Mineral Resource Estimate for the Kundip Mining Centre – August 2025
| Deposit | Indicated | Inferred | Total Resources | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| kt | Au | Au | Ag | Ag | Cu | Cu | kt | Au | Au | Ag | Ag | Cu | Cu | kt | Au | Au | Ag | Ag | Cu | Cu | ||
| g/t | koz | g/t | koz | % | kt | g/t | koz | g/t | koz | % | kt | g/t | koz | g/t | koz | % | kt | |||||
| Open pit COG 0.5g/t AuEq | Gem | 2,560 | 1.6 | 130 | 1.2 | 100 | 0.1 | 3 | 240 | 1.9 | 10 | 0.9 | 10 | 0.1 | 0 | 2,800 | 1.6 | 140 | 1.2 | 100 | 0.1 | 3 |
| Harbour View | 320 | 2.5 | 30 | 2.4 | 20 | 0.3 | 1 | 90 | 1.8 | 10 | 2.4 | 10 | 0.4 | 0 | 410 | 2.3 | 30 | 2.4 | 30 | 0.3 | 1 | |
| Gift | 80 | 2.0 | 10 | 1.4 | – | 0.2 | 0 | 600 | 1.5 | 30 | 0.9 | 20 | 0.0 | 0 | 690 | 1.6 | 30 | 1.0 | 20 | 0.1 | 0 | |
| Flag | 190 | 3.4 | 20 | 2.8 | 20 | 0.4 | 1 | 20 | 2.2 | – | 1.4 | – | 0.3 | 0 | 210 | 3.3 | 20 | 2.7 | 20 | 0.4 | 1 | |
| Gem Restored | 130 | 2.6 | 10 | 2.8 | 10 | 0.3 | 0 | – | 3.2 | – | 1.4 | – | 0.4 | 0 | 130 | 2.6 | 10 | 2.7 | 10 | 0.3 | 0 | |
| Underground COG 2.0g/t AuEq | Gem | 1,100 | 5.6 | 190 | 4.1 | 140 | 0.4 | 5 | 900 | 5.7 | 160 | 3.8 | 110 | 0.4 | 4 | 1,980 | 5.6 | 360 | 4.0 | 250 | 0.4 | 9 |
| Harbour View | 1,300 | 4.0 | 170 | 7.7 | 320 | 1.1 | 14.2 | 860 | 2.7 | 80 | 6.2 | 170 | 0.7 | 6 | 2,160 | 3.5 | 240 | 7.1 | 490 | 0.9 | 20 | |
| Gift | 30 | 2.4 | – | 3.4 | – | 0.5 | 0.1 | 60 | 2.5 | – | 1.8 | – | 0.2 | 0 | 80 | 2.5 | 10 | 2.4 | 10 | 0.3 | 0 | |
| Flag | 580 | 5.3 | 100 | 5.4 | 100 | 0.5 | 3.1 | 500 | 4.8 | 80 | 4.9 | 80 | 0.3 | 2 | 1,080 | 5.1 | 180 | 5.2 | 180 | 0.4 | 5 | |
| Gem Restored | 160 | 5.0 | 30 | 6.4 | 30 | 0.7 | 1.1 | 240 | 4.6 | 40 | 6.0 | 50 | 0.6 | 1 | 400 | 4.8 | 60 | 6.2 | 80 | 0.6 | 3 | |
| Open pit | 3,290 | 1.8 | 190 | 1.5 | 160 | 0.2 | 5 | 960 | 1.7 | 50 | 1.1 | 30 | 0.1 | 1 | 4,250 | 1.8 | 240 | 1.4 | 190 | 0.1 | 6 | |
| Underground | 3,150 | 4.8 | 490 | 5.9 | 600 | 0.7 | 23 | 2,560 | 4.3 | 360 | 5.0 | 410 | 0.5 | 13 | 5,700 | 4.6 | 840 | 5.5 | 1,010 | 0.6 | 37 | |
| Sub Total | 6,430 | 3.3 | 680 | 3.7 | 760 | 0.4 | 28 | 3,510 | 3.6 | 410 | 3.9 | 440 | 0.4 | 14 | 9,950 | 3.4 | 1,090 | 3.7 | 1,200 | 0.4 | 42 | |
| Mineral Resource Estimate for the Desmond Deposit – December 2022 | ||||||||||||||||||||||
| Open pit | – | – | – | – | – | – | – | 160 | 0.9 | 5 | 3.1 | 20 | 1.4 | 2 | 160 | 0.9 | – | 3.1 | 20 | 1.4 | 2 | |
| Underground | – | – | – | – | – | – | – | 110 | 0.8 | 3 | 2.2 | 10 | 1.3 | 1 | 110 | 0.8 | – | 2.2 | 10 | 1.3 | 1 | |
| Sub Total | – | – | – | – | – | – | – | 270 | 0.9 | 8 | 2.7 | 20 | 1.4 | 4 | 270 | 0.9 | 10 | 2.7 | 20 | 1.4 | 4 | |
