Medallion Metals Boosts Ravensthorpe Resource to 0.95Moz AuEq, Secures $50M Facility

Strategic Acquisition Advances Regional Hub Ambitions

Medallion Metals Limited (ASX, MM8) marked a significant milestone in its growth strategy during the September 2025 quarter by executing a binding Asset Sale Agreement with IGO Limited to acquire the Forrestania Nickel Operation (FNO). This acquisition includes 100% ownership of the FNO tenements, the Cosmic Boy Concentrator (CBC), and associated infrastructure, positioning Medallion to create a regional processing and production hub that integrates Forrestania with its Ravensthorpe Gold Project (RGP).

The deal, structured without upfront cash consideration but with a Net Smelter Return royalty of up to 1.5% on future gold production payable to IGO, aims to reduce capital intensity and operating risks by leveraging existing infrastructure. Completion remains subject to customary conditions including regulatory approvals and a positive Final Investment Decision (FID) targeted for late 2025.

Resource Growth and Drilling Success at Ravensthorpe

Medallion reported a substantial increase in the sulphide Mineral Resource Estimate (MRE) at the Kundip Mining Centre within the Ravensthorpe Gold Project, now totaling 0.95 million ounces gold equivalent at a robust grade of 5.2 grams per tonne AuEq. This includes 0.84 million ounces of gold and 37,000 tonnes of copper, reflecting the high-value polymetallic nature of the deposit.

In-fill drilling results released during the quarter confirmed strong grades of gold, copper, and silver, with standout intercepts such as 1.59 meters at 8.5 g/t gold and 8.2% copper. These results underpin the updated MRE and will feed into the ongoing Feasibility Study (FS), which aims to optimize mine design and scheduling for processing at the CBC.

Advancing Feasibility and Infrastructure Procurement

The FS is progressing well, with mine design, scheduling, and processing engineering largely complete. Medallion has placed an order for a new secondary ball mill, a critical long-lead item to achieve the targeted throughput of 650,000 tonnes per annum at the CBC. GR Engineering Services Ltd has been engaged to deliver the metallurgical and processing components of the FS, supporting the planned development timeline.

Environmental approvals are advancing, with the public comment period under the federal EPBC Act concluding without submissions, and additional information submitted to regulators. The recent acquisition of 258 hectares of freehold land near Ravensthorpe will support the environmental offset strategy, a key component of the project’s permitting process.

Funding and Corporate Strengthening

Medallion ended the quarter with a strong cash balance of $24.7 million, boosted by a $21.5 million placement earlier in the year. Crucially, the company has mandated Trafigura Pte Ltd to arrange a US$50 million senior secured prepayment facility alongside copper concentrate and gold doré offtake agreements. This integrated financing and commercial arrangement provides a clear pathway to project development with a globally recognised counterparty.

Corporate developments include key board appointments of David Kelly and Siobhan Pelliccia as Non-Executive Directors, and the elevation of Anthony James to Chief Operating Officer to spearhead the sulphide production strategy. These moves enhance the company’s leadership depth as it approaches critical development milestones.

Looking Ahead

With the Forrestania acquisition progressing towards completion, the updated resource base at Ravensthorpe, and funding arrangements in place, Medallion is well positioned to deliver a Final Investment Decision by late 2025. The coming months will be pivotal as drilling resumes, feasibility studies conclude, and environmental approvals advance, setting the stage for the company’s transition from explorer to producer.