• Medallion to acquire 100% of Forrestania Nickel Operation from IGO
• Medallion to grant IGO a 1.5% Net Smelter Return royalty on future gold production
• Transaction supports development of Medallion's Ravensthorpe Gold Project

Medallion Metals Limited (ASX: MM8) has announced that it has agreed to amend the terms of the proposed transaction to acquire the Forrestania Nickel Operation (FNO) from IGO Limited. Under the revised terms, Medallion will acquire a 100% legal and beneficial interest in the FNO tenure, including the Cosmic Boy plant and equipment, infrastructure, inventories and information. As consideration, Medallion will grant IGO a Net Smelter Return (NSR) royalty of up to 1.5% on all future gold production from the tenements. IGO will reserve the right to explore for, develop and mine nickel and lithium minerals across the tenements. Medallion will assume all rights and obligations associated with the tenements, including all rehabilitation obligations. The transaction is subject to various conditions precedent, including Medallion's Final Investment Decision to proceed with the development of its Ravensthorpe Gold Project (RGP), with mineral processing at FNO. The transaction is expected to create a new gold and copper producer in Western Australia, leveraging the established infrastructure at FNO and Medallion's RGP Mineral Resources. A recent Scoping Study on the combined project highlighted the potential for a low-capital, high-return operation producing around 70,000 ounces of gold equivalent per year over an initial 5.5-year mine life. Medallion is now working towards finalizing the transaction documents and satisfying the conditions precedent, with a target completion in late 2025.

Medallion is targeting Final Investment Decision and transaction completion in late 2025. Multiple work streams are underway to support this, including infill drilling, testwork, studies, and permitting activities, as well as discussions with potential financiers and offtake partners.