• Compelling near-term gold-copper production opportunity and growth platform confirmed
• Robust initial production profile of 374 koz Au & 15 kt Cu over 5.7 years
• Strong financial returns with pre-tax NPV8 of $443 million and IRR of 87%

Medallion Metals Limited (ASX: MM8) is pleased to announce the results of the Feasibility Study for the Ravensthorpe Gold Project, with processing to be undertaken at Forrestania. The Study confirms the Project as a technically robust, capital-efficient and commercially compelling gold-copper development, underpinned by the ability to utilise the substantial infrastructure located at Forrestania. The results highlight a Project capable of delivering strong operating margins, rapid payback and attractive returns on invested capital, providing a clear pathway toward establishing a new long-life production base in a proven Western Australian mining district. The Study outlines a strong base-case, with several potential pathways to increase scale, extend mine life and enhance Project returns, including resource conversion and extension, commercialization of oxide/transitional resources, and discovery potential within the soon to be acquired Forrestania tenure. Pre-production capital expenditure is estimated at $138 million, with All-In Sustaining Costs (AISC) of $2,279 per ounce of gold sold, net of by-product credits. The financial analysis demonstrates robust returns, with a pre-tax NPV8 of $443 million and an IRR of 87% under base case assumptions.

The Study outlines a production inventory of 3.5Mt @ 3.6 g/t Au & 0.5% Cu for 396 koz Au & 17 kt Cu contained, supporting a mine life of 5.7 years and average annual production of 77 koz AuEq post steady state.

The Project benefits from clear expansion pathways, with several potential opportunities to increase throughput rates and extend mine life, providing material upside optionality beyond the base case plan.