Medallion Metals Unveils Stellar Kundip Drilling Results, Eyes Forrestania Acquisition

Strong Drilling Performance at Kundip

Medallion Metals Limited (ASX: MM8) has delivered a compelling update on its Kundip Mining Centre (KMC), part of the Ravensthorpe Gold Project in Western Australia. The recently completed drilling program, spanning approximately 17,000 metres, has yielded exceptional assay results, including high-grade gold, copper, and silver intersections. These results not only validate the existing Mineral Resource Estimate (MRE) but also highlight significant growth potential within the shallowly drilled deposit.

Noteworthy intercepts from the Gem deposit include intervals such as 7.8 metres at 17.4 grams per tonne (g/t) gold, 1.5% copper, and 6.6 g/t silver, equating to nearly 20 g/t gold equivalent (AuEq). Even more striking are narrower zones with grades exceeding 50 g/t gold and elevated copper and silver values, underscoring the deposit's high-grade nature.

Resource Update and Feasibility Study on Track

The drilling results will feed into an updated MRE scheduled for release in July 2025. This update is critical as it will underpin the forthcoming Feasibility Study (FS), expected by the end of the year, which will assess the technical and commercial viability of mining the KMC sulphide resources. The FS will incorporate processing at the Cosmic Boy Process Plant, contingent on Medallion's proposed acquisition of the Forrestania Nickel Operation (FNO) from IGO Ltd.

Managing Director Paul Bennett emphasised the importance of these results for the early stages of the mine plan, noting the consistency in deposit continuity, grades, and thicknesses. He also highlighted new mineralised footwall lode intersections at Gem and Harbour View as promising targets for future drilling, reinforcing the project's growth trajectory.

Strategic Forrestania Acquisition Progresses

Medallion is advancing exclusive negotiations with IGO Ltd to acquire the Forrestania Nickel Operation, including the Cosmic Boy Process Plant and associated infrastructure. This acquisition is pivotal to Medallion's sulphide development strategy, as the Cosmic Boy facility is well suited to treat the sulphide mineral resources from Ravensthorpe. Binding agreements are nearing completion, with exclusivity extended to August 2025 to finalize terms.

The acquisition would provide Medallion with a ready processing solution, potentially accelerating project development timelines and reducing capital expenditure. The company is simultaneously progressing resource conversion from inferred to indicated categories, metallurgical and geotechnical testwork, and environmental permitting to support a potential Final Investment Decision (FID) in 2025.

Environmental and Financing Advances

Medallion is actively engaging with regulatory authorities to secure primary environmental approvals at both state and federal levels. The project is advancing through preliminary environmental assessments, with additional information submissions planned. Concurrently, discussions with potential offtake partners and financiers are ongoing, aiming to secure development funding aligned with the FS completion.

The integrated approach of resource expansion, strategic acquisition, and regulatory progress positions Medallion Metals to potentially unlock significant value from its Ravensthorpe assets in the coming months.