Medallion Metals (MM8) investor relations material

Executive summary

• Positive Final Investment Decision for Ravensthorpe Gold Project after securing a US$50 million loan and offtake agreement with Trafigura.

• EPBC Act approval obtained for Ravensthorpe, finalizing primary environmental requirements for development.

• Forrestania acquisition completed, including ownership of Cosmic Boy Concentrator and establishment of Forrestania Gold Project.

• 18,000m drilling program commenced at Ravensthorpe to enhance resource confidence and mine planning.

• High-grade gold confirmed at Lounge Lizard (Forrestania) from historical drilling, with mineralization open along strike and depth.

Financial highlights

• Cash balance at quarter end was $65.3 million.

• Placement and Share Purchase Plan raised $60 million before costs during the quarter.

• Net cash used in operating activities for the quarter was $(3.29) million; investing activities used $(9.15) million; financing activities provided $9.70 million.

• Payments for property, plant, and equipment totaled $7.64 million, mainly for Forrestania acquisition and procurement.

Outlook and guidance

• Preparation for mine development at Kundip Mining Centre and finalization of engineering for Cosmic Boy Concentrator modifications ongoing.

• Approval of Mining Development and Closure Plan at Ravensthorpe is a key milestone for upcoming underground development.

• Assay results from the 18,000m drilling program expected in the June quarter to support resource conversion and mine life extension.

• Forrestania refurbishment and engineering activities continue, with EPC contract negotiations nearing completion.

• Strategic growth opportunities under review, with proposals at an early, non-binding stage.