GR Engineering Awarded EPC Contract for Cosmic Boy

Key points

• GR Engineering awarded $50M EPC contract by Medallion Metals
• Contract involves converting Cosmic Boy Concentrator to standalone facility
• Expected to produce copper concentrate and gold doré
• Site earthworks complete, concrete pouring to start in early September

Full summary

Medallion Metals Limited (ASX:MM8) has announced the execution of an Engineering, Procurement, and Construction (EPC) contract with GR Engineering Services Limited (ASX:GNG). The $50 million EPC contract involves the conversion of the existing Cosmic Boy Concentrator (CBC) into a standalone facility capable of producing copper concentrate and gold doré. This contract replaces the previous $7.6 million Early Works Agreement, which enabled the completion of front-end engineering and design (FEED) and the ordering of long-lead items. The project aims to achieve a throughput rate of 650ktpa, as outlined in the Feasibility Study. Site earthworks are complete, and concrete pouring is expected to commence in the first week of September. The Managing Director of Medallion Metals expressed satisfaction with the contract's terms and the partnership with GR Engineering.

Outlook

Medallion Metals expects to commence processing operations at Cosmic Boy in October 2026, initially on third-party ore, while advancing mine development at Kundip with first production targeted in the second quarter of 2027.