• ASX granted waiver to allow Medallion Metals to issue shares under SPP at $0.33, less than 80% of 5-day VWAP
• SPP will not utilize company's placement capacity and does not require shareholder approval
• Related parties can participate in SPP at same price without shareholder approval

Medallion Metals Limited (ASX:MM8) has announced that the ASX has granted a waiver in relation to the company's Share Purchase Plan (SPP) announced on 15 December 2025. The waiver allows Medallion to issue shares under the SPP at $0.33 per share, which is less than 80% of the 5-day volume weighted average price (VWAP) prior to the SPP announcement on 12 December 2025. As a result of the waiver, the SPP will not utilize the company's available placement capacity under Listing Rule 7.1 and will not require shareholder approval. Additionally, related parties can participate in the SPP at the same price without shareholder approval being needed under Listing Rule 10.11. The waiver was granted on the conditions that the issue price is no less than $0.33, the same as the placement announced on 15 December 2025, and the number of shares issued under the SPP must not exceed 30% of the company's existing shares on issue. Medallion sought the waiver to enable eligible shareholders to participate in the capital raising at the same price as institutional and sophisticated investors under the placement, without materially altering the dilutionary impact.