• Executed binding agreement to acquire Forrestania Nickel Operation from IGO
• Increased Ravensthorpe Gold Project Mineral Resource to 0.95Moz gold equivalent
• Progressed environmental approvals and secured land for offsets

Medallion Metals Limited (ASX:MM8) reported on its activities during the September 2025 quarter. Key highlights include executing a binding agreement to acquire the Forrestania Nickel Operation (FNO) from IGO Limited, which will provide a regional processing and production hub for the Ravensthorpe Gold Project (RGP). The acquisition includes the Cosmic Boy Concentrator plant and equipment, infrastructure, and Forrestania gold tenure. Medallion also reported an increase in the Sulphide Mineral Resource Estimate at RGP to 0.95Moz gold equivalent at 5.2g/t. The company made final submissions under federal and state environmental legislation and acquired approximately 258 hectares of freehold land to form the foundation of its environmental offset strategy. Medallion also mandated Trafigura Pte Ltd to arrange a US$50 million prepayment facility and copper concentrate and gold dore purchase agreements to support the development of the project. The company is well-funded to progress to Final Investment Decision in late 2025.

Medallion expects to achieve Final Investment Decision on the Ravensthorpe Gold Project development in late 2025.

Medallion is well-funded to progress to Final Investment Decision on the Ravensthorpe Gold Project development in late 2025 and continues to advance the acquisition of the Forrestania Nickel Operation from IGO.