- Podium Minerals (POD) has entered a trading halt pending an upcoming capital raising
- The company will remain in the halt until the earlier of January 25 or when an announcement is made to the market
- During the December quarter, Podium completed resource extension drilling at the Parks Reef PGM Project in Western Australia
- This work successfully increased the mineral resource estimate by 22 per cent
- In terms of cash, Podium burnt through $345,000 with the majority going towards exploration and evaluation
- As of December 31, the company had $2.49 million left of funding available, representing 4.38 quarters left of use if spending levels remain the same
- Shares in Podium have been trading at 15 cents since January 20
Podium Minerals (POD) has entered a trading halt pending an upcoming capital raising.
The company will remain in the halt until the earlier of January 25 or when an announcement is made to the market.
Podium is yet to disclose how much it is intending to raise or what the funds will go towards once received.
During the December quarter, Podium completed resource extension drilling at the Parks Reef PGM Project in Western Australia.
Work successfully delivered a 22 per cent increase in the mineral resource estimate to 25 million tonnes at 1.52g/t 3E (platinum, palladium and gold) platinum group metals (PGM).
This resource is defined over 8.5 kilometres of the 15 kilometre strike length with drilling of the remaining 6.5 kilometres currently in progress.
Additionally, a 6000-metre drilling program is currently underway to complete extension drilling along the 15 kilometre strike length.
In terms of cash, Podium burnt $345,000 with the majority going towards exploration and evaluation, and administration and corporate costs.
As of December 31, the company had $2.49 million left of funding available, representing 4.38 quarters left of use if spending levels remain the same.
Shares in Podium have been trading at 15 cents since January 20. The company has a $38.79 million market cap.