| Mineral Resource Estimate for the Ravensthorpe Gold Project – August 2025 | ||||||||||||||||||||||
| Open pit | 3,290 | 1.8 | 190 | 1.5 | 150 | 0.2 | 5 | 1,120 | 1.4 | 50 | 1.4 | 50 | 0.3 | 3 | 4,410 | 1.7 | 240 | 1.5 | 210 | 0.2 | 8 | |
| Underground | 3,150 | 4.8 | 490 | 5.9 | 600 | 0.7 | 23 | 2,670 | 4.2 | 360 | 4.9 | 420 | 0.6 | 15 | 5,810 | 4.5 | 840 | 5.5 | 1,020 | 0.7 | 38 | |
| Grand Total | 6,430 | 3.3 | 680 | 3.7 | 760 | 0.4 | 28 | 3,780 | 3.5 | 420 | 3.8 | 460 | 0.5 | 18 | 10,220 | 3.3 | 1,100 | 3.7 | 1,220 | 0.5 | 46 | |
The preceding statements of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. All tonnages are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures.
Notes KMC:
- Open pit – reported within pit shell optimised with oxidised resource only, above 0.5 g/t AuEq.
- Underground – reported outside the pit shape in fresh material, above 2.0 g/t AuEq.
- AuEq formula – Au + Cu% * 0.82 + Ag * 0.01.
Notes: Desmond
- The gold equivalent value is derived from the following formula: Au_eq = Au(g/t) + (Cu(%) x 1.61) + (Ag(g/t) x 0.01).
- Open pit Mineral Resources are reported above 0.5g/t Au equivalent cut-off above a -150m translation of the topographic surface.
- Underground Mineral Resources are reported above 2.0g/t Au equivalent cut-off below a -150m translation of the topographic surface.
Refer to the following ASX announcements by the Company for further details in relation to specific deposits.
21 December 2022: Desmond, 16 January 2023: Gift, 14 February 2023: Flag and 25 August 2025, Gem and Harbour View.
Competent Persons Statement:
The information that relates to the data review and validation, drilling, sampling and the geological interpretation of the Gem, Harbour View, Flag, Gem Restored and Gift deposits has been compiled by Ms Claire Edwards. Ms Edwards is an employee and security holder of Medallion.
The Competent Persons for the MREs are, for the Gem, Harbour View and Gift deposits, Ms Claire Edwards, for the Flag deposit, Ms Susan Havlin, and for the Gem Restored deposit, Ms Jane Levett. The Competent Persons for the MREs are Members and Chartered Professionals of the AusIMM. Ms Levett and Ms Havlin are employees of Snowden Optiro. Ms Edwards, Ms Levett and Ms Havlin have sufficient experience that is relevant to the Technical Assessment of the Mineral Assets under consideration, the style of mineralisation and types of deposit under consideration and to the activity being undertaken to qualify as Competent Persons as defined in the JORC Code. Ms Edwards, Ms Levett and Ms Havlin consent to the inclusion in this announcement of the relevant matters based on their information in the form and context in which it appears.
