Medallion Metals (MM8) investor relations material

Strategic vision and growth plans

• Focus on building a scalable gold producer in Western Australia, leveraging two key assets: Ravensthorpe and Forrestania.

• Strategy emphasizes capital efficiency, strong margins, and multiple growth options, including dual production assets and early production initiatives.

• Clear pathway to production with multiple execution and growth catalysts through to first ore in Q2 2027.

• Permitted, funded, and executing on a catalyst-rich development plan with macroeconomic tailwinds.

Project development and milestones

• Ravensthorpe Gold Project (RGP) has a defined resource of 950koz @ 5.2g/t AuEq, with 75kozpa initial production rate permitted and development underway.

• Forrestania Gold Project (FGP) offers infrastructure and production potential, with 53 advanced gold targets and multiple near-term development opportunities.

• Early processing strategy involves activating existing plant for gold recovery, generating stable revenue and early cashflow.

• Key milestones include drilling, approvals, mine development, and commissioning, with first gold targeted for Q2 2027.

Financial highlights and feasibility outcomes

• Feasibility study outlines a capital-efficient pathway to ~80kozpa AuEq, with project capex of $138M and pre-tax NPV of $443M at 87% IRR.

• Projected pre-tax cash flow of $861M, with a one-year payback period and robust economics under conservative assumptions.

• Initial production inventory of 3.5Mt @ 3.6g/t Au & 0.5% Cu, generating average pre-tax cashflows of $150M per annum over a 5.5-year mine life.

• All-in sustaining cost (AISC) forecast at $2,279/oz Au produced, with high metal recoveries (94.3% Au, 87.1% Cu).