Medallion Metals Advances Cosmic Boy Refurbishment with $7.6M Early Works Agreement

FEED Completion Validates Project Budget

Medallion Metals Limited (ASX:MM8) has reached a significant milestone in its Cosmic Boy Concentrator (CBC) refurbishment with the completion of Front End Engineering and Design (FEED). Delivered by GR Engineering Services (GRES), the FEED phase has confirmed that the capital estimates from the 2025 Feasibility Study remain on target, providing a solid foundation for the upcoming Engineering, Procurement and Construction (EPC) contract expected to be finalised in July 2026.

The detailed engineering work has given Medallion confidence to proceed with early works ahead of the EPC contract signing, maintaining the project’s schedule to commission the CBC on Ravensthorpe Gold Project (RGP) ore in the second quarter of 2027.

$7.6 Million Early Works Agreement Accelerates Progress

The company has executed a $7.6 million Early Works Agreement with GRES to advance final engineering, procurement, and site readiness. This contract covers critical early-stage activities and equipment procurement, including the fabrication of a secondary ball mill.

This secondary mill, a 4.1-metre diameter, 1.35-megawatt unit supplied by CITIC Heavy Industries, is crucial to achieving the throughput and grind size targets necessary for processing the harder RGP sulphide ore. Fabrication is well advanced, with major components completed and some already en route to site, aiming for delivery by August 2026 to align with EPC timelines.

Site Preparation and Plant Cleaning Enhance Execution Readiness

Medallion has completed extensive cleaning and inspection of the CBC infrastructure, including removal of residual nickel deposits and exposure of key structural footings. This work has refined refurbishment planning and increased confidence in both the scope and capital estimates for the project.

Site civils are underway, with boxing out of footings progressing ahead of the main upgrade activities. These preparatory steps are critical to keeping the refurbishment on track for commissioning in mid-2027.

Interim Processing Solution Under Consideration

Alongside the main refurbishment, Medallion is evaluating an interim processing solution to accelerate cash flow by utilising existing infrastructure to treat third-party or stockpiled material. This option could marginally increase EPC capital costs due to the need to retain duplicate processing capabilities. A decision on this initiative is expected in June 2026, potentially unlocking earlier revenue streams from the Cosmic Boy plant.

Project Timeline Anchored by Permitting and Mine Development

Final environmental and mining approvals for the Kundip Mining Centre (KMC), part of the broader Ravensthorpe Gold Project, are advancing steadily. Subject to receipt of these permits, excavation of the KMC box cut is slated for August 2026. The CBC is then expected to commission on KMC ore in Q2 2027, with steady-state production anticipated in the second half of that year.