Podium unifies ownership of Range Well and Parks Reef, streamlining development and strengthening control over mining leases. Credit: RHJPhtotos/Shutterstock.

Australia-based Podium Minerals has completed the acquisition of EV Metals Group’s subsidiary EVM Nickel, also referred to as EV Nickel.

The acquisition integrates EV Nickel’s Range Well Nickel Project with Podium’s Parks Reef PGM Project, located in Western Australia, providing an opportunity to streamline project development and optimise future operations.

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Podium finalised the acquisition under the terms of a Deed of Company Arrangement (DOCA) initially signed in October 2024.

The assets of EV Nickel, a company that had been in voluntary administration, now fall under Podium’s control.

As part of the transaction, Podium issued 110.7 million shares to Johnson Matthey, a platinum group metal (PGM) company and one of EV Nickel’s largest creditors, and 2.3 million shares to EV Metals Group.

Johnson Matthey now holds a 16.25% shareholding in Podium through this transaction. Matthey also secured a 1.5% net smelter royalty over the Range Well Project through this deal.

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Additionally, Podium paid A$1.17m ($728,103) in cash to the administrators for distribution.

Podium executive chairman Rod Baxter said: “The successful completion of Podium’s DOCA for EV Nickel marks a significant strategic milestone for the company. This transformational transaction allows Podium to reassert primacy over its mining leases by combining the Range Well and Parks Reef Projects under a unified ownership structure.

“Furthermore, reconsolidation of the projects unlocks access to a larger footprint for the Parks Reef PGM Project, which will simplify project development activities and benefit future operations.

“The transaction also sees Johnson Matthey join the register as our largest shareholder. Johnson Matthey is a global PGM player and is one of the world’s largest recyclers of autocatalysts, with deep technical and expert PGM processing know-how, and an extensive industry network.”

Parks Reef is a 15km-long bulk tonnage PGM deposit with high-grade zones, remaining open at depth and along strike.

Transitioning from exploration to development, it holds Australia’s only 5E PGM mineral resource, along with copper, nickel and cobalt.

Parks Reef also contains Australia’s largest platinum resource, according to Podium.