Podium Minerals (ASX:POD) has raised $2 million through a placement and share purchase plan (SPP) to support exploration at the Parks Reef Platinum Group Metals (PGM) Project in Western Australia.
The company issued over 27.77 million shares under the placement and SPP at $0.072 per share to raise the cash. Of this, roughly 23 million shares were purchased under the SPP, and about 4.78 million new shares were issued to private investors under the placement.
The funds raised will be used to analyse geophysical data using new interpretative models to illustrate strike extension and depth potential to greater than 2km below surface at Parks Reef.
The funds raised will be used to analyse geophysical data using new interpretative models to illustrate strike extension and depth potential to greater than 2km below surface at Parks Reef
The proceeds will also be used to advance Podium’s geological resource model confidence towards ‘indicated’ status, as well as progress metallurgical process development aimed at enhancing total metal recoveries of Podium’s ‘Basket of Metals’ through concentrator and hydroleach process optimisation.
Canaccord Genuity and Bell Potter Securities acted as joint lead managers in the placement and SPP.
Podium Minerals is an ASX-listed critical minerals supplier aiming to become Australia’s leading PGM producer. The company’s Parks Reef PGM Project lies 80km west of Meekatharra in Western Australia and is the only 5E PGM mineral resource in Australia. The project is considered prospective for platinum, palladium, rhodium, iridium, and gold, along with base metals including copper, nickel, and cobalt.
In October 2022, the company released an inferred Mineral Resource Estimate (MRE) for Parks Reef consisting of 143 million tonnes @ 1.3g/t 5E for 6 million inferred ounces.
Images: Podium Minerals Ltd
