Podium Minerals Limited (ASX: POD) has announced the successful completion of its fully underwritten, pro-rata non-renounceable Entitlement Offer to eligible shareholders, raising A$7.0 million. Podium Minerals is focused on exploration and development at its Parks Reef PGM Project. The company is dedicated to advancing its resource and delivering value to shareholders. The Entitlement Offer, part of a broader A$12 million equity raising that included a A$5 million placement, was oversubscribed, reflecting strong shareholder support. Applications totalled A$9.9 million, necessitating a scale back of shortfall applications.
The funds raised will be used to advance the Parks Reef PGM Project, building on momentum from recent metallurgical developments, including a game-changing concentrator flowsheet. A further metallurgical sample drilling program is set to commence in November 2025, followed by selective deeper target drilling to test resource continuity. With approximately A$13.2 million in cash following completion of the Entitlement Offer, Podium is well-positioned to execute its strategic objectives.
Rod Baxter, Executive Chairman of Podium Minerals, expressed delight with the outcome, stating that it strengthens the company’s balance sheet and positions Podium to capitalise on recent metallurgical achievements. He noted that proceeds will be immediately deployed towards an upcoming drilling program focused on metallurgical sample collection and resource continuity testing. Concurrently, the metallurgical team is progressing laboratory-scale test work aimed at unlocking additional mineralised zones.
In addition to the capital raise, Podium Minerals has appointed Gary Humphries as Head of Processing, further strengthening its executive leadership team. The Entitlement Offer involved the issuance of 109,696,535 new shares at A$0.064 per share. Joint Lead Managers, Leeuwin Wealth and Cumulus Wealth, oversaw the offer, and will receive 20,000,000 Corporate Advisory Options as part of the fee arrangement.
