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Podium Minerals Limited (ASX:POD) to raise AU$6.5 million 

Highlights

  • As per market reports, Podium is undertaking an AU$6.5-million equity placement and spp.
  • The capital raised will be utilised to ramp up exploration efforts at Parks Reef and for general working capital purposes.
  • Recently, Podium announced a significant increase in Mineral Resource estimates to 2.2 million ounces of combined platinum, palladium and gold plus base metal credit with 79,000 tonnes of copper.

Podium Minerals Limited (ASX:POD) has received firm commitments from sophisticated investors for AU$4.5m to fuel the next leg of growth activities at its flagship Parks Reef project in Western Australia.

Podium announced that it has gathered an AU$2.0-million cornerstone support, from Barolo Resources. Barolo is associated to Rod Baxter, a non-executive director at Podium. Placement shares will be issued at AU0.29 a share, 12.1% lower than the last trading level.

Must Read: Podium Minerals Limited (ASX:POD) unveils continuous PGM mineralisation at Parks Reef

The capital raised will be utilised to ramp up exploration efforts and for general working capital purposes. The Platinum group metal (PGM), a gold base metal exploration company, also plans to follow the placement with a $2-million share purchase plan. Canaccord Genuity acted as the lead manager for the capital raising program.

A Premium PGM Asset with Iridium and Rhodium Opportunity

Recently, Podium announced a significant increase in the Mineral Resource estimate for Parks Reef with metal contents of 2.2 million ounces of combined platinum, palladium and gold plus base metal credit with 79,000 tonnes of copper. The upgraded estimates represent a 57% increase in the 3E PGM mineral resource.

Source: Company announcement

The resource estimate for the Parks Reef PGM Project Source: Podium Minerals company announcement 23 September 2021

The resource has been identified over a 15km strike length and up to a depth of 100m from the surface. The company plans to reassay the drill samples to define high-value iridium and rhodium resources at the project.

Additionally, Podium recently extended its agreement with EV Metals Australia Pty Limited to align mining leases and the transference of the ownership of the mineral resources as per commodity focus on the partners. As per the agreement, Podium will be entitled to a cash compensation of AU$2.4 million against any disturbance to its operations caused due to mining by EV metals.

Podium’s shares have been placed on a trading halt since 14 October 2021 and will resume trading on 18 October 2021 or upon the release of an announcement.

Read Here: Podium Minerals Limited (ASX:POD) highlights Rhodium and Iridium potential at Parks Reef, releases Assay results

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