Podium Minerals Limited has announced a fully underwritten entitlement offer designed to raise approximately $2.6 million before costs. Under the offer terms, eligible shareholders will receive one new fully paid ordinary share for every six shares held at an issue price of 2.3 cents per share, together with one free-attaching quoted option for every two new shares. Notably, the issue price is set at a 19.1% discount compared to the recent 5-day volume‐weighted average price of 2.8 cents, a pricing strategy aimed at driving shareholder participation. The funds raised through this offering will be predominantly directed towards advancing the metallurgical test work program at the flagship Parks Reef Project. Enhancements under the program include refining the flotation process, optimizing gangue rejection, and improving the concentrate grade of platinum group metals (PGM) and base metals, which is expected to produce a cleaner feed for the proposed downstream refining circuits. This development comes alongside strategic moves made earlier, such as the acquisition of EV Nickel’s Range Well Project – a transaction that expanded the company’s tenement footprint by nearly 1.7 times – and Podium’s recent induction into the World Platinum Investment Council, bolstering its market research capabilities and industry positioning. The entitlement offer, available to all eligible shareholders with a registered address in Australia and select jurisdictions, is set to open at 9:00 am (AWST) on June 5, 2025, and close at 5:00 pm (AWST) on June 17, 2025. A record date has been set for June 2, 2025 to ascertain entitlement, and the offer is non-renounceable, meaning that shareholders who do not participate will face dilution of their holdings. Podium Minerals has secured full underwriting from Leeuwin Wealth, with additional roles played by Cumulus Wealth as a joint lead manager, ensuring that any shortfall in uptake will be met under the underwriting agreement. Bullish sentiment arises from the company’s strategic advances and technical progress, with the discounted share price likely to attract investor interest and the ongoing metallurgical developments providing a clearer path to improved PGM and base metal recovery. The expanded tenement package and the entry into a prestigious industry council strengthen its competitive position amid a market characterized by supply deficits and resilient demand. On the bearish side, however, the non-renounceable nature of the offer means that non-participating shareholders could see significant dilution, and the high-risk nature of exploration and metallurgical test work entails uncertainties in execution and market response. This announcement embodies a balanced blend of growth potential tempered by the inherent risks of early-stage resource development.