• New opportunity to refurbish Cosmic Boy Processing Plant and generate near-term cashflow
• Potential to commence processing ahead of planned Ravensthorpe ore treatment, including as early as Q4 CY26
• Engaging with third parties on potential ore supply and toll treatment opportunities

Medallion Metals Limited (ASX:MM8) has provided an update on opportunities being assessed to bring forward production and generate near-term cashflow at the Forrestania Gold Project (FGP) by leveraging established processing infrastructure. Following the acquisition of FGP, the company has progressed work to bring forward gold production at the Cosmic Boy Concentrator (CBC). Establishing gold processing capability at CBC in the short term has the potential to enable the commercialisation of gold deposits located within the Medallion tenure as well as create revenue streams from third party ore sources. The company is assessing a simplified processing approach utilizing the existing crushing, grinding and tank infrastructure at CBC, with only minor modifications anticipated. GR Engineering Services has been engaged to undertake a review of the interim processing approach and provide an independent assessment and process design criteria. Gold recovery is expected to be undertaken through conventional carbon-based processing methods, supported by preliminary metallurgical test work, with final dore production completed via off-site carbon stripping and refining arrangements. Medallion continues to advance the interim processing opportunity, supported by preliminary metallurgical test work on FGP stockpile material. The company is also engaged in discussions with third parties regarding toll treatment and ore supply opportunities to support additional feed for processing through CBC ahead of Ravensthorpe ore deliveries. Separately, all approval-related documentation for development activities at RGP, and for licensing amendments at FGP, have been lodged with relevant authorities and are progressing through the assessment process.

Work is progressing across stockpile assessment, the GR Engineering review and third-party toll treating discussions to support a decision on the initial processing opportunity. The Company anticipates a decision on whether to proceed with the initial processing opportunity in May 2026, with implementation, if approved, expected to take place over an approximate three-month period.