• $55 million Placement secured with strong support from new and existing institutional investors
• $5 million Share Purchase Plan for eligible shareholders
• Funds Front End Engineering and Design, early infrastructure works, and infill/extensional drilling

Medallion Metals Limited (ASX:MM8) has announced a $60 million capital raising to fund the development of its Ravensthorpe-Forrestania gold-copper project in Western Australia. The capital raising comprises a $55 million Placement to institutional and sophisticated investors, and a $5 million Share Purchase Plan for eligible shareholders. The Placement received strong support from both new and existing institutional and professional shareholders, underscoring the depth of interest in Medallion's development strategy. The capital raising proceeds will be used to fund Front End Engineering and Design (FEED) for the Cosmic Boy processing infrastructure, early infrastructure and site preparation works at the Kundip Mining Centre, infill and extensional drilling at the Ravensthorpe Gold Project, and transaction costs and general working capital. The capital raising places Medallion in a strong financial position to advance the development of the Ravensthorpe-Forrestania project through to first production, which is targeted for early 2027 following a Final Investment Decision expected in early 2026.

The capital raising proceeds will fund Front End Engineering and Design (FEED) at the Cosmic Boy Concentrator and early infrastructure works at the Kundip Mining Centre, enabling the Feasibility Study outcomes to be advanced toward development upon completion of the proposed Forrestania transaction. Final Investment Decision is targeted for early 2026, and first metal production is expected in early 2027.

The capital raising strengthens Medallion's financial position and provides a clear pathway to advance its integrated gold-copper development strategy utilizing the Forrestania processing infrastructure. Further upside to the Feasibility Study exists through potential mine life extensions from additional Mineral Resource conversion and exploration success at both Ravensthorpe and Forrestania.