Podium Minerals (ASX:POD) has completed the deed of company arrangement (DOCA) to acquire all the assets of privately held EVM Nickel.
Meanwhile, 200-year-old sustainable technology company Johnson Matthey (LSE:JMAT) has come on board as a new and largest shareholder through the DOCA transaction, which was completed on 5 February 2025.
Founded in 1817, Johnson Matthey has over 200 years of PGM industry experience and knowhow. It has reportedly produced the first PGM autocatalyst and is one of the world’s largest recyclers of autocatalysts.
Podium Minerals Executive Chairman Rod Baxter says the completion of Podium’s DOCA for EV Nickel is a transformational transaction that allows Podium to reassert primacy over its mining leases by combining the Range Well and Parks Reef Projects under a unified ownership structure.
“Furthermore, reconsolidation of the projects unlocks access to a larger footprint for the Parks Reef PGM Project, which will simplify project development activities and benefit future operations,” Baxter says.
“We welcome JM to Podium’s register and look forward to working with them, and with all our shareholders, as we continue to advance the Parks Reef PGM Project.
“On the project front, the company continues to progress the Parks Reef Project, with the upcoming flotation test work program using the recently drilled diamond core samples and targeting improvements in flotation performance and enhancements to the metallurgical flowsheet.”
In October 2024, Podium entered into a DOCA to acquire all the assets of EV Nickel, a company in voluntary administration. These assets included the Range Well Project, which is contiguous with Podium’s Parks Reef Project.
As consideration upon completion, Podium issued EV Nickel’s two largest creditors, Johnson Matthey and EV Metals Group, 110.7 million and 2.3 million Podium shares respectively.
The company also paid $1.17 million in cash to the administrators for distribution, and granted Johnson Matthey a 1.5% net smelter royalty over the Range Well Project only.
Podium says the strategic benefits from completion of the DOCA for EV Nickel include the company’s unified ownership over the Range Well and the Parks Reef Projects, an expanded operating footprint for Parks Reef as well as opportunities to streamline project development and enhance future operations, and securing Johnson Matthey through the transaction as a cornerstone shareholder on Podium’s register.
Johnson Matthey is a diversified processor and producer of downstream PGM metals and products. It is listed on the London Stock Exchange, with a market capitalisation of £2.4 billion. The business has a global footprint and operates in over 30 countries, employing more than 11,600 employees.
In addition, Johnson Matthey has established an extensive global PGM network and long-term partnerships with existing PGM producers, refiners, end-users, and recyclers, including the major South African miners.
Write to Adam Orlando at Mining.com.au
Images: Johnson Matthey
