• Maiden Mineral Resource Estimate (MRE) targeted for Q3 2026, with systematic validation work underway
• Mineralisation defined over ~1km of strike and remaining open at depth and along strike
• Significant high-grade intersections including 23m @ 5.85g/t Au, 21m @ 4.02g/t Au, and 20m @ 4.44g/t Au

Medallion Metals Limited (ASX: MM8) is pleased to report validated historical drilling results from the Lounge Lizard gold deposit within the recently acquired Forrestania Gold Project (FGP) in Western Australia. Lounge Lizard forms part of the FGP and is one of several gold opportunities within the Project being progressed toward resource definition. Validation of the historical drill database is underway to support a maiden Mineral Resource Estimate targeted for Q3 2026. The highlights include high-grade historical gold drilling confirmed at Lounge Lizard, with significant intersections such as 23m @ 5.85g/t Au, 21m @ 4.02g/t Au, and 20m @ 4.44g/t Au. Mineralisation has been defined over approximately one kilometer of strike and remains open at depth and along strike. Lounge Lizard is located on a granted Mining Lease immediately adjacent to the former Flying Fox underground mine and is linked to the Cosmic Boy Concentrator via a 14km private haul road. The Company has commenced systematic advancement of the Lounge Lizard deposit, including validation of the remaining historical drill database, assessment and potential re-sampling of available diamond core, and planning and permitting of confirmatory drilling where required.

The Company considers Lounge Lizard a near-term opportunity to define an additional gold resource within the Forrestania development portfolio. Preliminary mining studies will evaluate open pit and underground development scenarios and assess the potential integration of Lounge Lizard as an additional gold feed source to the Cosmic Boy Concentrator.