Podium Issues 110.7M Shares to Johnson Matthey in EV Nickel Asset Acquisition
Podium Minerals has completed its acquisition of EV Nickel’s assets, consolidating key nickel and PGM projects and welcoming industry giant Johnson Matthey as a 16.25% shareholder.
- Completion of DOCA acquisition of EV Nickel assets
- Unified ownership of Range Well and Parks Reef projects
- Johnson Matthey acquires 16.25% stake in Podium
- Podium gains expanded footprint and streamlined project development
- Johnson Matthey granted 1.5% net smelter royalty on Range Well
Strategic Acquisition Completed
Podium Minerals Limited (ASX: POD) has successfully completed the Deed of Company Arrangement (DOCA) to acquire all assets of EVM Nickel Pty Ltd, a company previously in voluntary administration. This milestone, announced on 6 February 2025, marks a significant step in Podium’s strategy to consolidate its position in the nickel and platinum group metals (PGM) sector.
The acquisition includes the Range Well Nickel Project, which directly borders Podium’s existing Parks Reef PGM Project. By unifying ownership of these contiguous projects, Podium strengthens its control over its mining leases and expands its operational footprint.
Johnson Matthey Joins as Cornerstone Shareholder
A key highlight of the transaction is the entry of Johnson Matthey plc, a global leader in PGM processing and recycling, as a new major shareholder. Through the DOCA, Johnson Matthey acquired a 16.25% stake in Podium, becoming the company’s largest shareholder. This partnership brings not only capital but also deep technical expertise and an extensive industry network to Podium.
Johnson Matthey’s involvement is expected to enhance Podium’s metallurgical capabilities and project development, particularly given JM’s history as one of the world’s largest recyclers of autocatalysts and its long-standing presence in the PGM market.
Operational and Development Implications
Podium’s Executive Chairman, Rod Baxter, emphasised the strategic benefits of the acquisition, noting that the consolidation simplifies project development and unlocks a larger footprint for the Parks Reef Project. The company is progressing with flotation test work on recently drilled diamond core samples, aiming to improve flotation performance and refine the metallurgical flowsheet.
In addition to share issuance to Johnson Matthey and EV Metals Group plc, Podium paid $1.17 million in cash to the administrators and granted Johnson Matthey a 1.5% net smelter royalty on the Range Well Project. These terms reflect a balanced approach to securing valuable assets while aligning incentives for future project success.
Broader Market and Strategic Context
The acquisition positions Podium to better leverage the growing demand for nickel and PGMs, critical metals in electric vehicle batteries and catalytic converters. With Johnson Matthey’s backing, Podium gains a strategic partner capable of facilitating access to global markets and advanced processing technologies.
While the immediate benefits are clear, the integration of the Range Well and Parks Reef projects and the influence of Johnson Matthey’s expertise will be key factors to watch as Podium advances its development plans.
Bottom Line?
Podium’s consolidation and Johnson Matthey partnership set the stage for accelerated growth—but execution risks remain.
Questions in the middle?
- How will Johnson Matthey’s involvement influence Podium’s operational strategy?
- What are the timelines and expected outcomes for the flotation test work program?
- How will the 1.5% net smelter royalty impact long-term project economics?
