Summary

Mine Type	Underground
Study Completed	Preliminary Economic Assessment
Study in Progress	Feasibility
Stage	Permitting
Commodities	Gold Copper Silver
Mining Method	Longhole open stoping Drift & Benching
Mine Life	...
Snapshot	Medallion Metals is advancing a low-capital, near-term gold production opportunity by combining its Ravensthorpe Gold Project (RGP) with IGO’s Cosmic Boy Process Plant, focusing on high-grade sulphides. On 5 May 2025, Medallion amended its acquisition of the Forrestania Nickel Operation (FNO) from IGO, acquiring 100% of FNO, including tenements and the Cosmic Boy plant in exchange for a 1.5% royalty on future gold production. The transaction is expected to close in late 2025. The project is in an advanced stage of regulatory approval, with approvals under the Mining Act (WA) targeted within the 9 months, starting from May 2025. The project has significant potential to enhance returns through increased throughput and mine life extension. An updated MRE for Gem is expected in June 2025, and for Harbour View in July 2025. The Feasibility Study is set for completion by December 2025, with Medallion actively engaging with potential offtake and financing partners.

Deposit type

• VMS
• Hydrothermal
• Vein / narrow vein

Summary:

The Archean Ravensthorpe Greenstone Belt is situated in the southeast of the Youanmi Terrane and is considered an extension of the Southern Cross Province which is host to FNO. The Ravensthorpe Greenstone Belt forms a wedge-shaped enclave within granitoid gneiss (Witt, 1998). The Archean greenstones are unconformably overlain in the south by the Mesoproterozoic Mount Barren Group metasediments.

Local geology within the RGP area is comprised of a ~2 km wide northwest trending steeply east-dipping, sequence of intermediate to acid volcaniclastic rocks of the Annabelle Volcanics, situated along the eastern boundary of the Ravensthorpe Terrane. The eastern contact of the Annabelle Volcanics is structurally defined by the Chidnup Fault Zone, a major 40 km long thrust fault which bounds the Ravensthorpe Terrane in the west and the Carlingup Terrane in the east. To the west is the Manyutup Tonalite Complex which occupies the central part of the Ravensthorpe Greenstone Belt.

At KMC, gold-copper mineralised sulphide rich shears in a greenschist facies environment are associated with intense chloritization of volcanic wall rock. Alteration of volcanic rocks at both localities are involved in the enrichment of iron and magnesium, and the depletion of calcium and sodium, which is interpreted as the product of seafloor alteration followed by metamorphism.

These and other base metal-rich deposits in the Ravensthorpe Terrane are interpreted as deformed and metamorphosed stringer zones that formed within an Archean, syn-volcanic, submarine hydrothermal system of the type that is commonly linked to massive sulphide deposits. Sulphide and base metal-poor, gold-quartz vein deposits are also present in the Ravensthorpe Terrane. These probably formed at a later stage, during regional deformation. Low-potassium calc-alkaline rock, such as those that comprise the Ravensthorpe Terrane, are uncommon in the Yilgarn Craton, as is syn-volcanic gold-copper mineralisation (Witt, 1999).

The Study is based on the JORC 2012 compliant resources at Gem, Harbour View, Flag and Gem Restored.

Mineralogy of the lodes in the oxide zones is gossanous hematite-goethite-quartz and microscopic gold veining replacing pyrite-chalcopyrite, as well as traces of azurite and malachite. There tends to be copper depletion in the oxide zone with secondary copper hypogene minerals within the saprock environment. Gold occurs as free gold and as inclusions within pyrite. The Study only considers mineralisation within fresh rock.

Mining Methods

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Comminution

Crushers and Mills

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Processing

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Commodity Production

Operational metrics

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Personnel

Job Title	Name	Profile	Ref. Date
.......................	.......................		Jun 23, 2025
.......................	.......................		Jun 23, 2025

Total Workforce	Year
......	2024