Medallion Metals is advancing plans to refurbish the Cosmic Boy Concentrator at Forrestania, aiming to accelerate gold production and generate near-term cashflow before its Ravensthorpe ore processing begins.
- Refurbishment of Cosmic Boy plant progressing on schedule
- Interim processing to use existing stockpiles and infrastructure
- Potential third-party ore toll treatment under discussion
- Decision on initial processing expected in May 2026
- Resource estimate for Lounge Lizard targeted for Q3 2026
Accelerating Cashflow with Existing Infrastructure
Medallion Metals (ASX:MM8) is moving swiftly to capitalise on its recent acquisition of the Forrestania Gold Project by refurbishing the Cosmic Boy Concentrator (CBC). This move aims to bring forward gold production and generate early cashflow well ahead of the planned Ravensthorpe ore deliveries. The company is targeting initial processing as early as Q4 2026, leveraging existing crushing, grinding, and tank infrastructure with only minor modifications required.
Managing Director Paul Bennett highlighted this as a genuine opportunity to improve project economics by utilising established assets. He emphasised that the strategy supports broader development plans while de-risking the processing infrastructure ahead of major ore inputs from Ravensthorpe.
Interim Processing and Third-Party Opportunities
The interim processing approach focuses on utilising internal stockpiles and potentially third-party ore through toll treatment agreements. Medallion has engaged GR Engineering Services for an independent review and process design to ensure operational readiness. Early metallurgical test work supports the use of conventional carbon-based gold recovery methods, with final dore production to be completed off-site.
Discussions with external parties are underway to secure additional feed for the CBC, which could provide a valuable revenue stream and enhance utilisation before Ravensthorpe ore is ready for treatment. This parallel pathway is designed to have minimal impact on the planned modifications for Ravensthorpe ore processing.
Advancing Resource Definition at Lounge Lizard
Alongside processing advances, Medallion is progressing exploration at the Lounge Lizard deposit within Forrestania. Following validation of historical drilling data, the company is planning a resource definition and extensional drilling program, with a maiden Mineral Resource Estimate targeted for Q3 2026. This exploration work complements the processing initiative by potentially adding near-term production ounces to the pipeline, building on the recent validation of high-grade gold at Lounge Lizard.
Regulatory Progress and Next Steps
Medallion has lodged all necessary approval documentation for development activities at Forrestania and Ravensthorpe, with assessments underway. The company expects to have all approvals in place to commence development works, including box-cut excavation at Ravensthorpe, by early Q3 2026.
A decision on whether to proceed with the interim processing opportunity is anticipated in May 2026, with implementation expected to take around three months if approved. This timeline suggests a potential ramp-up to early production and cashflow generation by late 2026.
Bottom Line?
Medallion’s push to refurbish the Cosmic Boy plant could unlock near-term revenues and reduce risk ahead of its larger Ravensthorpe ore processing phase.
Questions in the middle?
- Will third-party toll treatment agreements materialise to extend CBC throughput?
- How will the interim processing impact timelines and costs for Ravensthorpe ore treatment?
- What will the upcoming Lounge Lizard resource estimate reveal about near-term production potential?