• Feasibility Study confirms technical and commercial merits of Ravensthorpe-Forrestania development strategy
• Secured $60 million in capital raising to advance project development
• Continued progression of Ravensthorpe Gold Project toward development

Medallion Metals Limited (ASX:MM8) has reported on its activities during the December 2025 quarter, highlighting the completion of the Feasibility Study for the Ravensthorpe Gold Project (RGP), which confirmed the technical and commercial merits of the Ravensthorpe-Forrestania development strategy. The Study assessed the integrated development plan, including mine design, bulk haulage, processing, infrastructure, capital and operating costs, and project scheduling. The results showcase a technically robust, capital-efficient and commercially compelling gold-copper development, underpinned by the ability to utilize the substantial infrastructure located at Forrestania. Key highlights include a robust initial production profile, strong financial returns, and a low-cost, capital-efficient development. The Company also secured $60 million through a major capital raising, comprising a two-tranche institutional placement and a Share Purchase Plan, to fund Front End Engineering and Design, early infrastructure and site preparation works, infill and extensional drilling, and general working capital. Medallion continued to progress the Ravensthorpe Gold Project along its pathway to production, with advancement of mine planning, engineering and optimization work, alongside metallurgical, geotechnical and hydrological workstreams. The Company also progressed the proposed acquisition of the Forrestania Nickel Operation from IGO Limited, which forms a key component of the integrated Ravensthorpe-Forrestania development strategy. Medallion entered the March 2026 quarter with strong momentum, focused on executing the drilling program, FEED workstreams, and finalizing key milestones and conditions precedent associated with the Forrestania transaction.

The Feasibility Study highlights a project capable of delivering strong operating margins, with total metal production of 374 koz Au & 15 kt Cu (77kozpa AuEq post steady state production) over an initial 5.7 year mine life, generating an average of $150 million pre-tax cashflow p.a. (base case) and $223 million pre-tax cashflow p.a. (spot).

Medallion is actively reviewing multiple strategic growth opportunities which could be value accretive to shareholders, should the company be successful in completing the Forrestania transaction and establishing gold processing capability at Forrestania. The company expects a strong pipeline of news flow through H1 2026 as it progresses key workstreams.