KMC 2025 Ore Reserve
| Probable Ore Reserve | |||||||||
| kt | Au (g/t) | Au (koz) | Cu (%) | Cu (kt) | Ag (g/t) | Ag (koz) | AuEq (g/t) | Ag (koz) | |
| Gem Hillsborough | 428 | 4.03 | 55 | 0.28 | 1.2 | 2.27 | 31 | 4.3 | 59 |
| Harbour View | 888 | 3.10 | 89 | 0.87 | 7.8 | 5.07 | 140 | 3.9 | 110 |
| Gem East | 321 | 3.69 | 38 | 0.34 | 1.1 | 3.41 | 35 | 4.0 | 41 |
| Flag | 386 | 3.61 | 45 | 0.39 | 1.5 | 3.82 | 47 | 4.0 | 49 |
| Gem Restored | 65 | 5.04 | 11 | 0.75 | 0.5 | 6.34 | 13 | 5.7 | 12 |
| Total Probable Ore Reserve | 2,087 | 3.54 | 237 | 0.58 | 12.0 | 4.05 | 270 | 4.0 | 270 |
| Total Combined Ore Reserve (Proved + Probable) | 2,087 | 3.54 | 237 | 0.58 | 12.0 | 4.05 | 270 | 4.0 | 270 |
Notes:
- The table contains rounding adjustments to reflect accuracy and may not total exactly.
- The Ore Reserve was estimated from the Mineral Resource announced by the Company on August 28, 2025.
- The Ore Reserve estimate has been completed based on Modifying Factors applied in the Medallion’s November 2025 FS.
- The Ore Reserve was validated against a gold price of US$3,380/oz, a copper price of US$9,300/t and a silver price of $39.00/oz.
- Process recoveries are evaluated for each orebody and over LOM, equate to of 94.3% for gold, 87.1% for copper and 59.9% for silver, and payabilities of metal in products of 94.2% for gold, 95.1% for copper and 95.0% for silver.
- A gold equivalent was used to determine the economic cut-off based on the following calculation [Au + 0.0072*Ag + 0.8232 Cu%].
- Cut-off grades ranging between 2.1 g/t and 2.8 g/t AuEq were applied to stopes depending on location and method. Incremental cut-off of 2.0 g/t applied to stopes and 1.1 g/t applied to development in ore.
- The mining method for the Ore Reserve incorporates uphole benching and inclined benching. A dilution skin of 0.5 m to 0.8 m was applied to both hangingwall and footwall for uphole bench stopes and 0.5 m and 0.75 m for inclined bench stopes. Inclined bench stopes also include provision for planned dilution from footwall undercutting. A mining recovery of 95% was applied to all stopes for operational losses.
- A portion of the Ore Reserve was derived from lateral development which allows for overbreak and split firing to remove a portion of waste material from development rounds.
- The Ore Reserve contains 24,000 tonnes of Inferred Mineral Resource at 4.0 g/t AuEq. This material is captured as either dilution or a minor portion contained within the stoping envelope and is not considered material to the commercial viability of the Project.
- The Ore Reserve assumes Completion is achieved for the Forrestania Asset Sale Agreement and associated transfer of the relevant assets to the Company; as Completion is subject to a number of outstanding conditions (including approvals, consents and financing), the Ore Reserve is contingent on those conditions being satisfied
The information in this report that relates to Ore Reserves is based on information compiled by Mr Geoff Davidson, who is a full-time employee of Mining And Cost Engineering Pty Ltd and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Davidson consents to the inclusion in this report of the matters based on his information in the form and context in which it appears and is a Fellow of the AusIMM.