Processing Route: Flotation Circuit
- Sample: 9m high-grade hanging wall and footwall blend composite from diamond drill core PRDD012

#### Recovery

- Recovery: 50 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2026-08-13T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: This is a historical pre-optimisation recovery for the Flotation Circuit 3E PGM from PRDD012, used for comparison with post-optimisation results.

Evidence · table

> 50

Context: PRDD012 Pre-Optimisation \(2026 Phase 3\)

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

### Flotation Circuit Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-15)

Parks Reef PGM Project · copper

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Parks Reef PGM Project
- Commodity: copper
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: Flotation Circuit Optimisation
- Processing Route: Flotation Circuit
- Sample: 9m high-grade hanging wall and footwall blend composite from diamond drill core PRDD012

#### Recovery

- Recovery: 67 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2026-08-13T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: This is a historical pre-optimisation recovery for the Flotation Circuit copper from PRDD012, used for comparison with post-optimisation results.

Evidence · table

> 67

Context: PRDD012 Pre-Optimisation \(2026 Phase 3\)

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

**Low Recovery**

Polarity: negative

Definition: Recovery below the weak band for the commodity and processing route.

Why it applies: 67% is below the weak band \(80%\)

### Flotation Circuit Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-16)

Parks Reef PGM Project · platinum

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Parks Reef PGM Project
- Commodity: platinum
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: Flotation Circuit Optimisation
- Processing Route: Flotation Circuit
- Sample: 14m, 1.65 g/t 3E bulk sulphide composite from PRDD009

#### Recovery

- Recovery: 44 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-10-01T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: This is a historical baseline recovery for Flotation Circuit platinum, used for comparison with current optimisation results.

Evidence · table

> 44

Context: PRDD009 Pre-Optimisation \(October 2025\)

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

### Flotation Circuit Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-17)

Parks Reef PGM Project · palladium

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Parks Reef PGM Project
- Commodity: palladium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: Flotation Circuit Optimisation
- Processing Route: Flotation Circuit
- Sample: 14m, 1.65 g/t 3E bulk sulphide composite from PRDD009

#### Recovery

- Recovery: 58 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-10-01T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: This is a historical baseline recovery for Flotation Circuit palladium, used for comparison with current optimisation results.

Evidence · table

> 58

Context: PRDD009 Pre-Optimisation \(October 2025\)

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

### Flotation Circuit Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-18)

Parks Reef PGM Project · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Parks Reef PGM Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: Flotation Circuit Optimisation
- Processing Route: Flotation Circuit
- Sample: 14m, 1.65 g/t 3E bulk sulphide composite from PRDD009

#### Recovery

- Recovery: 58 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-10-01T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: This is a historical baseline recovery for Flotation Circuit gold, used for comparison with current optimisation results.

Evidence · table

> 58

Context: PRDD009 Pre-Optimisation \(October 2025\)

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

**Low Recovery**

Polarity: negative

Definition: Recovery below the weak band for the commodity and processing route.

Why it applies: 58% is below the weak band \(80%\)

### Flotation Circuit Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-19)

Parks Reef PGM Project · platinum

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Parks Reef PGM Project
- Commodity: platinum
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: Flotation Circuit Optimisation
- Processing Route: Flotation Circuit
- Sample: 9m high-grade hanging wall and footwall blend composite from diamond drill core PRDD012

#### Recovery

- Recovery: 47 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2026-08-13T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: This is a historical pre-optimisation recovery for Flotation Circuit platinum from PRDD012, used for comparison with post-optimisation results.

Evidence · table

> 47

Context: PRDD012 Pre-Optimisation \(2026 Phase 3\)

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

### Flotation Circuit Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-20)

Parks Reef PGM Project · palladium

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Parks Reef PGM Project
- Commodity: palladium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: Flotation Circuit Optimisation
- Processing Route: Flotation Circuit
- Sample: 9m high-grade hanging wall and footwall blend composite from diamond drill core PRDD012

#### Recovery

- Recovery: 52 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2026-08-13T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: This is a historical pre-optimisation recovery for Flotation Circuit palladium from PRDD012, used for comparison with post-optimisation results.

Evidence · table

> 52

Context: PRDD012 Pre-Optimisation \(2026 Phase 3\)

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

### Flotation Circuit Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-21)

Parks Reef PGM Project · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Parks Reef PGM Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: Flotation Circuit Optimisation
- Processing Route: Flotation Circuit
- Sample: 9m high-grade hanging wall and footwall blend composite from diamond drill core PRDD012

#### Recovery

- Recovery: 55 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2026-08-13T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: This is a historical pre-optimisation recovery for Flotation Circuit gold from PRDD012, used for comparison with post-optimisation results.

Evidence · table

> 55

Context: PRDD012 Pre-Optimisation \(2026 Phase 3\)

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

**Low Recovery**

Polarity: negative

Definition: Recovery below the weak band for the commodity and processing route.

Why it applies: 55% is below the weak band \(80%\)

### Flotation Circuit Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-22)

Parks Reef PGM Project · platinum

#### Identity

- Project: Parks Reef PGM Project
- Commodity: platinum
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: Flotation Circuit Optimisation
- Processing Route: Flotation Circuit
- Sample: 9m high-grade hanging wall and footwall blend composite from diamond drill core PRDD012

#### Recovery

- Recovery: 65 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: Platinum recovery in the Flotation Circuit improved to 65% post-optimisation.

- Positive factor: Improved platinum recovery in flotation circuit

Evidence · table

> 65

Context: PRDD012 Post-Optimisation \(2026 Phase 3\)

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

### Flotation Circuit Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-23)

Parks Reef PGM Project · palladium

#### Identity

- Project: Parks Reef PGM Project
- Commodity: palladium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: Flotation Circuit Optimisation
- Processing Route: Flotation Circuit
- Sample: 9m high-grade hanging wall and footwall blend composite from diamond drill core PRDD012

#### Recovery

- Recovery: 71 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: Palladium recovery in the Flotation Circuit improved to 71% post-optimisation.

- Positive factor: Improved palladium recovery in flotation circuit

Evidence · table

> 71

Context: PRDD012 Post-Optimisation \(2026 Phase 3\)

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

### Flotation Circuit Optimisation

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-quarterly-activities-appendix-5b-cash-flow-report--b13d92b7-744f-48cf-9628-dbd624bcbe46#fact-metallurgical-facts-24)

Parks Reef PGM Project · gold

#### Identity

- Project: Parks Reef PGM Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: Flotation Circuit Optimisation
- Processing Route: Flotation Circuit
- Sample: 9m high-grade hanging wall and footwall blend composite from diamond drill core PRDD012

#### Recovery

- Recovery: 69 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: Gold recovery in the Flotation Circuit improved to 69% post-optimisation.

- Positive factor: Improved gold recovery in flotation circuit

Evidence · table

> 69

Context: PRDD012 Post-Optimisation \(2026 Phase 3\)

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

**Low Recovery**

Polarity: negative

Definition: Recovery below the weak band for the commodity and processing route.

Why it applies: 69% is below the weak band \(80%\)

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.