Medallion Metals Awards $50M EPC Contract for Cosmic Boy Standalone Upgrade

Significant EPC Contract Secures Cosmic Boy Upgrade

Medallion Metals Limited (ASX:MM8) has taken a major step forward in its project development by signing a $50 million Engineering, Procurement and Construction (EPC) contract with GR Engineering Services (ASX:GNG) to convert the Cosmic Boy Concentrator (CBC) into a standalone processing facility. This contract supersedes the earlier $7.6 million Early Works Agreement that began in June 2026, which focused on front-end engineering and design (FEED) and early procurement.

The scope of the EPC contract covers the full refurbishment and modification of CBC to process ore from the Ravensthorpe Gold Project (RGP), targeting a throughput of 650,000 tonnes per annum. The contract value closely matches the $49 million estimate from Medallion’s December 2025 feasibility study, providing cost certainty as the company moves toward production.

Construction Progress and Site Readiness

GR Engineering, which originally designed and built the Cosmic Boy facility in 2009, has completed the FEED program and advanced procurement of long-lead items. Site earthworks for the expanded plant footprint are complete, enabling a seamless transition to full EPC activities. Concrete pouring is slated to commence in the first week of September, with GR Engineering personnel and subcontractors already mobilised on site.

Medallion’s Managing Director Paul Bennett highlighted the strategic fit of GR Engineering’s involvement, noting their detailed understanding of the plant and the Ravensthorpe mineralogy. The contract execution marks a critical operational milestone, bringing the company closer to commissioning and production.

Advancing Processing and Mine Development

Processing operations at Cosmic Boy are expected to begin in October 2026, initially treating third-party ore as part of an Early Processing Strategy. Concurrently, development at Medallion’s Forrestania Gold Project (FGP) and Ravensthorpe Gold Project continues apace. At Forrestania, civil works are progressing, with a second ball mill en route to site, scheduled to arrive mid-September.

Meanwhile, at Ravensthorpe, infrastructure preparations are underway ahead of box cut excavation planned for September. Accommodation and mine offices are being relocated to support the upcoming mine development phase at Kundip, where first production is targeted for the second quarter of 2027. These coordinated efforts underline Medallion’s commitment to advancing multiple fronts simultaneously.

Financial and Operational Implications

This $50 million EPC contract award follows a recent $60 million capital raise that bolstered Medallion’s liquidity to approximately $175 million, positioning the company to fund its accelerated development plans across its projects. The alignment of contract costs with feasibility estimates reduces execution risk and supports the company’s production timeline ambitions.