Podium Minerals (ASX:POD) has proposed a Deed of Company Arrangement to acquire all assets of EV Nickel Pty Ltd, which is under administration. This includes the Range Well Nickel Cobalt Project, adjacent to Podium's Parks Reef PGM Project. The proposal involves issuing shares to secured creditor Johnson Matthey plc, cash payments to creditors, and a royalty grant. Approval is required at a creditors meeting on October 25, 2024.
Podium Minerals has put forward a DOCA proposal to acquire EV Nickel's assets, including the strategic Range Well Nickel Cobalt Project. This move aims to consolidate Podium's mineral rights and leverage the expertise of Johnson Matthey, who will become a shareholder. The proposal includes issuing shares, cash payments, and granting a royalty to Johnson Matthey. Approval from EV Nickel's creditors and Podium's shareholders is necessary, along with FIRB approval. The acquisition promises to enhance Podium's project development and is anticipated to create synergies and cost efficiencies. A creditors meeting is set for October 25, 2024, to decide on the proposal.
The acquisition of EV Nickel's assets, particularly the Range Well Nickel Cobalt Project, represents a strategic opportunity for Podium to enhance our resource base and operational capabilities. By consolidating these mineral rights, we aim to achieve significant synergies and cost efficiencies, ultimately improving project economics and return on investment. We are excited about the potential partnership with Johnson Matthey, a leader in the PGM market, which will provide us with valuable expertise and market access.