ADVANCED EXPLORATION FOR GOLD & COPPER IN WESTERN AUSTRALIA

POISED TO TRANSFORM WESTERN AUSTRALIA’S GOLD AND COPPER LANDSCAPE

Medallion Metals is on a pathway to transforming the landscape for gold and copper mining in Western Australia with its flagship Ravensthorpe Gold Project (RGP), located 550km southeast of Perth, at the strategic intersection of the Southern Cross greenstone belt and the Albany Fraser Orogen.

The Company’s October 2023 Prefeasibility Study (PFS) confirmed the technical and commercial viability of the Kundip Mining Centre at RGP. The study highlights an operation capable of producing 85,000 ounces of gold and 1,800 tonnes of copper annually (equivalent to 92,000 ounces of gold), with a projected pre-tax cash flow of $85 million per year over nine years.

In August 2024, Medallion announced it had entered exclusive negotiations with IGO to acquire key assets from IGO’s Forrestania Nickel Operation (FNO), including the Cosmic Boy Process Plant and related infrastructure, which would see the accelerated commencement of gold mining at Ravensthorpe under a sulphide gold development scenario. Additionally, both companies are exploring the acquisition of gold and silver rights across the broader FNO tenure on a non-exclusive basis.

This development represents a transformational opportunity for Medallion to commence gold mining in the near term while reducing capital expenditure, minimising operational risk, and streamlining permitting processes. It also opens the door to reinvigorated exploration efforts across the highly prospective Forrestania greenstone belt, a historically significant gold-producing region.

With opportunities to increase production and extend mine life through resource growth, near-mine exploration, and regional discoveries, Medallion is on an exciting trajectory to establish Western Australia’s next long-life, low-cost gold and copper mining operation.