• Medallion to acquire 100% of Forrestania Nickel Operation from IGO
• Acquisition enables rapid, low-capital pathway to gold-copper production
• Scoping Study confirms robust economics with 5.5-year mine life

Medallion Metals Limited (ASX: MM8) has executed a binding Asset Sale Agreement with IGO Limited to acquire the Forrestania Nickel Operation (FNO), including the Cosmic Boy plant and infrastructure. The transaction will give Medallion a 100% legal and beneficial interest in the FNO tenure, allowing it to process ore from the Ravensthorpe Gold Project (RGP) at the established Cosmic Boy plant. 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 retain the rights to explore for and mine nickel and lithium minerals on the tenements. The transaction is a significant milestone for Medallion, enabling a rapid and low-capital pathway to gold-copper production. A Scoping Study has confirmed the technical and commercial viability of the project, with an initial 5.5-year mine life generating strong cash flows and attractive returns. Key highlights include an initial production inventory of 342koz Au and 16kt Cu, pre-tax free cash flow of up to $637 million, and an AISC of A$1,845/oz Au (net of by-product credits). Medallion is now working to finalize the transaction and progress the Feasibility Study, approvals, and financing to enable a Final Investment Decision in late 2025.

Medallion expects to have strong positive news flow in the remainder of 2025 as it advances toward Final Investment Decision and completion of the Forrestania acquisition.