Podium’s A$12M Capital Raise Priced at 6.4 Cents to Fund Pilot Plant and Drilling

Capital Raising at a Pivotal Moment

Podium Minerals Limited (ASX – POD) has announced a significant A$12 million capital raising designed to advance its flagship Parks Reef platinum group metals (PGM) project. The raise comprises a A$5 million institutional placement and a A$7 million 1-for-8 pro-rata non-renounceable entitlement offer priced at 6.4 cents per share. This funding round arrives at a crucial juncture for Podium, enabling the company to accelerate key development activities following recent metallurgical and resource milestones.

Backing from Institutional Investors and Underwriters

The placement was narrowly targeted, securing firm commitments from institutional investors for approximately 78 million new shares. The entitlement offer, open to eligible shareholders in Australia, New Zealand, and the UK, is expected to raise around A$7 million and is intended to be fully underwritten by Leeuwin Wealth, with Cumulus Wealth also appointed as joint lead managers. The offer price reflects a modest discount to recent trading metrics, balancing shareholder value with capital raising efficiency.

Funding Strategic Project Milestones

Proceeds from the capital raising will be allocated primarily to advancing the Parks Reef project through a focused diamond drilling campaign targeting sulphide ore zones. This drilling will supply core material essential for pilot plant test work, which aims to validate and optimise a recently developed concentrator flowsheet. This breakthrough circuit has demonstrated an impressive ~80% recovery rate and a 50-fold upgrade in concentrate grade during lab-scale testing, marking a significant step-change in processing capability.

Beyond pilot plant construction and metallurgical test work, funds will also support restating the JORC Mineral Resource Estimate for the Range Well Nickel Project, further exploratory drilling to understand resource continuity at depth, and corporate and business development activities. These initiatives collectively underpin Podium’s strategy to de-risk the project and accelerate feasibility studies.

Building on a Year of Milestones

Podium’s Executive Chairman, Rod Baxter, highlighted the importance of the metallurgical breakthrough and recent achievements, including the acquisition of the Range Well Nickel Project and the establishment of a new mineral resource for the Copper-Gold Zone above the existing PGM zone. These developments expand the project’s scale and diversify its metal basket, enhancing strategic optionality.

With platinum prices recently hitting an 11-year high amid tightening market conditions and ongoing supply deficits in key PGMs, Podium is well positioned to capitalise on favourable sector dynamics. The company’s pilot plant program and deeper drilling will be critical in translating these market opportunities into tangible project value.

Next Steps and Market Implications

The entitlement offer is scheduled to open on 10 October 2025 and close on 21 October 2025, with new shares expected to commence trading shortly thereafter. Investors will be watching closely to see the level of shareholder participation and the outcomes of the pilot plant testing, which will provide vital data for advancing feasibility studies and potential project financing.