• Positive Final Investment Decision for Ravensthorpe Gold Project
• EPBC Act approval secured for Ravensthorpe Gold Project
• Forrestania acquisition completed, establishing Forrestania Gold Project

Medallion Metals Limited (ASX:MM8) has reported on its activities during the March 2026 quarter. Key highlights include a positive Final Investment Decision (FID) for the Ravensthorpe Gold Project (RGP) following execution of a US$50 million loan facility and copper-gold concentrate offtake with Trafigura, securing EPBC Act approval for the RGP, and completing the acquisition of the Forrestania assets to establish the Forrestania Gold Project (FGP). The Company has also commenced an 18,000m drilling program at the RGP, focused on resource confidence, mine planning and development readiness. At the FGP, Medallion reported high-grade gold mineralisation from historical drilling at the Lounge Lizard deposit. The Company will continue to advance refurbishment and engineering activities at Forrestania, alongside targeted evaluation of the broader tenure to identify additional gold opportunities. Medallion is also assessing near-term processing opportunities at Forrestania, with a decision on the interim processing strategy expected during the June quarter.

The Company held a cash balance of $65.3 million at the end of the March 2026 quarter, with credit approved US$50 million debt finance available subject to satisfaction of customary conditions precedent.

Medallion will continue to advance refurbishment and engineering activities at Forrestania, alongside targeted evaluation of the broader tenure to identify additional gold opportunities. The Company is also assessing near-term processing opportunities at Forrestania, with a decision on the interim processing strategy expected during the June quarter.