Medallion Metals has taken a crucial step forward by ordering a secondary ball mill to upgrade the Cosmic Boy Concentrator, underpinning its Sulphide Production Strategy and advancing its feasibility study toward a final investment decision.
- Order placed for secondary ball mill to boost processing capacity
- Target throughput of 650ktpa from Ravensthorpe sulphide ore
- Feasibility study completion scheduled for October 2025
- Final investment decision targeted for December 2025
- Ongoing environmental approvals and offtake/finance negotiations
Strategic Equipment Procurement
Medallion Metals Limited has secured a vital long lead time item, a secondary ball mill, to upgrade the Cosmic Boy Concentrator (CBC) at Forrestania. This move is central to the company’s Sulphide Production Strategy, which aims to process high-grade sulphide mineralisation from the Ravensthorpe Gold Project (RGP) at a throughput rate of 650,000 tonnes per annum. The secondary mill will work alongside the existing primary mill to achieve the finer grind size necessary for efficient gold and copper recovery.
Advancing the Feasibility Study
The procurement of this equipment marks the first direct investment in the project’s development and signals the advanced stage of process engineering underpinning the feasibility study (FS). Medallion expects to complete the FS by October 2025, with a final investment decision (FID) targeted for December. The FS will incorporate updated mineral resource estimates and metallurgical recovery assumptions, both critical to validating the project’s economic viability.
Transaction and Regulatory Progress
The Sulphide Production Strategy depends on the successful acquisition of the former Forrestania Nickel Operation from IGO Ltd, where the CBC is located. While the transaction is binding, it remains subject to conditions precedent and regulatory approvals. Medallion has submitted all required environmental documentation, with public consultation underway under the Commonwealth’s Environment Protection and Biodiversity Conservation Act and Western Australia’s Environmental Protection Act. These steps are essential to securing the necessary permits for project commencement.
Commercial and Operational Outlook
Alongside technical progress, Medallion is actively negotiating offtake and financing agreements, aiming to appoint preferred partners ahead of transaction completion. The company is also expanding its senior management team to prepare for operational control of the assets. With a robust mineral resource base now estimated at 950,000 ounces of gold equivalent in sulphide mineralisation, the project is positioned to deliver meaningful production growth upon development.
Looking Ahead
Securing the secondary ball mill not only shortens the development timeline but also reduces execution risk by addressing a critical bottleneck early. As Medallion moves toward its final investment decision, investors will be watching closely for updates on the feasibility study outcomes, environmental approvals, and commercial arrangements that will ultimately determine the project’s path to production.
Bottom Line?
Medallion’s decisive equipment order signals momentum, but key approvals and financing remain hurdles before gold flows.
Questions in the middle?
- Will the Forrestania acquisition close on schedule and under what conditions?
- How will metallurgical recovery rates impact project economics in the final feasibility study?
- What are the terms and timing of offtake and financing agreements critical to project funding?