Ravensthorpe Gold Project

Project Highlights

  • JORC 2012 Mineral Resource Estimate (MRE) updated February 2023 to 1.62Moz gold equivalent (AuEq) @ 2.6g/t AuEq (1.3Moz Au and 59kt Cu)
  • Expanded MRE at RGP now totals 19.5Mt @ 2.1g/t Au and 0.3% Cu for 1.3 million ounces of gold and 59,000 tonnes of contained copper metal
  • 0.86Moz AuEq increased in MRE in under 2 years since listing, adding 20oz per drill metre at a discovery cost of $15 per oz on an AuEq basis
  • Drilling to date has generated exceptional growth of the deposit. KMC is shallowly drilled and open in multiple directions with potential for further significant growth.
  • 54,000m of RC and DDH drilling at RGP has been completed since listing on the ASX in March 2021. Approximately 50,000m has been carried out at Kundip Mining Centre (KMC) with the remainder completed at the Company's highly prospective regional targets.
  • Numerous project life extension and production rate expansion opportunities from known deposits and advanced exploration targets
  • Pre-feasibility Study (PFS) completed in October 2023, delivered a robust gold and copper development scenario, showing a Life of Mine (LOM) average annual production of 85koz Au and 1.8kt Cu (92koz AuEq) and pre-tax cashflow of $85 million per annum over 9 years.

Location and Tenure

The Ravensthorpe Gold Project (RGP and the Project) is centred on the historic Kundip mining centre, located midway between the regional centres of Ravensthorpe and Hopetoun. RGP benefits from excellent infrastructure and is easily accessed by sealed roads with a sealed airstrip located 10km to the south of the Project. Situated at the intersection of the world class Southern Cross greenstone belt and the Albany Fraser Orogen, the Project area is located within a high-grade historical mining district with past production of >128koz and 20kt Cu. RGP tenements extend over approximately 300 km2. The tenure that is the subject of Medallion’s development studies contains resources within five granted Mining Leases. Mining/Heritage Agreements are in place with the local indigenous groups, Wagyl Kaip and Southern Noongar peoples. Permitting is significantly advanced with Ministerial Statement 1143 allowing the Project to be developed subject to certain conditions.

Kundip Deposits

The historic Kundip Mining Centre (KMC), which is the focus of RGP, consists of numerous mineralised structures which have sustained varying levels of exploration and mining activity over their history.

Kundip Mineralised Structures
Kundip Mineralised Structures

JORC 2012 Mineral Resources and Ore Reserves have been estimated at the Gem (formerly Kaolin), Harbour View and Flag deposits. The estimates are the subject of the recently completed DFS into the technical and commercial viability of RGP. In addition to the DFS deposits, historical resource estimates were made at the Gem Restored and Gift South deposits by former owners which Medallion is in the process of upgrading to JORC compliance with a view to possible inclusion in the mine plan.

The deepest drill hole at Kundip extends to 300m below surface with less than 5% of the overall drill database being deeper than 200m below surface. The structures are open at depth and along strike. Projected intersections of the structures have been poorly tested and multiple examples of historical workings with no modern drill testing exist within the Project area.

Medallion is confident further drill testing of the Kundip deposits will yield increases to the resource inventory which in turn will lead to extensions to the mine life.

Prefeasibility Study (PFS or the Study)

  1. Life of Mine (LOM) average annual production of 85koz Au and 1.8kt Cu (92koz AuEq), pre-tax cashflow of $85 million per annum using Study assumptions. 

PFS Highlights at US$/oz 1,875 Au, US$/t 7,275 Cu and A$:US$ 0.64:

  1. All dollars are Australian Dollars ($) unless stated otherwise
Project Life
9 years
Process plant operation
777koz Au, 16kt Cu
Metal recovered for sale
Net Revenue
After treatment, refining & logistics
Net of by-product credits
Net of by-product credits
Free Cashflow
Post tax
Post tax
Post tax

The PFS considered the development of a standalone gold and copper mining and processing operation at KMC. The Study assessed mining the KMC Mineral Resources from open pit and underground and processing that material utilising an industry standard processing flow sheet comprising gravity, flotation and cyanidation of flotation tailings to recover gold, copper and silver to saleable products (concentrate & doré).

The integrated production inventory schedule that forms the basis of the PFS is shown below.

Production Inventory for the Kundip Mining Centre

ClassificationktAu g/tAu kozCu %Cu kt
Open Pit11,6601.55560.1517
Grand Total13,9451.88110.2231
KMC production inventory by open pit and underground subdivision

Production inventory will be processed at a rate of at least 1.5Mt per annum. LOM gold recovery is estimated at 95.6% and LOM copper recovery for material reporting to the flotation circuit is 85.1%.

It is the conclusion of the PFS that KMC is both technically and commercially viable. The proposed development of KMC presents an opportunity for Medallion to establish and grow a gold and copper mining and processing business with an attractive risk-return profile and clear potential to further enhance Project returns through the expansion of production rates and extensions to Project life

Mineral Resources

KMC Mineral Resources that are the basis of the PFS are provided below.

The following statements of Mineral Resources by classification and by mining method presented below conform to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 Edition (JORC Code). All tonnages are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures.

Mineral Resource Estimate for the Ravensthorpe Gold Project - February 2023

ClassificationktAu g/tAu kozCu %Cu kt
Grand Total19,2202.11,3000.356
KMC MRE by classification.

Mineral Resource Estimate for the Kundip Mining Centre – January 2023

ClassificationktAu g/tAu kozCu %Cu kt
Open Pit16,8601.89800.238
Grand Total19,2102.11,2900.356
KMC MRE by classification.

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