Medallion Metals Raises A$60 Million to Fast-Track Gold-Copper Production
Medallion Metals has raised A$60 million through a targeted placement, boosting its liquidity to about A$175 million and enabling accelerated development of its Ravensthorpe Gold Project and drilling programs in Western Australia.
- A$60 million placement backed by high-quality, long-only investors
- Total liquidity now approximately A$175 million to fund project ramp-up
- Funds to support commissioning at Ravensthorpe and processing at Forrestania
- Accelerated extensional drilling planned at Kundip and Lounge Lizard
- Placement shares issued at $0.48 per share, settling 26 August 2026
Capital Raise Strengthens Financial Position Ahead of Production
Medallion Metals Limited (ASX:MM8) has secured binding commitments to raise A$60 million through a single tranche placement priced at $0.48 per share. The raise, anchored by a select group of long-only institutional investors alongside existing shareholders, significantly bolsters the company’s liquidity to approximately A$175 million. This capital injection arrives as Medallion prepares to advance its Ravensthorpe Gold Project (RGP) towards commercial gold and copper production.
Funding to Support Key Project Milestones and Processing
The fresh capital, combined with existing cash reserves and non-dilutive funding facilities, positions Medallion to fully fund the remaining development and ramp-up phases at Ravensthorpe. Toll processing of ore at the Forrestania plant is expected to commence in October 2026, with commissioning of the expanded Ravensthorpe process plant targeted for mid-2027. These steps are critical to transitioning from early production to full-scale operations.
Accelerated Drilling to Boost Resource Growth
Beyond project development, the company plans to accelerate extensional drilling programs at its high-potential Kundip and Lounge Lizard deposits. This drilling aims to expand the resource base and enhance the scale and sustainability of Medallion’s production profile. The company’s Managing Director, Paul Bennett, highlighted that the strong backing from quality investors validates their strategy and provides flexibility to pursue growth opportunities.
Placement Details and Market Impact
The placement involves issuing 125 million new shares, which will rank equally with existing shares and are expected to settle on 26 August 2026, with trading commencing the next day. Joint lead managers Unified Capital Partners, Sternship Advisers, and Canaccord Genuity facilitated the placement. The move solidifies the company’s balance sheet ahead of several anticipated operational milestones through late 2026 and into 2027.
Bottom Line?
Medallion’s strengthened balance sheet provides a runway to advance production and resource growth, but investors will watch closely for execution on commissioning and drilling results.
Questions in the middle?
- Will accelerated drilling at Kundip and Lounge Lizard translate into meaningful resource upgrades?
- How smoothly will the transition to commercial production at Ravensthorpe proceed given the planned commissioning timeline?
- What impact will the placement have on share price performance once new shares commence trading?
