Podium Minerals (ASX: POD) just successfully completed its $4.6 million entitlement offer with the digger set to issue new shares under the offer and shortfall facility to the market today, with first trades on the ASX kicking off on Monday.

POD says the new shares under the offer shortfall will also be issued on Monday, and are expected to commence trading on the ASX on Tuesday, 16 August 2022.

All new shares will rank equally with existing ordinary shares on issue, the company added.

POD’s Entitlement Offer closed earlier this month and was strongly supported by eligible shareholders, who applied for 17,864,435 new shares, worth some $3.9 million, representing a close to 85% take up rate by eligible shareholders.

The remainder of the Entitlement Offer shortfall is being managed by Canaccord Genuity, with the 3,171,367 new shares (for $697,700) having been allocated in accordance with the policy set out in POD’s prospectus.

The ASX-listed gold, platinum and base metal explorer’s non-renounceable $0.22 per share offer, one new share for every 15 fully paid ordinary shares, raised circa $4.6 million, and completes the second part of the $6.6 million capital raising as announced back on 11 July.

POD plans to use the funds at its 100%-owned extensive Parks Reef PGM Project comprising a 15km strike of near surface platinum group metals (PGM), gold and base metal mineralisation located in the Mid West Region of WA.

“We are targeting high value metals with strong market fundamentals and growth prospects with a strategy to rapidly develop an alternative supply of PGMs to the world market.

First focus will be:

  • Completion of drilling and associated exploration activities to deliver an updated Mineral Resource statement within the scope of the current Stage 9 and Stage 10 drilling programs;
  • Continuation of metallurgical test-work ahead of a scoping study;
  • Preparation for future phases of exploration drilling which will focus on growing the resource and building geological understanding of the orebody ahead of the scoping study;
  • Costs of the capital raising; and
  • Corporate administration and general working capital and management expenses.

Podium says the company has already made significant progress since the July 11 entitlement announcement, including the receipt of positive Stage 9 and Stage 10 assays.

And earlier this month, Podium claimed an Australian first with the inclusion of rhodium and iridium at Parks Reef, substantially increasing its value.

The addition of the two valuable metals increases the resource by 5% 52.5Mt at 1.64 grams per tonne (g/t) 5E platinum group metals – containing 0.81g/t platinum, 0.66g/t palladium, 0.08g/t gold, 0.06g/t rhodium and 0.03g/t iridium, or 3Moz 5E PGM.

POD’s Mineral Resource Statement (MRS) has been updated to include the rhodium and iridium results.

Podium has also added the battery metal and critical mineral cobalt to its MRE.

The incorporation of the full Stage 9 and Stage 10 assay results to deliver the updated Mineral Resource statement remains outstanding, and the metallurgical test-work continues, POD says, with the company staying focused around maximizing metal recoveries from the full suite of metals.

Podium will update the market regarding these ongoing workstreams.



This article was developed in collaboration with Podium Minerals, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.